Is it Wise to Sell Your Property When Traveling Abroad?

There is so much excitement that comes with leaving a country like Nigeria. Several reasons for this, including a feeling of relief from hardship, insecurity, etc., have penetrated the country for so long.

It’s common for you to want to sell your property for various reasons. You may want to sell your property to get more money to travel and sell the property if you feel you no longer need the property since you don’t intend to return to Nigeria anymore.

When Mr. Phillip and his family wanted to relocate, there were two houses available that they owned.

He was bent on selling them, but his wife advised against it. She thought that since her husband has a trusted person who could be in charge, they should instead rent them out and still get their return on investment in absentia. Mr. Phillip disagreed. He didn’t care about the country or anything it had to offer anymore.

It is understandable. Many people would prefer to do away with anything that could give them stress once they step out of Nigeria.

So, he sold them, and they all travelled out.

The first few months were rocky for them because Mr. Phillip couldn’t get a job on time, which he did not envisage. The bills were on his wife, and she got choked at some point. Then, he thought about the houses he had sold if he had maintained and rented at least one of them, even if not much would come in for him.

As I said earlier, we can’t blame you when you decide to leave every form of baggage in Nigeria. However, it would help if you saw beyond the immediate excitement and better understood how your steps can either be advantageous to you or not.

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So, what should you do if you don’t want to sell your property?

sell your property

If you plan to sell your property because you desperately need money, then you should continue reading this article for alternative means of raising money.

Don’t Sell Your Property; rent the Property Out

I would appreciate it if you considered it. Many house owners live abroad, so this isn’t a bad idea. I would advise that you make rent payments monthly. Aside from that, it’s favourable to you because your account will be permanently credited by tenants monthly; it also helps your tenants.

Monthly payment is a relief to most people because they can easily take it out from their salaries if they are salary earners than paying all at once by the time their rent expires. So, it’s a win-win. You may not be in Nigeria, but your property still fetches you money, and that’s the most important thing.

Lease it out

For people who would like to use the property for various reasons, such as making it a school, church, office, etc., you will do yourself a favour by leasing it out to them. Of course, it’s a contract with an agreement.

You could make it a few years, which makes you rest assured that you have an income from Nigeria, and apart from this if you decide to come back to Nigeria, you will find the property intact.

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Convert the property

I don’t think there’s anything wrong with having a business here and living abroad. A lot of people might feel discouraged, but it’s worth giving it a try. Don’t sell your property; you could convert the property to a mini-mall, bookshop, or studio.

Since you won’t be there, this is what you should do:

Liaise with someone who needs space and has the required skill and experience to run the business. Equip or store up the place, then have an agreement of a percentage you should be expecting.

To people in Nigeria, the person is the owner; meanwhile, he is just standing in for you in the form of a partnership. It is what we call sleeping while your money works for you.

Make it a home for tourists

Just like a short-let apartment, you can make it a place of rest for tourists. However, this works if there are tourist sights in that city. Also, this is making your property in the form of a mini-hotel.

Although, you can’t do this without having some things in place before travelling. And if the expenses will be overwhelming for you, find an investor who might be interested in that business.

Make it an event centre

You should not sell your property if you can convert it into a seminar, workshop, low-key wedding, or event centre. It’s just that you need a representative and staff to help you run it in your absence.

In conclusion, your property can still make money for you. Don’t be in a hurry to sell your property. A more significant challenge might be finding a trustworthy fellow to stand in with all honesty. However, I believe you know many people; out of them, there should be at least one good person to do the job.

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Dennis Isong Helps Individuals Invest Right In Real Estate. For Questions On This Article Or Enquiring About Real Estate Email: Dennis@Landproperty.ng. You can follow me onYouTube. WhatsApp Or Call +2348164741041
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About Dennis Isong

Dennis Isong Helps Individuals Invest Right In Real Estate. For Questions On This Article Or Enquiring About Real Estate Email: Dennis@Landproperty.ng. You can follow me onYouTube. WhatsApp Or Call +2348164741041

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