Roots and Roof: Diaspora Voices. Interview with Daniel A

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: It is a reasonable investment, as most people would want to eventually retire from their current places of residence in diaspora and settle in Nigeria. The earlier one puts something down, the better. It is not a short-term plan for me though.

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: Developer Payment Plan

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: Usually around acquiring these properties through ‘trusted’ family members who end up duping them in one way or the other.

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: Getting the property through a reputable developer rather than through a private contractor or relative, for sure.

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: Most likely an investment for the time being, with the end-goal of retiring there

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 and Abuja, due to personal bias towards metropolises.

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: Location and ease of access (e.g. goad roads)
2. The second thing you will consider: Price
3. The third thing you will consider: Quality of existing infrastructure (power, water, etc)

 

 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 do not have adequate information to give a comparison at this time.