Smart Homes

January 8, 2023March 16, 2023

7 STEPS TO BUYING YOUR FIRST RENTAL PROPERTY

If you’re new to the world of real estate investing, or are just getting started, you may not know where to start. Buying a rental property can be complex and overwhelming, but it doesn’t have to be. It all starts with choosing the right investment property in the right neighborhood. In this article, we’ll cover 10 steps that will help get you on your way to buying your first rental property.

DO YOUR RESEARCH

The first step in buying rental property is to do your research on the market where you want to buy. Investing in real estate is all about location, location, location! You need to find a place that has good potential value, but also has a high demand for tenants who will pay rent on time and keep your property clean. You also want to make sure that there isn’t too much competition for tenants, so that you have an advantage over other investors who want to flip houses quickly for profits instead of renting them out long-term.

DETERMINE YOUR GOALS

First things first: determine what your goals are with buying a rental property. Are you looking for long-term cash flow? Do you want to build wealth? Or maybe it’s just about being able to afford to live in an area where housing prices are rising steadily? Whatever it is that motivates you, set some realistic expectations so that when all is said and done, everything feels right with your purchase decision.

GET ADVICE FROM OTHER LANDLORDS

The next step in your real estate investment journey is to speak to other landlords. Talking to a mentor who is investing in the same area (and types of homes) that you are interested in can make all of the difference in the world. When you speak with your mentors / other landlords, it is important that you keep their “investment bias” in mind.

SAVE FOR THE DOWN PAYMENT

As you begin to explore the possibility of buying your first rental property, it’s important to keep in mind how much money to save for a down payment. Ideally, you’ll want to have a 20 – 30 percent down payment saved before: a) looking for an investment opportunity, or b) apply for pre-approval. The following five tips can help you save for a down payment in a timely fashion:

Pay off any debt that you currently have.
Set up an automatic savings deposit.
Lower your rent.
Drastically reduce unnecessary living expenses.
Take on a second job.

KNOW YOUR RENTAL PROPERTY EXPENSES

While every rental property is different, all have one thing in common … expenses. With this in mind, before you purchase a rental property, it is important that you know all about the potential monthly, and unexpected, expenses that the property will experience.

DO YOUR OWN DUE DILIGENCE

From looking at schools to understanding the own to rent ratio, there are a number of steps you can take to complete your own due diligence. It’s worth noting that the factors used in the previous step will help identify strong real estate markets. Now, as part of your due diligence, it will be your job to look into the actual neighborhoods within these markets. Ask the following types of questions to guide your research efforts.

Is the rental property within a good school district?
Are their local attributes within walking distance?
Speaking of walking, what would the property’s walk score be?
How many rental properties are in the area?
Is the crime rate low?
What is the average household income for the neighborhood?
What are the demographics for the neighborhood, and do they align with your identified rental demographics for the local market?

INVEST WITH A RELIABLE PROPERTY COMPANY

Starting a real estate business can sound overwhelming, but by following the above, becoming a profitable property owner will be easier than you’d think when you invest with the right company. Be sure to define your goals, review your finances and watch your business flourish. With the right company, your rental has the potential to help you achieve your goals and become financially free.

Ready to get started with investing in Real Estate? Or looking to expand your Real Estate investment portfolio, Cruxstone Development and Investment Limited is your most reliable partner.

Cruxstone Development and Investment Limited is a metropolitan real estate development and management firm with proven track record to developing high-end and profitable real estate developments.

Invest with us today and get on the path to a better financial future.

For more information on who we are and what we do, please call us on +234 (0) 907 004 5555 / +234 (0) 907 333 5555 or visit our website on www.cruxstone.com.ng

in Investment, lucrative investment, Luxury Real Estate, Smart Homes Posted by Cruxstone

January 8, 2023January 9, 2023

5 BENEFITS OF INVESTING IN LUXURY REAL ESTATE

Investing in luxury apartments has become a popular choice among investors in recent years. The rise in the number of real estate investors has created a whole new segment of the market – “luxury homes”. The benefits of investing in luxury real estate have made this segment especially attractive.

As the demand for rentals continues to increase, more investors are looking at luxury homes as a way to capitalize on strong rental returns.

WHAT IS LUXURY REAL ESTATE?

Luxury real estate is generally characterised by elegance, style, and class. it enables their owners to live an elevated lifestyle and provides increased prestige, comfort, security, privacy, and peace of mind.

Many factors come into play when evaluating luxury homes. The location has a significant effect on the overall value of a home, but luxurious homes also feature exquisite interior designs, amenities, and technological features.

Unlike conventional houses, which provide occupants with the necessities of everyday life; luxury homes provide an array of specialized features including exquisite architecture, opulent home offices, smart home technology, a home gym, and an entertainment lounge such as a game room, cinema, bar etc.

Benefits of Investing In Luxury Real Estate

Return On Investment

Luxury real estate is a profitable asset due to its consistent track record of gaining value, as well as the potential significant returns in the future. The market is always on the rise and keeps on gaining value, even in times of economic recession. Luxury real estate is ideal for investors because of the recent rise in demand for such property.

Location and Status

Prime locations such as Victoria Island, Lagos offer residents access to many important facilities including hospitals, parks, gyms, schools and more. These are positioned within a ten-minute drive from the luxury home, so residents can save valuable time by not having to travel too far for the activities they need. Moreover, these prime locations enhance one’s status in society and add prestige.

Low Maintenance Cost

Due to the high quality of construction, luxury properties have very low maintenance costs and can be easily rented out. Luxury property investors strive for a high return on their investment, which means low-risk properties with low rehabilitation costs.

Smart Homes Features

Many luxury homes are equipped with smart features such as security systems that can be operated via smartphone, motion-sensing lighting, curtains that open or close with light levels, touch-screen thermostats, and more.

Security

Luxury properties are known to attract high-net-worth individuals, who want a sense of security in the places where they live and work. The increased desirability of these locations makes them ideal for investors who want a highly profitable investment opportunity.

Conclusion

Luxury real estate investing has brought a lot of benefits to investors. Properties in a prime locations like Victoria Island, Lagos, and Nigeria, will continue to experience capital appreciation and High Return On Investment. The influx of more high-paying jobs and businesses will always lead to an increase in demand for office spaces, retail outlets, and homes.

Are you interested in investing in a high-yield luxury real estate that will boost your investment portfolio and guarantee you a minimum 10% Return On Investment? Look no further!

The Autograph Plus offers its investors the opportunity to own hotel apartment units managed by a reputable hospitality brand and earn appreciable income upon operation. Operating as a hospitality enterprise, The Autograph Plus is a collection of luxury suites, apartments and lofts, located at a Adeola Hopewell Street, Victoria Island, Lagos, Nigeria.

To know more about this timeless luxury real estate investment opportunity, please call +234 (0) 907 004 5555 / +234 (0) 907 333 5555 or visit www.theautographplus.com

in Investment, Luxury Real Estate, Smart Homes Posted by Cruxstone