One of my recent series on instagram, titled #1minutewithFarr addressed a common mistake which most people make when looking to invest in Lands especially in undeveloped areas.
It is the error of judgement in distance which is usually known as “it is too far”.
Does this phrase sound familiar to you?
Do you back out from investing in a land because it is 1hour 30minutes drive from your current residence? Despite conducting all verification as to the genuineness of the said property?
Well I have news for you. You just might have lost a great deal!
The most profitable land investments you can make, land in quote, are not meant to be close to your current place of residence.
In fact, fully developed areas have very low growth rate and will appreciate much slower.
Let me share with you my personal experience, Lands in Lekki were sold for around 15million as at 2002 and less than a million Naira in Ikota which was filled with Shanties and swampy groves, not a bit attractive.
But you would have bought at least 15 plots at the same price of one plot in Lekki.
But fast forward to now, a quick maths shows that one plot in Lekki will be around 150million while 15 plots in Ikota would be around 300million. See what I mean?
You need to look beyond the surface when investing in undeveloped areas.
Find out upcoming developments that will potentially increase the value of the area in few years to come and go all out to grab as many as you can as long as it is genuine and secure.
(Always run a background check. There are several lands that are committed to the government in undeveloped areas)
So worry less about a land being too far, it just might be a diamond in the dirt.
You can follow us on Instagram at @farrproperties.
You can chat me up on 07018214250 to share more insight on investing in real estate.