In order to get a loan to build a house, you must understand that collateral
is always needed, but not everybody is comfortable with this arrangement. What becomes
of you if you are unable to pay back?
Now, let us talk about all the means available for you through
which you can finance your building project, and then, you can choose the one that
is most suitable for you.
PERSONAL SAVINGS
This is by far the most popular method people are using to get
their house built. There is no fear of creditors knocking on your door and it
gives a lot of rest of mind. Honestly, no matter how small your salary is, you
can build a house if you set your mind towards it. There is always a case of
you saving from whatever your income is. Study has showed that 30% of the
moderate level of what we get monthly goes to buying very unimportant goods and
junks. So you can cut unnecessary costly foods in costly restaurants.
Sit down, make an inventory of wasteful spending, and start saving
20% only of your income, no matter how small. In 2 years time, you would start building
a house of your own. Whatever you were able to save would be enough to start
your house.
Personal savings amongst others is the first option if you want to
acquire a land and building a house.
ADVANTAGES
i. There are no debts to pay no matter the turn of things.
ii. You have rest of mind, since there are no creditors coming to
knock on your door.
iii. It is healthy at the long run. When your mind is free of fear,
you are most likely to live a healthier life and avoid hypertension.
iv. It gives you room to channel your earnings towards something
valuable and gives you more responsibility.
DISADVANTAGES
i. It may take a long time to achieve your dream
ii. It bites on your income and may moderate your style of living
iii. Staying for too long might make somebody to loose interest
altogether and abandon the project.
iv. There is always fear of families of (Omo Onile) Landowners
rising up to lay dubious claim on your land especially when the seller is dead,
because of long time of building.
v. There is always probability that the savings might be converted
for other uses.
vi. Inflation on cost of materials and labour may also be
seriously catching in.
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