Owning a house in Nigeria makes you richer

Posted by Felix Okoli on Thursday February 12, 2015 at 10:29:15:

There are not many Nigerians who own their own houses but for those who do, they only end up getting richer because real estate is one sure thing in Nigeria that hardly ever loses value excepts it gets to over 50 years or more depending on how good the structure is.

For some Nigerians, the reasons why they don't have their own house already is not because they are poor or can't afford it. In fact, I know quite a number of them who are already millionaires or multimillionaires but still prefer to pay house rent for the time being.

Some Nigerians are already rich enough to have their own houses but they prefer hiding their riches or just prefer a simpler lifestyle rather than becoming their own landlord. Well, the truth is that it's better to have your own house than holding on to cash since the latter normally loses value in Nigeria and has been doing so for the past 40 years.

If you are already a millionaire or earn millions on a monthly or yearly basis, your money is not really insured until you at least own your own real estate.

Some might say it's probably better to use their millions to buy stocks/shares or do some small business but the truth is that those kinds of businesses are too risky but having a house of your own when you can afford it helps to consolidate your wealth.

So, if you have enough money to build or buy a house of your own, it's best to just do it as it increases your chances of remaining rich for the long term. There are many people that made millions during their youthful age but ended up wasting it and didn't even have anything to fall back on by the time they are retired.

It's one thing to make lots of money in Nigeria but another thing to actually keep hold of that money for the long term. Investing in a solid asset like real estate is one way smart Nigerians keep remaining rich even when they are no longer making a lot of active income.