"Is it Wise to Build House in The Village While Living in The City?" Expert Advises

"Is it Wise to Build House in The Village While Living in The City?" Expert Advises

  • A man who lives in the city wants to embark on a building project in his village but is wondering if it is a wise step
  • The man pays rent in the city but is preparing to build a good house on land he bought in the village
  • Bright Ogbonna, a real estate expert who works at Lujo Heights Homes, has weighed in with an expert advice

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An anonymous asked:

"Is it better to build a house in the village while living and paying house rent in the city?"
Expert advice on building a house in the village.
The expert said building a house in the village is not a bad idea. Photo credit: Bright Ogbonna/Lujo Heights and Getty Images/Igor Vershinsky.
Source: UGC

There are many Nigerians who are not residing in their places of birth. They have travelled to far away towns where they work to make a living.

When they travel to the city, many of them think of making money and coming back to the village to build a house.

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However, many of them go back to the city and abandon the house they spent millions to build in the village.

While others who own houses in the village continue to pay house rent in the city, some also build houses in the city. But the question is, should one build a house in the village where one only visits once a year?

Bright Ogbonna, a real estate expert who works at Lujo Heights Homes, has weighed in with expert advice on what to consider before embarking on building houses in the city or in the village.

Is it good to build a house in the village?

First of all, one mustn't live in the village before building a house there. There is a core reason why one ought to build a house in the village It's advisable to have a house in the village so you can have a place to fall back on in times of distress. You mustn't live in the village before you can build a house in the village.

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Is it wise to build a house in the city where one lives?

It is more valuable and rewarding to invest in the city where you live than in the village. This will enable you to stop paying house rent and also have a part to rent out. In the village, you may buy land for 1M, and in 4 years, that land will be resold for 1.5M or, at the highest, N2 million, and most times, less than you bought it due to distress.

So it is wiser to buy land and build a house in the city?

Buying land in Port Harcourt city for N800k, come back 4 or 5 years later, and you will be amazed that the same land has appreciated to N8 million. That's the power of real estate investment. So building a house in the city for rent is a smart move. With that, it will be easier to save towards the village house because erecting a house in the village is very necessary. If you don't build a house in the village, then get ready to be homeless if war or battle engulfs the city, for there will be no refuge for you.

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Is it wrong to be paying rent in the city and then start building in the village?

One thing to put into consideration is how much you spend for rent. If the rent is high, then building in the city for rent first would be a wise decision because two years rent can go along way in building a house in the village. There is nothing wrong in living in the same house you built for rent as the landlord, while saving up for the village house.

What of people living abroad? Should they build a house in the village?

I won't expect a naturalized Nigerian living in the USA to bother about erecting a house in his village, especially if he has no plans of returning to Nigeria or rarely visits home. I would expect him to take out a mortgage and build equity on the house in the USA till such a time he can put up a house in his hometown.

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Man shows off N5 million house

Earlier, Legit.ng reported that a construction worker had sparked a debate online after showing off a fine two-bedroom bungalow.

While sharing the photo via Twitter, he asked netizens to give him only N5 million to build it for them.

However, some people have argued that N5 million may not be able to build such a house.

Disclaimer: Advice given in this article is general in nature and is not intended to influence readers' decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decision.

Have a story to tell? Need an expert's advice? Feel free to reach out to us at ask.an.expert@corp.legit.ng with "Ask An Expert" in the subject line.

Source: Legit.ng

Authors:
Israel Usulor avatar

Israel Usulor (Human-Interest editor) Israel Usulor is a journalist who has 9 years of experience. He worked at The Prime Newspaper and has published articles in TheCable Newspaper. Israel graduated with distinction from Fidei Polytechnic (Mass Commun, 2016). Israel has interviewed Zannah Mustapha, the man who helped negotiate the release of Chibok Girls, and Kunle Adeyanju, who rode a bike from London to Lagos. He covered exclusive stories on Chef Dami during her Guinness World Records cookathon. Email: israel.usulor@corp.legit.ng.

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