How to Save Money to Build House in Nigeria
Saving money can be lots of problem for people due to the high cost of living and small wages. Then, saving money to build a house in Nigeria can also be very cumbersome. Building houses in Nigeria is now very expensive due to the situation of world and Nigerian economies. Cost of building materials has skyrocketed. In this post, we’ll be sharing the hack of how to save money to build house in Nigeria.
Are you a middle-class or working-class earner in Nigeria? Are you worried about achieving that your idea of building a house? Then, worry no more, we’re going to guide you right on how to save money for it, the best house to build, and where to build to maximize cost.
There are easy steps and what you can do to save money easily.
How to Save Money to Build House in Nigeria
This is the first step and decision you make–you should make a plan. When do you intend starting the building project? What type of house do you want? How much will it cost? You should endeavor to ask all of these. The time, cost, type of house, location, and all, should determine how well you plan.
For a simple house in a rural location, it will take less time than a complex house in an urban location, depending on your financial muscle, though. This is why you should make a plan, and know all these. In addition to that, if you are buying land, it will be twice as expensive than when you aren’t buying land.
2. Open a Fixed Deposit
After planning and knowing your cost, the next step is to open a fixed deposit. It can be in a bank or any other credit and financial institution. It is in this fixed deposit that you drop a percentage of your earning. You can choose to be dropping 10% to 50%, depending on how small or large your earning is, and your financial responsibility.
To make it more attainable, we encourage you to contact a financial firm that would withdraw your money from your bank account immediately you get your earning for safe storage. If you are to do it on your own, you might find it difficult to achieve. It is even good that a lot of fixed deposits offer good yearly interest rates.
EVURA financial services can do this for you.
3. Increase your Earning
Once you start saving up for a house or building a house, it is wise that you look towards increasing your earning legally. This is because running a building project is capital intensive. If you are in business, run adverts to increase your sales, or expand the business. If you are employed, work harder, seek promotion, or find an additional source of income.
4. Cut Down on Expenses
There are some hard decisions you need to take when you start a building project. You should cut down on unnecessary expenses. For instance, there is no way you should be paying higher in school fees for a better value a cheaper school would give you. In your spending when you are building, it shouldn’t be about class or what people think about you, it should be about getting the value for your money.
5. Avoid Risks
Except you are rich enough, while building, you should avoid risks. You don’t start a new business when you are building, except it is in the same line of your business, or you are very used to the business and you have a market already. Establishing an entire new business that you haven’t test-run or done before while you are building a house is a very bad idea.
6. Choose an Affordable House Design
For a struggling economy like Nigeria, it is advised that while getting set to build a house, you should go for the more affordable house design. For instance, if you are a working-class earner whose annual salary is not up to 2 million naira, why should you build a story-building for a personal house? It should be less than that.
In a struggling economy like Nigeria, with that amount, building a bungalow is okay. Possibly if you grow your earning, you can improve on your house needs and wants. However, you can build a story-building for rent if you can be on strict saving plan. Building this type of building in a priced urban location is sure to yield you money for life. It can be your own retirement plan instead of depending on your kids.
7. Buy Land in a Good Location
When you are building a house in a strange land or urban area, it is better to buy the land in a good location where you can profit from the land aside from living in your house. You should be able to rent out rooms to tenants. You should be able to build stores close to the road for business men and women. You should be able to have a business you can run from home, and see people to buy from you.
Buying land in a good location is also good business. It shouldn’t just be about you being able to live in the house. You should be able to rent some places out, and have some other income avenues from the house.
There are cities where you build your house in Nigeria, and you get faster turn over. Some of these places are Lagos, Abuja, Port Harcourt, Kano, Enugu, Owerri, Onitsha, Aba, Kaduna, Jos, Calabar, and so many more.
8. Pick Affordable House Construction Services
While making plans on how to build your house in Nigeria, you should also consider the option of selecting, picking, or choosing affordable house construction services. The architect’s service you use should be affordable, so is the engineer, so is the carpenter, so is the interior designer, so is the painter, and many more.
You should endeavor to pick cheaper services while building. Put out a request for the services of these people in your location, pick from the more affordable and most capable. Though, you should note that affordability shouldn’t make you settle for mediocrity.
EVURA services can help you manage your house construction to achieve optimum result. We are affordable, dependable, and deliver excellent jobs.
9. Set a Time and Don’t Rush
You should know that building a house is not like running a 100-meters race. Building a house takes time, and it can even take more time if it is bigger than a bungalow. You should set a time to finish the project, and you don’t have to rush it as well.
These are the steps and what you can do to save money and build your house in Nigeria. Once, you follow these steps properly, you shouldn’t find it difficult building a house. This is a good how to save money to build house in Nigeria post to guide you properly.