A friend of Mine just told me that he rented an Apartment for N1.8Million per annum x 2 Years which is N3.6Million and he paid agency and legal fees of N360,000 Which brings about the rented apartment fees to N4.2Million and i advised him before that to at least remove a Million or 2Million to get a land anywhere to start building and get a cheaper place to rent since he is just a batchelor and he should at least have a Plan B, but he just shrugged if off and said the Future will take care of itself. I know he just came in contact with some money after his business yielded fruits and he invested most of it on the apartment.

I know the future will definately take care of itself but i also know that the landlord will increase the rent after the expiration of the term of the tenancy, and spending that kind of sum without a back up Plan is quite risky. I know there are some people too that will disagree with my stance and say i am in no position to advise him to have a plan B to buy a land. I have also been a victim of cruel landlords and the proposed future can have set backs that could lead to humbling experiences. Maybe its the property lawyer in me talking or maybe i am being disconnected with reality that some people dont have time for land matters as long as the rent is being paid and shelter is being provided no matter the circumstances! Should he have used the money differently or what?

I will like to hear your views!

@Lawyer,

It is not just the property lawyer in you, it is the sincerity in you that is trying to help.

You gave the best advice. At least, he is your friend. A friend in need is a friend indeed. You provided him with costly advice in his time of need, that's what friends are for. It may not surprise you that many other people pay heavily for the same type of advice.

Any person who fail to plan for the future could meet a big shock, the future could throw up anything. You were only trying to help your friend to apply some shock-absorber against any potential mishap and the unexpected.

Who knows tomorrow? Nobody.

u gave ur frd d best advise.


Hw i wish he sought ur advise before embarking on a wasteful course.

lawyer:

A friend of Mine just told me that he rented an Apartment for N1.8Million per annum x 2 Years which is N3.6Million and he paid agency and legal fees of N360,000 Which brings about the rented apartment fees to N4.2Million and i advised him before that to at least remove a Million or 2Million to get a land anywhere to start building and get a cheaper place to rent since he is just a batchelor and he should at least have a Plan B, but he just shrugged if off and said the Future will take care of itself. I know he just came in contact with some money after his business yielded fruits and he invested most of it on the apartment.

I know the future will definately take care of itself but i also know that the landlord will increase the rent after the expiration of the term of the tenancy, and spending that kind of sum without a back up Plan is quite risky. I know there are some people too that will disagree with my stance and say i am in no position to advise him to have a plan B to buy a land. I have also been a victim of cruel landlords and the proposed future can have set backs that could lead to humbling experiences. Maybe its the property lawyer in me talking or maybe i am being disconnected with reality that some people dont have time for land matters as long as the rent is being paid and shelter is being provided no matter the circumstances! Should he have used the money differently or what?

I will like to hear your views!

you are not being old fashioned or judgemental. you are being practical and reasonable. the advice to own will always supercede the advise to rent. most people put comfort before sense and there the problem lies. most people want to live in a good area[nothing wrong with that]. but when its at the expense of owning your own land/property then i feel its best to invest in a not too good area, wait till it appreciates then slowly you can move to your desired location. a tiny fraction of people think this way, most are consummed by living in a nice area and living large, without a plan B. you are most right that the landlord will increase the rent. on your own land and in your own house no ONE can increase the rent cos its yours. the future is today.

It's all about perspective.

The growth of a man that lives in the city is different from a man that lives on the outskirts, his growth, that of his kids and family.

Like I said it's all about perspective and grace of God. It's that simple.

damola1:

It's all about perspective.

The growth of a man that lives in the city is different from a man that lives on the outskirts, his growth, that of his kids and family.

Like I said it's all about perspective and grace of God. It's that simple.

although you are right that the growth of a man that lives in the city is different from a man that lives on the outskirts, if the man who lives on the outskirts is a good planner he can set a timeline to move to the city, say in 10 years or else, with God's grace. many rich people in nigeria today came from the 'outskirts' and moved with the proceeds they got by selling land in the outskirts which appreciated. an example i can give is that of lekki. in 1994 no one wanted to live in lekki. it was an outskirt. the fear of it becoming flooded and the expense of building in that area deterred people. the wise ones who bought there then at a small price are instant millionnaires today in nigeria. there are people who are still renting from that same 1994 !

----

As an architect to be, i can build a portable house with 5m and have change.

damola1:

It's all about perspective.

The growth of a man that lives in the city is different from a man that lives on the outskirts, his growth, that of his kids and family.

I use my case as an example: I had 1.5M to pay for rent 2yrs ago, and I did pay for it in the central city where I could be close to my business, my parents advised me to get some land somewhere, and I declined.

Today, I can afford 10x of that, largely because I am close to my business. Yes, 2yrs don pass, but that time is very critical to my growth or fall. What can I do from my parent's house or from sango ota!

Last year, my own brother wasted about 3M trying to rebuild my father's property on the outskirt, I advised him otherwise but he thought I was too naive, after spending so much money, he later understand what I mean, he simply dumped it.

Security is important, in these places when they want to rub you, they create a wall and walk in, spend 5hrs, eat your food, very bad,  road network accessibility, nearness to work place, whereas in the city, a thief that'll spend 30mins. in your house is very very strong.

The point is, you cannot leave the city due to fear of security, fact is there is no security anywhere, only how you tackle the day as it comes.

As you grow, you will learn that, if you can afford a house of 10M, it'll probably generate you income of less than N200k per year from rent, or maybe a bit higher, that's not enough to maintain someone that's earned that kind of money.

Like I said it's all about perspective and grace of God. It's that simple,

May God almighty show us the way.

you have spoken wisely and your example is apt, as you have mentioned one of the laws of business. location, location, location. if not for the location your business might not have reaped that kind of money. your nearness to it and how your clients view you is key. my reference was more for employees rather than employers and business owners. nice 1

Nope, you are rather being realistic in a way, but looking at it from your friends point of view, N2m will not get him a plot of land in the same area he's renting a house for N1.8m, He might not want to build a house just any where for reasons best known to him.
I for one will not have a property just anywhere esp if I will live in d said property, thats why I have not build a house to live in yet, I ll rather continue to rent till i have the kind of money needed to buy or build a property in area/location I want to stay in.

toy boy:

Nope, you are rather being realistic in a way, but looking at it from your friends point of view, N2m will not get him a plot of land in the same area he's renting a house for N1.8m, He might not want to build a house just any where for reasons best known to him.
I for one will not have a property just anywhere esp if I will live in d said property, thats why I have not build a house to live in yet, I ll rather continue to rent till i have the kind of money needed to buy or build a property in area/location I want to stay in.

as i opined earlier some peeps are more interested in living with the Joneses and renting, rather than building in an area that isnt posh. you wonder why sooooooooo many oil workers retire in their 50s with no house to boast off, because they didnt want to live in yaba, and they had been used to living in chevron estate in lekki or shell flats in ikoyi. meanwhile they dont have the 100 million or so to buy and build there. rather than move away to where they can afford they will rather pay 5 million for 2 years rent, and nothing to show for working 20 years in shell ! true story folks for a lot of nigerians. living with the Joneses is a futile attempt. the rich always know each other. unless the reasons for renting are practical and reasonable like damola's reasons, in the long run nothing beats owning your own home. the pride with it is immeasurable

ha na gwa mmadu (dem dey tell pesin?)

na to build your own, better invest in something you gon own than in something you aint neva going to own, cited from the book of OKORO pg 34,

I can't think of renting an apartment for 500k not to talk of 5M, 5M, Ahh, well we all are from different background sha.

@Lawyer, U' given ur friend the best advice one can give his friend.

ladej:

you wonder why sooooooooo many oil workers retire in their 50s with no house to boast off, because they didnt want to live in yaba, and they had been used to living in chevron estate in lekki or shell flats in ikoyi. meanwhile they dont have the 100 million or so to buy and build there. rather than move away to where they can afford they will rather pay 5 million for 2 years rent, and nothing to show for working 20 years in shell ! true story folks for a lot of nigerians. living with the Joneses is a futile attempt. the rich always know each other.

Well said jare.

@Lawyer

Good talk. =N=4M is too much an amount to spend on accommodation as a bachelor. The money can get one a plot of land and two bedroom apartment,

@lawyer

you have said well but nevertheless people will still always talk thats the way nigerians are. 1.5 for rent in all areas is not adviceable at all apart from if you are rollin in it. i have an uncle who is a top shot in an insurance firm, he recently moved out his father house in gbagada to go to visland and when i saw him last month he has moved back home again.

living in these places are just status symbol and nothing more. we have those with multi million naira business but still live on the mainland, where there are good houses and location , magodo, gbagada, ikeja, oregun, e.t.c good houses for less the price thats if he doesnt want to build yet.

a friend for example just got an apartment a 4bed in ogba axis and in total i spent 760k for the rentage, but his people eg, mum kicked against it telling him he can get a land in ibafo bla bla and be developing it small small even if he doesnt want to rent there in ibafo which is cheaper as she lives there, but i told her am on the opinion that the area you live determines the kind of connection and people you have around you,. BUT investing that much is not wise because as a self employed guy anything can happen its not all the time business booms and it can sometimes get to a critical stage that you wont have a dime in your pocket. so always think about the future and not today and dont always believe the future will take care of itself in certain issues.

victorazy:

As an architect to be, i can build a portable house with 5m and have change.

I thought that was the Job of a Quantity Surveyor?
@Poster
You are being very realistic but the only exception is if the House in Question is close to his source of income or business. As for me i doubt if i can spend that kind of money on rent.

with half that amount, i will have a comfortable house of my own.

pek:

with half that amount, i will have a [b]comfortable [/b]house of my own.

Better said than done, don't insert the word comfortable . But with the whole sum of 4.2M one can get a 3bedroom flat .

ladej:

as i opined earlier some peeps are more interested in living with the Joneses and renting, rather than building in an area that isnt posh. you wonder why sooooooooo many oil workers retire in their 50s with no house to boast off, because they didnt want to live in yaba, and they had been used to living in chevron estate in lekki or shell flats in ikoyi. meanwhile they dont have the 100 million or so to buy and build there. rather than move away to where they can afford they will rather pay 5 million for 2 years rent, and nothing to show for working 20 years in shell ! true story folks for a lot of nigerians. living with the Joneses is a futile attempt. the rich always know each other. unless the reasons for renting are practical and reasonable like damola's reasons, in the long run nothing beats owning your own home. the pride with it is immeasurable

True yarn, it's very common in PHC, some even end up renting two rooms in waterfront slums, and always live in past glory.

@ post, it's not the lawyer in you, it's good advice to a friend who doesn't see it that way. Let's hope your friend's wisdom in shelling out 4.2 mill for his crib pays out in 2 years time.

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.

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.

Money comes and money goes
So when you have it blow it like a runny nose

You did just great. It has to do with common sence.How can someone pay such "fat" amount for such a short term?.Puberty is not all maturity.

In life u need to know what you want. I quit a 200k/annum apartment in Woji, PH to take up the same size of apartment in GRA for 1million. They are not all the same

When I wake up I pray everyday, I have faith and I believe that my tomorrow will surely be better than today! Afterall, didn't the bible say that all things are possible to him that believes? One day I 'll build a house from a place of reasonable comfort. I cant go and live in a slum because I want to build a house. This is for me. But everyone should look at where he/she is coming from and decide what is best for them and what they really want.

in the shoes of this bachelor, I would have done much the same

Lawyer you're not being Old fashioned.I won't criticize people like your friend but since that's his choice he should be left to face the music in future.Most people say such words like the same God that provided the money for them to rent houses in the City will provide more.Have seen a lot of them that end up in a room apartment in the so called slums when they once had an opportunity to build a Home there.

You are being very real.

What's the point paying that kind of amount for a rented house when you could rather use it to get your own place.

A wise friend you are!!

@The.King,true talk.

i always pray that i could just buy a house rather than build a new one.
i see building a house as being stressful.
but its better to start building if getting the money to buy a house at ones is hard to gather at once.

@lawyer,your advice was o.k. but maybe your pal had some unknown reasons for opting to rent an apartment.

@topic
i have a hunch dat ur friend didnt come from a wealthy background as such the need to prove himself as a made man is enticing, unfortunately as sum1 once posted the rich will always know themselvse, u can blow all d money u like, live like a rockstar, but when push comes to shove the wanabe will neva belong to the clique- its called character and you cant buy that its inbred.

snthesis:

@topic
i have a hunch dat your friend didnt come from a wealthy background as such the need to prove himself as a made man is enticing, unfortunately as sum1 once posted the rich will always know themselvse, u can blow all d money u like, live like a rockstar, but when push comes to shove the wanabe will neva belong to the clique- its called character and you cant buy that its inbred.

So the rich have character now? The things money can buy





_{How about faking it till you make it?}