Is it too late to own a house in Lagos this year?
Is it too late to own a house in Lagos this year? I can’t answer that question for you. You will have to decide that for yourself. I will only present you with the facts and you make up your mind what you want.
Just like the name of the blog goes. This blog is about owning a house/home in Lagos and we will walk through the steps to achieving that. We will also dwell on financing your dream house from as little as possible. We will talk about the AIM Titans Home Financing that begins from just 38,000 naira. Yes! 38,000 naira. You want to own a house in Lagos then this blog is for you. Just sit tight and read through all the steps you are to take to achieve it and make your decision on it.
We shall strive to ensure we give you the most accurate information in this regard and most importantly provide simple and easy financing options for your dream home.
Young Africa Housing Crisis.
For one, there is a prediction that by 2035. Africa will have a population boom for which Nigeria is said should have over 174 million youths, most living in urban area. It has also been said that there would be a housing problem in Nigeria as there is already a deficit of 17 million units of housing annually. So it is imperative you move your mindset from renting a house to owning a house.
James Mugerwa (June 22nd, 2015) Young Africa is facing a housing crisis and time is running out: https://edition.cnn.com/2015/06/22/opinions/young-africa-housing-crisis/index.html
There are different ways to own a house in Lagos state. If you have the money you can just walk up to a developer. Pay full or 10% or whatever percentage they require to get a land and start building or buy a house outrightly. Very few can afford this. Most people are only searching for houses for rent in Lagos state as this is more affordable.
You can do a rent to own. You could do a mortgage plan for your home or just buy land and build gradually like our fathers did.
So I will list all four here and we will walk through each of them:
- Deposit 10-20% and pay up the rest for up to 36 months.
- Do a rent to own with Lagoshoms.
- Buy land and gradually build your house
- Do a mortgage plan and work to pay over 10-15 years.
I am not an expert on land or even housing and will not try to explain what I don’t know much on. I am here to point you in the direction where you can get accurate information on this as we progress.
Deposit 10-20% and pay up the rest for up to 36 months
This is very self-explanatory. There are a lot of adverts as I write on Castle Lifestyle magazine in this regard. There are several houses for sale in Lagos and they cost something from 1.8 million naira to 2.7million naira to do the initial deposit of 10-20%.
As a rule of thumb, there is a phrase well known in the land buying or property ownership business. It is Caveat Emptor: Latin words translated as Buyers beware. Note it is not sellers beware but buyers beware of fraudster and spammers. So you’ve been warned.
Most important rule: Never pay for land with cash. If coaxed to do so, caveat emptor.
If you use internet banking, this is the most preferable mode of payment as it is captured and the platform will issue you a receipt for the transaction. Alternatively, you can use a cheque. So many times money changes hands and the receiver denies any knowledge of it. So you have to be wise.
Do a rent to own.
There are a couple of rent to own available right now. Lagos State-owned Lagoshoms and a few rents to own like natanelflorens. If you find a good one please subscribe. It is similar to the developers pay 10-20% then spread the rest for up to 36 months only that this can be spread longer and you get to move immediately to the house and effect payment like rent payment. There are lots of commendation of the Lagos state government own rent to own scheme and I think it is a good one if you can afford the down payment.
News Agency of Nigeria (November 30, 2017) Lagos residents commend rent-to-own mortgage scheme: https://www.today.ng/news/nigeria/lagos-residents-commend-rent-mortgage-scheme-37898
You can read more on that and the documentation required you can check out this post fromVanguard on May 11th, 2015, Owning a house under the Lagos Mortgage Scheme: https://www.vanguardngr.com/2015/05/owning-a-house-under-lagos-mortgage-scheme/
Buy land and gradually build your house.
This is the most common and more than 80 percent of people in Nigeria build their houses this way. There are a couple of things you must know to proceed with any land for sale in Lagos state and indeed anywhere in Nigeria and we will take out time on this one. We will spell out everything you need to do this.
We have a whole lot to talk about and we shall proceed in a series of blog post that will not only enlighten you but also inform you on matters concerning home ownership in Lagos state.
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