Abeg I would build mine with clay and palm frods at least 15m can do that one

please, to divert a little, how much does it take to build a bungalow.

please, to divert a little, how much does it take to build a bungalow.

million!millions!!! and millions!!!! na waoo!! dis our naira slf

the answer to your post is NO

Dis Guy:

Is that a hostel?

Yes a hostel, fully furnished hostel including cost of land.

N15 Million for a block of 8 Flats? Laugh wan kill me die

An uncle just finished a 4-bedroom bungalow at Mowe-Ofada in Ogun State and it cost him over N8 million.

maninmood:

Yes a hostel, fully furnished hostel including cost of land.

Cool, hope the rental income makes good business case

Thank you all for your excellent contributions, am moved by your sincere comments. First, the house will be built in Enugu, Nigeria. I have bought the land, a 1100 sq mtr land, fenced it with gate, sank a well there and the water is always full (I dont think I will ever pay for water there)
I have an engineer draw a plan for me for which he charged me 100k, the approvals have been secured from govt. Everything is ready except the starting date. I may be around to source materials myself, and I do know a lot about buildings, but have never built a house this big. I am a specialist with downstairs, I invest in open yards, shops, hostels, self contains and other small multi-room aprtments.
This will be my biggest attempt and I feel scared.

For Enugu,you will be looking at N35-40 million, and keep another 5 million for the unforeseen expenses,that's if you are the one handling the project.I will also advice you to source all your building materials from Onitsha.I would also advice you not to compromise on the quality of the building materials,cos it pays for it self overtime.

semid4lyfe:

N15 Million for a block of 8 Flats? Laugh wan kill me die

An uncle just finished a 4-bedroom bungalow at Mowe-Ofada in Ogun State and it cost him over N8 million.

Dont laugh yet, your uncle may not know the few tricks I know about building. He may also have a very high taste and the house could be really big (like an eleven bedroom affair) each room ensuit.
The only thing costly about an 8 flat house are the pillars, columns and the deckings. All other things na small matter. My house will be built of a flat, dry, stony land.

BigPhil:

For Enugu,you will be looking at N35-40 million, and keep another 5 million for the unforeseen expenses,that's if you are the one handling the project.I will also advice you to source all your building materials from Onitsha.I would also advice you not to compromise on the quality of the building materials,cos it pays for it self overtime.

Thank you, only that 40 million sounds too much to tie down on a building, seems I can do something else with that amount. How can I build an 8 flat house and be recognized as a big boy, while am collecting only 2 million/year as rent (the average rent for a 3 bedroom in Enugu is about 250k) meaning it will take me like 20 years to recoup my investment! And I have not even put the cost of land in the calculation. Not good at all.

I could use that amount and 'mass produce' rooms at odd locations where population is high. 40 million can give me 5 houses of 24 rooms each built with 8 million, (even with the cost of lands added) while I rent at 2500k per month.
2500 x 12 months x 24 rooms x 5 houses = 3.6 million per year.
Which means I make my 40 million back in 11.11 years as against 20 years in the 8 flats option. And I still have the advantage of 5 different lands in several parts of town as against one plot of 8 flats!
Am I not a genius?

You certainyl one the way to being one

20 years is definitely too long haba, but if the economy encourages getting loans of your land and house then it will
definitely make sense as you will be able to do other business instead of waiting for ya tenant in enugu

15m will do the skeletal to an extent, to complete you need a budget of 60m. For better planning get the drawing from and architect then get a Quantity Surveyor (dats me ) to cost it for you, then you can plan. cheers

uwemjack:

15m will do the skeletal to an extent, to complete you need a budget of 60m. For better planning get the drawing from and architect then get a Quantity Surveyor (dats me ) to cost it for you, then you can plan. cheers

60 milla! Poor me, and I was complaining about 40 mil. Now I have to add another 20 million, now it will take me 30 solid years to break even, before I start talking of profits. By then I will be a grandfather, inching to the grave. Not the best way to make money if you ask me.

This is why there are several uncompleted buildings all over the place in that hole of a country. Must you build 8 flats? You want to start what you may not finish. Build two flats or four flats that you are guareented to finish and start collecting rent sharp sharp.

Taking your whole life to complete one house is not wise atall.

Demain_man:

This is why there are several uncompleted buildings all over the place in that hole of a country. Must you build 8 flats? You want to start what you may not finish. Build two flats or four flats that you are guareented to finish and start collecting rent sharp sharp.

Taking your whole life to complete one house is not wise atall.

We have not got to the summary yet, we are still arguing costs and you fly off in another direction. Allow more people to analyse the costs. Good advice though as I wont like to start what I cannot finish.

i am no builder and must confess i have no experience whatsoever but i recently made a rough estimate of what it will cost to build a three bedroom bungalow listing all i think is needed and putting basic realistic ammount based on what i ve heard or seen and it came to N5 mil aside the land.i am not even sure i covered all that is needed cos i prob dont know, think bro and times that by 8, u have 40 mil, dont even delude yourself, u will need no less than 45 mil, i don talk ma own o

Dis Guy:

Cool, hope the rental income makes good business case

The average net income annually is 2.8mil after all taxes is being paid.

You are having a fixed asset not because of the profit but to simply build your credit up.

Personally, I understand, perhaps you don't

Yes and no
Yes if you're kidding,the reverse is also true

@ Violent, well said man, well said. lol

Ha, for 15 million you will get a minature pyramid of Giza complete with six self contained burial chambers. A simple analysis dividing 15 mill by 8 flats by 35 or 40 years ROI (depending on taste) will give you what you are permitted to earn as rent pa.

50,000 per annum for a 2 bed block of flats will fall flat that is why I suggested a pyramid first. Too low.

And please do not build with occupancy. It is unethical and very, very dangerous. Believe me. If the cash is short, scale. Go for something small like poultry cages. You know singles or studios. You will always get customers and the type you can handle without 'you will hear from my lawyer'.

Another idea is to partner with a like minded developer and entrust ownership to a reputable Estagency to manage.

Cheers, goodluck.

No build pyramid or anthill oh.

@ Reference you again, first it was violent and now you, ROTFLMAO

@poster,

I am currently building (a twin duplex of 4 bedroom each) and even 25M will not do. You need to do a soil assessment as that can significantly affect the costs ranging from 2.5M to as much as 10M and over.

blockwork for each floor will gulp at least 1.5M = at least 4.5m
foundation at least 2.5M
roofing at least 2M
decking (2) at least 2.5M each = 5M
Electrical @ least 1M
Plumbing & Materials at least 1.5M
Plastering at least 1.5M
Tiling depending on choice at least 800k to several millions
Surroundings if interlocking etc at least 800k
Fence/gatehouse at least 1.5M

With that you are already going to at least 20M and I am being modest. just get a good quantity surveyor to give you an estimate. be careful with verbal estimates, which is very common. Let the QS guy use the drawing plans and give you an estimate. Take it step by step and God will help if you believe in God.

maninmood:


The average net income annually is 2.8mil after all taxes is being paid.

You are having a fixed asset not because of the profit but to simply build your credit up.

Personally, I understand, perhaps you don't

Thanks for the lesson mani, I don't really know much about real estate esp in Nigeria apart from it being a bit expensive and very long term

A four bedroom duplex - with land and up to the roofing woodworks - in Abuja - total expended already - 20million. 15 million cant build you what you propose even if you mould the blocks yourself.

Demain_man:

This is why there are several uncompleted buildings all over the place in that hole of a country. Must you build 8 flats? You want to start what you may not finish. Build two flats or four flats that you are guareented to finish and start collecting rent sharp sharp.

Taking your whole life to complete one house is not wise atall.

Look at how this one is talking- people struggle to have properties and you come here to talk ras. I wonder if you have ever bought a block, talkless of a plot of land. Hole of a country ko, hill of a country ni. Stay there while others progress in the same hole of a country.

Well it depend on what u want. My husband finished our house in the village with about 48 million naira. It's a 2 storey building.

^^^.

Ma - that is surely on a high side. Seriously speaking.

Hit me up on my company email:raideusng@yahoo.com or call my company 084-880851.Raideus Nig LTD.sorry i cant drop my address or my mobile number,too many bloody scammers here.You might have to send Your building plan,my company has a low cost building formula,which is used in third world countries.

Reference:

Ha, for 15 million you will get a minature pyramid of Giza complete with six self contained burial chambers. A simple analysis dividing 15 mill by 8 flats by 35 or 40 years ROI (depending on taste) will give you what you are permitted to earn as rent pa.

50,000 per annum for a 2 bed block of flats will fall flat that is why I suggested a pyramid first. Too low.

And please do not build with occupancy. It is unethical and very, very dangerous. Believe me. If the cash is short, scale. Go for something small like poultry cages. You know singles or studios. You will always get customers and the type you can handle without 'you will hear from my lawyer'.

Another idea is to partner with a like minded developer and entrust ownership to a reputable Estagency to manage.

Cheers, goodluck.

No build pyramid or anthill oh.

Immature reply, NEXT!

Ma_J_Blige:

Look at how this one is talking- people struggle to have properties and you come here to talk ras. I wonder if you have ever bought a block, talkless of a plot of land. Hole of a country ko, hill of a country ni. Stay there while others progress in the same hole of a country.

Dont mind them jare, some will always see the bad in everything they do.