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UPCOMING EVENTS
Africa Revenue Summit
Muson Centre, Lagos.
21 – 22 February 2025.
This event is envisaged to be a melting pot of marketing leaders, experts, and A-level executives from across Africa for two days to share valuable nuggets on sales strategy, sales leadership, sales enablement, and sales operations. As always for the past five years, our attendees have walked away with personalized insights and detailed plans to create success within their organization. The conference offered expert advice, actionable insights, and tools needed to adapt faster and stay ahead of change.
Nigeria International Energy Summit
International Conference Centre, Abuja.
24 – 27 February, 2025.
Nigeria International Energy Summit is the perfect platform for the world to meet Nigeria’s energy industry players. It is a meeting between key government officials, directors and specialists from the ministry, NNPC, directors of national and international companies, and other relevant stakeholders. It hosts an international exhibition of sector products and services – national and international companies, and potential investors, all coming together to present new technologies and know-how in the energy sector
West Africa Property Investment Summit
Four Points by Sheraton, Lagos.
19 March, 2025.
West Africa Property Investment Summit is a premier real estate conference, offering a unique platform for networking, discussions, and deal-making among investors, developers, operators, and property.
National Conference, Nigerian Institution of Estate Surveyors & Valuers
International Conference Centre, Abuja
5 – 10 May, 2025
The 55th Annual Conference of the Nigerian Institution of Estate Surveyors & Valuers themed “Transform, Invest, Thrive: Optimizing Real Estate Asset Finance and Taxation” is set to be an impactful event as it is envisaged to give insights on land and landed property, including real estate investment and funding options, infrastructure concession, real estate finance, development and management amongst others.
Nigeria BuildExpo 2025
Landmark Centre, Lagos.
20 – 22 May, 2025
Nigeria BuildExpo, an international exhibition for construction, building materials, and technologies, offers the opportunity to stay updated on Nigeria’s construction sector. Connect with industry peers and meet numerous local and international companies showcasing the latest solutions, innovators, and influencers.
HOME OWNERSHIP: BUILDING VS. BUYING
Owning a house is a dream for many people, and this dream can be realized either by buying or building a home. Several factors influence this decision, including financing options, time and commitment, customization, and market considerations. Property ownership is one of the most significant investments individuals can make, given its considerable value. Beyond business or investment purposes, owning a home brings a profound sense of accomplishment. Many individuals are torn between the two main options: should I build or buy? Each option has its pros and cons, especially regarding financing, which is crucial in home ownership as it is the lifeblood of any endeavour.
When deciding between building a home and purchasing an existing one, several situations must be considered. Building your own home offers complete customization to meet your exact needs and design preferences, while buying allows for a quicker move-in and potentially lower upfront costs, albeit with less flexibility in layout and features. Generally, purchasing a home is often more cost-effective, as it eliminates the additional expenses of land acquisition and the complexities of managing a construction project. However, the building option is ideal for prospective homeowners who prioritize having a completely personalized design and are willing to invest more time and effort into the process. Here are the pros and cons of each option:
Building Your Home:
Pros:
- Complete control over design, layout, features, and aesthetics
- Potential for energy efficiency through modern building materials.
- A strong sense of accomplishment and pride in creating your dream home.
Cons:
- Higher overall costs due to land purchase, construction expenses, and permits.
- Longer timeline to move in, often subject to delays and unexpected issues.
- Requires significant involvement in managing contractors and making design decisions.
Buying a Home:
Pros:
- Shorter move-in timeline.
- Potentially lower initial costs compared to building.
- A wider selection of homes available in various neighbourhoods.
Cons:
- May require renovations to customize the space to fit your needs.
- Less design flexibility than building a home from scratch.
- Possibility of inheriting existing defects in the property.
For individuals on a budget, understanding the costs associated with materials and labour is a crucial deciding factor. Former President of the Nigerian Institute of Building (NIOB), Kunle Awobodu, argues that “Building a house by direct labour might be a cheaper ownership option than outright purchase, provided the circumstances are similar and the quality of the outcome is assumed to be the same.”
On the other hand, Debo Adejana, Managing Director of Realty Point Ltd, presents a different perspective, asserting that buying a home is cheaper than building. He believes that someone mindful of costs and seeking the best deals in property should opt for buying, as it requires expertise in construction to navigate the extra expenses that unethical practices can impose on construction and contracting.
In conclusion, choosing either route toward homeownership involves various factors, including architecture and design, features, accommodation, location, inflation, and interest rates, supply and demand for labour and materials, financing options, and individual circumstances.