21
Aug

Is it advisable selling your only house and using the money to Japa

Introduction:
The decision to sell your only house in Nigeria to relocate outside the country is significant and should be approached with careful consideration. This comprehensive review will discuss various factors to help you make an informed decision. While it ultimately depends on individual circumstances, this analysis aims to weigh the advantages and disadvantages of such a move.

1. Economic Factors:
a) Real Estate Market: Assess the current market conditions in Nigeria. If the market is booming, you may sell your house at a high price, maximizing your return on investment. However, if the market is unfavorable, selling might not yield the desired profits.
b) Economic Stability: Consider Nigeria’s economic stability. If the country’s economic prospects are uncertain, relocation could provide financial security and stability.

2. Job Opportunities:
a) Employment Prospects Abroad: Research job opportunities in your intended destination. Look into industries that align with your qualifications and skills. Ensure you have secured a job offer or have a viable plan before making such a significant move.
b) Job Security in Nigeria: Assess the job security in Nigeria. If your current employment situation is volatile or unreliable, relocating to a country with more stable job prospects may be advisable.

3. Education and Healthcare:
a) Education System: Evaluate the education system in your destination country, especially if you have children. Consider the quality of schools, availability of scholarships, and overall opportunities for educational advancement.
b) Healthcare System: Assess the quality and accessibility of healthcare services in both Nigeria and your intended destination. Adequate healthcare provisions are essential for the well-being of you and your family.

4. Cost of Living:
a) Comparative Cost of Living: Conduct a cost-of-living analysis between Nigeria and your target country. Account for housing expenses, utilities, healthcare, education, transportation, and other essential factors to determine if you can maintain a similar or improved standard of living abroad.
b) Financial Stability: Ensure you have enough financial resources to sustain yourself and your family during the transition period and beyond. Consider emergency funds and potential fluctuations in income.

5. Social and Cultural Adjustments:
a) Social Integration: Understand the social and cultural dynamics of the new country. Assess your ability to adapt, learn the language, and integrate into the local community.
b) Support Network: Consider the availability of a support network in your destination country, such as friends, relatives, or expatriate communities. A robust support system can ease the challenges of adjusting to a new environment.

Conclusion:
The decision to sell your only house in Nigeria and relocate abroad involves careful consideration of several factors. Economic conditions, job prospects, education, healthcare, cost of living, and social adjustments are crucial aspects to weigh. We recommend conducting thorough research, consulting with professionals, and considering your long-term plans and priorities before making such a significant decision. Personal circumstances and aspirations will ultimately determine whether selling your only house in Nigeria to relocate outside the country is advisable for you.