Dennis Isong: Things to Consider Before Building your Home

A lot of people want to build their ideal home but they are unsure of where to begin. Before you begin the process of building your home, every aspect – including privacy, placement, style, and 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.

Your Financial Capacity 

Once you’re financially capable, it’s advisable to get a house of your own. Beyond the comfort that comes with having your own house, it also reduces your financial stress; there’ll be no more disturbance of monthly/yearly rent and no more landlord wahala.

Getting properties also helps your investment portfolio. If you can, build houses for rent too. When it comes to housing, there is more demand than supply in Nigeria, 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 immediately after it is built – only a few investments can guarantee such a high rate of return. A house is a valuable asset that appreciates year after year and may be used as collateral for loans.

Building your own house can save you a lot of money. For instance, consider the following scenario: A three-bedroom flat in Ogba-Ikeja-Ojodu neighborhood in Lagos costs around 1.2 – 1.5 million naira now, and in ten years, you’d 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 giving 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 you First House  

Where you should build your first house depends on many factors. The location is one of the most important considerations to make. Before you buy/build a house, make 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. 

Return on Investment (ROI)

If you build a home in an unsecure, secluded and undeveloped area, you may not get a good ROI. As a result, think about the security, accessibility and ROI of the neighborhood when purchasing the land and building a house.

Building your house in the right location will save you a lot of cost. It serves as a good investment as it can serve as a rental property for as long as you want. Building your house in certain parts means you’ll always have people willing to live there probably because of its proximity to certain infrastructure. This, in turn, brings you a certain level of financial freedom. So as you build your home, think of how that location will be in the coming years, and ow it will be beneficial to you. 

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