“Awoyaya is a preferred destination for professionals who earn N10million per annum”

 They are mostly married couples and families. Most of them, professionals who work in banks, FMCGs etc., earn at least N10m per annum.

What type of house is it and where?

It’s a semi-detached duplex in an estate in Awoyaya.

What kind of people live there?

They are mostly married couples and families. Most of them, professionals who work in banks, FMCGs etc., earn at least N10m per annum.

How much did you pay for the house?

The total cost was N28 million.

What’s the house worth now?

I would estimate its current value at about N36 million.

Who did you buy from?

We bought it from a developer in 2015. It took just two weeks because a lot of planning had gone into it.

What kind of planning?

My wife and I sat down to draw up a plan for how we would move into our own house and we created a budget for it. We knew how much we needed to have, and we knew where we would get it from. So, before we commenced the transaction, we had everything we needed.

What has changed in the area? Infrastructure, new development?

Since we moved here, a few more people have moved in and the estate is getting more built up. The infrastructure has not changed.

What were your funding sources?

I got a loan from my workplace. Well, I’m a banker so you can say I got a loan from the bank. But it was something I was able to access after working for a certain number of years. So, my wife and I just thought why not? Let’s do this thing once and for all.

What’s the interest rate and for how long?

The bank (I won’t divulge the name) gave me the loan at 9% for 10 years. Currently, I have six more years to pay. I still work with them.

How long have you been married?

We’ve been married for twelve years now and we have two children.

Where does your wife work?

She is a schoolteacher.

How much did you spend to furnish the house? What things did you spend on?

Oh, let’s see…my wife really wanted us to make this place as comfortable as possible because this is, you know, the last bus stop…for now anyway. I’ll be very honest and say that we probably went over budget and at a point I had to stop keeping track, maybe to save our marriage [laughs]. But I would estimate that we spent over N3 million before we moved in. We still spent a bit more later on, but as I said, at a point I just stopped keeping track.

What is your total annual household income?

Cumulatively, that should be about N32 million.

How long did you save up to buy the house?

I didn’t need an equity contribution because it was loan financed. As I said, a lot of planning went into it.

You mean 100% finance with the loan?

Yes, that is how we took care of it.

For how long did you rent and how much did it cost annually?

Okay, before we moved into this house, I had rented for twelve years and our last rent at our former place was N600,000.

Where were you renting and what’s the nature of the property?

It was in Yaba and it was a 3-bedroom flat.

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

Not really, because as I already mentioned it was loan financed. That is not to say that we just sat back and had fun while the loan did the heavy lifting because, of course, there are other parts of moving into a new house that cost money apart from just building it. But overall, I think we navigated that period without any major disruption to our lifestyle.

How much did you borrow to buy the house?

We borrowed N28 million.

How did you find the developer?

It was easy to find our developer because they work with the cooperative at my workplace. At least four of my colleagues purchased their houses through this developer.

Would you recommend the developer? If yes, tell us the name of the developer.

Yes, I would. The developer is called Lekki Gardens.

How much was your first payment?

The first payment was N8 million.

Did the bank pay the developer in instalment from start to when it was completed?

Yes, payment was released to the developer in tranches.

If you had more money, what kind of house would you buy and where?

I think I would definitely go for a detached house in Ikoyi.

Do you plan to invest in real estate?

Definitely.

Would you take a loan from a bank for that?

Maybe, if my situation permits it and the figures make sense.

What rates would you consider acceptable?

I think anything less than double digits would be doable. Anything higher than 9% isn’t really feasible.

Thank you.