Now you can own a home without building or buying
by CHUKA UROKO
August 7, 2017 | 3:21 pm| | | Start Conversation
Traditionally, the only way to own a house or home, as the case may be, is to build one. In the very olden days, homes were built through communal efforts. But advancement in life and living led to the production of houses for sale. So, people can own homes by either building or buying a ready-made one.
But in Nigeria, many people are renting because they cannot buy. It is estimated that only 10 percent of the country’s 170 million people have their own homes. So, the remaining 90 percent are renting. These people spend over 50 percent of their income on paying house rent.
Under normal circumstances, renting remains renting, meaning that no matter how long a tenants remains a tenant and how much he pays as rent, the landlord will never make him an owner of his (landlord’s) house. But NatanelFlorens has come to fill that gap.
With the company’s rent to own homeownership initiative, a tenant can now own a home he rents from the day he pays his first house rent. It is a convenient and very flexible means of home-ownership. “What we have brought to the housing market is a solution that eases the processes of homeownership. Many people cannot buy houses, but they can rent.
“As a housing solution, Rent-to-Own enables home seekers to own homes through a flexible arrangement of paying normal rent over a period of 10 years and, at the end of the period, own the home they have been paying rent for”, Oguche Agudah, chief investment officer/executive director at NatanelFlorens, explained in Lagos at the weekend.
The company is targeting about 250,000 million housing units in the next three years to drive the initiative.
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