Lamudi Uganda shares with you tips from real estate experts that have been in the game long enough to know what works
Real estate is not something that you can invest in without checking all the necessary documents, financial planning and equipping yourself with the basic information.
There are many things that you need to think about and consider before making the definite decision to invest in real estate. There are many investment ideas when it comes to real estate, however you need to have a clear plan of what you want, in order to make the right decisions.
Shakib Nsubuga, Country Manager of Lamudi in Uganda, said:
“The real estate sector is not something that one should invest in without the proper knowledge and research. In order to get a strong return on your real estate investment, it is always advisable to ensure that you are caught up on what is going on in the market.”
This week Lamudi shares with you some helpful tips from the real estate experts.
- Have a long-term investment plan
A poorly planned investment is not going to support you for the long term. Failing to plan for your real estate future can be detrimental to your capital and, ultimately have a negative impact on your business. When creating your investment plan, think about the end game – it is important to set an income target that you want your property to deliver for you.
- Have a financial plan
When making a real estate investment, it is important to understand your cash flow position both now and in the later future. Your current financial position could change as time moves on so it is, important to know what you can handle in the long run. Real estate is a long term investment there is no quick money in this sector so you should be able to withstand in the long run.
- Know the real estate sector
It is important as an investor to know how to make the right investment at the right price. In order to carry out your research look at various real estate investments and get a sense of the market and its values. When you are ready then make your first investment however it is important to make your first investment cautionary as you are bound to make mistakes the first time round.
- There is no short cut
Like most investments real estate requires hard work, due diligence and patience. You need to be willing to put in the time and effort in order to get returns on your investments otherwise mistakes might slip through the cracks and this will have a big negative impact on your investments and returns.