With the current economy in Nigeria, saving to buy a property in a short while might not seem viable. Some people might have to save for 10 years to be able to afford something they might want to live in. You are not the only one that wants to own a property but doesn’t have a pile of cash in the bank. The struggle is real but not impossible. We will be discussing the possibility of saving quickly to buy a property today and in our next two blog publications.
Before you set your mind on acquiring a property in Nigeria, you need to figure out how much you should aim for. If you are thinking about getting a mortgage, you need to think about not just the down payment but also other costs like closing costs, insurance etc, all these can slowly wrap up. With tons of developments making it easy to buy a house in the country you still need to know what you can afford or need to save up for.
Once you have decided that it is time to save up for a property, you will probably need to examine every single Naira you spend and keep a vigilance for the entire period you plan to save for. Building a saving fund will require time and effort. Here are is 1 of 6 ideas to help you save for a house in few years:
- Slash your rent
Rent probably takes the biggest bite on your budget. You can decide to move in with a friend, a family member or share where you live with other people to lower the expenses for the year. In terms of slashing costs, sharing expenses is a great way to start. So you can save a part of your rent. You can decide to take care of house maintenance rather than contracting it out. So you can save instead of paying for services like raking, lawn-mowing, etc.
In our next blog publication, we will be discussing the next three steps to save sufficient funds to buy a property. If you want to review prices of different properties, and guides on how to plan to buy a property, please contact us at South and Sttes Properties Limited.