Welcome to a new week of all round blessings, divine safety and great things coming your way, amen.
Today’s topic is – WHY AND WHERE YOU SHOULD BUILD YOUR FIRST HOUSE
If you’re thinking of having your dream house anytime soon, there are a few things to keep in mind right now.
WHY YOU SHOULD BUILD YOUR HOUSE
There are many important reasons why you should build your house, who knows – hopefully this article could provide you with the necessary aim to build a dream home for your family. Let’s take a look at some of our reasons;
Comfortability: The comfort that comes with having your own house is second to none. It saves one from so much trouble from Landlord, like getting quit notice from your landlord, not allowing your pet in the compound, closing and opening of the entrance gate at a particular time. It’ll surely save you from what we call “Landlord or Landlady Wahala.”
Investment Aim: For a better investment purpose, it’s very advisable to set up your own house, if possible, build for renting as well because when it comes to housing, Nigeria is severely undersupplied.
As a result, there is more demand than supply, and it does not appear that this situation will change anytime soon. Only 100,000 of the 700,000 homes that need to be built each year are being built.
Building a house now is one of the safest investments you can make because of scarcity.
In most cases, the value of a house doubles practically immediately after it is built. Only a few investments can guarantee such a high rate of return. Unlike cars, a house is a valuable asset that appreciates year after year and may be used as collateral for loans.
Saving Cost: Building your own house can save you a lost of fund. For instance, Consider the following scenario: A three-bedroom flat in Lagos’ Ogba-Ikeja-Ojodu neighborhood costs around 1.5 – 2.5 million naira now, and in ten years, you’ll have paid 12/15 million naira (assuming there is no increase in rent).
If you are still living in the same property after 10 to 15 years, you will most likely have to assume the post of caretaker and will be providing new renters orientation on how to live in the new place.
Alternatively, for 15 million Naira, you can construct a three-bedroom bungalow (plus land) in Mowe/Magboro/Akute/Epe area, or even Ibeju-Lekki axis. In ten years, your neighborhood will be more inhabited, and your home might be worth up to 20 – 25 million Naira.
WHERE YOU SHOULD BUILD YOUR FIRST HOUSE
There are necessary things to consider before setting up your first house. These options can make or mar your financial plan. They include;
Location: It’s one of the most important considerations to make when building your ideal home. After all, you’ll need a plot of land to build your new home on. Before you buy a house, check sure the location is good for you. Take into account the location’s security as well as its proximity to amenities such as hospitals, schools, shops, and churches.
As a result, your life in that location will be more comfortable and secure.
Return on Investment (ROI): But if you build a home in an unsecure, secluded and undeveloped area, for example, you may not be able to regain your investment if you try to sell the property. As a result, think about the security, accessibility and ROI of the neighborhood when purchasing the land and building a house.
Your Plan for future: This part includes your plan on where to reside, where you plan to reside is the best place to build your first house. At least it’ll take off the burden of monthly or yearly rent and save cost.
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