Buying a property anywhere around the globe can be a stressful process. Nigeria is not an exception to this experience. That said, purchasing a property in Nigeria seems to be more challenging for a number of reasons. Some of the issues include fraudulent practices, quality of the property, transparency of the process, developers’ trustworthiness, delivery timeline, and the inadequacies of the present real estate regulations in the country. Issues like these make the process of buying a property more difficult for those living outside the shores of Nigeria. 

As a result of these challenges, Nigerians in the diaspora have developed various strategies to help mitigate the risks of losing their hard-earned money to developers that cannot be trusted. Some have adopted the measure of trusting the property development process to family members or relatives that can be trusted. In other instances, the interested parties have had to fly down to Nigeria themselves to personally ascertain the progress of things. These measures have also failed because we have seen so-called trusted family members disappoint on several occasions. 

Do you live outside Nigeria and have racked your head on how to safely purchase a property in Nigeria without getting a heart attack? The following tips can help. 

Purchase from trusted developers

Developers are quite many in Nigeria and trying to choose one that is trusted can be tricky. This is where you need to do thorough research and ask questions where necessary. You can send someone to verify the authenticity and capability of any developer you have in mind. Request for previous jobs they have done in this regard before committing yourself to anyone. Oakwood Heights Limited is one of the trusted developers with proven track records. Kindly get detail information from their website www.oakwoodhieghts.com.ng. You can also get properties from the Homehunt App, kindly visit www.home-huntapp.com for more information on how the App works.  

Get a lawyer

Buying a property without the guidance and advice of a lawyer will be at your detriment. It would help if you have someone who is grounded in the Nigerian legal system. They have a better idea of how real estate transactions are done in the country. 

The lawyer can assist you in reviewing the papers of the property to be sure there are no legal loopholes. And when a lawyer is included in such projects, the builder would want to get the job done as soon as possible. 

Include other professionals

If you are going for an old property, you should secure the services of a qualified engineer or a registered surveyor. These professionals will help evaluate the property’s quality and ensure you are not paying anything higher than the worth of the property.

Monitor the project

Even after taking all the above steps, you still need to find a way to monitor the project yourself from wherever you are. If it will be inconvenient for you to travel down to see the project yourself, collaborate with someone around to help you do that. It’s a good thing we are now in the digital age. With photos and videos, you can keep a close eye on the progress of work. However, if you notice anything strange, you can stop sending funds for the project until you are convinced about the level of work done.

Thank you.

Although there are limitless opportunities for turning in huge profits in the real estate a market in Nigeria, it also suffices that serious limitations are plaguing the market. Some of these factors have been responsible for the industry’s slow growth over the last few decades. Anyone planning to invest in this business should reflect on these issues and think of how they can get past them. This article will be reeling out some of those factors for you to be aware of. 

Liquidity

The ability to quickly convert real estate investment into cash whenever necessary is one thing that keeps motivating investors into this market. However, the story is slightly different because converting your investment into cash is not as easy as what you get in other climes. 

Trying to source basic info like deal prices, leasing activity, property ownership, and supply can be quite challenging. In Nigeria, you might end up spending a great deal of time converting your investment into cash because of how information is disseminated. That’s the more reason you cannot afford to work with a quack real estate agency. 

Omo-Onile

This is another factor that has managed to set the industry back by many years. These guys can be a real pain in the ass. They appear to be more pronounced around the western regions in Nigeria. These guys will make you pay a certain amount of money at almost every stage of the building project. From the foundation level to the plastering to the roofing, you have to pay specific levies. Otherwise, these guys will stop the job. 

Unfortunately, this ugly trend has negatively influenced the costs of completing any building project within such locations. However, with an experienced real estate company, you can be properly guided about where you can invest your hard-earned money without inviting this nightmare to yourself. 

Advanced fraud 

Countless people have fallen to real estate fraudsters in Nigeria over the last five years or so. Individuals who were only looking for property for their personal use have made the bulk of the victims. Sometimes these guys make their services look so genuine by taking you to sites that are not theirs. 

Gone are those days where you throw your hard-earned money into real estate investment in Nigeria. This is not the time to do a real estate transaction with an agency without any record with the authorities. Instead, you can patronize agencies that have had a good track record to their name. Patronize a trusted and experienced company like Oakwood Heights Limited and a host of others, and you can be sure of getting good value for your money. 

Conclusion

The Nigerian real estate industry is where the good, the bad, and the ugly are all in attendance. Don’t try to cut corners by walking with the wrong guys. And just because a seller is offering you a good deal doesn’t mean it is worth it. Oakwood Heights Limited ensures you follow the right channels in acquiring any property in Nigeria.

For inquiries, please reach out to us on 07047214004 or send us a mail at info@oakwoodheights.com.ng

Nigeria has been a promising destination for both local and foreign investors when it comes to real estate investment. From the business hub of Lagos to Abuja, where you have the political whims and caprices, a lot has gone down in the real estate industry. And it is not just about companies and individuals buying for commercial reasons; others are also purchasing property for personal use. 

Therefore, if you are looking to invest in the Nigerian real estate space anytime soon, you need to be aware of certain factors. This article will be briefing you on some of those factors;

Nigerian real estate laws 

Several laws regulate how real estate business in Nigeria should be conducted, with the most popular being the Land Use Act 1978. As stipulated in the law, the Governor of the state has the sole right to control and administer the land space within his jurisdiction for the good of the state’s citizens. The Governor grants the right of ownership to whoever is applying for ownership of land. And that makes it irresponsible and unlawful to have a land space transferred to anyone without the knowledge and consent of the Governor. 

Real estate acquisition

There are a couple of legal processes you are expected to go through before someone can transfer a property to you. From conducting due diligence on the land to the actual post-completion stage, you are meant to complete every process. 

For instance, you are expected to secure the Governor’s consent, get the document stamped, and make sure the document is properly registered. All of these processes will not happen in a week. It takes time to accomplish these procedures. You may require more than three months to fulfill these three legal procedures, depending on how fast your papers are processed. 

Real estate and foreign investors in Nigeria

Usually, you cannot invest directly in a property in Nigerian as a foreigner. But, thanks to the Acquisition of Lands by Alien Laws, foreigners are now free to invest in real estate in Nigeria, with the condition that the property in question gets the necessary clearance or go-ahead from the state governor. 

Another way to invest in real estate in Nigeria as a foreigner is by going through corporate bodies registered in Nigeria. The potential investor has to be sure the state government has approved the property they intend to invest in. 

Conclusion

The real estate industry in Nigeria is developing rapidly, and investors are making a hell of money off the property business. Hence, if you are looking for a real estate agency that can guide you through all the processes required by Nigerian Law, Oakwood Heights Limited is here to serve you. Whether you are a Nigerian or a foreigner, we can help you by ensuring you don’t go through hell to acquire property in Nigeria.

For inquiries, please reach out to us on 07047214004 or send us a mail at info@oakwoodheights.com.ng

A major problem real estate investors are faced with is how to finance their real estate investment. Securing the ideal financing is a key factor in earning money in the business of real estate. An investor’s two most common methods to buy their first investment real estate or property are loans from a bank or cash transaction. Though these are acceptable means of financing the purchase of a property, not always the best and only options. 

The use of alternative solutions for securing finance can be a valuable way to quickly set up your real estate business and broaden your investment portfolio. This is why at Oakwood Heights Limited, we consider creative real estate financing methods when investing in real estate to enable our customers to secure deals that they otherwise may have missed out on.

So what is creative financing for real estate investment? This article will provide you with a guide to creative financing for real estate investments and share some unique, insightful, methods of financing real estate.

What Is Creative Financing for Real Estate?

Creative financing for real estate is a term that refers to all non-traditional ways of acquiring an investment property. There are various reasons why real estate investors might want to consider non-traditional ways of financing a property. A major reason is the lack of flexibility of typical loan terms and strict requirements that banks impose on borrowers. 

There are several types of creative financing methods for real estate. These techniques vary in terms of credit requirements, loan flexibility and processing speed. Below are the four (4) most effective creative financing methods.

• Seller or Owner Financing

Seller financing is one of the simplest ways to acquire real estate without the assistance of a bank or lender. It is often used by real estate investors who do not qualify for lending by financial institutions. The investor and seller work out the cost price and terms of the financing agreement, and the investor agrees to pay the seller directly and in instalments until the purchase is complete.

• Personal Loans

Due to strict credit requirements associated with obtaining loans from deposit-money banks, many people tend to ignore personal loans. In some situations, personal loans can be effective. For instance, investors with good credit scores and small or no equity should strongly consider this creative financing option. It offers a short term of repayment.

• Lease Options

This is also referred to as rent-own purchase. It is also a simple method to invest in real estate without finance from any bank or lender. It is different from seller financing. In this case, the seller reserves ownership of the real estate and acts as the landlord, while the real estate investor will function as the leaseholder or tenant. The investor only holds an option to purchase the real estate as they are not obliged to purchase the property.

• Short-Term, Asset-backed, Bridge Loans

This is also a creative means of financing the purchase of a real estate investment. It is asset-based and secured by a mortgage. An investor accesses this loan with the intent of closing the deal within one year. It is recommended for a fix-and-flip type of real estate investment. Here, an investor uses the loan to finance the purchase of the property and renovates the property with his fund. The investor pays off the loan when the property is sold. 

For inquiries, please reach out to us on 07047214004 or send us a mail at info@oakwoodheights.com.ng

Nigeria is going through a rapid shift in population from rural to urban areas. According to the World Bank, with a population growth of 2.6%, Nigeria’s population is on a steady increase. Villages and cities are becoming larger as more people live and work in cities and towns. This is due to social, economic and environmental changes, which provide an opportunity for sustainability. This has increased income levels, a better quality of living standards than rural areas.

Despite the challenges facing this country’s real estate industry, the facts highlighted above seem to have prompted new investors to explore the industry more. Oakwood Heights Limited is one of such experienced, transparent and successful investors in nation’s real estate industry.

Oakwood Heights Limited is a property development company established to create and construct affordable housing units for Nigerians with a major focus on mid-low working-class professionals. 

Suppose you are looking for consistent gains on your money and investment as the world economy begins to recover from the effect of the pandemic. In that case, it’s time to take a good critical look at real estate investment.

Billionaire Andrew Carnegie, a Scottish-American industrialist and philanthropist, notably said 90% of millionaires obtain their wealth by investing in real estate. Real estate is tangible, solid and beautiful. For smart investment in the real estate space, “think Oakwood Heights Limited”.

In this article, several innovative products and services tailored towards your smartest investment needs and delight are discussed in this article; with a view of providing you with positive cash flow and value for your investment.

Oak Home Ownership Build Up

The product allows you to gather the minimum equity of fifty percent of the property’s value you wish to purchase. Oakwood Heights Limited would let you occupy the property while we provide the balance of 50% via rent to own or a mortgage.

Oak Staff Mortgage Scheme

This mortgage scheme is designed for staff of specific organizations like companies, corporations parastatals, etc the purchase and repayment is based on the pay structure and salary of staff of these organizations.

Oak Flexi

The Oak Flexi gives you the privilege to access NHF at 6% per annum, coupled with a mortgage loan to purchase a property of your choice.

Developers Market

This service provides a platform that allows real estate developers to advertise and sell their properties through Oakwood Heights Limited. As a developer, all you need to do is to contact us for the terms and conditions related to this service; follow the required procedures, and upload the said property on the platform.

Diaspora Delight

This product offers Nigerians in Diaspora the opportunity to purchase properties at their choice locations and get positive cash flow. Oakwood Heights will facilitate access to such properties, provide a convenient payment platform and put in place mortgages for interested customers where applicable.

Conclusion 

As a developing economy, the real estate space is evolving fast. Real estate appreciates more reliably than other investments. Therefore “think Oakwood Heights Limited” for your smartest investment opportunities in the nation’s real estate industry.

For inquiries, please reach out to us on 07047214004 or send us a mail at info@oakwoodheights.com.ng

Real estate investment is one of the major ways that investors can create a steady income stream in Nigeria. Throughout history, investment in Real estate has produced more wealth to investors than any other sector. However, a lot of people are still doubtful about investing in the business of real estate. They believe investing in real estate requires huge capital.

When it comes to generating income through investment in real estate, there are a few proven strategies that work. With our years of valuable experience in the real estate industry at Oakwood Heights Limited, discussed in this article are proven strategies to generate income by investing in Nigeria’s real estate, especially in fast-developing areas like Lagos and Abuja.

Below are four (4) profitable strategies for generating income through investment in Nigeria’s real estate industry.

1. Rise in Value of property

Real estate is all about value. Landed properties increase in value over time, and you can take advantage of this. This is how the rich multiply their wealth over time because it is of no value leaving your money in the bank. Compare the 5% annual interest rate on your savings account with 40% net value in real estate when you partner with an experienced property development company in Oakwood Heights Limited. For instance, in 2017, a plot of land in Westwood Park in Sangotedo Lagos State was sold for N8.5m. Two years later in 2020 before the pandemic, it was sold for at least N17m. An over 100% increase in value within two years.

2. Long-term Residential Rentals 

People will always need a place to live. Despite efforts by stakeholders in the housing sub-sector, housing provision continues to remain a major challenge in Nigeria. One of the most common ways of generating income in real estate is to take advantage of long-term buy-and-hold residential rentals. It involves buying a property and then holding the property for a long term and collecting rent. Location is everything when it comes to real estate. Oakwood Heights Limited can help you get the right property in the right location for you to invest and make money.

3. Rental apartments

This model is designed to convert major buildings into rentable one and two bed studio apartments. This conversion allows for short-term rentals which can be a lucrative means of generating income in the real estate marketplace. This helps you build a substantial income stream in a high-trafficked tourist area like Lagos and Abuja. 

4. Flipping a renovated property 

Flipping refers to the practice of buying a property and quickly marketing it for a profit, especially after renovations and upgrades are done. From experience, you should go after those properties that are becoming unattractive in the finest neighborhoods. That’s where the real value is. Generating income on a flipped property that is renovated can be pretty straightforward, provided you understand the fundamental costs and potential value. 

Conclusion 

Real estate remains the asset of choice when it comes to investment. We hope some of these tips can help you make extra income from your real estate investment. 

For inquiries, please reach out to us on 07047214004 or send us a mail at info@oakwoodheights.com.ng

There are numerous reasons you might want to invest in real estate. To the “ordinary people,” it may look like an idea or a plan that is impossible to achieve. Many individuals believe that they have to be intelligent investors with lots of money, but with the proper rationale and research, the real estate industry can be accessed by rookies.

Oakwood Height Limited is most suitable for providing a convenient platform for all to understand, access, and invest in real estate. Besides, we have a good track record in helping clients find property of their choice.  Here are some reasons you should turn to Oakwood Height Limited for the best value property;

1. As a tangible asset, Real estate has significant value.

Tangible assets are referred to as physical assets with monetary value. Examples of physical assets are computers, properties, and equipments. In comparison with investment in stocks, a stock initially worth N800 could drop to N0 when the stock market crashes. However, in real estate, your capital invested will always be valuable; if you make the right decision

2. The value of Real Estate appreciates

Real estate gains monetary value over a while. Besides the building itself, the land on which the building is erected will also appreciate. In areas  like Lekki, Ikeja, and other prime areas, the land value will continue to rise, even without building on it.

Ayodele and Bisi, a couple from Lagos, Nigeria, bought a piece of land for N10, 000 in the 1980s, a lakeside lot in a small undeveloped town. They intended to build on it. However, they didn’t. Over time, the town gained population, and the prices of houses went up around their lot. Presently the lot, although without a house built on it, is valued at N18, 000,000. Of course, the lot is now part of their legacy for their children.

3. You have the chance to optimize the value of your property if you want.

One of the essential benefits of real estate is that you can improve your property if you want. You can add amenities such as a swimming pool and others. The kitchen, garage doors, or bath can be upgraded, after which, the property can be rented or sold at a higher price than paid for. Any upgrade done to a real estate property will undoubtedly increase the value, because it is a tangible asset.

4. Real estate is a means to diversify your investment portfolio

Real estate is an alternative means of minimizing your investment risks, particularly if you have much money invested in other investment vehicles. Experts will always recommend you diversify your investment portfolio to avoid complete loss of your investment when the market you have invested in crashes. Real estate is a lot more beneficial and safer means of diversifying your investment than other investments.

Have you heard the term “safe as houses?” There is a reason behind its use.

For inquiries, please reach out to us on 07047214004 or send us a mail at info@oakwoodheights.com.ng

Private sector-driven real estate is the solution to Nigeria’s housing challenges. Oakwood Heights Limited, for several years, has contributed immensely to the development of Nigeria’s real estate industry despite its challenges.

Government policies and partnerships

Nigeria’s real estate industry is developing at a fast rate. This is made possible by policies of the government, private companies and other growing sectors of the Nigerian economy: such as tourism, power, and telecommunications. Through several housing schemes and policies in partnership with private real estate companies, the government has assisted civil servants in owning a home.  Private corporations are also building housing estates to accommodate their employees. This has resulted in the increase of professional developers in Nigeria’s real estate industry. Nevertheless, this promising industry has its challenges and expectations, affecting the realization of its real potentials. The country currently has a 17 million housing deficit and requires no less than 700, 000 houses annually to bridge the gap (Vanguard Newspaper, January 2021).

The approval process

On title perfections real estate developers often experience delays in obtaining approval from Land Registries for land. The administrative process involved in the registration and land allotment is a burden to real estate development. This can make a developer lose its means of funding and even attract higher interest rates on loans obtained for development. The developer’s work plan may also be interrupted, resulting in increased cost of construction and housing prices.

Corruption

Bribery and corruption is also a hindrance in the real estate industry. A recent survey revealed that land registries had remained a cesspit for bribery among other public offices in Nigeria (Guardian Newspaper, September 2020). As a result, professional developers may be denied approval and building permits despite meeting the preconditions necessary for land allotment in favor of those who didn’t meet the preconditions. This has resulted in the non-compliance of construction and environmental laws and the collapse of buildings, and several ecological disasters.

In addition, the depreciation of our currency (the Naira) is a challenge for real estate developers. Over the years, the Naira has been unstable, primarily due to the oil price fluctuations and poor economic policies. This has resulted in a high interest rate, inflation of building materials, and high construction cost, which is a setback for most real estate developers.

Private real estate developers and companies can achieve a lot to minimize the deficit in the country’s housing sector if impactful policies from the Nigerian government complement their efforts. Fortunately, many policies are put in place by the government to support local & foreign investors, the financial sector, and real estate developers.

The steps taken include:

• The government partners with private real estate developers to develop housing projects for the public, PPP (Public-Private Sector Initiative).  For instance, the mandatory 2.89% of pension funds investments in real estate.
• The government has established special agencies to streamline the process of land allocation and registration to minimize and eliminate bribery and corruption,  administrative bottlenecks hindering and slowing down the growth of the industry.
• Increase in foreign direct investment, which has resulted in a partnership between foreign investors, local real estate companies, and landowners.

Despite the challenges affecting the real estate industry, the real estate sector will continuously improve. The industry is becoming competitive, and stakeholders are challenged to do better strategically in planning. Real estate business, either estate development or the marketing of properties, needs patience, honesty, and hard work. Regardless of these challenges, success awaits anyone who abides by the industry’s rules and regulations upon which the real estate industry thrives.

For inquiries, please reach out to us on 07047214004 or send us a mail at info@oakwoodheights.com.ng