Here in Benin City I have seen many properties abandoned and left to rot away once the owners dies. The owners once laboured & toiled just so their children can have roof over their head.

Immediately death struck the father, maintaining the house becomes a big burden especially if the children are still struggling financially.

My findings over the years indicate that:

1. The house have reach wear and tear phase. At this stage you keep spending to fix roof, doors, windows, soakaway, toilet fittings, etc.

2. Family issues. Those from polygamous household would understand

3. Children migration: Most or all the children make it early in life and left their parents. After burial everybody just disappear again.

4. Rent money can't fix a house: In my father's house for instance, there are 3 tenants & each room is #3500 with borehole, kitchen & WC toilet. Do you know we still have people owing 1 year plus in rent in my father's "face me I face you" ? They were 5 occupied rooms before now. I got quit noticed from my lawyer to evict some tenants because they could no longer pay their rent. Was not interested in their rent but to leave the house. They blamed Buhari for their inability to pay up rents. My plan is to convert the building to a 2 room self con and 3 bedroom flat when the Lord blesses me & is even located in a developed area close to Osasogie

Summary: There's this misconception in Nigeria were everyone thinks owing a house or called a landlord is a big deal. If you are still struggling to take care of the basic necessities, better you live in a rented apartment. If you've spare millions to build without any hindrance from start to finish please do so quickly.

I would rather I earn 2million naira monthly as a comfortable tenant than a 100k as a struggling landlord. Don't make the mistakes some of our parents made in their time. If you must leave property for your children, let that property be built to outlived you & your children or make it possible for them to sell it at their comfort without worrying about your grave in it.

It takes 20 to 30 years to breakeven from your commercial building & hence while some persons resort to using inferior materials or increasing rents to quickly recoup their investment capital.

We have spent over 900k from last year to this year while total rent deposits in the same period is less than 100k lol. The entire re- roofing of the house is estimated to cost about 2.5m naira. I'm not even the first son & have got my life to leave.

Where's the house located
I suggest you increase the rent
3500 monthly for a house with borehole
Wow

Snitch24:
Where's the house located
I suggest you increase the rent
3500 monthly for a house with borehole
Wow

There's a saying in Benin that a son who depends on house rent is not yet ready in life. Even if increased to 5k, the funds wouldn't make a difference to my financial status. "Face me I face you" is the least of house pattern to get decent rent. Na make house not just empty or taken over by weeds or start to crack hence the reason for tenants. Bathroom, toilet, kitchen, borehole with 3 overhead tanks all enclosed. The compound is very neat, clean, secured, etc. because of my strict rules. Close to uniben back gate near federal road.

real777:


There's a saying in Benin that a son who depends on house rent is not yet ready in life. Even if increased to 5k, the funds wouldn't make a difference to my financial status. "Face me I face you" is the least of house pattern to get decent rent. Na make house not just empty or taken over by weeds or start to crack hence the reason for tenants. Bathroom, toilet, kitchen, borehole with 3 overhead tanks all enclosed. The compound is very neat, clean, secured, etc. because of my strict rules. Close to uniben back gate near federal road.

Close to uniben?
I suggest you do a proper upgrade get a student pr that can help you get student tenants

real777:


There's a saying in Benin that a son who depends on house rent is not yet ready in life. Even if increased to 5k, the funds wouldn't make a difference to my financial status. "Face me I face you" is the least of house pattern to get decent rent. Na make house not just empty or taken over by weeds or start to crack hence the reason for tenants. Bathroom, toilet, kitchen, borehole with 3 overhead tanks all enclosed. The compound is very neat, clean, secured, etc. because of my strict rules. Close to uniben back gate near federal road.

You limit your options to only rent. Sell the entire property and you will see the value of the investment.