Davies25:
Good day Nairalanders,


My rent is expiring soon.
I was given an uncompleted one bedroom building by my parents (no official documents)
I was in a difficult place financially so i decided to renovate/complete the building instead of renewing my house rent.
Thus far, i have spent about 600k
And i will still need close to 800k or more to make the place habitable.

Rubbiish:

Why are u rushing to complete the building if your parents gave it you? If money for ur rent can't complete it, pay ur rent while u complete it gradually.

Rubbiish:

Why are u rushing to complete the building if your parents gave it you? If money for ur rent can't complete it, pay ur rent while u complete it gradually.

Mariangeles:
Finish what you started by completing the building your parents gave you.
You've gone too far to neglect it now, and paying your rent after everything would be a waste of effort and investment.
If you have the money to pay your rent, use it to complete the house and move in (it'll save you future expenses).

Davies25:


Yes, this is what I feel like doing. But my landlord is aware of the house and he has told me he isn't collecting rent from me again. He expects me to move to the house.
So, that means am getting a new place.
2) The general opinion including my parents is that i should complete it that paying another rent would be a waste.

Davies25:


Thank you.

That 800k will pay my rent for 3 n half years.
My fear is; no official documents was given me, won't it amount to a waste if later my other siblings are laying claim to it. Since i didn't start it. ( Humans are unpredictable)

Davies25:


Yes, this is what I feel like doing. But my landlord is aware of the house and he has told me he isn't collecting rent from me again. He expects me to move to the house.
So, that means am getting a new place.
2) The general opinion including my parents is that i should complete it that paying another rent would be a waste.

Stallionhorse:
We people are living inside carton under the bridge, this one is complaining of uncompleted that I've spent 600k.. You can't even respect us and post pictures so we can see the so called house u claim to need another 800k to finish.. My guy your a Mumu man!! 1.4m to finish uncompleted.. That money can build a 3 bedroom flat..

Davies25:


Thank you.

That 800k will pay my rent for 3 n half years.
My fear is; no official documents was given me, won't it amount to a waste if later my other siblings are laying claim to it. Since i didn't start it. ( Humans are unpredictable)

Davies25:


Yes, this is what I feel like doing. But my landlord is aware of the house and he has told me he isn't collecting rent from me again. He expects me to move to the house.
So, that means am getting a new place.
2) The general opinion including my parents is that i should complete it that paying another rent would be a waste.

Davies25:
Good day Nairalanders,


My rent is expiring soon.
I was given an uncompleted one bedroom building by my parents (no official documents)
I was in a difficult place financially so i decided to renovate/complete the building instead of renewing my house rent.
Thus far, i have spent about 600k
And i will still need close to 800k or more to make the place habitable.

My thought at first was that if i spend the equivalent of my 2 years rent (400k). The house will be habitable and i can move in.
But now, I'm spending money i don't have.

My rent is expiring soon, should i look for the 800k and complete the building or i should just renew my rent and let go of my 600k investment??

Note: I'm broke, if I'm looking for the money it will be a high interest loan.

I'm just confused. I need help here.

efficiencie:


Dude but why did you do this to yourself na...you spent 600k on an apartment that is still not yet complete when you can renew your rent and still have change! Now you are broke and you came to nairaland. Maka why?

Stallionhorse:
We people are living inside carton under the bridge, this one is complaining of uncompleted that I've spent 600k.. You can't even respect us and post pictures so we can see the so called house u claim to need another 800k to finish.. My guy your a Mumu man!! 1.4m to finish uncompleted.. That money can build a 3 bedroom flat..

Davies25:


Thank you.

That 800k will pay my rent for 3 n half years.
My fear is; no official documents was given me, won't it amount to a waste if later my other siblings are laying claim to it. Since i didn't start it. ( Humans are unpredictable)

Davies25:
Good day Nairalanders,


My rent is expiring soon.
I was given an uncompleted one bedroom building by my parents (no official documents)
I was in a difficult place financially so i decided to renovate/complete the building instead of renewing my house rent.
Thus far, i have spent about 600k
And i will still need close to 800k or more to make the place habitable.

My thought at first was that if i spend the equivalent of my 2 years rent (400k). The house will be habitable and i can move in.
But now, I'm spending money i don't have.

My rent is expiring soon, should i look for the 800k and complete the building or i should just renew my rent and let go of my 600k investment??

Note: I'm broke, if I'm looking for the money it will be a high interest loan.

I'm just confused. I need help here.

Munzy14:

Your write up doesn't correspond if I look at from an Engineering view.

Uncompleted single room? At what stage did you took over the construction?

Block work stage?

Lintel stage?
Roofed stage?

Because 1.4M will buid a one room from scratch to pack in...With balance.

Family inheritance are usually dicey if you aren't the first son, nor last born...

In my place only this two get inheritance without arguments..
First son takes over his father's obi (house).

Last born inherits the land allocated to his mom for cultivation..This land is that small land at the back of a family house in the village where mothers throw away kitchen waste and sewage.

Other inheritance are now shared to benefit every member.

If you can renovate the house and stay there, save up for some years to get yours even na remote area, fine...No investment is waste.

Land is the only thing that appreciates in nature.

Mariangeles:


If after completing the building, you're able to live in it for up to 10-15 years at least without paying rent, that alone would've been a good investment (in my opinion).
Still, you can have the discussion with your parents and siblings, to establish an agreement.

Naijaolosho2:


Not only a 3 bedroom flat,it will build 4flats. Many of you don't know what the market says now and yet you'll come here making foolish assumptions, I doubt if you've ever done a house project before.

Channah1:
Why didn't you draw out a proper plan and first calculate the cost before going ahead with the building project? Even the Bible says so. Now you're caught in the middle of nowhere, planless.

I'll advise you drop the project first, put it on rent and use the money you get from the rent to complete it for the tenant while you get a place to stay for the meantime.

Thank you, you are right.
I'm just looking for a way forward cos i know i already bleeped up.

To make it rentable, i will still need that 800k
A room n parlour here is around 150-170k/annum
So, 2 years rent is still 300k.
Not even close to what I need to complete it

Next time, plan very well before starting anything.

Davies25:


I can't cos it's a small place.
Rent would be the only option.
Yes, i had the discussion with my mom.
She said, it's mine.
I just want to know if it's a good investment since I'm probably never going to be able to sell it

Dailyparrot:

in

Can you throw light on how many siblings you have, your position in the family, and how your relationship with each other looks like.

PS: Except you must have lived up your expenses in the house, then you should not be bothered whether your siblings come to drag the house with you in the near future. Imagine living there for the next 10 years, calculate the savings and see that you still gained putting money there no matter what happens in the future.

Stevenbright:


If it is roofed already, put windows, move in and manage it and then continue working on it at your own pace without having to borrow any money.

Davies25:


Are you serious?
Tiler just gave me a 300k bill
Electrification more than 200k
Plumber more than 280k
Doors 310k
Pop, i don't even know yet.
Plastering is gulping more than 150k already.
I took over after roofing, and yes, i will spend more than 1.4m to make it livable

Thanks anyway.
I'm the last born. Mentioning inheritance is making feel like an idiot and a do no good.