Roots and Roofs: Diaspora Voices. A conversation with Olumide

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: Outright Purchase

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: Lack of transparency around pricing, high interest rates, scams, and lack of proper visibility and information about the property to make a purchase

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: I’d like to be able to find a place that I like, I can see pics and videos of it, send someone I trust to view it for me and give me the go-ahead to make payment while securing the document.

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: I am thinking of spending more time back home, so it makes sense for me

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 or Lagos

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: The property should be finished. I want to just move in.  I don’t want to spend time or resources finishing things.

    2. The second thing you will consider: Price of the property

    3. The third thing you will consider: Location of the property

    

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: Providing as much information to the buyer as possible. The information should also be accurate. Also, making it easy to search through properties. These are two major things that come to mind.