With the growth of industries and the advancement of living standards in and around urbanized areas in Nigeria, people are now beginning to choose smart ways to achieve the goal of owning their dream homes by saving.
Ten years ago, not many people would subscribe to mortgage. And it was no fault of theirs. Not many real estate companies were credible enough in Nigeria to spur the commitment of the average Nigerian, and the cultural perception of owning what should be a thing of pride through debt, all affected the Nigerian attitude towards mortgage. Hence, you had to save for a very long time, before you could purchase a land. And that itself was enough cause for celebration.
To commence building was another cause for celebration. Food and drinks would be aplenty during the “laying of foundation” event. And when construction at the site got to “linted level” (which actually is the Beams that support the roofing), there would be another parte.
What we’re trying to get at, is, basically, saving up for your dream home has always been a culture, but it isn’t one everyone knows how to succeed at. One of us would know someone who didn’t get to live in their own homes or complete finishings in their homes before moving in.
Saving up for your dream home can seem a daunting task, especially when you have a lot of responsibilities and financial commitments. How then can you own your dream home whilst managing your finances? Learn how with these financial tips on how to save up for your dream home.
1. Have a plan
Not to be cheeky, but he who fails to plan, plans to fail.
With that said, you need to have a sustainable plan if you really want to live in your dream home. Forget projections, it doesn’t matter if you’re 20 or 40, you can own your dream home if you’re willing to work for it. Have a plan and follow through.
Set an amount aside monthly, weekly, or bi-both, whatever works for you, and try not to touch it. There are numerous apps you can find online for long-term and short term savings towards any goal. Check out.
2. Keep a picture, sketch, or prototype
Bookmark your dream home in a catalog or Web browser. If you’re on the artistic side or know someone who can help you, Keep a sketch. If you want to take it a step further and go an extra mile, keep a prototype. Yes. We’re extra like that.
It’s true that seeing is believing, and having to see and touch your dream home can help you stay determined on the course to getting it.
3. Be disciplined
Discipline is key if you want to achieve your goal of becoming a homeowner. You can’t save to buy or build your dream home with a kolo (a woody piggy bank), but if you decide to use apps like the one mentioned earlier, there are features to lock up your long-term savings. If you ever break your savings, you get penalized by some percentage of your savings.
4. Consider mortgage
Have you thought of mortgage?
People are now beginning to see the ease and flexibility that comes with going for a mortgage. They find that building their own homes from scratch usually takes more time than planned, and not many people can handle the dedication and stress it requires.
Our mortgage plans at Bleu Orange Oxford offer you the opportunity to live in your dream home while still paying for it. All you have to do is afford the initial lump sum. The advantage of this is that you have as long as ten years to complete payment on your home, giving you ample time to plan your finances. This flexibility is what we sell.
Oil is gone wrong and real estate is fast becoming the most profitable investment in Nigeria. Like the popular saying, if you can’t beat them, join them!
Visit us at 2/4 Fagbola street, Cele bus stop, Egbeda or call +234 810 355 5435, +234 706 374 9653 to begin.
You too can become a landowner!