Low Income Housing Lagos Nigeria – Free Low Cost Housing Tips
Low income housing Lagos Nigeria - Lagos Nigeria is inhabited by millions of people who are barely able to make a living. For most of these people,
building their own home has yet to cross their mind because they are barely surviving. They have first to survive before thinking of building a home - even
if it is a low income housing project.
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This section provides free tips to get low cost housing in Lagos Nigeria even if you think you're not up to it. Remember . . . if you believe it, if you dream
it, you can achieve it.
There's something you can be absolutely sure of: you can
build your own home
even if you're a Nigerian who fall into the category of low income earners. |
Yes, you can build your own home in Lagos not just in
your village that is thousands of kilometres away from Lagos. And yes . . . you can and here in Lagos not just in your village where you can get cheap or
even free land bequitted to you by your ancestors.
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I know what you're thinking. You're wondering how it's possible that a low income earner like you can own a home in Lagos.
Well, it's possible. And there are three ways to achieve this.
1. Take advantage of low income housing opportunities offered by Lagos state and buy one of the low income homes offered by Lagos state development and
property authority (LSDPC) or
2. Buy Lagos state land offered through the bureau of lands of Lagos state or
3. Buy land through your company's cooperative society
The Lagos state government has had great success with building low income housing in Lagos Nigeria especially in the era of Lateef Jakande, a former
governor of Lagos state in the eighty's. Virtually everywhere you go in Lagos, you will find an estate named after Jakande.
These low cost housing projects have made it possible for many low income earners in Lagos Nigeria to own a home in Lagos.
For example, some low cost housing flats in these low income estates cost about 2 - 3 million Naira. That is affordable for many Nigerias.
Unfortunately, even though the amount is that low, millions of Lagosians who are low income earners cannot raise that amount of money at a go. What
suite them better is a house or land they can pay for gradually.
That is where the option of buying through the individual's cooperative society comes in.
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Ideally, the cooperative society will buy the land in bulk and then sell to its members who will be required to pay over two or three years.
For example, some plots of land in Mowe Ofada axis of Ogun state, a neighbouring state to Lagos, has land going for about 600,000 to 800,000 Naira
per plot. To pay this off in two years, cooperators who belong to the cooperative society has to pay about 25,000 per month. A 3 yr repayment period
would mean a monthly payment of about 17,000 Naira.
Not bad.
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Many cooperative societies charge interest rate of about 9%, which is a bargain compared to the 19.5 - 22% charged by commercial banks in Nigeria. Many
low income earners brave it and buy these plots of land through the cooperative societies. That marks the beginning of the march towards building their
own home.
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The options are available for you to start your
building construction.
Plan big and start small or plan small and start small. Whatever the case, join the millions of Nigerians who already have live
in their own home.
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It's a beautiful feeling to have a home to yourself. Take advantage of the low cost housing options available from the government, your cooperative
society, or private real estate developers.
Yes, you can be a landlord in Lagos Nigeria. At the very worst, if you can't afford land in Lagos, be a landlord in neighbouring Ogun state.
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It's a wonderful feeling.
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