How to buy a House without Saving in Nigeria

Buying a house is sure one of the biggest investments of so many Nigerians. For some, it takes as long as ten years, for others, it’s a six month’s deal. While so many people consider that saving up your funds to buy a home is a very good investment, others believe it is wrong. But it all depends on the plan and the type of savings. A detailed analysis will be a good guide for saving to get a home. But you can get a property without saving. Let’s examine the two sides here. 


What Type of Savings Are You Doing?

So many Nigerians know little or nothing about mortgage schemes. Even when they do, they are scared that they may lose the property and their money at the end of the day. So, a majority of Nigerians prefer renting, building, and buying a house, instead of mortgaging a house. This is what we (middle-class Nigerians) do. Most times, because we want to build a house, we start saving a portion of our salary in the bank, so as to purchase a piece of land. The effect of this is that by the time we collect the money, the price of the property may have increased, thus, we won’t still be able to afford the property.


The second is that Nigerians choose to join cooperative societies where they keep saving a portion of their money on a monthly basis to enable them to get loans with which they can buy a land after a period of time. This is common among government workers. This system enables those participating in the cooperative society to get 100% loans of 50% of the amount they have.

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Looking at the structure of this savings, it is an unwise decision to save to get a house in Nigeria. This is because the property market is prone to appreciate and properties will not remain at the same cost. The properties may not be available when you will even get your money. So how can you make wise savings to buy a property?

Let’s Look at the “Imagine Market”

A few people talk about the “imagine market” and this rules in the real estate sector. The imagine market I mean the appreciation or depreciation of properties in your chosen location over a period of time. The truth is, no matter how bad the economy is, real estate tends to always appreciate, although the level of appreciation depends on the location. Even when there is a recession, when luxury apartments suffer loss or depreciation, they tend to bounce back and appreciate over a short period of time.

For instance, A wing of a duplex in Dolphin was 1million naira in 1991. 1 Million naira which is 50,000 pounds. Today, Dolphin is 90 million. And that is about 170,000 pounds. This shows that real Estate is where to keep your money as a store of value.

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This is one of the most important parts to look out for when saving for a property. The location is everything when it comes to real estate. So you have to look at the possibility of not getting a  property in that location in 6 months or one year.

The effect of this is that you may not be able to meet up with the high appreciation in the real estate market if you decide to save your money in the corporative society for three years to get a loan of one million Naira later.

What’s the Best Way to Go About it?

This is the most important question to ask. The truth is, you don’t have to save to buy a house. But you just have to buy or build a house. Below are the top five ways you can get a property without saving in Nigeria.

Choose a Location

You don’t need to save money to choose a place you desire to live. So have an idea of the place you want to live in your head. It is also important to have reasons for choosing your location in your head.

Make Enquiry

There are so many companies that sell properties. You don’t need to pay more to get information. It free. You can even contact agents that work with companies to know what it takes to get a property. This will increase your drive.

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Contact a Property Company

Check out a list of tested and proven real estate companies in Nigeria. Contact them to make inquiries about properties in your location. Check out their available properties. Make an agreement with them for your payment plans. Give them convenient plan. This way, you will avoid paying inflated prices when the property value increases.

Pay in Instalments

Instead of joining a cooperative society, you can get a property and pay in instalments. How? It is very easy. There are some companies in Nigeria that allow you to pay as low as 500 NGN to get a property per day. So just get on the right train.

Secure Your Papers

Make sure the company has a good reputation and you can get your papers as soon as you finish making your payment. Make inquiries on the documents you need when you secure a property. You can even get a lawyer.

If you try these easy step, you will get a property in five years even if your salary is not fat. Visit to buy or rent a property in Nigeria.


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