At South and Sttes Properties Limited, we have observed over the years that there are two broad types of buyers in Nigeria. The first type of buyer in Nigeria is the person that is looking to buy a home but has to put all their savings together into a large deposit in order to make the purchase. Such buyers can hardly have much fund to immediately spend on the property after purchase. This type of buyers wants the property to be in a great condition with nothing to do in it, but move in or start to use it immediately.
The other type of buyer in Nigeria is someone that has a decent deposit and spare cash to spend on a property after acquisition. Ideally they will be looking to paint and decorate as well as upgrade the kitchen and bathroom. What most buyers aren’t keen on, without a big discount is re-doing the electrics and plumbing. So if you are selling a ‘wreck’ and want to maximise the price, then make sure the electrics and plumbing are in good condition but leave the rest of the property to be done by the new owner. Alternatively, find out how much it will cost to upgrade the property, so if it costs around N1,000,000 you don’t end up knocking N2,000,000 off the price of your property.
Whether you are selling a “wreck” or a “show property”, a way of making sure you maximise the price of your property is by selling at a time when there are few other properties like yours in the market. For example, if there are five properties similar to yours already available for sale in a similar location, wait if you can, until they are all sold and yours is the only one advertised. If you have the only three-bedroom flat for sale when most of the other properties are two-bedroom flats, you are likely to get a better price than if you are competing with lots of other three-bedroom flats in the same location to secure a buyer.
To buy or sell a property in Lagos, Abuja and other parts of Nigeria, contact us for professional advice at South and Sttes Properties Limited. You will be glad you did.
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