Starting out in real estate may sound like a daunting task and it is easy to get caught up in many books, blogs and Youtube videos on how to “make” it! Here are 5 tasks to make the experience simpler and easier for you.
The first task in investing in real estate is to be resolved in whatever decision you decide to take. Investing in real estate is not a decision to make off the top of your head but a lifelong pursuit that controls your financial future. It is best on that note, to make sure that all decisions are thought out thoroughly and any outcome from those decisions, are taken as lessons and experiences on which to improve.
Do your homework
The second task is to make sure to do your homework. Study the niche you want to invest in. Make time to study properties, learn about other investors and even know the building’s history. Many investors have heard of a property and after jumping in head first, have landed flat on their faces. To avoid failing in your first property investment, learn everything you can about the area in which you want to invest in. For example, if you were interested in investing in Devtraco Plus properties, you would have to learn more about Labone, Dzorwulu and Cantonments. This would help you understand the value of the property you are investing in.
One of the most widely trusted aspect of building a business is networking. Networking puts you in touch with other investors, property owners and even novices like yourself. Reach out to your local investors, hang out with them and even allow them to show off some of their properties. This will put you in good standing with the investors and will even have some of them teaching you tricks and tips from when they were also beginners in the game.
A lot of new investors believe that in order to build up their portfolio, they need a sizeable property to show that they mean business. But contrary to popular opinion, it’s okay to start small. Instead of looking for that high rise building to invest in, why not start with the office space in your neighbourhood or even with your own home. Starting small also ensures that any mistakes you make as a rookie will be on a small scale and will prepare you for when you eventually do buy the high rise building.
Build a future
Lastly, don’t quit your day job! After successfully investing in a property, do not brand yourself a pro and go into it full time. Unless your ideal job is buying cashflowing properties, why not keep reinvesting that cashflow into bigger and better real estate and creating investments for your future. Use the real estate investment to secure financial freedom for you and your family while maintain your career as well.
There are great investment opportunities when you invest with Devtraco Plus. Devtraco Plus properties are award winning developments, located in prime areas of Accra, being taken care of by a distinguished in-house property management team called Talis Property Services. This means that you are assured of an appreciation in value of between 6-8% annually alongside a minimum of 10% rental returns if you invest in our properties. At Devtraco Plus, we guide you through your property purchase process to make sure that you are making the right decision. An investment in a Devtraco Plus property is never a loss, only a win!