Should you get a loan to build a house for yourself?

Over the weekend, I was reading a post on Facebook by someone who was happy to have reached the roofing level of his house, and he indicated it had been a serious hustle.

Among other things, this person had taken a loan of a good amount to ensure that the house reaches roofing level and was therefore looking for an amount to take the house further.

I understand we have been told that building a house for yourself is so important, hence we must live our earthly struggles trying to purchase a plot and put structure on it at all costs.

It is however a very strange decision for one to invest all their effort and go ahead to accumulate debt just to ensure they are staying in a house of their own, reason: “I am paying a lot of rent.”

I am NOT, I repeat, I am not trying to discourage those building their houses, I am only asking that there is no need to run ahead of yourself, or else u will end up rushing into an incomplete house, far from your dreams and the bank coming for it later.

I have a colleague of mine Timothy, we had taken time out of contact and after about three years we got in touch, our brief conversation made me quite envious I must say.

In the few years we had been away from each other, Timothy built himself a two bedroomed house in Nansana, and kept telling me, I am past the renting business now, I am in my own house.

One time, we were stuck together at a party, and he asked to be dropped home, we drove to Nansana, quite deep, and there was the house indeed.

Haphazardly put together, the walls shorter than standard, the rooms smaller than two commuter taxis combined in width and sitting on less than 8 decimals.

Timothy had taken a loan to survive rent and built something that was only good in text, it is after we dropped him that he started mentioning how indeed unhappy he was with the results he rushed into.

Story cut short, the loan became harder for him to handle, and to make amends, he started dipping hands into company accounts, he soon would lose both job and house, but the latter took him long to sell off because whoever saw it, was giving him far less.

There is no need for pressure, renting is not a bad thing, only get a construction loan if you are building a house that you will let out for others to rent.

A house that will bring back money in circulation, you do not need to be indebted to sleep, plan your way better, build at your convenience and speed, have time to put together a very wonderful structure that you will enjoy without waking up to nightmares of DEBT.

You can even start building room per room, shift to one, and save the rent for the next room until you are where you want to be. Most importantly, not everyone is supposed to build at the same time, avoid the pressure of building because everyone else around you are building.

A house built in 2020 and one build in 2025, the latter is newer and with the latest technology of course better. Trust in your process, do not bow to pressure.

I wish you a happy 2021.