Fixing up and reselling properties is a time-tested method of making money in Nigeria's real estate market. The term "fix and flip" refers to a real estate investment strategy in which a property (often a house or shopping centre) is purchased at a discounted price with the intention of renovating it and reselling it for a profit. Across various regions of Nigeria, this tactic is widely employed by real estate investors of a more senior generation.

A property valuer and a lawyer will be invaluable partners if you want to launch a successful house-flipping business in Nigeria. But you'll need to know the basics of property valuation on your own. You'll be well-positioned for success and better able to sidestep the strategy's drawbacks if you have firsthand knowledge of the kind of properties to acquire and the locations in which to buy them. So, to get you started, here are a few tips.

Do Not Buy Anything That Is Not Either a House or a Shopping Center.

It is much simpler to purchase, maintain, and resell a shopping centre than a religious building such as a church or mosque. Don't buy a house if you have strong emotional links to the neighbourhood, as it will be difficult to resell. They can be a source of legal trouble, especially if the land on which the structure sits was a gift that wasn't properly recorded.

Do Your Homework About The Neighbourhood Before Committing To A Purchase.

Before purchasing real estate, it is wise to investigate the neighborhood's accessibility, drainage, security, infrastructure, amenities, and demand. The purchase of a building in a desirable area can greatly boost a business's bottom line. Also, it is of the utmost importance that a property has complete and current documentation at all times. You should avoid purchasing a piece of real estate that could be the subject of drawn-out legal battles. Do not purchase real estate whose ownership is unclear.

Don’t Make Emotional Purchases

When making a real estate investment, it's important to put your feelings aside and make a rational decision. Emotional blackmail is a common problem for those who buy houses from friends and family in order to fix them up and sell them for a profit. If your buddies find out you made a tonne more money from the property than what they were paid, you risk losing their friendship. In general, stay away from anything that can cloud your judgement.

Don’t Overspend

Don't go into debt trying to fix a house you've already bought; instead, estimate the price of the work needed before you sign the contract. Do not purchase the property if the sum of the purchase price and the estimated cost of repairs exceeds the typical worth of a home in the area. Many investors have made the mistake of buying a run-down property, fixing it up to their liking, and then discovering that there is either no market for the property or that the market is not favourable.

We hope that was helpful! With these tips in mind you can become a badass real estate investor in no time!