Money for Homes

“I delayed paying my children’s school fees while saving to buy my house”

I actually owed my children’s school fees for those three months while I coughed out the money from my savings. During that period there was also no eating out or anything like that.

What type of house is it?

We have a semi-detached duplex in Alausa.

How much did you buy it?

I got it for N9 million. Bear in mind that this was about 19 years ago. So, that was a very considerable sum of money back then.

How much is it worth now?

Right now, it’s probably worth about N65 million.

Were you married then?

Yes, I was.

When did you complete the purchase transaction?

That was in the year 2000. It took me one week.

What were your funding sources?

I had some savings. So, I paid out of my pocket.

What is your profession?

I am a government contractor.

What is your total annual household income?

Currently about N8 million.

For how long did you save up to buy the house?

It took three months.

For how long did you rent?

I had rented for about 12 years

While saving to buy the house, did you give anything up?

I actually owed my children’s school fees for those three months while I coughed out the money from my savings. During that period there was also no eating out or anything like that.

Did you borrow to buy the house?

I did not borrow a kobo, to the glory of God.

Were you paying tithe, though?

[laughs] You know God has to come first always.

How did you find the developer?

A friend actually introduced me to the developer. That was how I got to find out about the offer. After renting for 12 years, and calculating that I could afford it, I decided to go for it.

How much was your first payment?

I paid the whole amount at once. You know things were different then.

Do you plan to invest in real estate?

If the opportunity arises, I would.

Would you take a loan from a bank?

No. It’s never been my style to take loans from the bank and I don’t think I will start now.

Why not? What if they offer good rates like NHF loan at 6% interest rate?

I just don’t like the stress that comes with owing a bank. So for example, if I absolutely have to borrow and I take a loan from a friend or a family member, assuming I am not able to pay back exactly on time, I can still talk to them and explain the situation of things. But if it’s a bank, it’s very impersonal. Once they need their money, whether you have it or not, they must collect it, even if it means that they will sell the roof over your head. It’s not even about the interest rate alone, it’s just the wahala that comes with it, even if it’s the NHF 6% loan you’re talking about. I don’t like stress!

Thank you.

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