You may not be in Nigeria, but your property still fetches you money and that’s the most important thing.
By Dennis Isong
People get so excited when they are leaving Nigeria. Some of the reasons for this are that people feel, at last, they are free from the hardship, insecurity, etc. that have eaten deep into the country.
Before leaving, it’s common for people to want to sell their properties for various reasons. Some do it as a means to get more money to travel with, while some do so because they feel they no longer need the property since they don’t intend to come back to Nigeria anymore.
When Mr. Phillip and his family wanted to relocate, there were two houses that they owned.
He was bent on selling them but his wife advised against it. She thought that since her husband has a trusted person who could be in charge, they should rather rent them out and still get their return on investment in absentia. Mr. Phillip didn’t agree. He just didn’t care about the country or anything it has to offer anymore.
This is understandable. A lot of people would prefer to do away with anything that could give them stress once they step out of Nigeria.
So, he sold them and they all traveled out.
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The first few months were quite rocky for them because Mr. Phillip couldn’t get a job on time which was not envisaged. The bills were on his wife and she got choked at some point. Then, he thought about the houses he sold. If he had maintained and rented at least one of them, something, even if not much would come in for him.
Like I said earlier, when people decide to leave every form of baggage in Nigeria, we can’t blame them. However, we need to see beyond the immediate excitement and have a better understanding of how our steps can either be advantageous to us or not.
So, what should you do instead of selling off your properties?
If you are not selling because you desperately need money, then you should read this…
1. Rent that property out
This should be given consideration. There are many house owners abroad, so this isn’t a bad idea. I would advise that you make rent payments monthly. Asides from that it’s favorable to you because your account will be permanently credited by tenants monthly, it also helps your tenants as well. Monthly payment is a relief to most people because they can easily take it out from their salaries if they are salary earners than paying all at once by the time their rent expires. So, it’s a win-win.
You may not be in Nigeria, but your property still fetches you money and that’s the most important thing.
2. Lease it out
For people who would like to use the property for various reasons such as making it a school, church, offices, etc., you will be doing yourself a favor by leasing it out to them. Of course, it’s a contract with an agreement. You could make it a few years and this makes you rest assured that you have an income from Nigeria and apart from this if you decide to come back to Nigeria, you will find the property intact.
3. Convert the property
I don’t think there’s anything wrong with having a business here and living abroad. A lot of people might feel discouraged but it’s worth giving it a try. You could convert the property to a mini-mall, bookshop, or studio. Since you won’t be there, this is what you should do: liaise with someone who needs space and has the required skill and experience to run the business.
Equip or store up the place, then have an agreement of a percentage you should be expecting. To people in Nigeria, the person is the owner, meanwhile, he is just standing in for you in the form of a partnership.
This is what we call sleeping while your money works for you.
4. Make it a home for tourists
Just like a short-let apartment, you can make it a place of rest for tourists. However, this works if there are tourist sights in that city. Also, this is making your property in the form of a mini-hotel.
Although, you can’t do this without having some things in place before traveling. And if the expenses will be overwhelming for you, find an investor who might be interested in that business.
5. Make it an event center
This largely depends on the size of the property. But for simple events such as seminars, workshops, low-key weddings, etc., your property can fit in. it’s just that you need a representative and staff to help you run it in your absence.
In conclusion, your property can still make money for you. Don’t be in a hurry to sell it off. I know a bigger challenge might be finding a trustworthy fellow to stand in with all honesty. However, I believe you know a lot of people and out of them, there should be at least one good person to do the job.
Dennis Isong helps individuals invest right in Real estate. For questions on this article or enquiring about Real estate. Follow him on Youtube https://www.youtube.com/landpropertyng , Email Dennis@Landproperty.ng or Whatsapp/Call +2348164741041
