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Nairaland Forum / Nairaland / General / Properties / Caught Between Paying Rents And Building A House. (13031 Views)
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Re: Caught Between Paying Rents And Building A House. by brabus(m): 4:01pm On Jun 26, 2012 |
GboyegaD: I also need advice. I once bought 2plots of land around Ofada somewhere very close to the new Nestle factory and the community then told us we needed to do something on it. I chose to fence mine and I spent so much fencing it. However, when I visited the place after several months, I realised no other person had fenced theirs and now I am quite skeptical about building anything because I do not know when others would start developing theirs. What would you advice? Nothing stops you bro! Shell construction for now is not a bad idea. Also, it depends on what you're planning to put up. If its commercial - OK. But if its for personal use, bros chill out a bit. The land aint running. I knew that place like the back of my hand. Its too isolated but with Nestle and other companies/estates springing up in the area, the prospect is very high. |
Re: Caught Between Paying Rents And Building A House. by hunniebomb(f): 7:02pm On Jun 26, 2012 |
Instead of building with low amount, why not lease the land. Lots of houses around lagos (can't remember specific areas) are contructed with inferior (low-grade) building materials in the bid to cut-cost (stick to budget) or complete construction in records time. Such building sink overtime and might eventually collapse. So if possible lease the land and use the proceeds for other investments. |
Re: Caught Between Paying Rents And Building A House. by brabus(m): 7:51pm On Jun 26, 2012 |
hunniebomb: Instead of building with low amount, why not lease the land. Lots of houses around lagos (can't remember specific areas) are contructed with inferior (low-grade) building materials in the bid to cut-cost (stick to budget) or complete construction in records time. Such building sink overtime and might eventually collapse. Madam, I have a plot of land to lease. Can you refer me a lessor? |
Re: Caught Between Paying Rents And Building A House. by unphilaz(m): 7:57pm On Jun 26, 2012 |
hmm nice thread and contribution. Now that am married at least that is where part of my attention is focusing on. Using my okada to go to work instead of investing in a car. For now, my dream car has not been made until i finish my home. 1 Like |
Re: Caught Between Paying Rents And Building A House. by cliveland: 9:12pm On Jun 26, 2012 |
@ original poster, don't allow anyone derail your dreams start with whatever you have as longs as it can afford you a piece of land buy and start gradually. with the way things are going a single room self contain in mainland lagos not even d highbrow island would soon be out of reach, with rents going 4 as much as N180-200k within d somewhat cool areas of mainland. boy build with all your might and heart. soon before you know the N350k apartment would soon be N700k if not more. |
Re: Caught Between Paying Rents And Building A House. by Nobody: 12:09am On Jun 27, 2012 |
For somebody who already has a piece of land, building a two bedroom flat with 2 toilets and 2 bathrooms will cost you roughly N3m. This amount will cover fencing and small gate. You need to reserve additional N250, 000 for the town planning authorithy and building plan even if u think it is not necessary. Some youths will definitely approach your site for settlement once u start building, reserve at least N100,000 for them. It is better you start building when this amount is ready otherwise you may end up spending 2years building that very small structure. If your rent is about finishing, better pay another rent and sit down to plan it. |
Re: Caught Between Paying Rents And Building A House. by 2dmax(m): 2:05am On Jun 27, 2012 |
andyanders: check your email boxSir, mine is uneedltd@gmail.com Your number please. Thanks for d encouragement. |
Re: Caught Between Paying Rents And Building A House. by newdawn09(m): 4:21am On Jun 27, 2012 |
There is nothing as sweet as having your own house as u will be free from anxiety of rent being due every year. We visited a colleague during his naming ceremony, d house he rented was not befitting as regards our level that we were even making jest of him,not long from that time,he became a landlord. So who is wiser? Is it we the tenant paying heavily for a rented apartment or him that is now a landlord? 3 Likes |
Re: Caught Between Paying Rents And Building A House. by Meristem: 7:49am On Jun 27, 2012 |
brabus: Don't be deceived into thinking home ownership is as simple as buying a car? It isn't. One wrong move, you're gone. THIS IS RAT POISON!!!! I have hands on experience on a 3 bedroom bungalow project and I swear this poster wrote this list from the warm comfort of his/her jacuzzi! I even have an excel worksheet for my job so far, estimated costs, actual costs and all. OP if you expressly request, I can forward it to you. In naija, everybody knows everything about everything! if u get started on this 15k,15k,5k list, u'd be standed with a concrete slab, an unpaid mortgage, a blown up life savings...and no house. if you dont believe me,try. So many factors determine the cost of a building, like LOCATION, LOCATION, LOCATION (how many times did I say that?). ***switches back to listening mode*** |
Re: Caught Between Paying Rents And Building A House. by brabus(m): 8:52am On Jun 27, 2012 |
Meristem: Rat Poison? Kindly post your costs and let's have any building material supplier vet both of them. The fact that you spent millions doesn't make you any better than those who spend less. Beside that, do you expect a man who bought a land of N300k to start putting chandelier of N200k, Bath Tub of N150k, Granite Countertop, Fence, Spanish Tiles, etc. That's foooolishness! The act of being wise is knowing what one needs to overlook. Interestingly, a lot of ignorants talk about location as key determinant of build cost. I don't think so. The size, quality of the finishes and features of a house determines its final build cost. I can choose to buy a N60 tungsten bulb, while you choose to buy a N800 energy saving bulb. What has location got to do with that? The materials needed to build a duplex in Lekki and a village in Ijebu is the same. The number of blocks, cement, iron rod etc. But if you want to prove Big Boy and decide to build on the Atlantic Ocean, that's your problem! @OP, I'm not supplying you any material. Take time to do a market survey and find out for yourself Keep in mind my advice - Build Simple. There's a lot of time to upgrade later in the future. Put your mind on items that should be quality upfront and those that can be upgraded later. 1 Like |
Re: Caught Between Paying Rents And Building A House. by Osisinakpo(m): 11:01am On Jun 27, 2012 |
[quote author=brabus] Rat Poison? Kindly post your costs and let's have any building material supplier vet both of them. The fact that you spent millions doesn't make you any better than those who spend less. Beside that, do you expect a man who bought a land of N300k to start putting chandelier of N200k, Bath Tub of N150k, Granite Countertop, Fence, Spanish Tiles, etc. That's foooolishness! The act of being wise is knowing what one needs to overlook. Interestingly, a lot of ignorants talk about location as key determinant of build cost. I don't think so. The size, quality of the finishes and features of a house determines its final build cost. I can choose to buy a N60 tungsten bulb, while you choose to buy a N800 energy saving bulb. What has location got to do with that? The materials needed to build a duplex in Lekki and a village in Ijebu is the same. The number of blocks, cement, iron rod etc. But if you want to prove Big Boy and decide to build on the Atlantic Ocean, that's your problem! @OP, I'm not supplying you any material. Take time to do a market survey and find out for yourself Keep in mind my advice - Build Simple. There's a lot of time to upgrade later in the future. Put your mind on items that should be quality upfront and those that can be upgraded later. [/quote seconded !!! 2 Likes |
Re: Caught Between Paying Rents And Building A House. by spyder880(m): 11:18am On Jun 27, 2012 |
brabus: Dont mind them Brabus, people are fond of discouraging people. I started my duplex and everyone kept telling me N4m cannot do the shell for me, but it did! Raw determination!!! Nothing is easy, start small and even if you end up with only blockwork, na ya own forever, better than being a glorified renter and suffering fits of shock on seeing the landlord. 3 Likes |
Re: Caught Between Paying Rents And Building A House. by Nenum(m): 11:28am On Jun 27, 2012 |
pro01: Better be very careful and look before you leap. It's better to keep paying house rent jeje in a sane environment than to build a house in one remote area where armed robbers would deal with you and your young family. Unless you want to build and rent it out to others. I have an uncle who completed his nice duplex less than six months ago in one of the Lagos suburbs. . .already he has been robbed four times, and his teenage daughter barely escaped molestation on the last occasion. He recently had to abandon the house for a rented apartment in Festac where he was previously residing. Hope ur uncle did not return to the same festac my cousin was shot down in broad daylight..... Oooh sorry, He was a landlord in Festac........lesson: 101: Life has no laid down sequence...... If ur landlord didn't brave the odd's 2 build d house u currently live in who would you pay ur glorified rent to, even if u ve ur full rent |
Re: Caught Between Paying Rents And Building A House. by zitoA: 12:39pm On Jun 27, 2012 |
@brabus, I have been duped before and i do not want to fall again. I want to buy land where can i get one plot for 500,000. I do not mind staying in my rented home while i build i just need to have one. |
Re: Caught Between Paying Rents And Building A House. by mybad: 1:42pm On Jun 27, 2012 |
Meristem THIS IS RAT POISON!!!! I have hands on experience on a 3 bedroom bungalow project and I swear this poster wrote this list from the warm comfort of his/her jacuzzi! I even have an excel worksheet for my job so far, estimated costs, actual costs and all. OP if you expressly request, I can forward it to you. In naija, everybody knows everything about everything! if u get started on this 15k,15k,5k list, u'd be standed with a concrete slab, an unpaid mortgage, a blown up life savings...and no house. if you dont believe me,try. So many factors determine the cost of a building, like LOCATION, LOCATION, LOCATION (how many times did I say that?). ***switches back to listening mode* This is one challenge i can't sweep under the carpet. Who is telling the truth between you two and who is telling lies. Well,brabus has his details here. His phone number and BB pin are boldly written on his signature for all to see. You really need to send your costs for everyone to see. Lets know if the step of building an apartment isn't one to take just yet or one not to take at all. We are all nairalanders and we deserve to have a fair idea of what it entails to build a house. You as the expert with all the details can give us a clue. We are all ears Sir. |
Re: Caught Between Paying Rents And Building A House. by brabus(m): 1:57pm On Jun 27, 2012 |
zitoA: @brabus, I have been duped before and i do not want to fall again. I want to buy land where can i get one plot for 500,000. I do not mind staying in my rented home while i build i just need to have one. You can always get land of N500k but my advice is to take note of where not to buy especially for those with budget is limited. 1. Don't buy lands in waterlogged areas or swamp. They are cheaper but it can be difficult to build on it for a beginner. If not for anything else, think of the cost of constructing drainage and septic tank in a waterlogged area. 2. Avoid Slopes or Hilly site. You might end up spending more on the foundation cost as the requirements are high. 3. Don't buy sandy soil. Its very unstable and usually cause cracks and differential settlement. You need to spend more to get a solid structure. 4. Ask Questions? Don't just assume all is well. Speak to the professionals (property lawyers, builders, architects, engineers, online forum like Nairaland, home owners within your neighbourhood, etc). When you're in least doubt, BACK OFF. 5. Don't pay until you're convinced all is well. If possible ask the seller if you can withold some part of the payment for 1 month to clear all doubt. Remember, he who pay the piper dictates the tune. 6. Start work immediately. You can start with paper work, site clearing, foundation 7. Setup Project Schedule Don't rush things. Even, if its only half plot you can afford on a flat, dry land - BUY IT! Above all, Involve God. 1 Like |
Re: Caught Between Paying Rents And Building A House. by MacLovington(m): 3:54pm On Jun 27, 2012 |
brabus: Don't be deceived into thinking home ownership is as simple as buying a car? It isn't. One wrong move, you're gone. Are you really able to build 2-bed room flat as you have quoted and possibly rent out? |
Re: Caught Between Paying Rents And Building A House. by brabus(m): 4:48pm On Jun 27, 2012 |
MacLovington: At N2.5m, I can have a 2 bedroom self contain Living Room/Dining: 12 x 22 Kitchen: 6 x 10 Master Bed: 12 x 12 Master Bath: 4 x 6 Bedroom 2: 10 x 12 Bathroom 2: 6 x 6 Basic Finish Cost Excludes Land Purchase, Site Clearing, Omo Onile, Water, Architectural design and other miscellanous. |
Re: Caught Between Paying Rents And Building A House. by acidtalk: 6:00pm On Jun 27, 2012 |
Meristem: So what sense have you made? 'Cus I can't phantom any meaningful thing you have just put up there. |
Re: Caught Between Paying Rents And Building A House. by princeonx: 12:33am On Jun 28, 2012 |
acidtalk:At least I now know am not losing it! I thought I was the only one that didn't get his point. |
Re: Caught Between Paying Rents And Building A House. by MacLovington(m): 9:09am On Jun 28, 2012 |
brabus: Thanks Brabus but it appears the cost by the fellow I replied to is not even up to 2m including land. My concern is that once you begin that kind of project, the cost keeps rising. Then it's either you give up or continue at increased cost. Have you done any project for any NLer? What kind of roofing material will you use? |
Re: Caught Between Paying Rents And Building A House. by brabus(m): 11:39am On Jun 28, 2012 |
MacLovington: ^^^ I cannot predict cost of any building simply on assumption. There's need to first prepare a plan of the proposed building. An engineering estimate for the proposed building can then be prepared after considering site and soil conditions, based on architectural/structural design of the building. Only after these steps an approximate figure of costing can be arrived at with some margin of error. Without even preparing a plan, only non-professional contractors can talk of exact cost of a building. The figure I gave above is a generic quote for DIYs. You cannot base your final cost on those figure when you're giving the job to a contractor. After all, contractor has to make profit and a sizeable profit as per his expectation. The quote assumes using a .4 guage aluminium definitely not step-tiles, no cladding/flashing. Just ridges and eave angle. As for references on NL, I don't have too many of them. I prefer using my personal project as a reference but if you insist I can forward you verifiable projects (ongoing and completed). If you got it for N2m from a builder or contractor, you can go ahead and seal up the deal. One word - BE INVOLVED! Builders aren't mind-readers. |
Re: Caught Between Paying Rents And Building A House. by princeonx: 11:35pm On Jun 28, 2012 |
MacLovington: Less than N2m including land? Please educate us more on how this project is planned and location too please! Am ready to invest in 5 of such project for under N2m including land. I will even accept half/half plot lol! |
Re: Caught Between Paying Rents And Building A House. by MacLovington(m): 11:58pm On Jun 28, 2012 |
prince_onx: Lol. I was refering to Brabus' layman's quote. I wasn't even aware he posted it. Of course Brabus is not an "armchair" builder. Looking at it again, it's probably up to 2m+. I was rather surprised cos I have an ongoing project. I have barely "scratched the surface" of the ground and land cost, paper work etc have already set me back by nearly 3m! |
Re: Caught Between Paying Rents And Building A House. by princeonx: 6:41am On Jun 29, 2012 |
^^^ I fear oh! |
Re: Caught Between Paying Rents And Building A House. by brabus(m): 7:47am On Jun 29, 2012 |
MacLovington: Bros, don't be surprised o! @ nearly N2m, a lot of things are not included in the list given o. I'm sure you'll agree the list is incomplete. The final build cost will eventually get close to N3m or well over N3m by the time the following are added: 1. Sand filling 2. Plastering 3. Ceiling: Internal/External 4. Roofing sheet and accessories 5. Architectural Design/Building Plan Approval 6. Land purchase 7. Well/Borehole 8. Septic Tank 9. Dues/Settlements to the Omo Oniles (foundation fee, roofing fee) 10. Site/Road Access except the site is on a road. 11. Planks for beam, lintels, arcs and columns (whether rented or purchased) The cost of building a home varies, depending on where you build (the soil condition), how you finish the house, and your build route(self-managed, contractor-managed, or direct labour). But if you're a 'Bargain Champion' and can be directly involved in some of these things, I tell you N2.5m can do wonders. ”If an Okada rider can build a house, why can't you." ~ NextHome ”A house is a sum of its parts. Don't be surprised when N50 comes up in your expenses." ~ Brabus ________ My honourable prince_onx, hope this new additions has allayed your fears now? |
Re: Caught Between Paying Rents And Building A House. by princeonx: 1:33am On Jun 30, 2012 |
^^ thanks for explaining further! And I also know N2m won't go any where especially with land cost included. |
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