Adebayo stood at the window of his Lagos apartment, gazing at the bustling city below. In his hand, he clutched a property deed and a one-way ticket to Canada.
The weight of his decision hung heavy in the air. Should he sell the apartment that had been his home for the past decade to fund his dreams of a new life abroad?
This scenario is becoming increasingly common among Nigerians contemplating “japa” – the colloquial term for emigration.
The question of whether to sell one’s property to fund emigration is a weighty one that requires careful consideration. This decision touches on issues of personal finance, long-term planning, and emotional attachment, making it a complex issue to navigate.
In Nigeria’s current economic climate, property often represents a significant portion of an individual’s or family’s wealth. The idea of liquidating this asset to finance a move abroad can be tempting, especially when faced with the high costs associated with emigration. These costs typically include visa fees, travel expenses, initial accommodation, and often a financial cushion to support oneself during the initial period of settling in a new country.
However, before making such a momentous decision, it’s crucial to consider all options. This is where innovative financial solutions like Bravewood come into play.
Bravewood offers a range of investment products that could potentially help fund your emigration plans without the need to immediately sell your property. Bravewood PRIME account, for instance, offers up to 16% annual compound interest, allowing your money to grow significantly faster than traditional savings accounts. This could be an excellent way to build up your emigration fund while keeping your property as a safety net.
Why do people sell properties to Japa?
The appeal of selling property to fund japa often stems from the potential for a fresh start and new opportunities abroad. Many Nigerians view emigration as a path to better economic prospects, improved quality of life, access to better healthcare and education systems, and escape from local challenges such as insecurity and political instability. In this context, selling a property can be seen as exchanging a physical asset for an intangible asset of opportunity.
However, the decision to sell a property for japa is not one to be taken lightly. Property in Nigeria, particularly in urban areas, has historically been a hedge against inflation and currency devaluation. In a country where the value of the Naira has been volatile, real estate has often served as a stable store of value. Selling this asset means giving up this financial security and potentially missing out on future appreciation in property values.
Moreover, property ownership in Nigeria often goes beyond mere financial investment. For many, it represents a connection to home, a legacy for future generations, and a symbol of success and stability. The emotional and cultural significance of property ownership in Nigerian society cannot be understated. Selling a property might mean severing these deep-rooted ties and potentially complicating a future return to Nigeria.
Factors to consider before You sell a property to Japa
It’s also crucial to consider the reversibility of this decision. While property can be sold relatively quickly in a favorable market, rebuilding such an asset base after emigrating can be challenging. If the move abroad doesn’t work out as planned or if one wishes to return to Nigeria in the future, the lack of property ownership could pose significant challenges.
The decision should also be viewed in the context of the global property market. In many popular destination countries for Nigerian emigrants, such as the UK, US, or Canada, property prices in major cities are often significantly higher than in Nigeria. Selling a property in Nigeria might provide the funds for emigration, but it may not be sufficient to secure comparable property ownership in the new country, at least initially.
Another factor to consider is the potential for generating income from the property. If the property is or can be rented out and Bravewood can be used to grow that rental income? It’s like having a financial safety net back home while you’re out there living your japa dream. This income could potentially fund visits back home or serve as a financial backup.
The timing of the sale in relation to the property market is also crucial. Selling in a buyer’s market could mean accepting a lower price than the property’s potential value while holding onto the property during a market upswing could result in a more favourable sale price.
It’s important to explore alternatives before deciding to sell. Could the emigration be funded through other means, such as savings, loans, or sponsorship programs? Are there opportunities to leverage the property for funding without selling it outright, such as through a mortgage or partial sale?
For those considering this option, it’s advisable to conduct thorough research on the emigration process, including detailed cost estimates and potential income in the destination country. This should be compared against the current and projected value of the property, as well as the potential opportunities if one were to stay in Nigeria.
Consulting with financial advisors, real estate professionals, and, if possible, Nigerians who have already emigrated can provide valuable insights. It’s also crucial to discuss this decision with family members who might be affected, considering both the financial and emotional implications.
Let’s say you’re not quite ready to sell, but you still want to build up that japa fund. Bravewood’s PRIME account could be your new best friend. With up to 16% annual compound interest, your money grows faster than you can say “abroad.” And the best part? You can withdraw monthly if you need to, so your emigration plans stay flexible.
Ultimately, the decision to sell the property to fund japa is deeply personal and depends on individual circumstances, goals, and risk tolerance. It’s a decision that balances immediate opportunities against long-term security and emotional ties against potential new beginnings.
For some, selling property to emigrate might be the key to unlocking a brighter future and new opportunities. For others, holding onto property might provide a sense of security and connection to home that outweighs the potential benefits of emigration. There’s no one-size-fits-all answer, but with careful consideration of all factors—financial, emotional, and practical—individuals can make an informed decision that aligns with their long-term goals and values.
