Expect! Do not sell this land/house yet due to moving. You can do them…… By DENNIS ISONG
There is so much excitement in leaving a country like Nigeria. Some of the reasons for this are that people finally feel freed from difficulties, insecurities, etc. which have deeply eroded the country.
It is common for people to want to sell their properties for various reasons. Some do it as a way to get more money to travel, while others do it because they feel they no longer need the property since they no longer intend to return to Nigeria.
When Mr. Phillip and his family wanted to move, there were two houses available that they owned.
He was determined to sell them, but his wife advised against it. She thought that since her husband had someone they trusted who could be in charge, they should hire them instead and still get their payback in absentia. Mr. Phillip disagreed. He no longer cared about the country or all it had to offer.
It’s understandable. Many people would prefer to get rid of anything that might stress them out once they get out of Nigeria.
So he sold them and they all left.
The first months were quite difficult for them because Mr. Phillip could not find a job in time, which was not expected. The bills were on his wife and she choked at one point. Then he thought about the houses he sold. If he’d maintained and rented at least one of them, something, even if it wasn’t much, would pay off.
As I said earlier, when people decide to leave all kinds of luggage in Nigeria, we cannot blame them. However, we need to see beyond the immediate excitement and better understand how our steps may or may not benefit us.
So what should you do instead of selling your properties?
If You’re Not Selling Because You’re Desperately Needing Money, Then You Should Read This…
- Rent this property
This should be taken into consideration. There are a lot of overseas owners, so it’s not a bad idea. I advise you to pay the rent monthly. In addition to this, it benefits you because your account will be continuously credited by tenants monthly, it also helps your tenants. The monthly payment is a relief for most people as they can easily take it out of their salary if they are salaried rather than paying all at once before their rent expires. So it’s a win-win.
You may not be in Nigeria but your property is still making money for you and that is the most important thing.
- rent it
For people who wish to use the property for various purposes such as a school, church, offices, etc., you will be doing yourself a favor by renting it to them. Of course, it’s a contract with an agreement. You could do it for a few years and it assures you that you have an income from Nigeria and apart from that if you decide to come back to Nigeria you will find the property untouched.
- Convert property
I don’t think there is anything wrong with having a business here and living abroad. Many people might feel discouraged, but it’s worth a try. You could convert the property into a mini-mall, bookstore or studio. Since you won’t be there, here’s what you should do: get in touch with someone who needs the space and has the skills and experience to run the business.
Equip or stock the venue, then agree on a percentage you should expect. For Nigerians, the person is the owner, while they just replace you in the form of a partnership.
That’s what we call sleeping while your money works for you.
- Make it a home for tourists
Just like a short-term rental apartment, you can make it a resting place for tourists. However, it works if there are sights in that city. Also, it makes your property in the form of a mini-hotel.
However, you cannot do this without having certain things in place before you travel. And if the expenses are overwhelming for you, find an investor who might be interested in the business.
- Make it an event center
It largely depends on the size of the property. But for simple events such as seminars, workshops, low-key weddings, etc., your property can fit in. It’s just that you need a representative and staff to help you manage it in your absence.
In conclusion, your property can still earn you money. Don’t be in a rush to sell it. I know a bigger challenge might be finding a man you can trust to come forward honestly. However, I believe you know a lot of people and among them there should be at least one good person to do the job.
Dennis Isong helps individuals invest directly in real estate. For questions about this article or for questions about real estate. Follow him on Youtube https://www.youtube.com/landpropertyng , Email Dennis@Landproperty.ng or Whatsapp/Call +2348164741041