Over the years, there have been significant shifts in homeownership patterns that have had a profound impact on society. Some parents’ generation benefited from economic prosperity and government programs that promoted homeownership in the past. In contrast, this generation, has faced several challenges in achieving homeownership due to factors such as rising housing costs, land disputes, access to affordable housing, mortgage rates, and income inequality have contributed to lower homeownership rates.

The Principal Partner, Luxiar Construction Limited, a real estate firm based in Abuja, Alhaji Muhydeen Okunlola Kayode, believes that Nigerians have enough information available and access to property than ever before. There is a house for everyone according to him.

“What people need is enlightenment, financial literacy programs and understanding the homebuying process and available resources,” he said.

The increasing wealth gap has created barriers to owning a home, especially for those with limited financial resources. The availability of affordable housing is another critical factor influencing homeownership trends. In many urban areas, housing costs have skyrocketed, making it challenging for individuals with moderate incomes to afford a home. This lack of affordable housing options has forced many people to rent rather than purchase a home. He sheds more light on how easier it is to own a home now than our parents.

“People can find property listings through various sources, including real estate websites, local real estate agents, social media platforms, classified ads, and property listing publications. As a firm we are constantly providing clients with such information via several channels, also online real estate platforms like PropertyPro, Jumia House, and Lamudi are popular in the country for property searches,” Kayode narrated.

Speaking on the appropriate time to own a home, the real estate expert said: “The right time to own a house varies for each individual. It depends on factors like financial stability, personal goals, size of family, and market conditions. Typically, one should consider homeownership when they have a stable income, saved for a down payment, and can comfortably manage mortgage payments.

Moreso, the choice between renting and owning a home is a decision many individuals grapple with. Factors such as mobility, financial considerations, and lifestyle preferences impact this choice; with the believe that renting provides flexibility and lower upfront costs, while owning a home offers stability, potential equity growth, and the pride of homeownership. It is also important to note that the Real Estate market is constantly evolving, and it is important to be aware of emerging trends. For example, the rise of shared housing models like co-living and co-buying, as well as the push for sustainable and energy-efficient homes, are shaping the future of homeownership.

Kayode warns against some mistakes in achieving the feat of owning a house which commons among individuals

“Mistakes to avoid include not conducting thorough research, failing to inspect the property, not considering the neighborhood, overlooking hidden costs, and not seeking legal advice when purchasing property. is dedicated to providing insights that helps the public understand factors crucial for making informed decisions about homeownership in contemporary society

“To avoid fraud or substandard houses, it’s crucial to work with reputable real estate agents, conduct due diligence, verify property ownership and documents, inspect the property, and consider independent inspections by professionals. Always seek legal advice before making a purchase.

In the case where many people believe older houses are more durable than the new ones springing all over the place, he said that the durability of a house depends on maintenance and construction quality. “Older houses may be well-built but require renovations. Newer houses can also be durable with proper construction standards. It’s essential to assess each property individually.”

Speaking on payment risk and the ideal of installment dealing, he said the time frame for completion of properties purchased through installment payments can vary based on the developer’s schedule and project complexity. Typically, developers provide estimated completion timelines, but they can be subject to delays due to unforeseen circumstances.

“As a company we have different policies regarding financial hardships, such as offering payment flexibility, deferments, or assistance on a case-by-case basis. We make it a point of duty to discuss such scenarios and potential backup plans with clients before entering into an installment agreement. It is common knowledge that the mortgage market has evolved significantly. In the past, obtaining a mortgage was a complex and often cumbersome process.

“Financial institutions had strict lending criteria, requiring large down payments and high credit scores. This made it difficult for many individuals to qualify for a mortgage. However, they have become more inclusive and accessible. Lenders offer a variety of mortgage products tailored to different financial situations, allowing more individuals to enter the housing market. This has been made possible through innovations in financial instruments and the expansion of government-backed loan programs.”

Explaining why housing is a huge problem in Abuja, he said: “Affordable, quality properties in Abuja can be within reach of the common man, but it’s essential to research and explore emerging areas, consider properties from reliable developers like ours, and inquire about financing options or government housing programs designed to make homeownership more accessible.

“Specific neighborhoods in Abuja with potential future value often align with planned infrastructure developments. Areas such as Lugbe, Jabi, Katampe, Gwarimpa e.t.c which are near the airport, and becoming transportation hubs tend to appreciate more than others. However, we provide our clients the most up-to-date recommendations.”

“Real estate companies like ours typically offer flexible financing options, which can cater to non-salaried individuals. These options may include staggered payment plans, partnerships with financial institutions, and tailored solutions to accommodate varying financial situations. It’s essential to discuss your specific needs with the company to find a suitable arrangement.