Lexusgs430:


You want to use expensive money for an anticipated cheap rental income in Nigeria?

How much would you spend on an asset in Nigeria? After completion, what would be your rental income per year?

Exactly.

My father owns 4 flats in Ibadan. He spent millions on buying the land (with c of o) and constructing it. Property is located in a good location (just off iwo road).

Imagine the rental income for each 3bedroom flat 180k per annum. That’s less than 1m a year. That one Na money ?

This is minus the fact that tenants default and the maintenance costs.

Few years ago, he had to completely renovate the house - repaint, replace entire kitchens, replace floor tiles (all damaged by bad tenants) and he spent over 3m naira.

He hasn’t recovered one quarter of the money he spent in erecting the structure up.

Cc. Imconfused

what's up with getting home insurance in a rented apartment? Is it a scam? I have been paying 16pounds+ going ten months now and i'm beginning to wonder if its really necessary

imconfused:


That's why I'm here for help..we are being harassed into building.. definitely applying breaks on that after the advise. We aren't really good with money stuff as you can read

No point been a landlord in Nigeria, while remaining a tenant in the UK....

Property prices keep rising, and best to put your foot on the property ladder.....

RENT MONEY IS DEAD MONEY........

justwise:
@All


This is not job/visa inquiry thread, if you are interested in Tier 2 visa then start your own thread and mention the op, don't derail this one by asking about how he got his visa or job

lol tell them o

Falzdbadtguy:
what's up with getting home insurance in a rented apartment? Is it a scam? I have been paying 16pounds+ going ten months now and i'm beginning to wonder if its really necessary

Is it content insurance?

Falzdbadtguy:
what's up with getting home insurance in a rented apartment? Is it a scam? I have been paying 16pounds+ going ten months now and i'm beginning to wonder if its really necessary

If you value your contents, content insurance is advisable in case the inevitable happens. Just keep receipts and keep a photo catalogue of your valuables....

aje33:
That's actually the average salary of guys in my office here in Abuja per month.

Sorry to bother you guys about my "undue comparison"
but I'm currently considering relocating to Canada so I need informed opinions of guys abroad.

Thanks

Sorry aje33,
Honestly,we are not suffering..we have a very good quality of life and can buy whatever we want within reason..my bills are high but it doesn't apply to everyone besides we can afford it and still save something even though it's small
It wasn't bread and butter at the start oo..I have written that our lives improved drastically in the last 3 years of mega hard work..I now work,our income combined is very good..
My husband and I have an amazing relationship,our kids are thriving ,we have peace and small cash just incase.id say we are fortunate and won't change a thing.
It all depends on you and what you are after..
I am contented with my life even though I'm looking to shave off uneccesary extras

Falzdbadtguy:
what's up with getting home insurance in a rented apartment? Is it a scam? I have been paying 16pounds+ going ten months now and i'm beginning to wonder if its really necessary

Is it building or home contents insurance you are paying for?

Building insurance covers the building itself - in case of fire or damage from water, flood, etc.

Home contents covers your belongings - TV, carpet, kitchen hob (depending on the policy) against theft or damage.

Right now, I have just building insurance (compulsory as this is one of the terms of any mortgage) but I do not have home contents insurance.

I recently dropped a hot iron on my rug and unfortunately I need to replace the whole rug as I’m told it can’t be “patched up”. This is the only time I regretted not having home contents insurance as I could have made a claim and had the carpets replaced by the insurers.

As a single person during my tenant days, I never had any form of home insurance. That’s the landlords responsibility. The landlord is supposed to have both building insurance and landlord insurance.

Lexusgs430:


If you value your contents, content insurance is advisable in case the inevitable happens. Just keep receipts and keep a photo catalogue of your valuables....

The only thing i really value is my 49 inch tv, which cost me 456 pounds and my PS4. every other thing is expendable

Lexusgs430:


No point been a landlord in Nigeria, while remaining a tenant in the UK....

Property prices keep rising, and best to put your foot on the property ladder.....

RENT MONEY IS DEAD MONEY........

I agree 100% and we r getting on the ladder next year since we are moving.We have had some difficulties which are definitely in the past now.
We've bought land in choice areas in Nigeria,just haven't built on them.
I think the parents are putting pressure on us for their own benefit to be honest.. something to point at and say we have achieved,lol.
The money we used to buy the plots,would have been added to this deposit cash but it is well.
For BTL that one is already done(with partners)but haven't started earning from there yet.

Anyway, i've paid more than half of the tenure

Ralphlauren:


Is it building or home contents insurance you are paying for?

Building insurance covers the building itself - in case of fire or damage from water, flood, etc.

Home contents covers your belongings - TV, carpet, kitchen hob (depending on the policy) against theft or damage.

Right now, I have just building insurance (compulsory as this is one of the terms of any mortgage) but I do not have home contents insurance.

I recently dropped a hot iron on my rug and unfortunately I need to replace the whole rug as I’m told it can’t be “patched up”. This is the only time I regretted not having home contents insurance as I could have made a claim and had the carpets replaced by the insurers.

As a single person during my tenant days, I never had any form of home insurance. That’s the landlords responsibility. The landlord is supposed to have both building insurance and landlord insurance.

Ralphlauren:


Exactly.

My father owns 4 flats in Ibadan. He spent millions on buying the land (with c of o) and constructing it. Property is located in a good location (just off iwo road).

Imagine the rental income for each 3bedroom flat 180k per annum. That’s less than 1m a year. That one Na money ?

This is minus the fact that tenants default and the maintenance costs.

Few years ago, he had to completely renovate the house - repaint, replace entire kitchens, replace floor tiles (all damaged by bad tenants) and he spent over 3m naira.

He hasn’t recovered one quarter of the money he spent in erecting the structure up.

Cc. Imconfused

My eye don clear

Did you buy land in Banana Island?
Just wondering why it is choicy??

imconfused:


I agree 100% and we r getting on the ladder next year since we are moving.We have had some difficulties which are definitely in the past now.
We've bought land in choice areas in Nigeria,just haven't built on them.
I think the parents are putting pressure on us for their own benefit to be honest.. something to point at and say we have achieved,lol.
The money we used to buy the plots,would have been added to this deposit cash but it is well.
For BTL that one is already done but haven't started earning from there yet.

Falzdbadtguy:
My friend adviced i open an account with Halifax, he was trying to explain the intricacies, all i just assimilated was open an account with Halifax....lol

He’s right. They are the best.

Especially if you plan having a mortgage in future.

I have banked with thrm for years and I have absolutely no regrets.

Great customer service, easy to navigate website and fantastic mobile app.

Falzdbadtguy:
Did you buy land in Banana Island?
Just wondering why it is choicy??

No oo,not that rich yet.
Choice because we bought in a relatively desirable area..

Have derailed the Op's thread ooo.This is his journey not mine..maybe one day I will write my own chronicles..After we buy that elusive house

Falzdbadtguy:


The only thing i really value is my 49 inch tv, which cost me 456 pounds and my PS4. every other thing is expendable

If I were you, I will cancel the policy.

I hope you know if you were to make a claim on the policy, you have to pay an “excess”’and there’s usually a limit to the number of claims a year. Go and read the T and Cs of the policy.

imconfused:


Why not? A budget shows you where your money is going..we like seeing what we spend on,all financial gurus always advice a budget listing even the minutest thing.
Hasn't done me much good though

Exactly my point.
What is life without a little frivolous behaviour?

There can be no room for that if you you have to include something as mundane as a haircut in your budget can there?
It is even more ridiculous when one considers the fact that you are a working professional.

Relocating abroad is not all it's cracked up to be now is it?

Falzdbadtguy:


If you factor land grabbers association, omo nile, land use charges in places like Lagos...is it really more profitable to invest in property in Nigeria vs buy to rent in UK.
I imagine even in future if you do decide to move back, you can sell your house here and buy one in Lekki.

A senior colleague told me of a friend he's been dying for me to meet up with who has 5 houses in the UK.

when i told them about my overstayer gf, they told me to run for my life and avoid and women for now, as in their words, i am in a rare advantage being here

So, i have kissed mind-boggling( was it really mind boggling sef), visa-attached sex goodbye and all the family waiting for mini-me, i tell them God's time!
Maybe if i meet a more like-minded partner sha

You should ask your colleague to hook you up to the dude. You could learn a lot from him.

The friends/associates you mix/relate with in the UK really determine how many mistakes or pitfalls you avoid and what valuable lessons you learn.

I am “successful” today in the UK because of the crew I rolled with from day one. I stayed away from all the negativity and rolled with those who believed that working with JP Morgan or Morgan Stanley and earning nothing less than a six figure salary was very possible for a hardworking immigrant.

Why would you date someone that’s illegal? She can’t add any value to your life or your life and career goals. Look for someone that is residing legally in the UK - a valid PR visa holder will do and date for love.

Falzdbadtguy:


The only thing i really value is my 49 inch tv, which cost me 456 pounds and my PS4. every other thing is expendable

So you weigh the cost of replacement vs benefits of insurance.........

It might soon be time to upgrade to a 63'' monster......

Ranchhoddas:
Exactly my point.
What is life without a little frivolous behaviour?

There can be no room for that if you you have to include something as mundane as a haircut in your budget can there?
It is even more ridiculous when one considers the fact that you are a working professional.

Relocating abroad is not all it's cracked up to be now is it?

And you have missed the point.
All financial gurus have a budget for even the most idiotic things.
It helps me plan my money and see where it's going..that's how we are able to go on holidays and afford the life we have.Because of my budget,I can be frivolous without worrying because I know how much I have and what I can fritter away. It is this same budget that allows me fly in different family members in a year,also maintain them plus bear their various expenses back home.I never scramble for money cos I have planned ahead of time and have extras as a cushion just incase.
We actually earn very well after tax,our combined income is way above average (thanks dear husband).
In a few years I'll catch up with him income wise and our earnings will be amazingly higher God willing.
Our outgoings are high,but we also have savings and invest some of it.
My friends don't have a budget but I have it for my peace of mind..I do not want to wake up poor one day.
Some colleagues in Nigeria are doing amazingly well,many are not.
Relocating was the best decision we ever made.

Yes oo,I'd rather not spend as much but we can afford it comfortably and still save and I doubt we would have been able to if we stayed behind

imconfused:


And you have missed the point.
All financial gurus have a budget for even the most idiotic things.
It helps me plan my money and see where it's going..that's how we are able to go on holidays and afford the life we have.Because of my budget,I can be frivolous without worrying because I know how much I have and what I can have for frivolity.
We actually earn very well after tax,our combined income is way above average (thanks dear husband).
In a few years I'll catch up with him income wise and our earnings will be amazingly higher God willing.
Our outgoings are high,but we also have savings and invest some of it.
My friends don't have a budget but I have it for my peace of mind..I do not want to wake up poor one day.
Some colleagues in Nigeria are doing amazingly well,many are not.
Relocating was the best decision we ever made.

This is another way of looking at it I guess...

You don't need any insurance if you are renting.

Falzdbadtguy:


The only thing i really value is my 49 inch tv, which cost me 456 pounds and my PS4. every other thing is expendable

Falzdbadtguy:
I met someone who bought a house in London in 2002 for a little over 200,000 pounds. He wants to sell the house now and told me its valued at 450,000 pounds

If I tell you how much I bought mine and how much it’s worth now, it will seem like I’m bragging. So let me shut up.

Lemme share that of my wife though.

Within a year, the value of the property had rose by 18k.

Ralphlauren:


You should ask your colleague to hook you up to the dude. You could learn a lot from him.

The friends/associates you mix/relate with in the UK really determine how many mistakes or pitfalls you avoid and what valuable lessons you learn.

I am “successful” today in the UK because of the crew I rolled with from day one. I stayed away from all the negativity and rolled with those who believed that working with JP Morgan or Morgan Stanley and earning nothing less than a six figure salary was very possible for a hardworking immigrant.

Why would you date someone that’s illegal? She can’t add any value to your life or your life and career goals. Look for someone that is residing legally in the UK - a valid PR visa holder will do and date for love.

100% agree with this..who you roll with will affect your trajectory..Even when things were hard,we kept on setting goals..Hard work pays along with determination.
Success for us is that we are together and happy,great relationship,happy children and not hungry.
Define your success and aim for it.
Plus buy house..na there we mess up big time

Haircut might be mundane to you but might not be to someone else. The amount her family spends on hair is more than what some people take home monthly in naija. Why don't you view it that way as well.

As others have said, it is good to plan and budget even in Naija, if not you will use all your money to buy kfc.

Ranchhoddas:
Exactly my point.
What is life without a little frivolous behaviour?

There can be no room for that if you you have to include something as mundane as a haircut in your budget can there?
It is even more ridiculous when one considers the fact that you are a working professional.

Relocating abroad is not all it's cracked up to be now is it?

dupyshoo:
You don't need any insurance if you are renting.

You need life...

Ralphlauren:


If I tell you how much I bought mine and how much it’s worth now, it will seem like I’m bragging. So let me shut up.

Lemme share that of my wife though.

Within a year, the value of the property had rose by 18k.

I have a friend he bought his own in 2008 for £220K, now cross rail is passing by the property and it's close to 500K

I can't help o cos husby and I are Engineers. If you want to change to Engineering, I will be willing to help.

imconfused:


Unfortunately,I know nothing about England,just lived there for a bit then we moved up north,sorry.

Maybe dupyshoo can help? I'll be keeping tab too cos we haven't chosen our final destination

You are doing a lot of shifts ,I assume you are locuming,do you ever plan to train?
Im still junior& salary is poor,so bear in mind that you get a hefty pay cut if you decide to train,max 6 years if core medical,but 3-4 years for Gp.

wonlasewonimi:


I have a friend he bought his own in 2008 for £220K, now cross rail is passing by the property and it's close to 500K

heii .God please help your children

Hehehe, life is not compulsory na.

wonlasewonimi:


You need life...

@dupsyshoo
He was asking about Peterborough as an area to move to.I don't know anything about England so I said maybe you know..