Naijagals home ownership myth



Here is a myth I want to dispel about home ownership.

A couple of years ago, I spoke with an old friend who was in the process of buying a home in Los Angeles.
“Ha” her aunt said “buying a home ke??? So when you get married does that mean your husband will move into your home??? Please find a husband first!”
Or words like “he would be intimidated if you have all this before he met you!”
If he is that way naijagals, you do not need him. If she had bought the same home back then two years ago she would have had close to $200000 in equity today. Not bad for two years increase right! That comes up to N26 Million! Hmm what can you do with 26 Million in naija? Unfortunately she let the home go. Coincidentally she is still single and not dating anyone! But that is another story. Has this ever happened to you? What are your thoughts on this issue?
Dispelling the myth, many people have gotten rich off buying their own homes if they can afford it and to naija readers in Naija, buying a home in Los Angeles does not mean you own the home outright you make payments each month! So before you envy a friend who owns one, it is a big responsibility and once the payment gets missed the home can be taken away.

The flip side is if you persevere, in the long run you can end up wealthy. Patience is a virtue in this endeavor. It is not always an overnight success. It takes time and patience. So my old friend in LA ended up buying a brand new car for $27000 making $500 a month car payments on a depreciating asset. Oh well I hate to say this but Na she sabi!

Comments

i am totally an advocate of women owning home especially for the long term. Please you can always move to your husbands house and rent our your home....after all you'll still have your home to fall back on. So many women neglect their finances and financial independence for the sake of their future marriages. i seriously do not agree with that.
DiAmOnD hawk said…
I concur
Anonymous said…
I bought a Condo about 2 years ago and renting it out. I am building equity as we speak right now. Home ownership is another vehicle of building wealth.

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