Short let apartment describes fully furnished luxury apartments that are rented for a short period of time, usually by the months or weeks. Despite the fact that investors have seen it as one of the quick ways to get rich in real estate, some people are not aware that such an apartment exists. Short let luxury apartment in Nigeria ranges from bungalows, duplex; terrace, detached or semi-detached, studio apartments.
However, these kinds of apartments can be found in some selected places in Nigeria; Lagos, Abuja, Portharcourt e.tc. Although, some investors are not aware of the benefit they start to gain due to a lack of information. This is why we will be enlightening you on the investment benefit of short let homes.
Benefits of Investing In Short Let Apartments In Lagos, Nigeria.
Below are the advantages of investing in a short let apartment in Lagos.
- Increase in property value: Nowadays people don’t leave their property vacant without getting any benefits from it, instead, they rather rent it out for months to make an extra income. On the other hand, tenants would rather deter a hotel for short let apartments because of the comfort they tend to get, unlike a hotel where you are left with few home appliances like a fridge, kettle, and Tv. However, location matters when investing in short let homes.
- Increase income potential: Short let apartments in Nigeria can also serve the benefit of the direct income stream. This because there is no limit to the amount you make weekly or monthly. And don’t get this is possible in places with high foot traffic.
- Flexibility in letting 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. Thereby generates more income.
- As a 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. Also read: Unbelievable fact about places to live in Lagos
- Subject to increase rent charges: Making a short let investment more sophisticated by repainting, adding new technology, refining the interior finishing, adding new innovations can as well increases cash flow because when all that is done, rental charges can be increased.
Short let investment in Lagos Nigeria is a gold mine that many have left untapped. Finding a suitable location for short let apartment is also a key factor you need to consider. Thinkmint Nigeria can help make owning a luxury short let investment possible with flexible payment plans.