Adulthood comes fast, and with it come a lot of responsibilities. These responsibilities may include paying your own bills, doing house chores, upkeep, engaging in an employment or having a source of income, and even raising the much shorter roommates AKA kids. One of the ideas that come with adulthood is owning your own home. For a lot of Nigerians, owning some sort of real estate is a dream but just like many other aspects of life, owning a house in Nigeria can be complex. Buying or building your dream house can be compared to planning your own wedding. You’ll get to meet different people, with months packed with excitement, stress, planning, and then finally, the completion.
Owning your own home as a Nigerian can be one of the most significant decisions you will ever make. While you may just be tired of renting, there are other great reasons to buy a house. It’s a process that takes a lot of time and planning. You don’t wake up one day and suddenly decide to give away your savings to get your own house. While some plan for it for years, others can seal the deal in a matter of weeks – the decision-making process varies from person to person.
If you’re thinking of owning your own home in Nigeria, here are a few signs that you’re ready to build or buy your own house:
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1. You’re Tired of Renting
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If you’re a young person living in Nigeria who has been working for quite a few years, there are chances that you’ve been a tenant at a few places already. The nomadic lifestyle may seem fun and enjoyable but after a while you just don’t want to rent or live with your parents anymore. Having your own place has its benefits.
Owning your own home gives you space and freedom. Also, if you’ve been to a city and you just feel like you’re going to be there for years, then it is probably a sign that you should be a homeowner there. Owning your own home rather than renting can make a lot of sense not just for young people but for old people as well. In any case, paying rent when you hit retirement age can be stressful and strenuous.
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2. You Have a Secure Job or Business
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As a young Nigerian, it might take a while to find stability in your profession or business. But after working for a few years, things might start to look up. You might have a stable business with a reasonable income, or be employed in a company and looking at a long-term position. Having that job security will allow you make financial decisions that you couldn’t before – which includes getting your own house. If you have a job that offers you a good work-life balance, health benefits, and other advantages, you may want to make use of that security to invest in a house of your own. This is another sign that you may be ready to own your own home.
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3. Your Finances are in Good Shape
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Apart from a steady job, there are several ways to account for a steady financial situation. This could be through investments in real estate, the stock market, a part-time “side hustle” where you have followed your passion and turned it into a prosperous business on the side. Just take a look at your finances, and see what your monthly expenses are. Owning a house comes with a lot of costs and other additional costs such as utilities, interior, and house repair. This means your current finances should cater to these costs as a pointer that you can afford and are ready to own a house.
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4. You’re Ready to Commit
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One good pointer that you’re ready to buy your own house is if you’re planning to get married to the LOYL (Love of Your Life) or moving in with a partner. If you live alone, there might be no real hurry for you but if there’s someone else to consider, this is an opportunity to plan your own house and build on your union together. Once you feel committed enough to get your own house, go for it.
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5. You Genuinely Need More Space
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There are several reasons why you may need more space. Are you about to have a child? Did you just get a new job? You might need more room if you want to set up a corner for yourself – to practice hobbies, work from home, etc. if you have kids, some extra breathing room from them is always a great add, either way.
However, never make a move if your finances are not right. You may genuinely need more space, but owning a house is only a good idea if you can manage to cover the extra expenses that come with home ownership.
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6. You Know What Type of House You Want
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If you’re spending a lot of time thinking about the house you want, it is may be a sign that you’re ready to own your own house. Whether it’s a bungalow, a duplex, a terrace, or a really nice apartment, you can choose the house you want. An important thing to consider is the financial benefits in terms of expenses, or as in the case of a duplex, a rental income – if you live on one side and rent out the other side.
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Owning a house in Nigeria can be challenging, whether you’re buying or building. Moving into the new place can also be overwhelming regardless of if you’re moving in alone, with family, or with a partner. So do this only if you feel emotionally ready and not involved in any other complicated situations. There will be several things that are likely to go wrong and hurdles that you will have to overcome. This kind of stressful situation can be made much worse if you aren’t mentally prepared. This also includes dealing with circumstances even after completion including interior decoration, unexpected repairs, or moving.
Generally, when planning for real estate, take your time. You might even be oppressed to buy or build your home. Relax and take your time, plan properly until you are sure of the home you’ll be living in for many years to come. You don’t have to buy a home before you are 40 or 50. Wait till you can afford what you really need.
In our next article, we will discuss the things you should know before buying a house in Nigeria. Meanwhile, you can look below to find some of our recent articles curated for you:
Hi there! I’m Owen, a writer, designer, and a digital marketer. I create and manage content at OG Capital. I am a highly motivated individual who is very passionate about problem-solving. Reach out to me on social media and I will be more than happy to connect with you. Cheers!
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