Even IF, one can afford. . .i wouldn't advise you pay that much for ANY apartment.

true words from the poster!

Yox Ardor

N4.2 m your friend is still ok. i haven't told you of one MAD MAN who paid over N25m for two years for a house. in abuja here. you can still buy good houses for that amount.

May be hes sharing from the national cake, u know dat one never runs dry

@ lawyer
good advice, but lardlord got to get paid.

Lawyer

As your friend is a bachelor investing in a property of his own would have been very wise, although if its possible that the guy can invest his time wisely with his business and BUY a better place at the end of 2 years then he has done the right thing. however its not advisable to be paying this amount for a long time cause in life I believe everyone should be their own landlord.

hope it pays out for ur friend in the end.

when the rent is about to expire,I bet ur guy would think differently
about how he blew N5milla for 2 yrs rent.

Wateva the case maybe, it is all about investing.

you could as well buy a house and i could provide you a loan facility.

contact me on funm.oyin@gmail.com.

thanx

Your friend might just prefer the flexibility involved with renting.
Building a house in naija if one isn't familiar with the know how is always gonna be like a white elephant.

It's been proven mathematically in the UK that renting compared (like for like over an equal no of yrs)to buying a house is better economically.
I know naija is a different case study as people don't bother abt mortgage and stuffs but whats the feasibility of him being able to build a house around where he works?
If the transport system and security threats were non issues then he should def be looking at building

anyday anytime i will build as long as i can count 5million in my hand i will build oo.

jay bee:

Your friend might just prefer the flexibility involved with renting.
Building a house in naija if one isn't familiar with the know how is always gonna be like a white elephant.

It's been proven mathematically in the UK that renting compared (like for like over an equal no of yrs)to buying a house is better economically.
I know naija is a different case study as people don't bother abt mortgage and stuffs but whats the feasibility of him being able to build a house around where he works?
If the transport system and security threats were non issues then he should def be looking at building

Mortgage is a means of providing a means for people who can't afford a one off payment to purchase a house, the banks come by giving you a loan which you repay spread over years. Just like hire purchase - it is a one of the means banks make money as you are buying at a higher pricing (including interest). You can equally buy a house by one off payment which doesn't require to the making monthly payments if the have the cash which is cheaper.

somethign that is also bothering me!

should one immediately start building or rent for a while!

As odd as it may be, some1 might prefer renting first b4 building in a particular location. The guy in question may have more than enough to back himself up 4 years without flinching at the rental rate. Some pple have stated the reason for choosing rental over building in different location to security.

Currently going through some headache of completing a project right now due to logistic constraints and I have resolved to rent in a choosy area to settle down b4 completing the project at hand. If the dole is there, I will do d same provided that my backup plan is unmoved.

It's all about perspectives.

i wouldn't use 5million to rent a house at this moment i would rather use it for business and not even build a house , but if i be rich boy i would

I showed my naija paddie who dey stay for Ijora this question.
Him say he go take da money rent room for motel, make them ladies line up for door
and he go poi one by one till money finish.
He say becos for dis naija, him no know when armu robber, or soja or hiv-aids go gettam!

You have personally given him your opinion which is a good one.
Just like someone said that common sense is not common.
I recently build 4 units of 2 bedroom apartment for about 10million naira under 2 and half years, when i started i did not have more than 300k at hand ,though land was aleady purchased, but i anticipated the expansion from my biz will fund the building project.Today flats is generating 800k per year.
I found this link on nairaland some 3 years back, most nigerians who live in the UK will have same opportunity as this guy but will rather give flimsy excuses.
Please read.
http://www.telegraph.co.uk/property/3345791/Building-a-fortune-out-of-beer-money.html