First, I cut down on my entertainment and night out, and unnecessary shopping. In fact, I ended up selling my car in 2014 to make the last payment.
What type of house is it?
My house is a semi-detached duplex in Lekki. I paid a total of N30 million for it.
When did you complete the purchase transaction?
I made the last payment in 2014. It took just over six months.
What were your funding sources?
I got a bit of funding from everywhere. I took a chunk out of my personal savings and I got a few loans from friends and family. I also received some funds from my cooperative at work.
What is your profession?
I am an Accountant.
What is your total annual household income?
It comes to roughly N15 million per year.
How long did you save up to buy the house?
It took me six years, and I was also renting at the cost of N1 million every year.
While saving to buy the house, did you have to give anything up?
Yes o! A lot of things, in fact. First, I cut down on my entertainment and night out, and unnecessary shopping. In fact, I ended up selling my car in 2014 to make the last payment.
Did you borrow to buy the house and if so, how much?
From the loans from friends and family to the facility from the cooperative, I borrowed about N15 million.
How did you find the developer?
Someone at work introduced the developer to me.
How much was your first payment?
How would you rate your house on a scale of 1-10?
I would rate it at 7 because it could be better. That notwithstanding, there is nothing like having your own place.
How would you rate your first accommodation in Lagos on a scale of 1-10?
I would rate it at a 3 at best. It was tiny, cramped and yet, overpriced.
How would you rate the infrastructure of your current accommodation on a scale of 1-10?
I would put that at 5 because of the drainage issue that rears its head once or twice a year.
If you had more money, what kind of house would you buy and where?
I would invest in a duplex in Gbagada.
Are you planning to make any investment in real estate to get income?
Mmmm…I would say maybe. I will have to wait and see what the market says but I am open to the idea.
Would you take a loan from a bank if so?
No. The terms of bank loans are too punitive. I think if you have a network that can afford it, it makes more sense to get your friends and family to lend you money instead.