Your real estate goal is what comes to your mind when you think of the real estate property you want to invest in? It is either you want to buy, sell or invest in a real estate property. When you are able to clearly define what this is, it becomes easy to take the right steps to achieve your goals.
In simple terms, real estate goals are the result an individual hopes to achieve from their real estate activities. To buy a property of their choice, to sell their property or to invest in real estate stocks.
In this blog post, we will discuss 3 major types of real estate goals, factors that influence them and simple guide on how you can achieve these goals.
Types Of Real Estate Goals
BUY
Buying a real estate property is a decision that is influenced by so many factors. It is a type of real estate goal that is based on the personal decision of the buyer to own real estate properties. The property purchased could be for;
Residential purpose: There is a popular saying ‘there is no place like home’, but where is home?. Although it could be a rented living space that requires regular payment renewal, owning a privately owned property is every individual desire. A land to buy their dream home, a personal living space with the freedom to customize it according to their own personality and preference and a place to build roots and create memories for future generations.
Vacation Home: People also buy property to use as a place for relaxation and leisure. A comfort zone outside of their regular living, somewhere they can go unwind especially during holiday season.
Lease/Rental Purpose: There are also people who buy property for the sole purpose of earning income by leasing or renting it out to others for use. It could be a residential rental property, commercial property for business or raw land for agricultural cultivation.
You should not buy a property in an industrial area for residential purposes, also land for agricultural purposes is better in some locations.
SELL
A seller’s decision for wanting to sell off their property is just about getting rid of it or for financial purposes. The decision to sell a property can be as a result of the following;
Downsizing: A person can also decide to sell their large property if they no longer have a use for the empty spaces. This could be a family whose children have moved out, an individual who wants a smaller, cozy place to have control of their space and so on.
Upgrading: A person can also decide to sell their small property if there is a need to have a spacious property or just to improve their lifestyle and comfort.
For you to get the most out of selling your property, you should ensure the property is in good condition and make use of the right channel to put it up for sale. You can also seek the service of a real estate agent to find the best buyer and sell at the highest market value.
INVESTMENT
It is common for people to buy a property to own it, however, there are people who invest in real estate to earn returns. This is not even about real estate properties, but in stock and other real estate instruments. With their investment, they create long-term wealth creation through returns on stocks, property appreciation, and tax benefits.
The different way to invest in real estate include;
Real Estate Investment Trusts (REITs): This is the process of diversifying real estate investment to stocks and trust through companies that earn returns on their property portfolio.
Land Banking: This when a person buys an undeveloped land, holds onto it for a period of time until it matures and then resells it at the current market value. This real estate investment method is however subjected to significant development in the property location.
Conclusion
Having a good grasp of your real estate goal will help create the right strategies to achieve them and get the most on it. By following the tips given above, doing your research and working with a reliable real estate partner, you are well on the way to achieving your goal.
If you want to buy, sell or invest in real estate properties, you can contact us at MeritAbode Nigeria Limited. MeritAbode Nigeria Limited is a real estate development company, dedicated to providing remarkable housing and investment solutions across the real estate spectrum.
Visit our website at MeritAbode Nigeria Limited, to check out our available properties and get connected to our real estate representative.