“…I took a loan from a fintech lender. I had three weeks to pay back the loan, but I couldn’t meet up with the repayment date. I was troubled during that period as my interest rate increased with each passing day. Eventually, I paid off my debt but vowed not to borrow from banks or fintech companies.”
What is your name, and what do you do?
My name is Olajitan George. I’m an architect, and I own my firm.
Why did you study architecture?
I wanted to become an architect to be a brilliant problem solver for several people. I knew technical skills acquisition would make me a “superhero”. Also, I wanted to become an architect because it is a creative profession. The possibility of designs becoming a reality physically was intriguing.
Growing up, I was intrigued by buildings’ influence on our lives, mood and behavior. I studied architecture because I was interested in drawing and designing.
Given your love for drawing at such a tender age, did you also dream you would build your home by yourself?
At a young age, I had vague dreams about being rich and a homeowner. As I grew older, I believed I would own my house at the right time even though I did not know the ‘how’.
I had no idea if I would build for myself or buy a home, but I knew I would own a house.
Also Read: Kunle Ogunbanwo, Real Estate Enthusiast: “I lost all my savings after buying six plots of land in Badagry”
Which did you later end up doing?
I bought a house.
What made you decide to buy a house rather than build one?
It happened by chance. I was comfortable living in a rented apartment until the opportunity to buy a property presented itself through a friend. My wife and I decided to take it. My wife was involved financially.
What is your wife’s profession?
My wife is a Businesswoman.
What type of house did you buy, and how much did it cost?
It is a duplex located at Ajah, Lagos State. The total package cost about N35 million.
How did you finance the purchase?
I withdrew my savings. I also sold my car.
Why did you decide to sell your car?
I sold the car to meet the half payment on time because my savings were insufficient. The opportunity came so fast. The car was just one of those things I had to give up to become a house owner.
How long did you save up to buy the house?
About two years in total.
Tell us how you came to buy your property. How did you get to hear about the property?
Sometime in 2019, my elder sister informed me of a friend relocating and wanting to sell his property. She asked if I would be interested in the property, so I visited the house. It was neat and suited my taste. When I returned home that day, I informed my wife about it. The deal sounded interesting to us both, especially as we had nursed the desire to own a house. Since the opportunity presented itself, we decided to grab it.
How long did the entire process take?
The entire process took about three months.
How much do you think the property is worth now?
I estimate its current market value at about N80 million.
What did you have to give up when saving?
I party a lot, so I had to give that up. I also stopped our family outings for a while to ensure I save something substantial monthly. It wasn’t easy because my children complained. I had to make them understand I had an ongoing project, and they finally understood.
Did you attempt borrowing?
Yes, I took a loan from a friend to complete the payment on time.
How much did you borrow?
I borrowed N200,000 from my friend.
Did you attempt to take a loan from the bank?
No. It is not advisable to take loans from banks to own your house.
Why? Have you ever had issues with banks or fintech companies?
I ran into a problem with a fintech in my undergraduate days. I was in my final year and had to pay my school fees. So, I took a loan from a fintech lender. I had three weeks to pay back the loan, but I couldn’t meet up with the repayment date. I was troubled during that period as my interest rate increased with each passing day. Eventually, I paid off my debt but vowed not to borrow from banks or fintech companies.
Also Read: Bank seized my car while driving my wife to work
For how long did you rent, and how much did it cost annually?
I rented for five years. My last rent was N500,000.
So how would you compare living on your property to a rented property?
What most people fail to realize is that renting money wasting. Living in a rented apartment can sometimes be difficult as it comes with restrictions and a few frustrations. You may have to overlook these most times for peace to reign between you and your co-tenants or landlord.
Can you share a particular experience?
At my former residence, tenants did not have a steady water supply meanwhile, the landlord had. Whenever the tenants complained to her, she always had silly excuses to justify her actions.
Where were you living before you moved to Ajah?
We were living in Yaba.
Where was this house, and what did it look like?
It was a two-bedroom flat, and it was located at Yaba.
How would you rate the infrastructure of your current accommodation on a scale of 1-10?
I would give it a rating of 7 (seven). That is because the roads are good. The only downside is that we barely enjoy power supply from Ikeja Electricity Distribution Company (IEDC).
What kind of house would you buy if you had more money, and where?
I would get a duplex in Banana Island.
What’s your take on real estate investment?
I will love to invest in real estate if the opportunity presents itself.
Also Read: I Never Repay Loans from My Wife, So My Domestic Credit Rating is Severely Compromised
How did you feel about finally becoming a homeowner?
Being a property owner brought me joy. That would have been impossible if I did not have a supportive wife. Every man needs a woman who would encourage him on major decisions. That is one of the things in my life that keeps me going. I am so happy to have my wife.
