Is It Wise To Build Your First House In The Village? By Dennis Isong

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Everyone wishes to live in their ideal home. Even if you’re ready to construct your own, you may be unsure where to begin. That’s because there are several elements and options to consider before beginning the process of building one. Each aspect of your new home, including privacy, placement, style, and most importantly location must be meticulously planned. If you’re thinking of building your dream house anytime soon, there are a few things to keep in mind right now.

Let’s start with the definition of a house according to google, “a building for human habitation, especially one that consists of a ground floor and one or more upper storeys.” And that’ll lead us to our discussion. Should I build my first house in the village? In this article, we’ll be revealing some details on where you should build your first house even though it’ll be an open space to be filled by you.

YOUR FINANCIAL CAPACITY

Once you’re financially capable to an extent, it’s uttermost best to get your ideal house of your own. This brings more financial freedom to the occupant over years, reduces stress/tension and other unnecessary condition on yourself. No more disturbance of monthly/yearly rent of an apartment from the landlord/lady.

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 1.2 – 1.5 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.

BENEFIT OF BUILDING YOUR FIRST HOUSE IN THE RIGHT LOCATION

Financial Freedom: Building your house in the right location will save you a lot of cost. It serves as a great investment to bring your other dreams to reality because it can serve as a rental property for as long as you want. Thus, bringing a financial freedom to the investor/owner of the property. For example, building your first house in a develop state like Lagos and using the proceeds to start up your next housing project in the less important area but you think it’s necessary to build a house in the area like your village.

In conclusion, because of the amount of work required, constructing a house or residence in Nigeria is a massive project. It is one of the most significant accomplishments in one’s life. But building your first house depends on your financial goal. Many people have no financial objectives. It’s tough to know what your priorities are if you don’t have clear and compelling financial goals. Someone else will impose their priorities on you if you don’t know what they are. You will major in minors and be locked in the rat race if you don’t know what matters most to you.

Some people have the financial means to construct anything they want, wherever they want. They are not in any financial difficulty. They may have gotten their finances to get to this point and are not digging themselves a financial hole.So, setting up their first house in the village may not be a problem but if you’re unlike them, make your choice wisely.

 

 

Dennis Isong Helps Individuals Invest Right In Real Estate.

 

 

 

 

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