As we all know, location plays an important role when you want to buy or invest in real estate in Nigeria because it can increase or decrease the value of your property. In lieu of this, the term ‘location” is a mantra commonly used by real estate professionals as one of the factors you need to consider when you want to buy or invest in real estate in Nigeria. Before we go further, let us peep at what location truly is and its implications to real estate investment.

What is a Location in real estate? simply put, a particular place or position where a property is situated. The location where a property is located comes neighborhood which gives you a clear understanding of selected places that are close to where a property is situated. It is pertinent to know that the worst house in a prime location can become more valuable than the best house in a bad location. You might want to read that again.

Having pointed out this, let us now dive into the different characteristics of location you need to look out for when investing or buying real estate in Nigeria.

1. Proximity to top-rated schools: A location close to a highly desirable school district is great for homebuyers with children. This is because the better the school district, the more valuable the property is. In addition, young families who want to buy a home, are now using this as criteria in searching for their dream home.
2. Safe neighborhood: According to Maslow Hierarchy of Needs, Safety need is one of the basic needs of life. Homebuyers want to experience predictability, control, and order in their lives. They want a safe neighborhood where they are free to walk and interact with their neighbors. Moreso, safety is what people can pay extra for because they want to feel safe in their homes.
3. Proximity to shopping centers and entertainment hubs: People desire homes or properties that are close to commercial hubs like cinemas, beaches, restaurants, and so on. They rather prefer these commercial hubs to be at a trekable distance from where the property is situated than to drive a long distance. It’s also pertinent to note that properties close to a commercial hub appreciate more.
4. Access to public transits: It’s common that homes or properties that are far from public transits are less valuable. It is the belief that when you are near public transit, you can get anywhere in a short amount of time.
5. Properties with a view: Recently, there has been an increase in demand for properties with panoramic views such as a glimpse of the ocean view and city view.

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Undesirable Locations To Avoid When You Want To Invest or Buy Real Estate In Nigeria

Honestly, it is difficult to point out the characteristics of a good location to look out for when buying real estate in Nigeria. But the characteristics of undesirable locations are not far-fetched.

1. Proximity to Hazards: Nobody wants a home close to a refinery or nuclear plants because by-products from industries are a potential danger to health.
2. Crime-dominated neighborhood: A neighborhood dominated by crime is not a safe place to buy real estate in Nigeria because people will avoid staying in such locations and this will in return affect the value of the property.
3. Proximity to Industries: Noise from industries will affect the peace of residents. Due to the noise factor, people will avoid residing in such locations and this as well will affect the value of the property.

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Location is a very important factor when you want to buy real estate in Nigeria. This factor shouldn’t be handle with levity.