How To Make Money From Real Estate In 2024

You’re scrolling through your social media feed, and there it is again – another friend posting about their latest real estate investment. They’re smiling in front of a newly acquired property, keys in hand, while you’re left wondering, “How did they do it? And more importantly, why haven’t I?”

If you’ve ever felt that twinge of envy or curiosity about real estate investing in Nigeria, you’re not alone. The good news? 2024 might just be your year to turn those daydreams into brick-and-mortar reality.

But first, let’s get on the same page. What exactly is real estate? Simply put, its property consisting of land and the buildings on it, along with its natural resources. It’s the ground beneath your feet, the roof over your head, and everything in between. And in Nigeria, it’s a goldmine of opportunity for those who know where to look.

In this blog post, we’re going to explore four exciting ways you can enter into the Nigerian real estate market this year.

1. House Flipping:

Remember that dilapidated building you always pass on your way to work? The one with peeling paint and overgrown weeds? That, my friend, could be your ticket to profit.

House flipping is the art of buying properties in need of work, renovating them, and selling them for a profit. It’s like being the director of your own home makeover show, except the profits are real and they’re all yours.

Take the story of Adebayo, a school teacher from Lagos. He bought a run-down two-bedroom apartment in Epe for ₦28 million. After investing ₦5 million in renovations, he sold it six months later for ₦40 million. That’s a cool ₦8 million profit!

The key to successful flipping? Location, budget management, and a good eye.

2. Become a Real Estate Agent

If you have a gift for gab and a passion for properties, becoming a real estate agent might be your calling. It’s a career that allows you to be your own boss, set your own hours, and earn unlimited income.

Meet Chinyere, a former bank teller who decided to switch careers. In her first year as a real estate agent, she made more than double her previous salary. How? By leveraging her network, continuously educating herself about market trends, and providing top-notch service to her clients.

When it comes to being a real estate agent, it’s all about building your network and reputation. And guess what? Partnering with developers like Urban Living Development can give you access to a range of properties to sell, from affordable lands in Ogun to luxury homes in Epe.

3. Invest in Short-Term Rentals:

The rise of short-term rentals, or “shortlets” as we often call them, can be a lucrative way to monetize property.

Let’s say you own a well-furnished apartment in Epe, Lagos. Instead of renting it out to a long-term tenant, you list it on necessary websites as a shortlet. Depending on location and amenities, you could potentially earn in a week what a long-term tenant would pay in a month!

Just ask Oluwaseun, who inherited his grandmother’s old house in ogun. Instead of selling it, he renovated it, split it into three separate units, and listed them on a shortlet site. Now, he’s earning enough to build his own house and then some.

Urban Living Development’s properties in Epe and Ogun could be perfect for this strategy. Imagine offering weekend getaways in a serene environment, away from the hustle and bustle of Lagos!

4. Become a Landlord

Last but certainly not least, we have the time-honored tradition of being a landlord. Whether it’s residential homes, office spaces, or trendy co-working areas, owning and renting out property is a reliable way to generate passive income.

The beauty of this approach is its versatility. You could start small with a single apartment or go big with a commercial complex. The key is to choose properties in high-demand areas and maintain them well to attract and keep good tenants. There are a lot of people who live on the rent of the tenants that occupy their space.

If you’re interested in this path, Urban Living Development’s offerings in Ogun State could be an excellent starting point. With the state’s growing industrial sector, there’s increasing demand for both residential and commercial spaces.

Conclusion:

Let’s face it – in today’s economy, everyone is looking to boost their income and create additional revenue streams. Real estate offers a golden opportunity to do just that.

As we consider various opportunities in Nigerian real estate in 2024, remember that every property mogul started somewhere. Whether you’re drawn to the quick turnaround of house flipping, the relationship-building of being a real estate agent, the hospitality aspect of short-term rentals, or the steady income of a traditional landlord, there’s a path for you.

And here’s a final tip: consider partnering with reputable developers like Urban Living Development. Our range of properties in strategic locations in Lagos and border states can provide you with the perfect launching pad for your real estate journey.

Remember, the early bird catches the worm – or in this case, the prime property! Don’t let another day pass you by. Call us at Urban Living Development today for more information on how you can start making money from real estate. Our team of experts is ready to guide you through your first (or next) property investment.