Roots & Roofs: Diaspora Voices. Interview with Mr. Sochukwuma Aham-neze

 

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: I am looking to purchase for investment purposes within 5 years, however the lack of trust, and transparency with home ownership, makes me apprehensive. I want to have a stake in the Nigerian real estate market, it is an objective of mine.

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: Mortgage Payment. It is much more flexible. Having lived in Canada for a while, I have seen the benefits of spreading out my payments. Instead of tying your cash down, you can spread your payment and achieve multiple things rather than one thing. A developer option is expensive. And purchasing outright is even more expensive, except it’s $10. Even if it’s $10, some people will still want the option to spread out their payments and achieve more with their cash.

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: Trust and transparency with the process will be a major concern. Am I sure that this guy would dupe me? Am I sure this money Does this house even exist? There was a guy scammed by his house. There needs to be more transparency in the process. Most people go by recommendations. There is no guarantee that you won’t be duped, but there’s reduced risk. This is the issue with Nigeria’s real estate, even when you’re in the country, to talk less of when you’re abroad.

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: Ideally a process that involves a trusted third party who has a track record, and experience with real estate transactions. Anything that will clear my doubts and apprehensions. When going through a process, based on the way you’re carried there is perceived legitimacy. The way they ask questions, and respond to you, and their proactivity in providing accurate info brings down the walls of apprehension. No one wants to go into a transaction thinking that someone will scam them.

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: Investment & a place to visit. Not necessarily looking to get returns in dollars. As long as the money coming in can service the mortgage, I am fine with it.

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: Lagos (Island) or Abuja

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 you will consider is: Price
2. The second thing you will consider: The location. I want something on Lagos Island. The house must be in an estate, for added security. It also guarantees that certain services are provided.**
3. The third thing you will consider: Design & Aesthetics. I want modern buildings. Even if the interior is not done for me, I would want a modern shell.

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: I may sound like a broken record but having a proper mortgage process. Providing flexible payment options and streamlining the mortgage process to reduce the buyers’ burden.
Being transparent. If a house has been sold, let it be delisted. Sometimes in Nigeria, developers will sell one house to 5 people and say you should go and settle in court. Nobody wants that. That’s unacceptable