
25/06/2025
IS Homeownership *Always* the Best Path to Wealth?
We all dream of owning our own home in Nigeria. It’s seen as a major symbol of success, a place of stability, and often, the ultimate investment for the future.
And yes, there are clear benefits:
* **Stability & Security:** You have a place of your own, free from landlords.
* **Potential Long-Term Appreciation:** Over many years, property values *can* grow.
* **Legacy:** It can be an asset to pass down to your children.
But here’s the unpopular opinion: **For many, relying *solely* on homeownership as their main path to wealth can actually be a financial trap.**
Why? Because alongside the benefits, there are often big hidden costs we don't talk about enough:
**Huge Upfront Cash:** The down payment and closing fees tie up a lot of your savings.
* **Constant Expenses:** Think endless repairs, maintenance, generator fuel, and yearly taxes.
**Not Liquid:** You can't quickly sell off a part of your house if you need urgent cash; it takes time.
**Missed Opportunities:** The money stuck in your home might grow faster if invested differently, with fewer headaches.
So, while owning a home brings security and can grow in value over time, it's crucial to understand the full financial picture. It's not *always* the straightforward, guaranteed wealth builder we’re taught it is.
**What are your thoughts? When do you think homeownership is a wise financial move, and when might it be a trap in Nigeria today?**