IS INVESTING IN A SHORT-LET APARTMENT IN LAGOS IS A GOOD BUSINESS?
BY DENNIS ISONG
A short-let apartment is a fully furnished luxury apartment that is rented for a short period, usually for months or weeks. Short-let apartments have been considered a quick way to get rich by some investors, unfortunately, not everyone knows about this.
Short-let luxury apartments can be in:
- bungalow
- duplex
- terrace
- detached
- semi-detached
- studio apartments
These kinds of apartments can be found in some selected places in Nigeria: Lagos, Abuja, Port Harcourt, Ibadan, etc. Because of its newness and lack of information, some investors are not aware of the benefit and profit, they stand to gain.
Short let apartment which has been made as an alternative hotel accommodation presently has been a go-to accommodation choice most especially for travelers, tourists, and visitors in Nigeria. The accommodation can be for short/long stay leisure for business and at the same time, pleasure. Short-let homes are now great choices.
Why is it profitable for investment?
- Increase in property value
People have stopped leaving their property vacant in recent times without getting any benefits/profits from it. Instead, they rather rent it out for months to make an extra income from it.
On the other hand, people would rather go for a short-let apartment than settle for a hotel because of the comfort and the feeling of home away from home they tend to get, unlike a hotel where you are left with few home appliances like a fridge, kettle, and TV.
A short-let apartment is made to be a home standard and that’s why you can get full kitchen appliances and items to a well-furnished living room. Short-let apartments come with tasteful décor and freedom.
However, before you invest in a short-let apartment, make sure that the location is favorable.
- Increase income potential
Short-let apartments in Nigeria can also serve the benefit of a permanent and direct income stream. This is because the amount you make weekly or monthly is unlimited. Meanwhile, this can be achievable in places with high foot traffic.
- Flexibility in extending rent by tenants
Most especially business people who travel out of their state can extend the duration of their stay when business meetings are being postponed. Hereby, generates more income.
When compared to hotel accommodation, short-let apartments are found to be more flexible reducing the stress of check-ins and outs, being confined to a particular room, etc.
Short lets you get the feel of staying in a home at a much more affordable cost, you get access to amenities in the full apartment, you have access to a more serene interior and environment.
- As a good source of finance
Investors can leverage short-let properties as collateral when securing loans from banks for investment or business purposes.
- High demand
Short-let luxury apartments are now in high demand by travelers who want to enjoy the comfort of being in a home. Asides from this, short let’s become a getaway for a lot of people who want to relieve themselves of work stress and want to stay in an environment different from home.
- Subject to increase rent charges
Making a short-let investment more sophisticated by repainting, adding new technology, refining the interior finishing, and adding innovations, and features can as well increase cash flow because when all that is done, rental charges can be increased.
Dennis Isong helps individuals invest right in Real estate. For questions on this article or enquiring about Real estate. Follow him on Youtube https://www.youtube.com/landpropertyng , Email Dennis@Landproperty.ng or Whatsapp/Call +2348164741041
