Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,375 members, 7,954,521 topics. Date: Friday, 20 September 2024 at 09:04 PM |
Nairaland Forum / Nairaland / General / Properties / What Type Of House Can ₦400k Savings Per Month Build? (24465 Views)
Woman Shares Heartbreaking Story Of House Demolition In Lagos(video) / What Kind Of House Can I Build With 3m / Lady Shares Video Of House An Agent Took Her To In Lagos For N300k (2) (3) (4)
(1) (2) (3) (4) (5) (Reply) (Go Down)
Re: What Type Of House Can ₦400k Savings Per Month Build? by jesmond3945: 11:45am On Mar 25, 2022 |
Fabbyking:number 5 |
Re: What Type Of House Can ₦400k Savings Per Month Build? by abduly4: 11:49am On Mar 25, 2022 |
Ndlistic:You will build a mansion in 3 years... |
Re: What Type Of House Can ₦400k Savings Per Month Build? by ogododo: 11:59am On Mar 25, 2022 |
crixlight2: If you get land it is possible. |
Re: What Type Of House Can ₦400k Savings Per Month Build? by ScofieldBello(m): 12:01pm On Mar 25, 2022 |
To have a 3-storey building, you would actually need about 120million naira and that's if you want to even manage. It would also take about 20 years if you pump in 500K monthly. I am sure you do not want that for yourself. Umorosky17: 2 Likes |
Re: What Type Of House Can ₦400k Savings Per Month Build? by Abaman001(m): 12:02pm On Mar 25, 2022 |
jesmond3945: A bungalow that has 4sets of apartment.... |
Re: What Type Of House Can ₦400k Savings Per Month Build? by tetralogyfallot(m): 12:03pm On Mar 25, 2022 |
Snails:5 years fit no complete am o. 500k per month for 5 years is just 30mike o. Can 30mike build a 3storey building? |
Re: What Type Of House Can ₦400k Savings Per Month Build? by majesticguy: 12:05pm On Mar 25, 2022 |
Ndlistic: By 3 storey building, what do you really have in mind as regards the pattern. Would it be a single flat per floor? 2 bedroom flat per floor? 2 room and parlour selfcon per floor? A room and parlour plus one room selfcon per floor? You see, why I am asking is that the cost of erecting any of the above varies. Starting from the least on the list, a friend of mine in the east recently completed his, a storey building ( a room and parlour plus one room selfcon...this is equivalent to a single 2 bedroom flat per floor) with 10million naira(everything included, both finishing). So, if you are going with this pattern, 25-40million should be ok. And going by your savings pattern, that should be about 8years. Many a folk might argue that math skills sucks. Because If 10 million can erect this kind of building, then 30million should comfortable erect a three storey building of the same pattern. .........Well that's not so. First, you have to have it in mind that the OP plans on building in installments. So as a result of that, you have to factor the rising price of building materials from year to year. What was sold for 4k this year might add extra 2k next year making it 6k. Labour as at last year February, was 4k, and serving Labourer was 2.5k. But presently, labour is now 6k & serving Labourer 4k. Prices of different sizes of rod are now 2 times what it was last year, so also many building materials. That's just the estimated price of erecting that pattern of building, which happens to be the least on the aforementioned list...... Meaning that if you want a pattern better than that(probably 2 bedroom flat of two units of a single bedroom flat with a room and parlor selfcon per floor), then be prepared to Shell out more money. My advice. After choosing your desired pattern, if there's a way you can source the whole money & erect the building straight away, without doing it in installments, it'd really save you a whole lot of money, stress etc.. Again, if you can achieve the aforementioned feat, in 10 years time, you should be able to recoup at least more than half of the money spent on the building. Whatever you do, it should be rentage building first, before any other thing. Lastly, try to cut you coat according to your cloth. Make sure you start something you'd be able to finish. I'd rather start a building I can finish than let it linger on for years as an uncompleted building. 2 Likes |
Re: What Type Of House Can ₦400k Savings Per Month Build? by stancydg: 12:20pm On Mar 25, 2022 |
Get on the National Housing Fund(NHF) by the Federal Mortgage Bank of Nigeria (FMBN) via any accredited Primary Mortgage Bank(PMB) in your area. Make your contributions for 6months and get your 10% - 30% equity contribution ready for whatever building type you desire and FMBN finances the rest for you, while you repay at 6% interest rate over a long period. 1 Like |
Re: What Type Of House Can ₦400k Savings Per Month Build? by Dfavouredone: 12:20pm On Mar 25, 2022 |
IHANLU: Not a good advise. If you take 50m loan at 12% per annum, that means paying interest of 6m annually (500k monthly) without even paying pay the principal. All his monthly savings will go into paying interest and the principal will still be there. Simply put, he will be working for the bank. You only take a loan to finance a project that have ROI beyond the prevailing interest rate. 3 Likes |
Re: What Type Of House Can ₦400k Savings Per Month Build? by MRFIXER001: 12:36pm On Mar 25, 2022 |
If you build some set of apartment, it will not only help you with where you stay but also serve as source of income. Although, with your savings it might take time to finish it than the expected time. The only advantage of you building duplex first is that you will finish it faster than the 3 storey Ndlistic: |
Re: What Type Of House Can ₦400k Savings Per Month Build? by Pegi23(f): 12:57pm On Mar 25, 2022 |
Give me the contract..you will pay me sha oo |
Re: What Type Of House Can ₦400k Savings Per Month Build? by deavicky(m): 1:37pm On Mar 25, 2022 |
Ndlistic:u don't need to save the total sum before you start. Reasons being that prices of things changes by the day in this country. In June last year 16mm rod was sold for #3300 and cement about #2600 but now they are #7800 and 4600 respectively. Assuming the total cost of that building was estimated to be 20m last year now it would be 40m meaning that u will still have to save another 20m to make 40m and don't forget that it take time to save that money and there is a very high probability that the price will also increase. So if u go by saving the Money u may end up not building the house. If u really want to build, determine ur cost in stages. Fist know the cost of the foundation. You can even break that into 2 by grouping excavation, amount of rod, cost of blinding as one stage. The next stage would be to lay block to DPC this important because if it is not done ontime the trench will collapse. This stage might just take like 4 to 5 months of that ur savings. Then begin feeling of the foundation and casting for DPC this might take 1 and a half or 2 months saving too. After this level u can be laying ur block monthly till u get to decking. At this point u need a bulk money. I don't know the size of ur building, but you won't be spending less 4m on this stage this means u need about 12 months savings. It is not going to be easy but the bottom line is for to just start. 2 Likes 1 Share |
Re: What Type Of House Can ₦400k Savings Per Month Build? by Nadeol: 1:49pm On Mar 25, 2022 |
Freestainworld: Sense will not kill you |
Re: What Type Of House Can ₦400k Savings Per Month Build? by Blackdisciple(m): 1:59pm On Mar 25, 2022 |
Oga building of house no be do or die affair oo,. You start little by little you will finish it first get your land in place , pay your area boys to build blocks for you small small before u will know it you don reach lintel level..... |
Re: What Type Of House Can ₦400k Savings Per Month Build? by ebenope(m): 2:59pm On Mar 25, 2022 |
Can I come up with a proposal for you? As an architect I will do that... You can get through 080 5290 0809 |
Re: What Type Of House Can ₦400k Savings Per Month Build? by Fabbyking: 3:14pm On Mar 25, 2022 |
jesmond3945:thanks |
Re: What Type Of House Can ₦400k Savings Per Month Build? by nike4love: 3:17pm On Mar 25, 2022 |
Ndlistic: |
Re: What Type Of House Can ₦400k Savings Per Month Build? by mascot345: 3:27pm On Mar 25, 2022 |
Snails: It will take him 10 years to complete. |
Re: What Type Of House Can ₦400k Savings Per Month Build? by odimbannamdi(m): 3:33pm On Mar 25, 2022 |
Thinktwicemybro: He said the 400 - 450k is his savings/allocation for the building project, not his earning. 1 Like |
Re: What Type Of House Can ₦400k Savings Per Month Build? by mascot345: 3:34pm On Mar 25, 2022 |
Ndlistic:... Here is my advice. This is what I hate about igbo people. I am an Igbo guy too. The guy that is building a 2 story building in front of my house has spent #35 million but he has not finished. Though about roofing. Though double flats into two. At the end he has six flats. I am an Engineer too. Good obut this project will take u like 5 to10 years to complete... Just consult a good engineer before you start to avoid stories that touch... Or just make it one 2 storey or 1 storey building. Note the cost of materials is too expensive. |
Re: What Type Of House Can ₦400k Savings Per Month Build? by odimbannamdi(m): 3:37pm On Mar 25, 2022 |
chimexdnice1: Viable advise. Iron rod was 2,500/unit in January but I was delaying. Same Iron rod sells for 4,500-5,000/unit now. He should start something NOW! 1 Like |
Re: What Type Of House Can ₦400k Savings Per Month Build? by odimbannamdi(m): 3:43pm On Mar 25, 2022 |
IHANLU: Very viable advise. Please, any ideas on ways one can get loan for building, aside NHF? |
Re: What Type Of House Can ₦400k Savings Per Month Build? by odimbannamdi(m): 3:50pm On Mar 25, 2022 |
stancydg: Good advise, but NHF funds is disbursed ONLY for the purchase of already finished buildings, and not to use in building afresh. |
Re: What Type Of House Can ₦400k Savings Per Month Build? by Meeenah(f): 4:58pm On Mar 25, 2022 |
No where is safe in Nigeria my bros. Like I advised my friend who is a lecturer in one of the Northern Universities, continue to stay in the North while investing in the east. Have an emergency backup plan in case for security reasons you have to leave sudden. You can also buid a house in the east or even Lagos so that you at least have where to stay incase you have to relocte suddenly. Fabbyking |
Re: What Type Of House Can ₦400k Savings Per Month Build? by princejones(m): 7:05pm On Mar 25, 2022 |
Ndlistic:lt can build but you may need to do costing first to know how much it will cost and how much you have at hand since there is land already. Rented make more sense first as you can live in one of the apartment before building personal residence |
Re: What Type Of House Can ₦400k Savings Per Month Build? by Ibegtodiffer: 8:14pm On Mar 25, 2022 |
Dfavouredone: Massive analysis sir. This is the first time I'm understanding this "x % per annum stuff". From what you have explained, as long as the 50M is no fully paid, 10% of what is left is spread across each month, annually. Walahi banks are thieves. Haba! |
Re: What Type Of House Can ₦400k Savings Per Month Build? by Aaay: 8:47pm On Mar 25, 2022 |
Self contain offcourse |
Re: What Type Of House Can ₦400k Savings Per Month Build? by crixlight2(m): 8:17pm On Mar 26, 2022 |
ogododo:How please explain ooo, you going to spend nothing less than 1.6 no blocks alone , G floor will cost around 2m , decking will cost almost 4m. Don’t even think am |
Re: What Type Of House Can ₦400k Savings Per Month Build? by aariwa(m): 8:33pm On Mar 26, 2022 |
Building house is always cheaper if the person supervising the project is a trusted person or family like your father or mother or husband or wife or child.From my observations you can get 50% off from all these prices with that.Ask any friend that had built for cheap and you will find out that this is the case |
Re: What Type Of House Can ₦400k Savings Per Month Build? by samuelson06(m): 12:12am On Mar 27, 2022 |
frozen70: Hello, can 16mm be used to build a 2-storey building? |
Re: What Type Of House Can ₦400k Savings Per Month Build? by frozen70(f): 5:32am On Mar 27, 2022 |
samuelson06: Yes |
A Propossed Six Bedrooms Duplex Building In Port Harcourt / How To Become A Professional Builder In Nigeria / Is Anything Wrong In Painting A House Black?
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 68 |