Investment in real estate is a good investment 'cos it keeps appreciating in value, an alternative to your original plan if your budget no reach, is construct a row of rooms ensuit (at a minimum rent of 50k per annum) near higher institutions as hostel, rent is constant yearly. very good investment if you ask me. This advise aint free oh

uwemjack:

Investment in real estate is a good investment 'cos it keeps appreciating in value, an alternative to your original plan if your budget no reach, is construct a row of rooms ensuit (at a minimum rent of 50k per annum) near higher institutions as hostel, rent is constant yearly. very good investment if you ask me. This advise aint free oh

Bros, you like money o
however I own a hostel, just looking at other options for diversification.

N15M will definitely not be enough to get the job done. If I were you, I'd plan on building a solid one storey with four flats of 3 bedrooms each.

ibelab:

million!millions!!! and millions!!!! na waoo!! dis our naira slf

We are talking about a house, which is an investment.The house will appreciate and the rental income should also grow by about 10% per annum. If it not in millions of naira, should it be in thousands of naira?
Even cars that will depreciate in value are in millions of naira.

Ma_J_Blige:

Look at how this one is talking- people struggle to have properties and you come here to talk ras. I wonder if you have ever bought a block, talkless of a plot of land. Hole of a country ko, hill of a country ni. Stay there while others progress in the same hole of a country.

You maybe correct about the me and block part of your comment above but I surely will not want to be building a house until thy kingdom come as it is the case with a lot of your country men.

Ever heard about the statement ''cut your coat according to you cloth ?'' Why start 8 flats and struggle when the same money will complete four flats and you starts making ROI?

yes, what we call kwangala
like this

euomenka:

yes, what we call kwangala
like this

Is this ancient Rome, Ephesus or the hanging gardens of Babylon. Even AIG no go insure this one oh.

On a serious note why are people getting so worked up here. Someone advised someone to cut his coat and the fellow is upset. We know real estate generally appreciates with time, the obvious exception is abandoned projects. They depreciate, total waste of money if you cannot complete your project within a reasonable time-frame. Build what you can afford, start earning income and move to the next gear.

By the way in engineering the prime consideration is safety. Functionality comes second. Cost is the third consideration. You do not generally ask whether x amount can yield y product. This puts professionals involved under unrighteous pressure turning them to non-professionals and in Nigeria this is a recipe for problems believe me. The right question should be what can x amount get. Engineering differs from manufacturing in this regards.

coolbet007: I built a two storey in surulere in last year. Foundation only, before setting blocks cost me N6.6m. If you plan to use regular/normal materials, i advise you to budget at least N45m to finish a three storey building. But if you plan to use morden materials, you will spend more.

foundation only cost N6.6m? is this building in the middle of an ocean?

I have 30 million can I complete 8 flat with such amount, exclude land. Please don't advice wrongly. I am in Abia State and will to finish within a year.

Spyder88

What was the outcome of this project proposal? Was N15m enough?