[b][/b][color=#000000][/color]Just thinking ,what will be the best thing for an average man with a family abroad do in terms of aquiring property,should he just buy a property abroad and continue to pay mortgage for 30yrs and insurance and tax forever or he should just save up money and build a decent house in is country of birth. your advice is needed.pls no insult.

It all depends on what you want, are you planning to relocate to 9ja soon? Do you want to rent for years and later find out you should have bought your own place? My advice is buy a house if you can afford the repayment; Then save up and start building stage by stage back home.

note: your property will be repossessed if you don't make your payments.
and you don't have to wait till 30yrs to finish your mortgage, you can always add more to your monthly payment.

@olubuffet , thanks for the advice

adundayo: @olubuffet , thanks for the advice

I agree with olubuffet. Meanwhile, if u later consider to build or buy house in home,( dats if ur a Nigerian). I can alwyz help you to acquire genuine property, witout stress and witout anyone trying to dupe you in one way or the other. I work in a big estate firm in Abj. Take kia

thks

adundayo: [b][/b][color=#000000][/color]Just thinking ,what will be the best thing for an average man with a family abroad do in terms of aquiring property,should he just buy a property abroad and continue to pay mortgage for 30yrs and insurance and tax forever or he should just save up money and build a decent house in is country of birth. your advice is needed.pls no insult.

I personally think it is best to build back home only because if you buy a house abroad, you will have to pay property tax each year and that never ends. Secondly, looking at the job market abroad right now, many employers continue to lay people off which means God forbid should you loose your job or suffer a slash in wages and can no longer keep up with your monthly mortgage payments, your house will go into foreclosure and you will be left with nothing after all the money you invested in the house. Thirdly, even if you later try to sell the house you bought abroad, you may not recuperate the original cost of the home because of a crash in the housing market making properties cheaper.

In addition, if the wrong crowd of people (example: ghetto people, welfare check recipients, drug addicts, alcoholics) begin moving into your neighborhood in large numbers, that could equally devalue your property. As for me, I am thorn about where in Africa I want to build my home. Naturally, I would love to build in Nigeria but the security situation in Nigeria is leaving me quite concerned.

I don't know if ECOWAS citizens can build/invest in properties within the ECOWAS region and how to go about it. I am not sure and may have to research more. As for now I am just eye balling the situation in Nigeria because I will hate to invest my hard earned money in building my home and then later on, I won't be able to enjoy the home due to the possibility of potential armed robbers paying me and my family a visit every night.

@Dasparrow, i quite agree wit u abt insecurity in Nig. But if am to chip in an advice, i will advice you build or buy a house in Abuja. Although, it might be quite expensive, but believe me.., u will ve a lil peace of mind, u can even slip wit ur two eyes closed. because, most areas re provided wit secruity guards both nite & morn. Apart 4rm dose petty theives dat sneak in into houses( which is rare in Abj), i ve neva heard of armed robbers, terrorizing, shooting or robbering in dis state. Unlike in other states like Lag, Ph, etc. Come to tink of it.., if we are to start looking at secruity issue in dis country, then, there will be no houses at all, and definantly this country will be desert. because evribody will be buying & building houses in other pples country. So my broda, ope u will change ur mind & come home for ur own house. And i can help u for genuine lands or to buy a house in Abj, if u change ur mind, *winks at u*. I work in estate firm in dis town and i will make it vry easy 4 u. But dnt 4get, its GOD DAT PROTECTS MAN..!!! Cheers.

dasparrow:

I personally think it is best to build back home only because if you buy a house abroad, you will have to pay property tax each year and that never ends. Secondly, looking at the job market abroad right now, many employers continue to lay people off which means God forbid should you loose your job or suffer a slash in wages and can no longer keep up with your monthly mortgage payments, your house will go into foreclosure and you will be left with nothing after all the money you invested in the house. Thirdly, even if you later try to sell the house you bought abroad, you may not recuperate the original cost of the home because of a crash in the housing market making properties cheaper.

In addition, if the wrong crowd of people (example: ghetto people, welfare check recipients, drug addicts, alcoholics) begin moving into your neighborhood in large numbers, that could equally devalue your property. As for me, I am thorn about where in Africa I want to build my home. Naturally, I would love to build in Nigeria but the security situation in Nigeria is leaving me quite concerned.

I don't know if ECOWAS citizens can build/invest in properties within the ECOWAS region and how to go about it. I am not sure and may have to research more. As for now I am just eye balling the situation in Nigeria because I will hate to invest my hard earned money in building my home and then later on, I won't be able to enjoy the home due to the possibility of potential armed robbers paying me and my family a visit every night.

@Dasparrow, i quite agree wit u abt insecurity in Nig. But if am to chip in an advice, i will advice you build or buy a house in Abuja. Although, it might be quite expensive, but believe me.., u will ve a lil peace of mind, u can even slip wit ur two eyes closed. because, most areas re provided wit secruity guards both nite & morn. Apart 4rm dose petty theives dat sneak in into houses( which is rare in Abj), i ve neva heard of armed robbers, terrorizing, shooting or robbering in dis state. Unlike in other states like Lag, Ph, etc. Come to tink of it.., if we are to start looking at secruity issue in dis country, then, there will be no houses at all, and definantly this country will be desert. because evribody will be buying & building houses in other pples country. So my broda, ope u will change ur mind & come home for ur own house. And i can help u for genuine lands or to buy a house in Abj, if u change ur mind, *winks at u*. I work in estate firm in dis town and i will make it vry easy 4 u. But dnt 4get, its GOD DAT PROTECTS MAN..!!! Cheers.

@dasparrow , i really appreciate your advice.

It is not a straight forward question if to build at home or "buy" abroad. The decision can be complicated but I will try and make it simple. The operational word is "average man". So who is an average man? In the UK; and average man is (s)he or family that earns £25k a year. Am not too sure about the rest of the world so I will only use the UK as an example. A £25k annual income translates to a monthly take home pay (net pay after income tax and National Insurance (N.I) contribution)of about £1450. Again the average man (family) is married with two children and in the Nigerian community in the UK is married with three children.

Now we know the average man. What is the average home for an average man or what is the ideal home for an average Nigerian UK born or resident? It is a three bedroom house or well flat. But most likely three bedroom house. So what is the average cost of a spacious well presented three bedroom house with modern kitchen and toilet in the UK (London)? Its about £230k. So an average man (family) earning £25k today in the UK with good credit score can only borrow (with struggle) an average of £160k which means our average man will need to come up with a savings (shortfall) of £70K to buy a three bedroom house. This is where the "koko" begins and note the highlighted £70k because we will come back to it.

Now we now the average house (cost); what is the average monthly payment (mortgage)? It depends on the mortgage (interest) rate but lets not complicate things; let hide in the safe average and say our average man in our average house will make a monthly payment of £1090 factoring in council tax (this is a kind of residential tax in the UK; its used by the local council to provide amenities ALL MUST PAY!!!)and home insurance. Dont ask me the interest rate I used; its complicated! Now an average man earning £1450 a month having to pay £1090 monthly mortgage is left with £360 a month to meet other bills (gas; light; broadband etc) and feeding and child(ren) cost. In the UK one needs an average of £800 for a near decent living. So it is obvious our average man will struggle with a three bedroom mortgage.

Now we know our average man will struggle "buying" a house abroad. But will he also struggle building a house in Nigeria? Lets crunch some more numbers. If you are not holding down a mortgage there are some legal financial leverage you will enjoy to boost your income if you are working like working tax credit and housing benefit which may be denied you if you have a morgage. So it means our average man will have a higher disposable income without a mortgage and can save more going forward. A decent well presented three bedroom two wing bungalow will cost about N11 million in Nigeria (about £42k) and will rent for N800K (average) over £3000.

Now the picture is getting clearer. Instead of our average man working day and night and slaving it flat out to come up with a down payment of £70k for a morgage he can barely afford and slave some more for good 20 years to meet up payment; he may be better off working decently (work - life balance) and build gradually over three years a decent bungalow at home (Nigeria) first and use the yearly rent to now subsidise any future mortgage commitment abroad. You cannot be a slave to your mortgage. Na so I see am o !

Diordaves,

You are very analytical. I really liked it. Seems you are into project management or a good economist. Well done!!? I am currently seeking to buy in one of Abuja suburbs since diasporean, like me cannot afford the main Abuja. I am considering Kujje, Orozo, jikwoyi and other surrounding satellite axes.. Must also be within an estate to avoid undue paper verifications and other whalas.

Tiphareth: Diordaves,

You are very analytical. I really liked it. Seems you are into project management or a good economist. Well done!!? I am currently seeking to buy in one of Abuja suburbs since diasporean, like me cannot afford the main Abuja. I am considering Kujje, Orozo, jikwoyi and other surrounding satellite axes.. Must also be within an estate to avoid undue paper verifications and other whalas.

I can help you to buy a good genuine property in Abj, at a nice location and affordable price. Try me..!! U wont regret it. My email id is, “janeossi@yahoo.com.

Thanks for all the advice and to GOD be the glory my house is almost finished in nigeria.

pictures

Location and cost please?

mercylicious:
Location and cost please?

PROPERTY NOT FOR SALE

adundayo:


PROPERTY NOT FOR SALE

I don't think he's looking to buy your house.

He wants to know where it's located at and the cost to this level, possibly for a rough comparison.

[quote author=EgunMogaji post=40017379]

I don't think he's looking to buy your house.

He wants to know where it's located at and the cost to this level, possibly for a rough comparison.[/quote

LOCATED SOMEWHERE IN LAGOS STATE

AS PER THE COST TO THIS LEVEL I WILL SAY AROUND 8 MILLION. NOT SURE THOUGH

[quote author=EgunMogaji post=40017379]

LOCATED SOMEWHERE IN LAGOS STATE

AS PER THE COST TO THIS LEVEL I WILL SAY AROUND 8 MILLION. NOT SURE THOUGH

THESE HOUSE IS READY FOR PAINTING , PLS I NEED PROFESSIONAL PAINTERS WITH GOOD IDEA TO CONTACT ME ON THESE FORUM.

Pictures

Pictures again

More

adundayo:
LOCATED SOMEWHERE IN LAGOS STATE

AS PER THE COST TO THIS LEVEL I WILL SAY AROUND 8 MILLION. NOT SURE THOUGH

Okay I understand not being specific because of safety but Lagos State is big. Is it Ajegunle or Banana Island? You don't have to answer as I don't need to know but others building in Lagos might want to know.

As far as N8m, while it's not impossible I find it improbable that you built this structure for N8m anywhere in Nigeria.

The 8m is just up to the first pictures but at the current stage now its almost 15m.

adundayo:
The 8m is just up to the first pictures but at the current stage now its almost 15m.

I know and I continue to doubt your budget.

There is no way that N8m built this unless it's a builder building his own house. Like you said earlier you were not sure.

Plastering
Parapet
Aluminum Windows
Guards House
Step Tile Roofing

I don't see ceiling yet.

just checked all the transfer i did to this stage ,it around 10.5m. this thing don consume money ooo.

My father Inlaw did the the aluminium window almost for free,Got the pop done by a church member in Nigeria at a very good rate.The roof was done by a church member in Nigeria at a very good discount as well.

adundayo:
just checked all the transfer i did to this stage ,it around 10.5m. this thing don consume money ooo.

Thanks for being honest, it speaks volume of you Sir.

If you calculated all the free and almost free stuff and include it in your budget than you will found that your have about N12 to 14M in that structure.

The reason why this is important to know is that others who are in the building stages or most importantly contemplating building needs these figures to set a baseline.

I'm building in Ibadan and something quite different from these (we're probably at the same square footage - mine is a 4,000 square foot bungalow minus a 500 square foot central courtyard) and I'm in at just under N5m at german floor level (inclusive), excluding the land and it's associate fees (architect, lawyer, document fees, approval, etc) it's N3.5m

Good luck as you continue and may we all enjoy the fruits of our labor.

THANKS FOR THE GOOD WORDS AND PRAYER.HOWEVER I WANT TO KNOW IF YOU ARE BASED IN NIGERIA OR USA

adundayo:
THANKS FOR THE GOOD WORDS AND PRAYER.HOWEVER I WANT TO KNOW IF YOU ARE BASED IN NIGERIA OR USA

I am in Los Angeles but have been progressively spending more time in Ibadan as I start my 5 year transition plan to return home.

Oh, i am base here in Atlanta GA.I know a lil bit about ibadan because i did my high school at loyola college.