An Appealing Concept:
TOFINA is a very appealing concept for the following reasons:
Members get a house almost at cost and immediately can make huge capital gains. The value of the first project on completion was three times the money each member spent in terms of land purchase and construction cost. For the second project members have received offers equal to four times the money they have spent for the incomplete units. This is because we source our own materials and engage a contractor on labour only basis.
Members get to decide on all aspects of the project, including design, architects and engineers. Meetings are called regularly but the executive directors in consultation with facilitating committee handle the day to day matters.
Membership to TOFINA is drawn from both inside and outside the country. Current external(outside the country) membership include those people working for the UN and other international bodies while internal (inside the country) members are drawn from businessmen/women, civil servants, private sector employees, NGO staffers, Multinational staffers, self employed among others.
- Financing the project allows members to source for funds with minimum pressure. Money required urgently is for the purchase of land. After land is purchased, members can have some breathing space to source for the construction funds as the approvals are sought from the relevant authorities such as City council, NEMA etc. Members agree on the construction timetable and payment remittance installation frequency. Depending on the nature and size of the project, the normal project period is between 12 and 18 calendar months.
- One can avoid the huge interest rates that one pays for mortgages by using a combination of savings and borrowing.
- Members get to own very beautiful houses in the up market areas by subscribing to TOFINA ROM concept.