Hello guys, please I need suggestion. I am a photographer but I don't have a studio, I made a million naira from my savings and some online stuffs I do, now I am in a confuse state whether to buy a plot of Land with the money or I should use it to open a small studio for my photography business.
I stay in the north so the one mill is enough to get a good plot of land for me.

Your ideas will help

Mods please help me push it to the promise land

You can still do both depending on the kinda business you wanna do FAM.... Merry xmas

Naijabin:
Hello guys, please I need suggestion. I am a photographer but I don't have a studio, I made a million naira from my savings and some online stuffs I do, now I am in a confuse state whether to buy a plot of Land with the money or I should use it to open a small studio for my photography business.
I stay in the north so the one mill is enough to get a good plot of land for me.

Your ideas will help

Mods please help me push it to the promise land

I don't know the North very well but here are criterias i will consider before making a decision.

1. How much is a plot of land in the area you prefer to buy land.
2. Will you be comfortable having a studio in your home?
3. How much is your monthly income?

4. Will having a studio significantly boost your business?

Then 5 Depending on your answers on above you could;
a) buy a plot of land, if change will remain, build a small house for your studio on the land and when money come, build the main house.

Or you could go all in in your business and when more money come in you can buy a plot of land.

Cheers!!

Getting a plot of land is ok provided u re not residing in any of the crisis ravage region.

Badgers14:


I don't know the North very well but here are criterias i will consider before making a decision.

1. How much is a plot of land in the area you prefer to buy land.
2. Will you be comfortable having a studio in your home?
3. How much is your monthly income?

4. Will having a studio significantly boost your business?

Then 5 Depending on your answers on above you could;
a) buy a plot of land, if change will remain, build a small house for your studio on the land and when money come, build the main house.

Or you could go all in in your business and when more money come in you can buy a plot of land.

Cheers!!

Thanks for your response.
1. Plot of Land here will cost 600,000-1,000,000

This is based on what people told me and I myself didn't go in search of the land yet.

2. If I will want a studio I will need it by a roadside or place people will likely see easily.

3. I earn about 50-80k monthly.

4. Sure it will.

And I must rent shop for the studio.

So should I just open the studio?

joshboo:
You can still do both depending on the kinda business you wanna do FAM.... Merry xmas

Please read the post

Sunnymatey:
Getting a plot of land is ok provided u re not residing in any of the crisis ravage region.

No my place is peaceful for now

Naijabin:


Thanks for your response.
1. Plot of Land here will cost 600,000-1,000,000

This is based on what people told me and I myself didn't go in search of the land yet.

2. If I will want a studio I will need it by a roadside or place people will likely see easily.

3. I earn about 50-80k monthly.

4. Sure it will.

And I must rent shop for the studio.

So should I just open the studio?

Well, I don't know how much a shop by the roadside will cost you and how much you need to invest in studio equipment. Check on that say shop and equipment will cost 500k( just guessing) then you still have 500k in your war chest for the land.

50-80k per month is a healthy income in this era, keep up your efforts.

And I imagine if you invest in your business, your income might tilt to the right a bit say 100k? ( I am just guessing, I don't know the photography industry).

Then few months later you could buy a plot of land at your desired location and gradually build it up.

One advise though, do not clean out your closet (use all your cash) to buy the land. While it is a good investment, you don't want to strangle your business, you need to have operating cash say 50k -100k just in case your business needs it.

Cheers!!

Badgers14:



Well, I don't know how much a shop by the roadside will cost you and how much you need to invest in studio equipment. Check on that say shop and equipment will cost 500k( just guessing) then you still have 500k in your war chest for the land.

50-80k per month is a healthy income in this era, keep up your efforts.

And I imagine if you invest in your business, your income might tilt to the right a bit say 100k? ( I am just guessing, I don't know the photography industry).

Then few months later you could buy a plot of land at your desired location and gradually build it up.

One advise though, do not clean out your closet (use all your cash) to buy the land. While it is a good investment, you don't want to strangle your business, you need to have operating cash say 50k -100k just in case your business needs it.

Cheers!!

Thank you sir, I really appreciate your advice, I am so grateful

Naijabin:


Thank you sir, I really appreciate your advice, I am so grateful

You are very welcome My Oga.

Please please do use my last advice about not strangling your business to buy land.

Again, I don't know about real estate up North because I am from the East. Here is how re al estate usually works.

They tell you land is say, N1m, you negotiate 750 and the seller accepts 850k.that's not the only expenses.

You still have to pay agent fee which could be between 5-10 percent of 850k. Then you find a lawyer to write the agreement, might charge you 5-10 % the cost of the land or 10-15k.
Then survey the land, surveyors usually charge 50-70k.

Remember this figure might be more or less. They are the figures I have paid myself so it might be the same or high or low depending on the area.

So, You might decide to secure the land with fence, fencing costs approximately N1m. As soon as you start fencing, the villagers will come for development levy, money for youth, fencing levy, transformer levy, fencing permit and all.

You have seen all these charges that was never brought up to your attention (agent fee, lawyer, surveyor etc).

Say if you use all your money say, N1m to buy a land of 850k, you will end up emptying your pocket, this will stress you out and it have a potential of affecting your business.

Before buying, always do the maths very well to make sure you have enough money for those expenses and also you still have money left to run your business because you don't want to strangle the source of your income.

Cheers!!

Badgers14:


You are very welcome My Oga.

Please please do use my last advice about not strangling your business to buy land.

Again, I don't know about real estate up North because I am from the East. Here is how re al estate usually works.

They tell you land is say, N1m, you negotiate 750 and the seller accepts 850k.that's not the only expenses.

You still have to pay agent fee which could be between 5-10 percent of 850k. Then you find a lawyer to write the agreement, might charge you 5-10 % the cost of the land or 10-15k.
Then survey the land, surveyors usually charge 50-70k.

Remember this figure might be more or less. They are the figures I have paid myself so it might be the same or high or low depending on the area.

So, You might decide to secure the land with fence, fencing costs approximately N1m. As soon as you start fencing, the villagers will come for development levy, money for youth, fencing levy, transformer levy, fencing permit and all.

You have seen all these charges that was never brought up to your attention (agent fee, lawyer, surveyor etc).

Say if you use all your money say, N1m to buy a land of 850k, you will end up emptying your pocket, this will stress you out and it have a potential of affecting your business.

Before buying, always do the maths very well to make sure you have enough money for those expenses and also you still have money left to run your business because you don't want to strangle the source of your income.

Cheers!!

I will go with the idea of investing into my business and Here in the north you only need to buy land and some witnesses from buyer and seller side will be around to sign with the head of that area which you will give them something and then you call surveyors. no any charges again.