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Are you a home buyer in Benin City? Are you looking to make one of your life’s most significant investment decisions? Or perhaps you’re contemplating investing in real estate in Benin City and want to know more about the real estate market. Whatever brings you here, be sure that you are in the right place! We aim to provide answers for all frequently asked questions in Real Estate. This blog post will cover everything from popular frequently asked questions in real Estate as well as essential things to consider before buying a house.
Where can I buy lands in Benin City?
Benin City is a homely place where you can buy properties. In the past few years, some key areas have developed drastically and appreciably. Those who did land banking these few years are enjoying the fruits of their investment. So in case you are considering investing in land banking in Benin City you are never late. In this blog post I will be bringing to you top neighborhoods to buy lands in Benin City.
- GRA
The GRA is an upscale neighborhood known for its quiet environment, well-maintained roads, and government institutions. It is considered one of the most prestigious areas in Benin City.
- Oredo
Communities such as Evbivbioba, Umegbe, Amagba, Ureghin, Ugbor, Uholor, Ekae and so on. These communities are developing very fast and have facilities such as 24hrs electricity (From Ossiomo power plant), Well tarred road network, Good drainage system, Street lights, Water supply system, Recreation, health, gardens and education and Full security coverage (Surveillance cameras). Lands or properties are bought and can be held for a few years before reselling or developed immediately.
- Ovia North East Environs
Communities like Ukekon, Ogua, Okhun, Iguadolor, Ogheghe, Iguodia, Ekiadolor, Egbaen, Igo, Iguomo, Isiuwa, and so on. These communities are known for a fast developing potential. Land banking in these communities is very encouraged.
- Ovia South West Environs
Here we make mention of communities like Iguobazuwa, Iguogun, Isokponba, Obaretin, Okokpon, Okha, Usen.
What is the average price of land in Benin City?
Price of land varies from community to community but the average price for a plot of land in Benin City is 800,000.
How do I find investment properties in Benin City?
You can find investment properties through a real estate company like Edoproperty. There are several real estate companies you can get in touch with when looking for properties to invest in.
Must I inspect the property before paying?
Yes you must inspect your property before you pay. You should never pay for any property you have not seen. So it is good to always inspect the prospective properties so as to be sure of what you are buying. This enables you to make informed decision.
What property should in invest in?
Knowing which property to target applies to both passive and active investors. Different properties may require doing different things for investments. Some examples of different real estate investment properties you should venture into are
- Rental properties
- Commercial properties like offices, open spaces, complex and so on
- Hotels
- Lands
What is the biggest risk in real estate investment?
Location is the number one rule in real estate investment. Because where you invest in real estate determines what property types are available, what type of tenant pool you have to work with, average rental rates, and the potential for property appreciation.
How long does it take to buy a property?
You can get a property as soon as you identify the property that you like. An average of 11 to 12 weeks should be enough to source for and complete a property transaction.
How Much Do I Have To Pay An Agent To Help Me Buy a House?
Agents are paid based on negotiation or percentage.
Should I Order a Home Inspection?
Yes! You must have a home inspection. Inspections are not necessary for other mortgage types; however, they are strongly advised because faults in the house can go unnoticed. Home inspections provide comfort and security after one of the most important lifetime purchases.
We hope this article on Frequently asked questions in Real estate has helps you understand how to evaluate your current real estate situation.
Visit edoproperty.com for more consultation or read more on www.edoproperty.com