Build your own home. That is the best advice ever.
Building your own home gives you a feeling of fulfillment and security you won't get from acquiring anything else.
For example, you're ecstatic when you buy your first car. But the feeling is nowhere near what you get when you build your own house. And that goes for everything else you may acquire in this vast universe.
I should know because I just finished building my own home in Lagos Nigeria. Believe me, the experience is exhilarating.
Don't have a home? Build one now with these tips.
Some tips in the list below refer to building your own home in Lagos Nigeria. However, the tips apply equally and powerfully anywhere you live in the world. Simply modify the list where necessary to suit the circumstances in your specific location.
Build your own home. Here are some smart tips.
1. Define the type of home you want
2. Establish your budget. How much can you afford to spend?
3. Determine sources of your funds
Do you have a lump sum? If you do, you can complete building your home in a matter of months. For instance, it took me five months to build my own home and move in.
If you do not have a lump sum saved somewhere, you can finance your home through the many home finance or mortgage finance options available. In this case, the home finance source (e.g. a bank) will still provide you a lump sum with which to build your own home.
4. Determine the duration of the building project
Your home building should not take more than a year if you plan to build your own home in Lagos Nigeria.
The reason is because many touts who double as real estate agents can resell your property to someone else if you leave it unattended to or uninhabited for a long time.
When you return in six to eight months to resume work on your land, you may not recognize it again because someone else may have bought it and built a mansion in the location that use to be your land.
This happens often in new areas under development and where free or virgin land is running out and the touts (called Omoniles or children of the land owner) are running short of land to sell.
5. Determine cheap sources of building materials
This will optimize the use of the funds available for building your own home and reduce the overall cost of the project.
6. Buy in Bulk
This way you take advantage of quantity discounts and also save on transportation costs.
7. Group Activities
Some activities can be done simultaneously. Group these activities together and execute them simultaneously.
For example, if you plan on cutting the cost of sand you need to fill your foundation, dig your sewage system (soak away) and borehole simultaneously. This could be before you start the house foundation or shortly thereafter.
This approach generates free sand from these sources. You can then use the sand to fill your foundation. Even if the sand is not enough, what you have left to buy will be little. This way you save money.
Group activities reduces the overall duration of the project and saves you money.
8. Use Credible and Experienced Sub-Contractors
Why sub-contractors and not contractors?
In simple terms, contractors are the big guys who are the middle men between the home owner and the sub-contractors.
The sub-contractors are the real guys who do the work. The contractor is the guy who supervises.
Building contractors can be pretty expensive to hire. As an individual who want to build your own home, your best bet is to deal with the little guys directly. This reduces the overall cost of building your own home.
Common people, the little guy on the street, often operate a tight budget and are short on funds. If you're in that class, don't feel discouraged. Just do everything yourself. Employing a contractor is out of the question for you.
NOTE: If you're too busy to build your own home and you don't wish to buy a home, my team of professionals can help you build your own home. We offer Lagos Nigeria home building services. We are a recognized Lagos Nigeria home builder.
9. Supervise Sub-contractors
Many sub-contractors are far from honest. They lie a lot.
Sub-contractors (e.g. brick layers, mason, electricians) lie on material prices. Some even connive with sellers to inflate the price on the receipt. Thereafter the difference between the actual price and the price written on the receipt is shared between the sub-contractor and the seller.
Want to save money?
Buy building materials yourself. Go with sub-contractors to the seller and negotiate the price together. Then pay and collect the items.
10. Monitor Materials Usage
Sub-contractors lie on quantity of materials used. Many steal from construction sites and either sell your materials or take them for personal use. So keep your eyes open.
11. Start Building
Review your progress as you build your own home. Fire incompetent workers and thieves. You better off without them.
Enjoy building your own home.
Stop being a tenant. Become a landlord. It's a wonderful feeling.
P.S: The ebook, "Strategic Real Estate Investing - 7 Killer Strategies To Invest Creatively In Lagos Nigeria Real Estate" teaches you how to become a smart real estate investor. Click HERE to learn more about the ebook.