How to Set a 2019 Daily Budget for Buying Lands in Lagos
Buying a landed property is a priority for a lot of Nigerians and creating a realistic budget for a real estate investment could sometimes be a struggle to so many. People who want to be property owners need better strategies and if buying a landed property is a goal, it should be a top priority on your list. Once you have established your budget, you can begin to search for available landed properties with DpKay Homes and Properties.
A good budget plan requires a level of sacrifice and sometimes it takes 1 to 3 years of a steady budget plan to be able to acquire landed property. Setting a budget can be tasking as it often takes some time to gather all the necessary information needed. We are still into the early period of 2019 and it is necessary you set a daily budget in order to acquire a landed property at a specific time frame in which you have given yourself. To be able to reach your goal, here are ways you can set a 2019 daily budget for buying land in Lagos;
- Demonstrate the Ability to Save
To be a future land owner, you have to be able to create simple budgets and set a savings-goal. Some people have a weakness when it comes to saving and to be able to reach your goal, you have to show a strong discipline in your spending. If you are good at saving for small projects, then you can further demonstrate your ability to save for big goals such as buying a house. Reduce any form of unnecessary spending that might disrupt your savings or make it really slow. If your savings get to be irregular, you will definitely be making slow progress. As the saying goes, if you are faithful in little things, you will be faithful in bigger things. So it all boils down to this; if you can demonstrate your ability to save then lucky you but if you have a weakness when it comes to financial savings, ask a close family member for help. Your close family member which could be your spouse, sibling all parent can help you by keeping you in check when it comes to your spending and savings.
- Know Your Income and Understand Your Expenses
How much do you earn in a month? That includes your side jobs as well. Bring all your income together and if your income is irregular give an approximate figure. How much will be left when you take out household expenses, personal expenses and other important expenses you can’t do without? To do this, create a list of household expenses so you can have an honest look at your finances from a different point of view. It takes discipline and time to do this and it helps you evaluate your spending records. Your household expenses will include your rent, medical bills, food, bills as well as your social bills.
- Know the Cost of Landed Property
After you have figured your income and expenses out, next thing you need to do is to get to DpKay Homes and Properties website to research on the cost of landed property by booking an appointment with a realtor who will give you all the details on everything involved in the purchasing processes and the cost. After getting all the details you need, you can then decide on how much you can budget daily for your land purchase within a specific period of time. Let’s say you have 100k left, you can decide to budget 3k daily for your land savings and at a particular time, your savings will give birth to your dream land. Doing this requires a strong will which involves your savings receipts on everything you have purchased including the tiniest of purchases in order to track every Naira spent. Purchasing a landed property in Lagos is serious business, so take your savings serious.
- Create a Separate Savings Account for Your Future Land Purchase
Yes, creating a separate account for this purpose is very important. Just like having a separate saving in the bank for your kid’s college fees or a potential business you intend to start soon, you can as well open another account where you can put a certain amount of money daily for the purchase of your house. So to do this, go to your bank, speak with the customer service representative and in a few seconds, you will have a new savings bank account strictly for the purpose of purchasing land in future. Once that has been set up, you can have a meeting with yourself and plan on how much you intend to transfer to the account every day and target the amount you want to achieve by the end of the month as well as the end of the year.
- Reduce Debt
While you try to increase your savings, you should also try to reduce your debt. Managing your debt and increasing savings helps you achieve your daily saving goals. Also, stay away from making any expensive purchase that will keep you in debt. If that purchase is not your priority, focus on your top goal of being a landowner. By doing that, you will be able to manage any unnecessary debts that may be a threat to your savings.
- Plan for Unforeseen Changes
No one knows what tomorrow will bring so it is always wise to leave room in your budget for unforeseen changes or what may happen in the future. If you do this, you will be saving yourself any form of a headache that you didn’t prepare for. Do not be afraid to make changes to your budget as well. Life happens sometimes and most times our plans could change but that does not mean we won’t be landowners. Changes could result to a reduced or increased Naira in your daily savings but whichever way it is, the most important thing is you are saving and DpKay Homes is always ready when you are ready to be a landowner.
There you have it, a workable guide on planning and executing your budget for buying a land in 2019. If you need more assistance in planning which type of land to save towards acquiring, you can always reach out to us at DPKay Homes for a full guide.