Buying Properties During Dry Season?

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  4 REAL ESTATE INVESTMENT CHECKLISTS

When buying properties during dry season in most places in Nigeria you need to exercise caution. You want to avoid falling prey to areas that are usually flooded during the raining periods. Its quite easy to drive through everywhere when scouting for properties to buy during the dry season. 

Sand dunes in dry season evidence of erosion activity

Don’t let this fool you. You could be so relaxed in making decisions. But its totally different when carrying out inspection of houses or lands during the raining season. Anywhere you spot erosion, you will quickly turn back; ‘ah this place is flooded’- may be your reaction to your estate agent. Sadly, no signs to generate this type of reaction during the dry season, and so inspection of houses and lands go easy-peasy.

Dry season real estate investing requires a lot of skill especially if you are a first-time homebuyer or investor.

Dry season home buying tips:

1.      Watch out for sand dunes

2.      Consider the topography

3.      Neighbourhood signs

4.      Quiz the neighbours

Sand Dunes

Erosion activity usually brings a lot of sand together. As the water flows, it carries sand along its path. During dry season these sands become very visible. So next time you see a lot of sands in a particular area exercise caution.

The topography

This is the general plain. Is it flat, sloppy or slanted? You can determine this by spreading your gaze over the area. Identify the high plain first, then look for the low plain. All the erosion often lodge at the low  plain, so avoid such areas.

Neighbourhood signs

Watch the Video below


The type of fencing in the area can signal to you that the area is usually flooded during the dry season. People fence because of security, privacy and erosion. Low fence, 2 or 3 couches round a residential or commercial property  is usually done to prevent erosion from entering the building. Don’t buy any property within here.

Quiz the neighbours

Is this area affected by erosion? When it rains, where does the water flow to ? These are some of the questions you should ask neighbours.

Real Estate Market Trends During Dry Season

There is always a surge during dry season. The real estate market thrives more. A lot of buying and selling takes place. There is ease of movement and a lot of activity. Buyers and sellers often wake up this period.

 Benefits of Buying Properties During  Dry Season

You get a good deal. A lot of properties are usually listed for sale during this period, thereby giving you many options to explore. Sellers appear to have more needs than usual during the dry season. Sellers attitude is determined by the following: the need to use money for other investments, the need to pay off debt or loan, the need for vacation or medical treatment abroad. A smart investor or buyer can take advantage of this situation to drive the price of properties down.

Building and construction can easily commence during the dry season. No disturbance from the weather. You can carry out maintenance of newly purchased properties too.


Dry Season Property Investment Strategies

1. Buy-and-Hold: Purchase properties at discounted prices and hold onto them until the market recovers.

2. Fix-and-Flip: Buy properties, renovate them during the dry season, and sell them when the market improves.

3. Rent-and-Hold: Purchase properties and rent them out, generating passive income until the market recovers.

4. Wholesale: Buy properties at discounted prices and quickly sell them to other investors or buyers.

5. Partner with Developers: Partner with developers to purchase land or properties at discounted prices, and then develop or renovate them together.

 What to Consider

1. Market Research: Thoroughly research the local market to understand the impact of the dry season on property prices and demand.

2. Property Condition: Carefully inspect properties before purchasing, as some may require significant repairs or renovations.

3. Financing: Secure financing options before making a purchase, as lenders may have different requirements or restrictions during the dry season.

4. Risk Management: Develop a risk management strategy to mitigate potential losses, always carry out due diligence before buying any property. Buying genuine properties is key to making profits and avoiding loss. Verify properties at Edo State Geographic Information Services in Sapele Road, Benin City.

 By considering these strategies and key considerations, you can make informed investment decisions during the dry season and potentially capitalize on opportunities that may not be available during other times of the year.

 THE ART OF NEGOTIATION

Negotiating property prices during the dry season can be a great opportunity to get a good deal. Here are some tips to help you negotiate effectively:

 Before You Meet the Seller For Negotiation

1. Know the market: Understand the current market trends, prices, and demand.

2. Know the seller's motivation: Find out why the seller is selling, and use this information to your advantage. There are various ways of doing this. In case the seller is hiding his intention, you can use other close and reliable sources. Some sellers may feel embarrassed to divulge such vital information

3. Inspect the property: Identify any flaws or needed repairs to use as bargaining chips. Zooming in on such flaws tend to drop the sellers ego.

 11 Negotiation Hacks to Drop the Hype

1. Start with a low offer: Make an initial offer that is lower than your target price. This can throw the seller off balance.

2. Highlight the property's flaws: Point out any issues with the property to justify your lower offer.

3. Use market data: Show the seller comparable sales data to support your offer. This will make the seller not to overrate the value of his property.

4. Be respectful and polite: Maintain a positive tone and show enthusiasm for the property, even when the seller appears angry with your negotiation.

5. Be ready to walk away: If the seller is unwilling to negotiate, be prepared to walk away from the deal.

6. Emphasize the slow market: Highlight the slow market conditions and the potential for the seller to wait longer for a better offer.

7. Use the weather to your advantage: If the property has outdoor features that are less appealing during the dry season, use this to negotiate a lower price.

8. Offer to close quickly: If the seller is motivated to sell quickly, offer to close the deal rapidly in exchange for a better price.

9. Work with a real estate agent: A knowledgeable agent can help you navigate the negotiation process and provide valuable insights.

10. Be patient: Negotiation can take time, so be patient and don't rush the process. Even when you love the property and seem desperate, calm down, so the seller will not capitalize on such.

11. Stay flexible: Be open to creative solutions and alternative offers. There are many properties out there to explore and inspect.

 With these tips, you can effectively negotiate property prices during the dry season and get a great deal.

 The Pros and Cons of Buying Properties During The Dry Season

It’s a wise step to make some considerations.

Pros:

1. Lower Prices: Prices may be lower due to many property listing, making it a buyer's market. Yes many Properties flood the market 

2. Less Competition: Fewer buyers means less competition, giving you a better chance of securing the property you want.

3. More Negotiating Power: Sellers may be more willing to negotiate prices or offer concessions.

4. Faster Transaction Process: With fewer buyers, the transaction process may be faster and more efficient.

5. Better Inspection Opportunities: Dry weather allows for better inspections of properties.

 Cons:

 1. Potential for Hidden Issues: Dry weather can hide issues like water logged areas or foundation problems, which may only become apparent during the wet season.

 2. Higher Maintenance Costs: Properties purchased during the dry season may require additional maintenance or repairs when the wet season arrives.

 How To Succeed in buying a property during the dry season

 - Conduct thorough research and inspections

- Work with a knowledgeable real estate agent

- Negotiate carefully and consider potential risks

- Plan for potential maintenance and repair costs

 In view of the foregoing, buying properties during the dry season is still the best

 Tips for First Time Home Buyers During Dry Season 

 Achieving Success in buying of properties is an art, learned with care and cautious in the process. 

As a first-time home buyer during the dry season, here are some valuable tips to consider:

 1. Check your finances: Ensure you have a stable income, and sufficient savings for a down payment, closing costs, and ongoing expenses. There are other cost in the process such as the lawyer fee and commissions given to the agents

 2. Research and educate: Learn about the home-buying process, local market trends, and dry season considerations.

 3. Buyer's market: The dry season can be a buyer's market, with fewer buyers and more motivated sellers.

 4. Negotiate:  negotiate prices skillfully while considering maintenance to be carried out.

 5.  Inspect thoroughly: Carefully inspect properties for any damage or issues related to the dry season.

 6. Work with a reputable agent: Partner with an experienced agent who knows the local market and environment 

 7.  Be patient: Don't rush into a purchase; take your time to find the right property at the right price.

 8. Consider resale value: Think about the property's resale value, even if you plan to live there long-term.

 By following these tips, you'll be well-prepared to navigate the dry season real estate market and find your dream home.

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