Serious

Thanks for your efforts at posting pictures. This is a good property. The only but is the price in a time of recession

Dear Sips,

Thanks for thanking me (I hope you dont thank me for thanking you for thanking me! LOL!)

Property is priced to sell. Owner is not in the least bit unreasonable.

View house, make offer and we'll take it from there

Available

Shagati:

In line with the recommendations of this section for posts to include pictures, please find below a 2-wing Semi-Detached 4-bedroom duplex with multi-level, multi room boys quarters located in Shangisha-Magodo, Lagos

Asking: N60m o.n.o
Encumberance: None
Title: Official receipt

I am not an agent as building is owned by a family member

Serious enquiries only on 0for more details
Shagati

Sorry, i am not too familiar with the lingo. How many flats is this altogether? How much can i let one flat out in this area.? Thanks a lot.

Promise

There are two apartments - each on two floors so they cant be described as flats (Duplex rather)

The quarters at the back has rooms, stores, lounges + kitchen toilet and bath on three floors so can be converted/remodelled to taste

Each apartment can attract betweed N750-850k (the sitting occupants paid N600k in the last rental year)

Shagati:

Promise

There are two apartments - each on two floors so they cant be described as flats (Duplex rather)

The quarters at the back has rooms, stores, lounges + kitchen toilet and bath on three floors so can be converted/remodelled to taste

Each apartment can attract betweed N750-850k (the sitting occupants paid N600k in the last rental year)

Thanks. Makes u wonder. Nice property, no doubt!. But at N60m, even at the 850k rent it will take you 35years just to recoup ur investment!. Profit is not even there yet.

If we go by the current tenant rate of 600k, that will drop u to 50years!

Even if you increase rent, its still doubtful if you can significantly catch up the lenght of return on investment if you keep in mind that current money should appreciate in later future (if you put in fixed deposit)

Put in the fact that the house will need maintenance, it will need to be thought properly.

One nice of a flat though.

@ Promise

Great analogy.
I reiterate: Seller is not unreasonable

Priced to sell!

promise72:

Thanks. Makes u wonder. Nice property, no doubt!. But at N60m, even at the 850k rent it will take you 35years just to recoup ur investment!. Profit is not even there yet.

If we go by the current tenant rate of 600k, that will drop u to 50years!

Even if you increase rent, its still doubtful if you can significantly catch up the lenght of return on investment if you keep in mind that current money should appreciate in later future (if you put in fixed deposit)

Put in the fact that the house will need maintenance, it will need to be thought properly.

One nice of a flat though.

Stop being a vile Arrow and an obnoxious git, when someone queries how a 2010 Honda Accord can be advertised with a N10M price tag in the Auto section, you are always the one who barges in with your mind-numbing, long-winded epistle about why it should even cost N12.5M, so try and be civil for once

By the way anyone endowed with a brain cell is aware of the fact that a car starts to depreciates the minute you leave the showroom compared to landed properties, so what gives

By their deeds, we shall know them

^^^ Is that humble pie I smell

Busy_body:

^^^ Is that humble pie I smell

u must be sadly mistaken. When u run around attacking ppl for their opinion unnecessarily with abusive and confrontational words. it shows me what type of xter and thought process u possess. Hence, i know u by ur deeds.

This is a forum and i am entitled to my opinion. You wanna be abusive and be dim witted, keep it moving.

promise72:

u must be sadly mistaken. When u run around attacking ppl for their opinion unnecessarily with abusive and confrontational words. it shows me what type of xter and thought process u possess. Hence, i know u by ur deeds.

This is a forum and i am entitled to my opinion. You wanna be abusive and be dim witted, keep it moving.

My friend quit your holier-than-thou act and zip it and quit whining like a big girl's blouse, you are just being paid back in your own coin What was your purpose on this thread other than to pour sand in Shagati's garri and display the bring-em-down mentality you have been saddled with FYI, I am entitled to my own opinion too, arrogant twerp

Shagati carry go bruv, God pass them

Busy_body:



My friend quit your holier-than-thou act and zip it and quit whining like a big girl's blouse, you are just being paid back in your own coin What was your purpose on this thread other than to pour sand in Shagati's garri and display the bring-em-down mentality you have been saddled with, arrogant twerp

Shagati carry go bruv, God pass them

Thanks. Are u finished?

promise72:

Thanks. Are u finished?

What's it to you, numpty

promise72:

Thanks. Makes u wonder. Nice property, no doubt!. But at N60m, even at the 850k rent it will take you 35years just to recoup ur investment!. Profit is not even there yet.

If we go by the current tenant rate of 600k, that will drop u to 50years!

Even if you increase rent, its still doubtful if you can significantly catch up the lenght of return on investment if you keep in mind that current money should appreciate in later future (if you put in fixed deposit)

Put in the fact that the house will need maintenance, it will need to be thought properly.

One nice of a flat though.

I disagree with you. If you have ever bought property, you will not adopt that analysis of yours. Remember speculative investors? Some people buy properties and tow years on, they sell it double the price. I personally bought a house in a suburb in Abuja last year for N2.5million and I sold it this year for N8million. Its not all about rent my dear. If your idea of buying a house is to collect rent then, you will get old before you break even. 35years is alot of time

Hey people (Promise et Busy!)

I quite relate to your differing opinions afterall that's what makes us all unique (, but wait, If we are ALL UNIQUE, doesn't that make us THE SAME - Another topic for another thread surely, LOL!)

Back to the matter at hand; Promise's analogy is correct in that on the average (at least in Nigeria) the value of the property is between 30-35 years of today's rent. Look around and check it out.
At the same time, he missed out a point in that chain of thought which Archemedes pointed out (increasing value of said property etc) and that noone should buy for rental income only.

Thanks for the encouragement Busy but "abeg u veri mush on behalf of Promise". We are sorry for any and all previous transgressions (No vex biko!).

Note that the price of the property in question has been adjusted after due consultations.
I say once again, Seller is not unreasonable

Shagati

archemedes:

I disagree with you. If you have ever bought property, you will not adopt that analysis of yours. Remember speculative investors? Some people buy properties and tow years on, they sell it double the price. I personally bought a house in a suburb in Abuja last year for [size=18pt]N2.5million and I sold it this year for N8million[/size]. Its not all about rent my dear. If your idea of buying a house is to collect rent then, you will get old before you break even. 35years is alot of time

2.5 to 8m . naija and over inflated prices.

promise72:

Thanks.  Are u finished? 

promise leave my sister alone i beg.  she is usually a very nice person. people like you keep looking for her trouble as if u didnt know she wont leave u alone once she start.

OP, thanks for pics

Shagati:

Hey people (Promise et Busy!)

I quite relate to your differing opinions afterall that's what makes us all unique (, but wait, If we are ALL UNIQUE, doesn't that make us THE SAME - Another topic for another thread surely, LOL!)

Back to the matter at hand; Promise's analogy is correct in that on the average (at least in Nigeria) the value of the property is between 30-35 years of today's rent. Look around and check it out.
At the same time, he missed out a point in that chain of thought which Archemedes pointed out (increasing value of said property etc) and that noone should buy for rental income only.

Thanks for the encouragement Busy but "abeg u veri mush on behalf of Promise". We are sorry for any and all previous transgressions (No vex biko!).

Note that the price of the property in question has been adjusted after due consultations.
I say once again, Seller is not unreasonable

Shagati

I have taken your plea on board But rest assured I cannot be vexed with a nonentity who does not exist in my radar as far as I am concerned. I have had far more interesting conversation with two year old kindergaten children so would rather watch paint dry or pull out my own teeth rather than waste my precious valuable time on that *%$%^&**

Busy_body:


I have taken your plea on board

That's settled then

Ahem! House still on the market

Yes, still available

Available

Is it my eyes, but I can see a plank holding the structure in front and you want to sell for 50 million? Seems as if the house is sinking. Might be the way the picture was taken. But based on the rent, there is no economic efficacy in buying the house if it is buy to Let investment. But the property would suit someone that wants to live in it. That is my humble opinion, maybe because I do not live in Nigeria!!!!

Bariga1:

Is it my eyes, but I can see a plank holding the structure in front?

Yup, definitely your eyes
Please look again!

Bariga1:

based on the rent, there is no economic efficacy in buying the house if it is buy to Let investment.

I thought the matter of rent vs. cost of house had been laid to rest in earlier posts?

Next question please!

Still here

Ibukun, thanks for the call. I expect your feedback

Shagati

Updated

There is so much hostility on this thread.

Dagbolu:

There is so much hostility on this thread.

There was hostility but it's all good now

For interested parties, property is very available

N50m?? 

What is that? £210K? 

Why will I pay so much for a house that looks like that in that kind of neighbourhood when I can invest my money in this (a £210K 4-bedroom property in Dartford UK)?

If I buy the UK one, I more likely to get a house:

- in a better, cleaner and safer neighbourhood
- that has better building quality
- looks nicer
- will have a more predictable and better appreciation
- I can rent out for at least £900 per month (circa N220K per month, N2.5m per year) hence shorter pay back period
- better roads and amenities

Nigerian houses are way overpriced. There is absolutely no way I will join in that herd mentality.

Sagamite

Hmmm

@sagamite,

I see no reason why you are here whining like ur cousin promise72
na by force? those who are knowlegeable and ready to invest will buy this property sell it in 5 years for 120 million with the way fashola is going.
not to talk of rents.

now i see why the rich are getting richer.