22/12/2024
If you save ₦2 million every month to buy a house of ₦120 million, it will take you 60 months (5 years) of consistency to raise the money.
By the time you are ready to pay with your ₦120 million, the value of the property of equal standard would have gone up to AT LEAST ₦150 million.
Sadly, this is what most people are doing.
They have a long-term savings plan for a project in ways that only depreciate their hard-earned money.
If a well-trained realtor tells them to buy a genuine land (inside bush but in an emerging location) for ₦2 million, they will say that they prefer saving ₦200,000 monthly so that they can get one inside the city.
Guess how much the property is?
₦50 million for a half plot of land.
By the time they save ₦200,000 monthly to get up to ₦50 million, the value of the property they were eyeing would have increased to ₦70 million.
Before they save up to ₦70 million again, the price has gone up to ₦100 million.
If they can’t wait any longer, frustration sets in and they are forced to throw their business capital into purchasing an empty plot of land.
This is not a wise decision at all.
I want to show you what a financially savvy person would do so as to invest in real estate without tampering with their business capital.
Instead of saving ₦2 million every month for 60 months, use that your ₦2 million to buy at least one genuine land in an emerging location every month for 5 years (60 months).
In 5 years, you would have acquired 60 plots of land in different locations (cities) and from different reliable real estate companies.
Since real estate is not a fast-liquidating asset, you can give yourself 365 days of consistent marketing to sell off 55 plots of the land and reserve 5 for yourself.
If you sell each plot at an average price of ₦4 million, (which is impossible because some would have risen to 5X or even 10X) you will have ₦220,000,000 (₦4,000,000 X 55 = ₦220,000,000).
With this ₦220,000,000, you can get a proper