For young people buying a car is of more priority to them to building a house this article will show you the edge one has over the other.


1 A house appreciates in value while a car depreciates'

2. A house is easier to maintain to car

3. It takes longer time to renovate a house, for a car you have to service at most six months.

4. Your house can last for lifetime

5. Money generated from house rent usually rises yearly

6. House in a good location is a super money maker


http://www.buildingcontractorsecrets.com/2008/03/why-you-should-build-house-before.html#links

You are so right about this i.e if he/she has got an excellent job and want to spend millions on a car

How will a young graduate build a 'House in a good location' which will turn to 'a super money maker'?
How many year's salary will this worthy project take?

Right Message, Wrong Target

@verycool,
No! that is a wrong impression, you don't need an excellent salary  before you build a house but you need to have the will, the determination and the belief that you can do it, then plan for it, you will see yourself building a house out of nothing. Read my piece on building a house with your N10,000 salary
http://www.buildingcontractorsecrets.com/2007/10/how-to-build-your-house-from-10000.html#links

@ Shinatu,
Good question, but a good location does not necessarily mean the high brow areas at present. Simply there is always a trend in development of areas that you can't appreciate at the beginning of there development. Most areas now selling for several millions in Lagos just few years ago people were begged to move to such places with all manner of govt incentives to make them buy properties there. talk of v.i, festac e.t.c
   the undisputable fast growing area with cheap lands for now is mowe/ofada, property agents are using all manner of schemes and soft loans to get people to acquire lands in these area, same thing happened to festac v.i e.t.c of those days. So just watch out, go and price any land around that area, go back in five years time and write me. 
I will write on why that area will be very hot soon.

@Waserock,
Right message very!very! right target, I know a little here. CATCH THEM YOUNG.

thirdeye:

@verycool,
No! that is a wrong impression, you don't need an excellent salary  before you build a house but you need to have the will, the determination and the belief that you can do it, then plan for it, you will see yourself building a house out of nothing. Read my piece on building a house with your N10,000 salary
http://www.buildingcontractorsecrets.com/2007/10/how-to-build-your-house-from-10000.html#links

Like you said above, the young graduate will have to have really strong will power, imagine this scenario; young graduate, been searching for a job for the last 2-3 years (even more sometimes), then suddenly, got a job but the pay is not really that great (minimum wage, was now desperate that he had to take the job), by the time he got this job, he had ran up quite a lot of debts (transportation, living expenses etc while unemployed), lets now say it took him over a year to pay his debt, let also remember that he'll still have to pay his way even if he still lives at home, let now say he wants a small car, that could take him say another 2 years if not more to save up for this (the amount will not be enough to buy a land, do the papers and then build a house). Adding up this years will equals to 5-6 years or even more,  he'll no longer be a young graduate after this time, that is why i stated earlier that he/she has an excellent job upon graduating or a least a good job, (although, when i made the statement, i had just Nigeria in mind, but the case could be different for international graduates). Yes it's very possible for people to build their own home no matter how much they earn, it may take a long time or even a lifetime but it's very possible,the article is quite good.

@verycool,
    The more you earn the more debt you incur unless you are of great financial discipline.  Unemployed are the only group of people you can say are debt free. No matter how excellent your salary is, you will still be in debt because the more you earn the more your responsibilities and targets, so before you know it that fat salary is gone b/4 end of the month. Your friends and relatives know you earn more so they will also expect more from you, so what is important is the discipline (ask your banker friends $ oil workers) 
    2 years saving can go a long way on your building project, you see when you look at a building project from a big man's perspective you will only end up spending what you can easily avoid. The paperwork may not take you much, it depends on your power of negotiation and I believe you know we are only talking of 2-3 bedrm in a location that won't cost you much to erect the building.

You may also check this piece
http://www.buildingcontractorsecrets.com/2007/10/factors-that-contributes-to-cost-of.html#links

Thank you for your contribution .Quite incisive.

Thanks for the acknowledgment, read the article, well written.

whats the cost of building a house compared with a house?

tglaz:

whats the cost of building a house compared with a house?

Taste and Ignorance.

I have read this post today, i came late but this matter is timeless, for now.
its of great importance that we understand that no matter what path we choose we only have to be motivated and can make it.

i am now in the above crossroad. i have given the 1st step towards building, thats acquiring a land. been working for more than 3 years and i had an opportunity to choose, buy land or a car, i choose land and now i am in another crossroad. where i would like to build and i also need to be able to move around to see my space. now its build or car!!

Car seams to be a necessity and it is, some time it pressures us allot, i am living that, sometimes is even hard to sleep. knowing that in Mozambique the public transports are not good at all, reckless driving, fighting, drivers competing, going and coming back from work is an adventure.

In my country i see many young graduates driving all around, more concerned with the luxury of their cars and how many they can impress with, worried about parting and showing off, drinking and enjoying life now. while they are placed in good jobs, living in moms house, with no plan on their own regarding this. some even get married at their parents, have kids there and pray for the folks to die and leave them the asset.

So i am focused in building, in my mind i need to have a roof before i have a car or even try for a business. car is cheap in the beginning. its price increases over time. i haven't placed a block yet. and a business can go wrong and if you don't have a roof its complicated

Thank your for the post. it is really motivating. Keep it Up

I won't agree with this article totally. A car is a necessity and not a luxury. It's when you go out of your way to buy a range rover sports instead of a regular sedan that luxury comes in.
You need a car for a quick run (during office hours) for land inspection when the time comes.
You also need it when you get disturbing news about your land (land grabbers at work) in order to appear at the site out of the blues literally.
You also need it when you start building for various runs.
So owing a car comes first before a house. My advice to young graduates, start building your house before you get married. It'll reduce the burden of the three basic utilities (food,shelter and clothing) to two(food and clothing) when the kids start school... I speak from experience. Good luck!!!

thirdeye:
@verycool,
No! that is a wrong impression, you don't need an excellent salary  before you build a house but you need to have the will, the determination and the belief that you can do it, then plan for it, you will see yourself building a house out of nothing. Read my piece on building a house with your N10,000 salary
http://www.buildingcontractorsecrets.com/2007/10/how-to-build-your-house-from-10000.html#links

@ Shinatu,
Good question, but a good location does not necessarily mean the high brow areas at present. Simply there is always a trend in development of areas that you can't appreciate at the beginning of there development. Most areas now selling for several millions in Lagos just few years ago people were begged to move to such places with all manner of govt incentives to make them buy properties there. talk of v.i, festac e.t.c
   the undisputable fast growing area with cheap lands for now is mowe/ofada, property agents are using all manner of schemes and soft loans to get people to acquire lands in these area, same thing happened to festac v.i e.t.c of those days. So just watch out, go and price any land around that area, go back in five years time and write me. 
I will write on why that area will be very hot soon.

@Waserock,
Right message very!very! right target, I know a little here. CATCH THEM YOUNG.

How far with the mowe - ofada lands.

Has much changed. Just curious