Roots and Roofs: Diaspora Voices. Interview with Ugochi West

 

Question: Can you share your thoughts on owning a home in Nigeria? Is this something you’re looking to do within the next 3 – 5 years?

Answer: Yes, I am. I am interested in real estate and buying a new home in Nigeria within the next 2 - 3 years.

 

Question: If you were to buy a home in Nigeria, what option would you use, Outright Purchase (Paying the full Amount), Developer Payment Plans (A structured payment plan with 0% interest but is usually short term), or Mortgages (Paying over a long period with interest)

Answer: I would prefer a mortgage because I can put down a comfortable amount as a deposit and spread the remaining payments over a long period.

 

Question: What are some obstacles or concerns you think exist or have heard diasporan Nigerians talk about when it comes to buying a house in Nigeria?

Answer:

1. The integrity of the home. I want well-structured homes that are beautiful.
2. Having a comfortable payment plan with a controlled interest rate. What I mean by this is a fixed interest rate. I don’t want my interest to be adjusted regularly. An example of this is a 10-year mortgage with a fixed interest of let’s say 8%.
3. The integrity of people and the organization. Most times, people have been "burned" by organizations or individuals they have given money to, to build or buy a home.

 

Question: Describe your ideal journey towards owning a home in Nigeria. What would ease the process for you and make you feel confident and secure during the home purchase journey? 

Answer:

1. An organization that has partnerships with banks and developers. The organization must have had traction and helped people own homes. For example, if I see ABC company has a partnership with Zenith Bank and FMBN, I would know those organizations have performed extensive due diligence on the organization. They essentially serve as a proxy for integrity. Also, I would want to see that people have used the platform.
2. Partnering with international banks would help. I don't care about partnerships with international organizations.
3. Automation. I don't want to fill out a lot of forms that make no sense.
4. Transparency — No hidden charges or clauses in agreements. For example, some organizations don't tell you that you could lose your house if don’t keep up with payments, among other hidden clauses.
5. Insurance — If anything goes wrong, I know my money is secure. It may cost me, but it is the best thing you can do.

 

 

Question: What would be your motivation to buy a home in Nigeria? To live in, retire back home, or have something when visiting rather than using a hotel, or as an investment?

Answer: To own a home in my home country is important to me. I want the assurance of having a place to call home there. Additionally, I am looking for an investment opportunity. While it may not be a large amount of money in Canada, I can utilize the proceeds from that investment to address issues in Nigeria instead of sending money directly back home.

 

Question: What specific locations do you find most appealing for purchasing a property? Are there regions or cities you believe offer better investment opportunities or living conditions? 

Answer: Abuja, Lagos, Uyo

 

Question:  When looking to buy a property, what are the top 3 things you consider before nodding your head to proceed with the transaction? For instance, some people will only buy properties in an estate.

Answer:

1.       .   The first thing I would consider is the location. It should be in a secure estate with reliable power. It would be beneficial if your neighbours were like-minded individuals engaged in similar activities.
2.       .  The second thing I would consider is the type of house. I prefer a duplex or triplex with a boys' quarter (BQ).
3.       .  The third thing I would consider is the price of the house and the flexibility of payment options.

 

Question:  In your opinion, how does the process of buying property in Nigeria compare to that in your current country of residence? Are there particular practices from abroad that you think could be implemented in Nigeria to improve the home-buying experience?

Answer:

1. Every realtor in Canada is licensed, which drastically reduces the odds of engaging in any shady activities. In Nigeria, however, the realtors and agents can be somewhat shady. If Nigerian realtors were licensed, they would be more reliable and less shady.
2. Implement structured payments with the bank, creating an entire ecosystem that includes banks and features like auto-deposit.
3.  Insurance provides security for everyone involved and brings comfort to all stakeholders.
4. Ensure that houses are listed with their prices, including any room for negotiation. Additionally, state the cost of maintenance and inform buyers about any taxes. Provide clear information about exact repayments and any agency fees or taxes.
5. Repayment details should be made transparent. Buyers need to know the cost of maintenance and whether there will be any taxes. It is also important to provide exact information about repayments and any potential agency fees or taxes.