After much thought, you have decided to invest in real estate. The question is: What are you going to do? Are you just going to gather your savings and close on the first real estate offer that comes along? Certainly not! A real estate project has to be prepared and planned carefully in order not to lose your savings. To do this, here is how you should proceed

• Define your Goals:

Ask yourself the right questions: What are your reasons for wanting to invest in real estate? Is it to create a profitable legacy for you, your family and future generations? Or to provide a stable and comfortable home for your family? To expand your finances or grow your business?

Whatever your reasons, you must clearly specify your objectives. Because this will allow you to define the criteria of the property you are looking for.

• Define the criteria for the style of investment you want to make

Once you have set your objectives, you must define the criteria for the type of property you are looking for. For example, if you want to buy a piece of land, you must be sure of its size, the city, the area, the characteristics of the soil, the orientation of the land, etc…

Because if you are wrong about the criteria of the property, you will encounter many difficulties in the realization of your project.

• Set your Budget

Once you have defined your objectives and criteria, you must set your budget. This is very important to avoid projects that generate losses or that are stopped for many years due to lack of financing.

You must also decide on the sources of financing for your project (own financing, real estate loan, financing from relatives…)

• Define a timeline

You will have to define the period in which you will launch the procedure of your project (in one month, one year, 3 years). What is to be done? And when is it to be done? This will also allow you to be objective in the search for your property, to take intentional and precise actions.

• Be accompanied by a professional

To avoid any inconvenience (scams, fraud, double sales…), you must imperatively be accompanied by a legal, serious and experienced actor who masters all the wheels of the sector. With SAI La Toile for example, you can engage on one of our projects (Douala Logbessou, Kribi Grand Batanga).

 

We have written an article on this subject: Why be accompanied by a real estate professional? 

Finally, what you need to understand is that, like any project, a real estate project, large or small, needs to be planned, organized and specified. For, it requires management of time, resources, stakeholders.