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Help Before I Make A Mistake AGAIN, Building 3 Nos Of 2 Bedroom Flats. - Properties - Nairaland

Nairaland Forum / Nairaland / General / Properties / Help Before I Make A Mistake AGAIN, Building 3 Nos Of 2 Bedroom Flats. (1050 Views)

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Help Before I Make A Mistake AGAIN, Building 3 Nos Of 2 Bedroom Flats. by bebe2(f): 11:57pm On Apr 06, 2013
Pls I need ur help. I asked for some knowledge last year while I was trying to buy a land I didn't get much response do I went ahead and bought it, realised it was a big mistake. It was too expensive for the area and was not developed at all.

The land is opic estate area 5 , but I was sent some pics a few days ago. Apparently, that area of optic estate has been handed over to omonile and they are selling undeveloped lands. Some of these land were allocated in 1982 and the owners have done nothing with them. So they re selling any land that the owner have not built and the new buyers re building rapidly. I saw the pics but can't upload because am using an iPad.

My contractor say a 2 bed flat in dat area can get about 150k per annum.
So. Decided to build 3 nos of 2bed flats. This is a dry land.
my contractor is asking for 1 million excluding filling.

I think this is too high, wat do think?

Pls am expecting ur responses
Re: Help Before I Make A Mistake AGAIN, Building 3 Nos Of 2 Bedroom Flats. by marabout(m): 12:44am On Apr 07, 2013
@bebe2,

I am not an expert.

But please clarify what that 1 million demanded by contractor is for. Foundation, to window level, lintel level? Roughly how much will filling cost? My experience is that contractors keep some expenses vague (sure some cost cannot be known beforehand) and that gives the chance to inflate things later.

I am in the same boat as you with little time to spend in Naija, and usually need people to do my my projects.

If you're not sure of adequate ROI because of location (check from other sources), you may want to build a smaller structure like a bq to save the land and spend the big money on a more profitable project.

If the 150k/flat/annum projection seems plausible, ride on now that the energy is still there to do it.
Re: Help Before I Make A Mistake AGAIN, Building 3 Nos Of 2 Bedroom Flats. by bebe2(f): 12:04pm On Apr 07, 2013
marabout: @bebe2,

I am not an expert.

But please clarify what that 1 million demanded by contractor is for. Foundation, to window level, lintel level? Roughly how much will filling cost? My experience is that contractors keep some expenses vague (sure some cost cannot be known beforehand) and that gives the chance to inflate things later.

I am in the same boat as you with little time to spend in Naija, and usually need people to do my my projects.

If you're not sure of adequate ROI because of location (check from other sources), you may want to build a smaller structure like a bq to save the land and spend the big money on a more profitable project.

If the 150k/flat/annum projection seems plausible, ride on now that the energy is still there to do it.
Re: Help Before I Make A Mistake AGAIN, Building 3 Nos Of 2 Bedroom Flats. by bebe2(f): 12:04pm On Apr 07, 2013
marabout: @bebe2,

I am not an expert.

But please clarify what that 1 million demanded by contractor is for. Foundation, to window level, lintel level? Roughly how much will filling cost? My experience is that contractors keep some expenses vague (sure some cost cannot be known beforehand) and that gives the chance to inflate things later.

I am in the same boat as you with little time to spend in Naija, and usually need people to do my my projects.

If you're not sure of adequate ROI because of location (check from other sources), you may want to build a smaller structure like a bq to save the land and spend the big money on a more profitable project.

Tnks marabout, he said the 1 million is for foundation to dpc, without filling.

I have 4 kids so I can't travel much, hubby works and am not from Lagos so I don't have a lot of family there. I am reliant on his one man. I will get a break down of the cost and post it here.
Tnks
If the 150k/flat/annum projection seems plausible, ride on now that the energy is still there to do it.
Re: Help Before I Make A Mistake AGAIN, Building 3 Nos Of 2 Bedroom Flats. by bebe2(f): 12:05pm On Apr 07, 2013
marabout: @bebe2,

I am not an expert.

But please clarify what that 1 million demanded by contractor is for. Foundation, to window level, lintel level? Roughly how much will filling cost? My experience is that contractors keep some expenses vague (sure some cost cannot be known beforehand) and that gives the chance to inflate things later.

I am in the same boat as you with little time to spend in Naija, and usually need people to do my my projects.

If you're not sure of adequate ROI because of location (check from other sources), you may want to build a smaller structure like a bq to save the land and spend the big money on a more profitable project.

Tnks marabout, he said the 1 million is for foundation to dpc, without filling.

I have 4 kids so I can't travel much, hubby works and am not from Lagos so I don't have a lot of family there. I am reliant on his one man. I will get a break down of the cost and post it here.
Tnks
If the 150k/flat/annum projection seems plausible, ride on now that the energy is still there to do it.
Re: Help Before I Make A Mistake AGAIN, Building 3 Nos Of 2 Bedroom Flats. by bebe2(f): 12:42pm On Apr 07, 2013
marabout: @bebe2,

I am not an expert.

But please clarify what that 1 million demanded by contractor is for. Foundation, to window level, lintel level? Roughly how much will filling cost? My experience is that contractors keep some expenses vague (sure some cost cannot be known beforehand) and that gives the chance to inflate things later.

I am in the same boat as you with little time to spend in Naija, and usually need people to do my my projects.

If you're not sure of adequate ROI because of location (check from other sources), you may want to build a smaller structure like a bq to save the land and spend the big money on a more profitable project.

If the 150k/flat/annum projection seems plausible, ride on now that the energy is still there to do it.

Tnks marabout, he said the 1 million is for foundation to dpc, without filling.

I have 4 kids so I can't travel much, hubby works and am not from Lagos so I don't have a lot of family there. I am reliant on his one man. I will get a break down of the cost and post it here.
Tnks
Re: Help Before I Make A Mistake AGAIN, Building 3 Nos Of 2 Bedroom Flats. by verticaimages: 1:44pm On Apr 07, 2013
Your cost should be dependent on your building plan. I'm assuming you already have a building design? Then, simply get two or three more contractors to quote on the drawing. That's the best way for you to get an idea of the median cost for the project. Or better still give to a Quantity Surveyor to give you an estimate of the costs. QS will build in 20-40 percent profit normally, so make sure to ask him what the actual cost is.
Re: Help Before I Make A Mistake AGAIN, Building 3 Nos Of 2 Bedroom Flats. by Aventures(m): 8:53pm On Apr 07, 2013
Get your building design floor plan uploaded,ask your contractor to give you the break down of the estimate and also upload it here, i am sure you will get very good and relevant responses from here.

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