Buying properties with payment plans is one of life’s little pleasures. Actually it is a big pleasure because it offers life changing opportunities which would otherwise not be possible for many who are not members of the exclusive wealthy class. The concept of payment plans means breaking down large amounts of money into smaller, affordable pieces.
In the past, this was almost exclusively reserved for non yielding purchases such as mobile phone and cars; but now, it is also possible to make purchases of landed properties such as lands, apartments, and houses, using this method. Arguably, payment plans should only be used for yielding investments such as properties. This is because of the following:
Why You should Buy Properties With Payment Plans
Buy choice properties: Choice properties or Prime Properties often come with heavy price tags. This literally puts them beyond the reach of the average person. However, with the option of paying through payment plans, average persons can now buy choice properties in prime locations. Without payment plans, only the very rich would be able to purchase properties in planned and developed areas.
This also means that average persons can build wealth through investments in properties. They can later resell some of these properties for profit, or they can continue to get rental income from their investments.
Spread the investments: sometimes, there are multiple opportunities to purchase properties in different locations, but investors find themselves having to choose one and forfeit the others. Paying through payment plans makes it possible to purchase multiple properties in multiple locations. That comes with several benefits;
One can diversify the investment such that rental income comes from both residential and commercial properties.
One can continue to get a steady income from real estate, even when the demand for apartments reduces in some areas, the income can continue to come in from other buildings.
One can sell property for profit, and still have other properties for personal use or to generate rental income.
Invest without stress: for many people, committing huge funds towards investment in properties can come at the cost of selling other investments, or making lifestyle changes. Some have to sell their cars or other things in order to achieve this goal. However, with the option to spread the payments over a long period, they do not have to sell anything, or alter their lifestyles significantly.
This means average people can purchase real estate in choice locations, without having to go into debt, or sell their properties.
What Kinds Of Properties Are Usually Sold With Payment Plans?
Usually, housing developments that are developed by property companies in Nigeria tend to come with payment plans. These are generally known as estates; they are built by the developers and sold to the people for profit. They can be fully developed estates, estates under construction, or land.
The land can be developed into apartment units, duplexes, bungalows, or commercial structures like offices, shops, or warehouses. All of these types of buildings can be purchased using payment plans.
Generally, payment plans are available during the prelaunch and launch phases of the development. That is when there are high volumes of sales – people coming in large numbers to buy lands, apartments, and buildings. At those stages, it makes more sense to the developers to accept small monthly payments from individual investors because when added up, the profits are large.
As soon as the estates are sold out, the option to pay through payment plans usually ends. Therefore, it usually pays to be careful when an offer to sell a house or apartment unit through payment plans when the property in question is off market. Individuals selling off their properties due to financial distress usually want their money in full. They often insist on outright payments so as to allow them meet up with whatever obligation they may have, and for which reason they have opted to sell the property.
What To Know About Payment Plans
Payment plans have been useful for many investors; they have been the avenue via which many working people have become landlords. However, when using payment plans, one must make sure to use them correctly, because of the following:
Payment Plans May Come With Interests: although not always the case, payment plans can come with interests. The general rule is; the longer the payment plan, the more the interests. This becomes evident when you consider the costs of purchasing the properties with outright payments, and the costs of purchasing via payment plans.
The difference can be quite significant; and it is usually expedient to purchase the properties outright if the funds are available. Therefore, it is a good idea to calculate the interest rates, and to carefully decide whether it is actually gainful to purchase any particular property using payment plans, or whether it is better to obtain funds from other sources, in order to pay for the properties outright.
Payment Plans Often Have Limits: as far as the Nigerian property market is concerned, payment plans often have a limit of 12 months. While some may be a little longer, it is more common to find those that are shorter. Therefore, it is a good idea to confirm the time limit associated with any payment plan for any property you wish to purchase, failing to do so could result in disappointment.
It is also good to properly appraise one’s financial situation; and to correctly determine whether or not one is able to meet up with the requirements of a payment plan. This is especially true when one is purchasing more than one property at a time.
Some Properties Available For Purchase With Payment Plans
Having discussed the pros and cons of payment plans, the following are some properties that are available at the moment, and that can be purchased through payment plans. It is a good idea to evaluate them, and to see whether they meet your requirements.
2 Bedroom Apartments At Montego Gardens 4
2 Bedroom Apartments are available at the brand new Montego Gardens 4 Estate Ogombo. These apartments are built into huge apartment buildings, making up the landscape of this beautiful estate. The apartments have several advantages over similar developments – some of them being highlighted below.
Modern design; the exterior of the properties are very modern. The buildings tower above all others in the vicinity; giving the impression of modern city sky scrapers. The modern aesthetics of the buildings also mean that they will continue to be in fashion for a long time; bringing satisfaction to the residents, and awe to visitors.
The apartments have terraces, large living rooms, and eco friendly designs. They are designed with wide windows which let in as much natural light as possible, thus reducing energy consumption.
These apartments enjoy all the luxuries that come with this estate:
24 hour security, comprising of a perimeter fence, CCTV cameras, and a team of trained security personnel. The estate also has its own water supply, and an estate management office to ensure that all maintenance work is promptly attended to. The estate also has an Olympic size swimming pool; which is the stand out feature of the estate because there is no other estate in the area with this particular feature.
These 2 Bedroom Apartments At Montego Estate 4 represent a great opportunity to earn rental income; they are going to be in high demand among the working class, due to the estate’s ideal location along the Lekki-Epe Expressway.
3 Bedroom Apartments At The Stanford
The Stanford is a residential complex at Ikate; a great place for those who need to live comfortably, and yet need to be close to the central business district of the Lekki area. This is a great option for professionals who have attained some level of success in their careers, and who can afford to give their families some comfort and serenity.
These 3 bedroom apartments are the flagship apartments of this building; they are the top picks of the estate. The features they have totally justify the prestige they command.
Luxury residences: The apartments have 3 large bedrooms. They are almost equally sized, but well distributed around the apartments. One is for the visitors, and is located adjacent the living room, near the kitchen. The other two are located across the hall, in the interior of the apartment. The living room is wide and spacious; it is big enough to host family and friends, and also for the kids to play in with their friends.
These apartments also have terraces, as well as lounges. They are like mini duplexes; offering more comfort than the price point. Aside from the comfort and enjoyment that these apartments offer, there are still the advantages that come with living in such a high end development.
24 Hours Security is provided by security team on ground, and they are assisted by CCTV, and solar powered streetlights. The estate also has its own water; which is treated and safe to drink. The estate has 24 hour electricity supply, meaning that residents will never sleep in darkness.
The most interesting thing about this estate is the location; it is located at Ikate, off the Lekki-Epe Expressway, and is very close to the most important commercial and relaxation zones in the area. It is one of the easiest locations from which one may commute to and from work.
Land At Capital Gardens Estate
You buy land at Capital Gardens Estate with payment plans; this is a luxury estate which is still in the early stages of development, but already drawing in attention from investors and property enthusiasts around the country. The estate is located at Ibeju Lekki; along the Lekki-Epe Expressway.
Although still in the early stages of development, it is envisioned to be the pearl of Lekki because it is an estate developed for tech entrepreneurs. This is the tech hub where the next generation of tech entrepreneurs will spring from, with ideas and creations that will change the landscape of the continent.
However, there is more to Capital Estate than just the dream; the estate already has several interesting features which makes it attractive to investors.
Well Planned: Capital Gardens Estate is well planned; the estate is divided into commercial and residential areas. It is more like a mini city than just an estate. It will have public spaces such as a garden, and a playground. It will have commercial spaces such as a shopping center, an estate gym, and other businesses. The streets and roads are well designed, and they link the estate together really well.
Sustainability; this estate is built to promote the idea of sustainability; it is going to have its own recycling facility, waste disposal system, and its own power supply system. The estate will also have its own water supply, its own green area where fruits and vegetables can be grown, and its own shopping center. The buildings are also going to be eco friendly; large windows, and good use of reflective glass to let in as much sunlight, and reduce the need for electricity.
Great Location: Capital Gardens is also located at a great spot; it is just 1 minute from the Lekki-Epe Expressway, and very close to the major commercial and relaxation spots in the area, including Blenco Supermarket, Dangote Refinery, the Lekki International airport and the Lekki Free Trade Zone.
There is a good payment plan in place for this estate; this is great for those who want to grow their capital through real estate investments.
What To Do Next?
The next thing is to choose an estate that meets your investment needs. Of course, such a decision cannot be made lightly, which is why Bestate Property Investments is on hand to provide advisory services to help people like you make smart investment decisions.
Call Bestate Properties today on 08090651344. Bestate has a portfolio of lands, apartments, houses, offices, and warehouses for purchase or rent. The properties are located in Lagos, as well as other cities like Abuja, Port Harcourt, Ibadan, Owerri and Enugu. Bestate can also help you purchase properties in international locations like Dubai.
All the properties are vetted to ensure that they have all the necessary documents. They are safe and secure.
