HOME OWNERSHIP PLANNING INITIATIVES
As exciting as owning a home is, it is also a serious and in some cases a difficult decision that requires quite a bit of planning. The process of getting ready for home ownership means getting your finances in order. In this part of the world, not so many working professionals think about owning their own homes at the early part of their careers.
One of the major considerations that every working person whether employed or self-employed should always have is how their financial status will help in delivering their goal of becoming a home owner over a certain period of time. In answering this question, it is important that everyone must create a monthly budget he or she will stick to. Come up with a spending plan you can live with that leaves you with enough money for the various obligations that come with home ownership.
If you are currently renting, besides your rent you probably pay for utilities. Depending on what you are paid and where you live, these expenses take a fraction of your annual income.
How prepared are you for the financial commitments that come with home ownership? In creating a budget, you should set aside more money for housing costs than just the mortgage payment. Often, when we move into new houses, whether rented or purchased, there will be some repairs and fittings required, making it is wise to establish an emergency fund to pay for unexpected repairs. Once you become a home owner, there will be no landlord to step in when your water heater or power circuit breaker breaks down.
To understand if buying a home fits into your financial plan, ask yourself: Is owning a home an achievable goal given my current financial situation? Would buying a home put me in a tight financial position? Do I have room to adjust my budget to allow flexibility? If I buy a home, will I still be able to save?
Apart from the financial commitments, there is also the stress that is associated with determining the area where you want to live and what sort of building will be a perfect fit for you and your family. Here in Nigeria, what we see is that everyone tends to build the same way. Do you understand why you need a 3-bedroom apartment or duplex? Have you ever considered where you want to live? Are you aware of the going rate of properties in your area of choice? Are you ready and happy to commit to living in a certain location and/or neighbourhood for a long period of time?
Owning a home is one of life’s largest financial milestones. For many, it is the culmination of years of hard work and dedication. At REFin Homes, we appreciate the challenges and the happiness that comes with home ownership. Our team is committed to more than just getting you a home. We strive to understand and deliver on the financial needs of our clients. We are happy and prepared to hand-hold you through the entire process as your partner offering our professional advice and services in making you realise your goal of being a home owner in record time while working within your budget.
We realise that buying a home is not something you do every day, so it is no surprise that you may have a lot of questions. Just get in touch with us and we will take over from there. We have a team with the tools, training, experience and dedication to help you find the housing solution that best aligns with your goals.
Will you like to start the process today? We invite you to click the link below to download a free budget worksheet that helps you in determining your financial readiness towards owning your own home.