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Buying Cheap and Renovating Is Not Always a Good Deal

You find an old house in a promising location.

The seller is asking ₦80 million.

You estimate that another ₦30 million will transform it into a beautiful modern home.

You spend the money.

The property now looks fantastic.

Then you put it on the market for ₦150 million.

And nothing happens.

Weeks become months.

You reduce the price.

Still, there are no serious buyers.

Eventually, you discover the problem:

Let's be honest.

Turning 40 is not a deadline for success.

You don't have to own a mansion, drive an expensive car, have millions in the bank or have your entire life figured out simply because you're approaching 40.

But there is something worth thinking about:

What are you building that will still belong to you years from now?

Because there is a big difference between earning money and building wealth.

You can earn a very good income and still reach 40 without owning meaningful assets.

Let's be honest.

If you're in your 20s, buying a house may not be at the top of your list.

You have bills to pay. You want to travel. You want to build your career. Maybe you're starting a business. Maybe you're helping your family. And, of course, you still want to enjoy your life.

That's normal.

But here's something worth thinking about:

What if the decisions you make with your money in your 20s determine whether owning property in your 30s feels achievable or impossible?

When you buy a property, you are probably thinking about one thing:

“Can I afford it?”

But there is another question you should ask before you pay:

“If I need to sell this property five years from now, will someone else want to buy it?”

That question is important because buying property is not only about getting ownership. It is also about liquidity, demand and future marketability.

Listing your shortlet apartment on multiple booking platforms can help your property reach a wider audience. Instead of depending on one source of bookings, you can attract guests through different channels, including online travel platforms, social media, your website, and direct enquiries.

However, managing bookings across multiple platforms also comes with challenges. Without a clear system, property owners may experience double bookings, missed enquiries, inconsistent pricing, delayed responses, and confusion around reservation details.

Getting a guest to book your shortlet apartment for the first time is an important achievement. However, turning that first-time guest into a returning customer can create a stronger and more sustainable relationship for your business.

In the shortlet industry, guests have many options. They can choose different apartments, hotels, serviced residences, and online listings whenever they need accommodation. This means property owners must do more than attract attention. They must create an experience that guests remember and feel comfortable returning to.

If you own a rental property in Lagos, one question can have a significant impact on your rental strategy:

Should you furnish the property before putting it on the market?

Furnishing a rental property can potentially attract a different category of tenants and allow the landlord to charge a premium. However, it also requires additional capital, maintenance and management.