704c1541862fae7b [google295b743f98001c26.html] These Properties Are Available For Sale In Lagos: How To Build Your Own Affordable House

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How To Build Your Own Affordable House

Whether  There Is Recession Or Not
Yes, I know you are expecting to read another true life story of  “from tenant to landlord” . Sorry to disappoint you. I need  highlight some salient points that will...
enable us share your own such stories in the nearest future if you are still a tenant now.

We have heard a lot about the topic of this article in conferences, workshops, newspapers, magazines, etc and o can’t guarantee that we won’t get to hear more in times to come. I will like to put it in form  of a question and answer as below: What are the critical parameters to be considered if when housing is to be made affordable? And the answer is:

Housing affordability means that the selling price is within the reach of low income earners in a society. It is about housing for the bottom of the pyramid. This is usually a social responsibility of the government and it is under such programmes that you have the council flats in UK, FESTAC 77, Jakande and other  government  Low Cost Housing Estate schemes in Nigeria.

The aim at this point is that, to meet the basic requirements of of shelter, all forms of luxury and excesses are avoided so as to budget whether it is during a recession or not. In my own opinion, there are 3 basic parameter for affordable housing and they are:
1.Design. The design of an apartment or house impacts greatly on construction cost and for a building to become affordable spaces must be reduced to living, dining room(s), convenience(s) and kitchen. Areas such as pre-sit, study, laundry, terraces, veranda(s)/extra family lounge, etc are not necessities and therefore can be omitted.
Even after reducing what is provided for to bear essentials, their sizes must also be just appropriate because the bigger a house or an apartment the more the cost of construction. An affordable 3 bedroom apartment or house should net be occupying more than 100sqm. Anything above this would have left the region of affordable.

2. Building Material Types/Finishing
Issue of affordability can also be considered when choosing the building material types. For example, There are more affordable materials apart from the regular used sand-cement block, like laterite blocks which require less amount of cement to stabilize and finish. It has also been proved to be better suited for tropical climate. It is estimated that one can save between 30%-40% of the building cost when laterite is used as against regular cement block. The type of finishing materials too can be saved in terrazzo, tiling with vitrified, PVC, Marble, etc.  can be done and each option has its cost. For example, why do anything more than screeding areas where carpets or any other form of covering will be used within an appointment?

3. Finance. Mortgage provision along with an offering helps affordability a great deal especially when the cost and tenure of finance are very competitive. The interest rate/charges payable on a mortgage and the tenure of the loan are critical elements of affordability, the lower the rate and the longer the tenure, the more affordable the house type because it means more people will be able to take and repay such loans base on their current earning since constitutionally, individuals are not allowed to spend more than about 30% of their earnings on housing.
Housing stock is usually very low in economies where appropriate/affordable funding parameters are missing and such is the case with Nigeria. Creation of housing stocks was beginning to pick up some 4 years ago when our financial institutions began giving out loans for such purposes even though creation has been greatly hindered by the present global economic recession.

The right mix of the 3 points discussed above is, in my opinion, the parameters by which affordability can be achieved, recession or not. In fact I call them the 3 mixes of  affordability. If you still looking for how to achieve your building project, please commit these three items to heart and find answers to them as it is peculiar to you. Once done, you will realize you own a house already. Believe me, it’s that simple, the stories we have shared and we still be sharing lay credence to the simplicity of owning a house. However, the duration of accomplishment varies and the better prepared the more timely the achievement.

To your success.

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