Here are some possible ways you can make great returns from owning a land/building.
..and the conventional putting it on rent isn’t one of them.
1. Build and Sell: this is the best and fastest way to hit financial freedom, If you are in a high brow area like Abuja. I have a friend that does this, he builds, stays for a few months/years puts it up for sale.
The build and sell will always yield massive profits into many tens of million depending on the location you find yourself and how quality you build it depends on how fast a buyer comes.
Tip: Make sure the property is in an estate, this gives it added value and enough trust for buyers to take it up without many bias more on this at the end of this piece.
2. A shortlet Apartment: your target here is “luxury” you don’t wanna do substandard at all. The interior decor should be top notch, so when you charge high it would be worth it.
During my birthday last year, I stayed in a 250,000 per night Villa in Mabushi, I didn’t flinch when I heard the fee, it was entirely worth it and the decor and amenities complemented it.
Once it’s luxury enough in a highbrow area, don’t worry, people will pay for it because.. a lot of people wants comfort and paparazzi, they want to enjoy new designs,
They want benefits of their money, added amenities like a swimming pool, Game Center, a private chef on request and cool technology gives them added comfort.
3. A guest house: this is usually a low budget shortlet apartment for people and priced lower, but it sells fast, as fee is usually between 5,000 – 10,000
You can easily get people paying for 3 months, 6 months or 1 year for it.
4. Plaza / Stores: This kind of property must be slated and approved for commercial purposes.
In Abuja a store in highbrow area can cost from N2m – 8m per year, imagine having 20 of those in one plaza.
Manhattan in Abuja does same, owning several chains of plazas.
5. A Supermarket: You can build and rent out or build and occupy a space for a supermarket. Supermarket houses day to day items people make use of and some others are taking it a step further selling electronics, food, medicals and just anything.
They allow a shopper get everything in one place. Some popular ones are Classic, Next Cash and Carry and H-Medix.
6. Hostel: several unit of self-contain or one bedroom apartment will fetch you millions yearly. In Abuja, a self contain in Gwarimpa cost as high as 800,000 – 1,000,000 if it’s in an estate, and a one bedroom cost as high as 1,500,000.
A hostel built in the form of a 1 or 2 storey building having over 20 self-contains and located in a schooling environment or a commercial environment will fetch so much annually.
7. A recreational event center: you need to see the massive crowd at Magic Land Abuja during the festive season, not less than 100,000 people were actively present,
Even with an entrance fee of N1000 per person, you still have to buy your own food and drink and also tickets to be able to play the games,
The crowd was so much that there were no space to even play any games for us or park our vehicles.
8: Use it for Agricultural purposes: preferably livestock farming. It now depends on what is high on demand, I can bet you some of the best things high in demand are fish and chicken, eggs.
The demand is always there, you can easily partner with eateries and restaurants to deliver your produce at more subsidized prices.
These are some of the best things you can do on a landed property.
The list is in-exhaustive so you can add yours below or adjust any listed above according to your experience and understanding.