vicobosi:
First of all, this is not fot low income earners, its for people earning from 200 and above because i don't see a level 4 to 5 civil servant being able to afford that shit. In the first place, where e get 1.5m as initial deposit or didnt i read that right? 25m to be paid in 10yrs thats around 113k per month, how many "low income earners" can afford that in these recesion age? Yet they claim to be helping.... Abegie! Its just another sham to bury people in perpetual debt. #Godsavelagocians/nigeria

go back to skool to learn Basic calculations

FakoMaybach1:
Please i need someone to educate me on how i can quickly register to be a lagos resident....this scheme i am so interested

i want to own my home abeg, tired of being a bloody tenant.

But abeg eh make i axe kwesion, if maybe u started by paying 5k rent every month and ur income increases can u step up so that u go own ur house quicker, and kwesion two hope there is no Hidden interest rates and hidden charges


Please someone should teach me how i can get this lagos residency without stress cus i know that Tax clearance will be so so stressful

Check out how to register here: http://www.lagosresidents.gov.ng/how-to-register/

hmmm

ERONX:
25 mill, and u call DAT affordable?

To be paid over 10years is very affordable

chigoizie7:

25mill can build 2 or 3 3-4 bedroom flats for me nah.

Una no dey read? The money would be paid over 10years after which they become owners of d house

Is there anyway you can buy from these units if you don't reside in Nigeria?

DaCharis2016:
This is a good development.

How can someone get a Resident Registration Card?

Go to the nearest Local government office a ask for LASRRA office.

You will get it do there

Riversides2003:
Is there anyway you can buy from these units if you don't reside in Nigeria?

I don't think so, except you have all the documents requested for. And you need to reside in Nigeria to get them.

Afam4eva:
25 million? I thought the scheme was for low income earners. Where exactly do they expect them to get that kind of money.

I have always been against buying flats at exorbitant amounts because you don't own the land that the flat is on. if something happens to the flat then what do you do?

The scheme is for low income workers...... not for scandalous people who can't read and understand.

Riversides2003:
Is there anyway you can buy from these units if you don't reside in Nigeria?

You can check out properties for sale in Nigeria here
https://www.tolet.com.ng/property-for-sale?utm_source=nairaland&utm_campaign=nairaland_6_12_2016&utm_medium=blog

realborn:
@Post,

With the prevailing market rates of building materials, I applaud Lagos State if they are really able to deliver finished accommodation (at the right quality) for as low as N1.5m, and no higher than N25m, albeit flats.

Before we harangue further, it will be pertinent to wait for the breakdown of the selling price vis a vis the respective locations. Thereafter, we can compare the LASG proposed selling price with that of the private developers in each area.

Low income earners will obviously be able to benefit from the low range houses. The upper range will be very beneficial to mid income earners who pay exorbitant rents in Surulere, Lekki and related environs where these houses will be located.

Kudos again to LASG.

Those who want info can visit their website for the different locations and price. I think it's a good initiative if it is carried out transparently.

http://lagoshoms.gov.ng/

PortableAngel:
The long awaited Lagos Rent-to-Own Scheme has been scheduled to commence on December 8, 2016. The project which is meant to satisfy the hopes and aspirations of low-income earners in Lagos is finally here.

However, the housing project has been doubted by so many Lagosians who feel that it is one of the government methods to deceive the people and reserve the properties for a group of people in government. Governor Ambode has made a number of provisions to make sure that the houses go to the low-income earners. Below are the top six reasons that make the Lagos rent-to-own scheme genuine:

Only first-time home buyers are eligible for the scheme
The governor slashed the prices of the homes to encourage low-income earners
The home is not transferable
The house will be paid for from the source of income
There is an age limit
The Rental Housing Policy will cover the working class.

According to the Commissioner for Housing, Mr. Gbolahan Lawal, the policy was in response to the yearnings of residents for affordable and decent housing.

He said that the `Rent to Own’ policy would target low-income earners in both formal and informal sectors, while the `Rental Housing’ policy would cover the working class.

He said that the `Rent to Own’ policy will also cover those with regular income, with the rent deducted from source. He said that the government would kick-start the project with over 1,000 units out of the 3,192 units earmarked in the first phase.

Lawal said the first phase of the project would be sited in the following areas: Epe, Agbowa, Ojokoro, Alimosho, Igbogbo, Igando, Iponri, Surulere, Eti-Osa, Ajara and Badagry.

He said that five per cent value of the housing unit would be paid as commitment fee on the Rent to Own Policy, while the balance would be spread for 10 years.

On the Rental Housing policy, Lawal said that rent would be collected on a monthly basis, and tenants were required to pay one month deposit, according to the prevailing rent in each location. He said rented apartments are not transferable.

Lawal said that applicants must be primary residents in the state and would be required to submit a copy of their Lagos State Residents Registration Card.

He said that applicants must be first-time home buyers, must be 21 years old and above, as well as be tax compliant, among others. The commissioner assured that selection process will be credible, fair and transparent, saying units in the rent to own scheme spread across the state ranges from one bedroom to three bedroom flats while unit price ranges from N1.5m to N25m depending on location and type.


Source: https://www.tolet.com.ng/blog/why-the-lagos-rent-to-own-scheme-is-genuine/?utm_source=nairaland&utm_campaign=nairaland_5_12_2016&utm_medium=blog

Plsss how do i get my Lagos state Resident card sharp sharp??

kstix:

Una no dey read? The money would be paid over 10years after which they become owners of d house

Even @ that. It is still too exorbitant.

For low income earners, those in civil service, either state or FG.

Which state govt pays it's workers above 150k?

Let's peg it @ 150k, by 1yr is 1.8million by 10yrs is 18million it is not even up to the 25million, assume, those workers pay in all the salaries into the housing scheme, Ee still no do.


As such, it is not attainable because the people they are targeting(low income earners) can not even afford it. Thus, it will still end up with high income earners and politicians.

wasuka14:


Plsss how do i get my Lagos state Resident card sharp sharp??

Go to the nearest local government with a valid ID card or click on this link http://www.lagosresidents.gov.ng/how-to-register/.

chigoizie7:


Even @ that. It is still too exorbitant.

For low income earners, those in civil service, either state or FG.

Which state govt pays it's workers above 150k?

Let's peg it @ 150k, by 1yr is 1.8million by 10yrs is 18million it is not even up to the 25million, assume, those workers pay in all the salaries into the housing scheme, Ee still no do.


As such, it is not attainable because the people they are targeting(low income earners) can not even afford it. Thus, it will still end up with high income earners and politicians.

You don't have to buy the one for 25 million , you can buy a more affordable one

chigoizie7:


Even @ that. It is still too exorbitant.

For low income earners, those in civil service, either state or FG.

Which state govt pays it's workers above 150k?

Let's peg it @ 150k, by 1yr is 1.8million by 10yrs is 18million it is not even up to the 25million, assume, those workers pay in all the salaries into the housing scheme, Ee still no do.


As such, it is not attainable because the people they are targeting(low income earners) can not even afford it. Thus, it will still end up with high income earners and politicians.

Mr man go and read the post again. So that u will see that they are letting out low cost houses too within the range of 1 to 2 million. It's the worker's choice to pick from d range of prices based on his/her income. It's not all 25million. Go and read d post very well

mapet:



If you have the bulk N25m at hand, then the scheme is not for you in the first place

Would you advise anyone to participate in this scheme?
25million with 5% downright payment and the balance spread over 10 years. What if one loses his job? What will happen?
cc: Bagehot

ColonelDrake:

Would you advise anyone to participate in this scheme?
25million with 5% downright payment and the balance spread over 10 years. What if one loses his job? What will happen?
cc: Bagehot

Interestinq question. My humble submissions are these

1. The scheme is very helpful and necessary to bridge the housing gap. Without schemes like these many will not be able to afford a house, even on the long run. Obviously the scheme is tailored to some socialist and capitalist countries housing scheme

2. Will I advise anyone to participate. The answer is relative. First off, the choice is exclusively with the individual, whether to own a house or not, whether to buy a fully built house or to build from the scratch. These choices are informed by many factors, one of it is the poser raised - Availability of a bulk-sum cash (N25m in this context). My wife and I built our house from the scratch. It took us 5years to complete. Why? because we did not want to be subjected to the "weight" of expensive mortages and private bank schemes. That "5years" was a harrowing, challenging and very tough experience, but it is history now. It is more like compressing a 15-20yr interest into 5yrs. So personally I went for something more challenging than the Lagos Rent-to-own scheme

3. Now there is no life without it's attendant risks. Yes you may loose your job, or some other mishap may happen. But that is just one of the probabilities. Have you consider the positives? What if your earning power changes along the line and you walk up to Lagos state government to request for a bigger scheme and renegotiate your terms? What is you even opt to cash-out along the line and use the money to buy a bigger house? My approach to life is that we keep moving on with a positive mindset and when we get to trouble waters we, solve it

mapet:


Interestinq question. My humble submissions are these

1. The scheme is very helpful and necessary to bridge the housing gap. Without schemes like these many will not be able to afford a house, even on the long run. Obviously the scheme is tailored to some socialist and capitalist countries housing scheme

2. Will I advise anyone to participate. The answer is relative. First off, the choice is exclusively with the individual, whether to own a house or not, whether to buy a fully built house or to build from the scratch. These choices are informed by many factors, one of it is the poser raised - Availability of a bulk-sum cash (N25m in this context). My wife and I built our house from the scratch. It took us 5years to complete. Why? because we did not want to be subjected to the "weight" of expensive mortages and private bank schemes. That "5years" was a harrowing, challenging and very tough experience, but it is history now. It is more like compressing a 15-20yr interest into 5yrs. So personally I went for something more challenging than the Lagos Rent-to-own scheme

3. Now there is no life without it's attendant risks. Yes you may loose your job, or some other mishap may happen. But that is just one of the probabilities. Have you consider the positives? What if your earning power changes along the line and you walk up to Lagos state government to request for a bigger scheme and renegotiate your terms? What is you even opt to cash-out along the line and use the money to buy a bigger house? My approach to life is that we keep moving on with a positive mindset and when we get to trouble waters we, solve it

beautiful. *thumbs up

mapet:


Interestinq question. My humble submissions are these

1. The scheme is very helpful and necessary to bridge the housing gap. Without schemes like these many will not be able to afford a house, even on the long run. Obviously the scheme is tailored to some socialist and capitalist countries housing scheme

2. Will I advise anyone to participate. The answer is relative. First off, the choice is exclusively with the individual, whether to own a house or not, whether to buy a fully built house or to build from the scratch. These choices are informed by many factors, one of it is the poser raised - Availability of a bulk-sum cash (N25m in this context). My wife and I built our house from the scratch. It took us 5years to complete. Why? because we did not want to be subjected to the "weight" of expensive mortages and private bank schemes. That "5years" was a harrowing, challenging and very tough experience, but it is history now. It is more like compressing a 15-20yr interest into 5yrs. So personally I went for something more challenging than the Lagos Rent-to-own scheme

3. Now there is no life without it's attendant risks. Yes you may loose your job, or some other mishap may happen. But that is just one of the probabilities. Have you consider the positives? What if your earning power changes along the line and you walk up to Lagos state government to request for a bigger scheme and renegotiate your terms? What is you even opt to cash-out along the line and use the money to buy a bigger house? My approach to life is that we keep moving on with a positive mindset and when we get to trouble waters we, solve it

Thank you for your wonderful submissions.
My choice is flexible. I'm open to any - buying a newly built apartment, building one from scratch, Rent-to-own etc. However, I don't have the bulk money to buy a house outright.

"My wife and I built our house from the scratch. It took us 5years to complete. Why? because we did not want to be subjected to the "weight" of expensive mortages and private bank schemes. That "5years" was a harrowing, challenging and very tough experience, but it is history now. It is more like compressing a 15-20yr interest into 5yrs. So personally I went for something more challenging than the Lagos Rent-to-own scheme"

Do you mind elaborating on this? Perhaps there may be one or two lessons I could learn from it. I think my fear is the psychological effect of servicing a debt over a 10 year period. I mean - knowing that I will paying debt for 10 consecutive years is disheartening. Or perhaps, the anticipated effect is all in my head.

"Now there is no life without it's attendant risks. Yes you may loose your job, or some other mishap may happen. But that is just one of the probabilities. Have you consider the positives? What if your earning power changes along the line and you walk up to Lagos state government to request for a bigger scheme and renegotiate your terms? What is you even opt to cash-out along the line and use the money to buy a bigger house? My approach to life is that we keep moving on with a positive mindset and when we get to trouble waters we, solve it"

You are right here about the associated life's risks. I have had to make some really tough decisions in my life, and it all worked out well.
It would really make perfect sense if there is possibility of renegotiating terms and conditions due to change in circumstances.

Let me describe my situation to paint a clearer picture. I work in Lagos and I currently pay rent in the tune of 650k per month. I had sought the advise of Nairalanders on whether it make sense to be working in Lagos and building a house in Ogun State owing to the low cost of land. My preference is actually to build my house in Lagos for the sake of proximity to my work place, but the cost of land on the mainland is on the high side - in range of 15 million to 20 million. Assuming my present salary trend continues, it will take me circa 9 years to save up to that. By that time, obviously, the price of the same parcel of land would be hovering around 30 million to 40 million (Inflation and time value of money obviously). I do not think it would be wise to wait for that long. However, in Ogun state, I can get a good plot of land in a strategic area (close to Lag) for 2.5 million now and I could start putting in some money into building as my monthly pay comes in. With 5 million Naira, I could put a nice structure in place. My plan after completing the building project is to rent the apartment out and use the money gotten to service my rent in Lagos here. I have concluded plans to get a plot of land in Ogun not until I heard about the Lagos rent to own. In-fact, I should be going for inspection on Saturday. However, I would have to put that plan on hold. At this juncture, suffice to say I am getting more confused.

Opt for Rent to own or go ahead with my plan ab-initio?

What do you recommend bro?

ColonelDrake:


"My wife and I built our house from the scratch. It took us 5years to complete. Why? because we did not want to be subjected to the "weight" of expensive mortages and private bank schemes. That "5years" was a harrowing, challenging and very tough experience, but it is history now. It is more like compressing a 15-20yr interest into 5yrs. So personally I went for something more challenging than the Lagos Rent-to-own scheme"

Do you mind elaborating on this? Perhaps there may be one or two lessons I could learn from it. I think my fear is the psychological effect of servicing a debt over a 10 year period. I mean - knowing that I will paying debt for 10 consecutive years is disheartening. Or perhaps, the anticipated effect is all in my head.

Sure, I can summarise the story

First off, I guess we both have to be grateful for having parents who guides their children aright. I remember my first housing allowance, my mother collected from me as soon as I told her and used it to buy two plots of land for me at Ibafo. So right from my first year of working I had owned a landed property.......what happened to that is another story....but GF now wifey was like "what are we going to do in Ibafo"

Secondly, I have always had and still do have an "aggressive" saving culture. If I told you that 80% of my monthly salary goes into savings would you believe? Well It was an exercise that started from putting little aside and gradually increasing by little. For example all the cash gifts and monies sprayed us during our wedding was added to our combined savings which we used to buy a land at Lekki back then.

Now to the house we currently live in. So we were living in Ikorodu and we came to some conclusions - We do not want to build our house in Ikorodu, neither Lekki for starters. Our non-preference for Lekki is simply that from our experience with Ikorodu, any place that has only one major road that leads in and out, was not advisable. Ikorodu and Lekki are same in this regard, the traffic head-ache is just too much for us to contemplate going into a second time

So we decided to look for a place central. Considering proximity to work, church, Airports and other important places, so my wife told her friends in practices to help us look around Ogudu, Ikeja, Gbagada. We settled for Gbagada..... Now these next part contains cases of hard decision taking

So the cost of the Land was 5times what we had in savings, yet we gave commitment to buy. We went for a private loan with stiff penalties. It took us 3yrs+ to get out of it, with almost N5m in interest. But looking back, it was one of the wisest decision we ever took.....but my broda we suffered. I have never been so broke as in the 4yr period we were servicing the loan. There was this two year period that my wife and I could not boast of new sets of under-wears, not to talk of clothes. There were times I could not even afford money for Okada. I remeber one early morning I was going to join the staff-bus and it was raining, my wife had to make an emergency raincoat from a giant plastic bag........God bless the giver of the loan who was pretty much inconvenienced, yet was patient with us............

So a month "arrived" and all loans had been paid the previous month......It dawned on us that we have so much money than we can spend. I guess if we didn't go through the tough times, monies would not have been enough. Brick-by-brick we started, but it was one of the most interesting journey. Was it the part when we had to deal with Omo-onile. In fact my Father-in-law (God bless him greatly) was the front man. He told us to stay in the background, because when people see young couple building a house, they will exploit them. Many people till date still refer to our house as "Ile Baba Ondo" (Ondo Man's house. My father-in-law is the Ondo Man). I remember when the Omo-onile became too parasitic and was demanding for decking fee a second time. I was in Abuja on assignment, so my wife (whose patience had run out) called my brother (who is a Colonel in the Army) to send his "boys" to help out. Decking was on a saturday, I flew into Lagos on Friday night. So when the Omo-oniles showed up, the soldier confronted them and told them to "vamoose". One of the Omo-oniles pushed a soldier and hell was let loose......to cut the long story short, one of the Omo-Onile's head was broken, another was arrested and handcuffed to a truck for most of the day . My position now changed to begging the soldiers to release the omo-oniles. I had to fork-out 15k to treat the one they broke his head.......today we are now friends



Bros...If I continue I can go on and on and on but let me summarise by saying is one of the most "enjoyable" and "rewarding" experience one can imagine. Let me give you some tips I believe are useful
1. I block is an addition to the project
2. Once you start building, there seems to be a heavenly force that assist you. What do I mean? You will always find ingenious ways around thing. The supplier of cement collects his monies at month end, the Alhaji that supplies metal is my madam's customer and gives us on credit etc
3. Do your market surveys thoroughly. You will be cheated but not that much. Visit the market yourself. I remember the electrician gave me a quote, but my Father-in-law persuaded me to go to Adeniji Market and compare. I went to the market and met this Igbo guy, who told me that he has been in the business of selling electrical wires and accessories for 25yrs+ and that based on my description of the house, my electrician has grossly over quoted. I called another electrician to quote, lo and behold the Igbo guy was right. I gave the job to the new guy and instructed him to go to the Igbo guy's shop and buy the part.
4. Supervise! Supervise!! Supervise!!! My Father-in-law was our face, but even at that there were some cases my wife and I also went to site at close of work. These workers are something else......
5. Finally express yourself on the project. There will be amendments, additions and taking out. When you get to finishing, it is quite expensive, so take your time on that. We did basic finishing, moved in and was doing the rest while we were in.

I can answer any other question if need be

ColonelDrake: :


"My wife and I built our house from the scratch. It took us 5years to complete. Why? because we did not want to be subjected to the "weight" of expensive mortages and private bank schemes. That "5years" was a harrowing, challenging and very tough experience, but it is history now. It is more like compressing a 15-20yr interest into 5yrs. So personally I went for something more challenging than the Lagos Rent-to-own scheme"

Do you mind elaborating on this? Perhaps there may be one or two lessons I could learn from it. I think my fear is the psychological effect of servicing a debt over a 10 year period. I mean - knowing that I will paying debt for 10 consecutive years is disheartening. Or perhaps, the anticipated effect is all in my head.

1. I agree with you on the psychological effect of long-term debt. I hate to go through having to service debt over a long period. Even the brief period I went through was not easy either. I recall seeing my colleague doing some other stuffs and I could not. Let me also state ahead here that I am currently working on a business project with a partner and will launch Q1 next year (I will inform NLers at the right time cos its big). This was a project we were supposed to have done 5-3yrs ago (I am the Financer and my partner is the technical guy). We could not start, as I vehemently told my partner that I will not look at any other thing aside my house project and that that was the vow I made to my wife. My partner was patient with me, even though he grudgingly accepted but thank God he didn't go with someone else. We have been working for almost a year and just registered the business last week. We will be ready to launch Feb-March

2. If you are oriented like me, stress yourself to do the house in say 5years and put it behind you. You need the lessons on building this house (I assume it's your first) on subsequent houses you will build (I assume it won't be your last). I have two housing project ahead of me in the next 3yrs. The first is to put a mini-bungalow in my home-town (Just like our elders have ) and another one for business. It looks a lot more do-able now that I have gone through the first. I sort of know all the steps like the back of my hand now

The scheme is not for low income earners.. Is 200k monthly a low income earn. There are graduates who earn as low as 50k monthly, so the government thinks low income is 200k. So what will they call 50k -80k "tiny income earners. Still only civil servants will benefit from this.. individuals working in private companies won't have access to this scheme. Then 25million even if spread over 10 years is not beans for a flat. When it's not with the land, it's just the block work sitting on the land.

Rather than this scheme.. Better to save the same amount monthly in a microfinance bank for 2years, then request for loan to be spread over another two years and then find a cheap land to build your flat.

ColonelDrake:


You are right here about the associated life's risks. I have had to make some really tough decisions in my life, and it all worked out well.
It would really make perfect sense if there is possibility of renegotiating terms and conditions due to change in circumstances.

Let me describe my situation to paint a clearer picture. I work in Lagos and I currently pay rent in the tune of 650k per month. I had sought the advise of Nairalanders on whether it make sense to be working in Lagos and building a house in Ogun State owing to the low cost of land. My preference is actually to build my house in Lagos for the sake of proximity to my work place, but the cost of land on the mainland is on the high side - in range of 15 million to 20 million. Assuming my present salary trend continues, it will take me circa 9 years to save up to that. By that time, obviously, the price of the same parcel of land would be hovering around 30 million to 40 million (Inflation and time value of money obviously). I do not think it would be wise to wait for that long. However, in Ogun state, I can get a good plot of land in a strategic area (close to Lag) for 2.5 million now and I could start putting in some money into building as my monthly pay comes in. With 5 million Naira, I could put a nice structure in place. My plan after completing the building project is to rent the apartment out and use the money gotten to service my rent in Lagos here. I have concluded plans to get a plot of land in Ogun not until I heard about the Lagos rent to own. In-fact, I should be going for inspection on Saturday. However, I would have to put that plan on hold. At this juncture, suffice to say I am getting more confused.

Opt for Rent to own or go ahead with my plan ab-initio?

What do you recommend bro?

Hmnnnn! Tough choices

1. I am not sure how you will be able to run the two - Build in Ogun, Live in Lagos. It will seem to me that if you take that route, you will still need to embark on another journey to build in Lagos. Lagos Landlords are not "nice" (myself inclusive). Rent will always go up and you probably will get to a point where your rent in Ogun will not sustain that of Lagos

2. Secondly on the Long-term, you may also need to consider valuation of your property. Land in my Estate now is 5x the value we bought it. It is difficult crossing the hurdle to buy, but when you do, 5-7yrs down the line, you will be glad you did

3. I believe the Rent-to-own scheme is a bridge. It is good to go for it, and later when your financial situation improves, you can buy a land in Lagos and run the two side-by-side. The difference in this scenario is that you will not be under so much pressure to complete your house

csiworksnig:
The scheme is not for low income earners.. Is 200k monthly a low income earn. There are graduates who earn as low as 50k monthly, so the government thinks low income is 200k. So what will they call 50k -80k "tiny income earners. Still only civil servants will benefit from this.. individuals working in private companies won't have access to this scheme. Then 25million even if spread over 10 years is not beans for a flat. When it's not with the land, it's just the block work sitting on the land.

Rather than this scheme.. Better to save the same amount monthly in a microfinance bank for 2years, then request for loan to be spread over another two years and then find a cheap land to build your flat.

Let me put some issues into perspective

1. There are various categories, so a fresh graduate who goes for the scheme should ideally not target the N25m apartment, except he can get "help" to finance it
2. The scheme has been through open ballot system for those who have been pre-qualified (evidence of 3yr tax payment etc). So that it is exclusively for civil servants is wrong or individuals in private sector won't have access to the scheme is false
3. Micro-finance what? Except you are talking about another model, but the "esusu" micro-Finance model is also cumbersome

Let's do the math. For a N15m scheme @9% interest rate........ a 5% initial deposit is less than 900k with an average of 120k over 120periods. That money ideally should come from your prior savings, so I imagine that anybody that want to go for this scheme or any other home ownership scheme should have had savings. What if I choose to make 15% deposit so as to reduce my monthly installment...........

Secondly, I have always had and still do have an "aggressive" saving culture. If I told you that 80% of my monthly salary goes into savings would you believe? Well It was an exercise that started from putting little aside and gradually increasing by little. For example all the cash gifts and monies sprayed us during our wedding was added to our combined savings which we used to buy a land at Lekki back then.

Lol.. Seems we have so many things in common. I joined my current company late last year and from the beginning of this year up until now, 76% of my monthly earnings was invested into treasury bills. I have been living on the remaining 24%. I do not buy bottled water during breakfast or launch, I take water from the dispenser. I have not changed my wardrobe...and a lot of very aggressive cost saving measures to make sure that the 24% is able to see me through the month. I do not have a penchant for luxuries, so, keeping it low key wasn't a problem.

mapet:

So the cost of the Land was 5times what we had in savings, yet we gave commitment to buy. We went for a private loan with stiff penalties. It took us 3yrs+ to get out of it, with almost N5m in interest. But looking back, it was one of the wisest decision we ever took.....but my broda we suffered. I have never been so broke as in the 4yr period we were servicing the loan. There was this two year period that my wife and I could not boast of new sets of under-wears, not to talk of clothes. There were times I could not even afford money for Okada. I remeber one early morning I was going to join the staff-bus and it was raining, my wife had to make an emergency raincoat from a giant plastic bag........God bless the giver of the loan who was pretty much inconvenienced, yet was patient with us............

Wooow!! This is touching! I fear that I would prolly experience the same vicissitude. I can see it, I can feel it that there will be tough times ahead as soon I start servicing this debt. Of course, I'd expect to climb up the corporate ladder with more pay in the near future, but It would be foolish of me to make decision based on hopes and expectations. I will rather base my decision on present realities and assume the worst case scenario that promotion doesn't come.

Bros...If I continue I can go on and on and on but let me summarise by saying is one of the most "enjoyable" and "rewarding" experience one can imagine. Let me give you some tips I believe are useful
1. I block is an addition to the project
2. Once you start building, there seems to be a heavenly force that assist you. What do I mean? You will always find ingenious ways around thing. The supplier of cement collects his monies at month end, the Alhaji that supplies metal is my madam's customer and gives us on credit etc
3. Do your market surveys thoroughly. You will be cheated but not that much. Visit the market yourself. I remember the electrician gave me a quote, but my Father-in-law persuaded me to go to Adeniji Market and compare. I went to the market and met this Igbo guy, who told me that he has been in the business of selling electrical wires and accessories for 25yrs+ and that based on my description of the house, my electrician has grossly over quoted. I called another electrician to quote, lo and behold the Igbo guy was right. I gave the job to the new guy and instructed him to go to the Igbo guy's shop and buy the part.
4. Supervise! Supervise!! Supervise!!! My Father-in-law was our face, but even at that there were some cases my wife and I also went to site at close of work. These workers are something else......
5. Finally express yourself on the project. There will be amendments, additions and taking out. When you get to finishing, it is quite expensive, so take your time on that. We did basic finishing, moved in and was doing the rest while we were in.

I can answer any other question if need be

Your kind words mean a lot and I tap from your blessings this moment.

I would like to say a very big thank to you for taking out time and energy to deliver yet another wonderful submission. It is well appreciated. Your story is very touching.

Life is hard.. I can't believe that even with my good job and good pay (as per my level), I still feel like I have nothing. I can only attend to my needs and not wants (even though i have the capacity).

THE VICISSITUDE OF LIFE!

God help me and see me through. It is not easy to be man. Having many issues to confront and deal at this my age. It is well. *sighs*

mapet:


1. I agree with you on the psychological effect of long-term debt. I hate to go through having to service debt over a long period. Even the brief period I went through was not easy either. I recall seeing my colleague doing some other stuffs and I could not. Let me also state ahead here that I am currently working on a business project with a partner and will launch Q1 next year (I will inform NLers at the right time cos its big). This was a project we were supposed to have done 5-3yrs ago (I am the Financer and my partner is the technical guy). We could not start, as I vehemently told my partner that I will not look at any other thing aside my house project and that that was the vow I made to my wife. My partner was patient with me, even though he grudgingly accepted but thank God he didn't go with someone else. We have been working for almost a year and just registered the business last week. We will be ready to launch Feb-March

2. If you are oriented like me, stress yourself to do the house in say 5years and put it behind you. You need the lessons on building this house (I assume it's your first) on subsequent houses you will build (I assume it won't be your last). I have two housing project ahead of me in the next 3yrs. The first is to put a mini-bungalow in my home-town (Just like our elders have ) and another one for business. It looks a lot more do-able now that I have gone through the first. I sort of know all the steps like the back of my hand now

I need more clarifications on point 2. Did you mean I should go ahead with my plan to build a house in Ogun state and learn from it? Or I should go for the govt's rent to own policy. Your response will be highly appreciated.

**Modified***

Seen your response already. Thanks

mapet:


Hmnnnn! Tough choices

1. I am not sure how you will be able to run the two - Build in Ogun, Live in Lagos. It will seem to me that if you take that route, you will still need to embark on another journey to build in Lagos. Lagos Landlords are not "nice" (myself inclusive). Rent will always go up and you probably will get to a point where your rent in Ogun will not sustain that of Lagos

2. Secondly on the Long-term, you may also need to consider valuation of your property. Land in my Estate now is 5x the value we bought it. It is difficult crossing the hurdle to buy, but when you do, 5-7yrs down the line, you will be glad you did

3. I believe the Rent-to-own scheme is a bridge. It is good to go for it, and later when your financial situation improves, you can buy a land in Lagos and run the two side-by-side. The difference in this scenario is that you will not be under so much pressure to complete your house

Great insights! I think you have provided me with my many valuable advice to make an informed decision. I really appreciate this. Thanks once again.

csiworksnig:
The scheme is not for low income earners.. Is 200k monthly a low income earn. There are graduates who earn as low as 50k monthly, so the government thinks low income is 200k. So what will they call 50k -80k "tiny income earners. Still only civil servants will benefit from this.. individuals working in private companies won't have access to this scheme. Then 25million even if spread over 10 years is not beans for a flat. When it's not with the land, it's just the block work sitting on the land.

Rather than this scheme.. Better to save the same amount monthly in a microfinance bank for 2years, then request for loan to be spread over another two years and then find a cheap land to build your flat.

This is another major concern I have. The land doesn't belong to you, you get to share flats with others and all. There will be restrictions as to what can be done or what cant be done. **sighs**

ColonelDrake:

Great insights! I think you have provided me with my many valuable advice to make an informed decision. I really appreciate this. Thanks once again.

U're Welcome Bro

ColonelDrake:



Lol.. Seems we have so many things in common. I joined my current company late last year and from the beginning of this year up until now, 76% of my monthly earnings was invested into treasury bills. I have been living on the remaining 24%. I do not buy bottled water during breakfast or launch, I take water from the dispenser. I have not changed my wardrobe...and a lot of very aggressive cost saving measures to make sure that the 24% is able to see me through the month. I do not have a penchant for luxuries, so, keeping it low key wasn't a problem.



Wooow!! This is touching! I fear that I would prolly experience the same vicissitude. I can see it, I can feel it that there will be tough times ahead as soon I start servicing this debt. Of course, I'd expect to climb up the corporate ladder with more pay in the near future, but It would be foolish of me to make decision based on hopes and expectations. I will rather base my decision on present realities and assume the worst case scenario that promotion doesn't come.



Your kind words mean a lot and I tap from your blessings this moment.

I would like to say a very big thank to you for taking out time and energy to deliver yet another wonderful submission. It is well appreciated. Your story is very touching.

Life is hard.. I can't believe that even with my good job and good pay (as per my level), I still feel like I have nothing. I can only attend to my needs and not wants (even though i have the capacity).

THE VICISSITUDE OF LIFE!

God help me and see me through. It is not easy to be man. Having many issues to confront and deal at this my age. It is well. *sighs*

Stay sharp! you will find the experience rewarding at the end of the day...........just keep pushing

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