I guess it's a matter of choice and availability of funds, in either renting or putting-up your own building.

Sagamite:

Maybe because they know what value for money is.

I think it is pretty senseless to buy some house for N70M in Lekki where the house is built with irritatingly poor worksmanship, the roads are bad, the environ is like a low-class area in the West and the place is liable to being flooded.

When you can spend N45M to buy a wonderfully outstanding home in Florida, Maryland etc in a lovely area, the house is superbly built, top-class public amenities and where you are closer to wonderful resorts.

If one tries to buy a house equivalent in quality as the one you get in Florida for 45M in Nigeria, you would be paying over N200M.

Most properties in Nigeria are junk and are purely overpriced!

You're talking absolute rubbish. All round.

ROSSIKE:

You're talking absolute rubbish. All round.

Really?

Why don't you talk sense then?

thats your opinion...the reverse is the case in edo state...even a 20year old edo boy in london already has a a land and foundation already,some already have completed houses....so i dont know what u talking bout.dont be confused tho,sometimes they prefer to stay in hotels than the houses they built maybe for security purposes

I still think "everything is relative".

For one, it depends on what your "Priority" is at the moment.
I know people who are investing all their worth in Business and building it up right now, yet they are Tenants! It makes a lot of sense because "A house uncompleted or built for personal use, is like "money made unproductive". It does not yield further money.
I for one, once regretted putting some funds into a house (at that point) since l could have invested the money into a business that came along afterwards. The "returns" of that business could have built the same house within three or four years!

Again, when you are still young (relatively) say early thirties, building a house may not be your priority.
Your income might not even be enough to support it, then.

When you start reaching say forty or forty plus, having your own home seems to suddenly become a priority!
At fifty, it nags you every day, like a bad wife!

If at sixty you dont have your own house, hmmmmm.....enemies at work! You need deliverance!

One thing l did, which l will suggest to Nigerians in diaspora (reading the experience of "Prince Onx" is that:
1.) Even if you dont want to build a house immediately, and you have some "good money" at hand, buy land, as many plots as you can, BUT in different places(dont but fifty Acres in one place, spread the risk!).
Thing is, Land is always appreciating in value, no matter where it is located!
Yesterday's "bush" will open-up before your own eyes!...and the value don jump before you say 'kai'!

2.)Do the Survey, Fence it and Gate it. In my own case, l fence them, gate them and then do a "useless" three-Bed foundation on top of the land! Start processing the Title small-small.
Lagos na dangerous place to leave land barren. IF anyone wants to sell land to you and you meet a "building foundation or half built to 4-coaches" on it, wont you reason that someone must have "exercised ownership" on the land before Now? Therefore, you will make further inquiries, unlike a barren plot of land. It has never failed me!

3.) When you have time, sell one plot (at an appreciated price: thats why l said buy as many as possible), use the money to start your own house on the plot that is choicest and well located amongst all that you have. Do this when you're in Naija, after fly back.

4.) Again, Next time you are free, come to Naija and repeat above process and within one to three years, your house is not only ready, the environment it is has appreciated to your taste!

There is a feeling you get, when you build "your own" first house!
Its the feeling l got when l had my first child......something like: So na me born this one? Eeehen, my own blood, my responsibility, my joy!
I do encourage everyone to make it a priority and if you're still just starting out, put it as one of your goals.

Lastpage!

Many Nigerians are always rushing to build personal houses especially in the village. They simply want to show off among their peers that they are doing well. Often, this is done at the detriment of their business capital. I dont see the reason a young man who is growing his business could invest millions building a house in the village where he could not even use the building as a collateral to get a credit line from a bank. A friend built a mighty duplex in the village, but, now, his shop is virtually empty. He raked all his business capital to finish the building. The building is just there. He could not even furnish it properly.

Building a residential house should not be done when ones' business has not been properly established. I just read recently that Mike Zuckerberg is still staying in a rented apartment.

I personally made this same silly mistake of investing millions in 2 different residential(storey) buildings in a town, when I was supposed to put up a corporate office that would have repositioned and enhanced the growth of my business. My consolation is that I still use these buildings to get a line of credit from banks. But, the loan money you get from "collaterising" your building can not be compared to the actual money spent on the building. Imagine a bank giving me a loan of 10million on a building I spent over 30million to build. Does it worth it? After all, I will still pay interest and COT. I could have left the money in my business and build the house when it is absolutely necessary. More often than not, we are unconsciously influenced by friends and family into taking wrong decisions. I could recollect vividly when Daddy suggested that I should start a building project in the village just about 2years after I started business.


Summarily, I will suggest that Nigerians Abroad should first invest their money in a viable venture. Building can come when it will come. My opinion pls!

If you are now based in Nigeria full-time or plan to return to Nigeria permanently and you have a wife and kids, having a residential building can be a form of 'insurance' in case of the worst. Nigeria is a very insecure country. At least, your children will have a place to lay their heads without any landlord wahala while your widow struggles to put food on the table, pay school fees etc.

1)......coz 99.9% of the houses u build in nigeria do not meet up to how home should be build, so he/she ll like to take is time to come up with good professionals that he can entrust the project on.
2)BetterTo rent a house than to rush and build a crappy things and called it a home.
3)because there are alot of 419 pple everywhere ready to sell land with fake documents .
4)The Facts is that Nigeria society is not encouraging at all and why build house in nigeria when u hardly spend up to 3weeks in a year.

As for me...stayed abroad for 5 yrs. Been able to react 3 Building all for commercial purpose. 2 Twin Upstair Building (4 x 2 bdroom flat on each building) and 4 bdroom flat with all rooms having toilet and bathroom and where am current living in. So i guess it is high time 9ja in Disapora began to think on hw to erect building cos it's won't be rosy every time. U have to secure the future when you are youth and not when u r old. Take lessons from most ex footballer that died poor. For me, am not moved by car bt building and I want to be a realtor and property own. Still explore lands in 9ja.

Okija Priest: Most Nigerians living abroad are poor in comparison to their mates in Nigeria.

When they are abroad, they can only afford those houses because their is a mortgage system their that allows even a 21 year old to apply for a loan and buy a house.. Even their cars are on a mortgage.. They spend all their lives repaying the darn thing.

Indeed- How many people in Nigeria can live on their legitimate earnings ONLY
ALMOST everyone is busy doing deals without producing, supplying or adding value to anything. We are all getting our share of the national cake i.e. Niger Delta oil drilled by white people.
Yet we somehow expect that Nigeria will develop with constant public electricity supply, pipe borne water, dedicated police force, civil servants, teachers etc.
Oh, I know it is a problem of leadership, right

^^^
That is why NLC, TUC etc are content with N18,000 minimum wage while LG councillors, chairman, state & federal legislators, governors, president and other political jobbers RECEIVE mega millions for doing almost nothing for the electorate.
We crave priviledges (access to the political jobbers for sham contracts & deals) and abandon our RIGHTS as we wait for God to descend and fix our country.

Many Nigerians are always rushing to build personal houses especially in the village. They simply want to show off among their peers that they are doing well. Often, this is done at the detriment of their business capital. I dont see the reason a young man who is growing his business could invest millions building a house in the village where he could not even use the building as a collateral to get a credit line from a bank. A friend built a mighty duplex in the village, but, now, his shop is virtually empty. He raked all his business capital to finish the building. The building is just there. He could not even furnish it properly.
Building a residential house should not be done when ones' business has not been properly established. I just read recently that Mike Zuckerberg is still staying in a rented apartment.

^^
The above comment is very common especially among we igbos. I know a whole lot of guys/ppl who built mansion for rats and spiders in the village while they have nothing any where else in the world! My own cousin is one of them.

Quote by: info@lpf
4. Location, Location, Location - I refuse to live in Mowe, Ajiran, Egbeda, Iyana ipaja, Ofada or any other city named after food! I respect people who live there, and who have managed to make life comfortable for themselves. Hats off to you! To each his own poison, however. I choose to live in Ikoyi, Ikeja GRA or Apapa GRA and Victoria Island coming in a distant 4th. I like ground space and lush cultivated greenery (not wild bushes), and whatever is left of it in Lagos can be found in these areas. Can I afford to buy lush greenery and ground space in these areas? Hell no! So I rent. It is affordable, and if I do a Net Present Value calculation of my money, I am well pleased.

^^^
After reading your post and those places you named above I was expecting to also read that you bought a plot or two in VI or Ikoyi but was very disappointed when you said you couldn't afford it. I was also displeased and disappointed when you also said you dont live in a million dollar house in the US! Why is that? I thought you have taste and choices of places you only live? Or those apply to naija alone? You RENT in a million dollar area in Lagos then live in a cheap not so nice area in the US? And to say "ALL" the houses/pictures you see on property section are low quality sounds like a barren woman saying she heard that babies run the stomach!
To cut stories short and I'll be honest with you while advising you at the same time. I love and was eyeing those place you mentioned too! VI, Ikoyi, Abuja, Ikeja GRA, and so on but like you rightly said, I or we (me and you) can't afford those places! So no b only you sabi better thing! I don't have 60, 80, or 100 million Naira for a plot of land. The more I wait to raise more money, the higher the prices go and at the same time the higher those other rejected or not so go areas go too! So my guy while you're busy dreaming or rather working your A55 off here in the US to raise and save money to visit home and pay your hotel in VI, Ikoyi, and co, me am busy shopping for my ticket to visit home with or without money! You know why? Because my story building with 4 flats and a penthouse (for me) in those "food name area lol" (iyana ipaja, agege, oshodi, & co) will be giving me N1.4m a year. I can join you and spend 3-4weeks in VI or Ikoyi with let's say N400k and still come back to the US with N1m equivalent and spend another week at home before going back to work while in your own case you might be heading to work from the airport on your arrival! If a hungry dog just keep following a ram waiting to eat the testicles when it falls, that dog will die or hunger cux that sh.I.t is not going anywhere no matter how much it dangles! Meaning: you might never own a piece of land or a block in any other part of Nigeria if you keep waiting on VI, Ikoyi, and co! And finally you'll come back home when you're old with nothing to call your own! Another Americana coming back empty hand!

prince_onx: The above comment is very common especially among we igbos. I know a whole lot of guys/ppl who built mansion for rats and spiders in the village while they have nothing any where else in the world! My own cousin is one of them.

I know this is true for most of our parent's generation but is this still happening to that extent these days? I doubt. Most younger fellow from my area tend to build in Asaba or Awka these days.

Besides, most family compounds are already built up; you have to demolish existing structures most of which were built from the 1970s onwards and still in good condition in order to put a new building that you will use only 10-15 days in a year.

If the village is adjacent to a major urban area, it might prove to be a long term strategic investment.

blacklion: If you are now based in Nigeria full-time or plan to return to Nigeria permanently and you have a wife and kids, having a residential building can be a form of 'insurance' in case of the worst. Nigeria is a very insecure country. At least, your children will have a place to lay their heads without any landlord wahala while your widow struggles to put food on the table, pay school fees etc.

ehn?

Dis Guy:

ehn?

"...in case of the worst..."

@Topic,
The reason is that you are one of the common losers who is discouraging people from traveling abroad. How many instances do you have? The fact that it happened to your dad does not mean it is like that for everybody. Do your research properly before you come here to spit out sh1t. By the way, why should stup1d and idiotic posts like this make the home page?

Having genuine money is not easy? it takes 10-15 years to be stable abroad if you work very very hard.
Let me use myself as an example. I moved to US in 2002 at the age of 25 with an Nigeria Degree with no experience. It took me 3 years to have a green card, got my Green card in 2005, i did not have a professional job, just working here and there to survive, after having my GC i quickly enroll in school, Finish my Master Program in 2008, Got a good job 2009. Started paying off my debts. 2010 i was stable enough to get me a decent place to stay, started help folks back home, 2011 travel to Nigeria for the first time, start making plans of getting married, building a house and all that good stuff.

Luckily my uncle wanted to sell a plot of land, he needs money ASAP, for medical bills, the plot is worth N3 Million ......very decent and nice location, he is willing to give it to me for N2 Million. Everybody wants me to buy the plot quick quick , everyone is so sure that i have N2 Million(USD 12,500) but the fact is dont have that money cash ready in my savings. But since its a nice deal i took N10,000 from my 401K, $2500 from savings tp pay for the plot.

For me to raise a a decent boyz quarters from start to finish it will cost me N6,000,000. i have start savong aggressively, my only source of income is my job, i make a decent income, i can save that amount to build boys quaters but it will take 2 to 3 years to complete that project.

Am not yet married, if i fine a lady in Nigeria to married ,it will cost me close abt$20,000 for traditional and white wedding even ticket another stuff to bring her abroad, But am considering marrying some in America believe its cheap........less logistics, less drama lol

My point is just because some is staying abroad he picking money from the ground, Politician has mess the system up. Nigeria think making genuine money in America is easy.

johnnyemman: Having genuine money is not easy? it takes 10-15 years to be stable abroad if you work very very hard.
Let me use myself as an example. I moved to US in 2002 at the age of 25 with an Nigeria Degree with no experience. It took me 3 years to have a green card, got my Green card in 2005, i did not have a professional job, just working here and there to survive, after having my GC i quickly enroll in school, Finish my Master Program in 2008, Got a good job 2009. Started paying off my debts. 2010 i was stable enough to get me a decent place to stay, started help folks back home, 2011 travel to Nigeria for the first time, start making plans of getting married, building a house and all that good stuff.

Luckily my uncle wanted to sell a plot of land, he needs money ASAP, for medical bills, the plot is worth N3 Million ......very decent and nice location, he is willing to give it to me for N2 Million. Everybody wants me to buy the plot quick quick , everyone is so sure that i have N2 Million(USD 12,500) but the fact is dont have that money cash ready in my savings. But since its a nice deal i took N10,000 from my 401K, $2500 from savings tp pay for the plot.

For me to raise a a decent boyz quarters from start to finish it will cost me N6,000,000. i have start savong aggressively, my only source of income is my job, i make a decent income, i can save that amount to build boys quaters but it will take 2 to 3 years to complete that project.

Am not yet married, if i fine a lady in Nigeria to married ,it will cost me close abt$20,000 for traditional and white wedding even ticket another stuff to bring her abroad, But am considering marrying some in America believe its cheap........less logistics, less drama lol

My point is just because some is staying abroad he picking money from the ground, Politician has mess the system up. Nigeria think making genuine money in America is easy.

Good interesting points.

If I may ask, where is the plot located?

Uyo, Akwa Ibom

johnnyemman: Uyo, Akwa Ibom

Since it is N3m for one plot, is it in the core city area exactly (as in, it is maximum 10 mins drive from the official Governor's residence or the royalty's house)?

@okija priest ,very constructive,objective and helpful , just my thought. Cutting head off is not the medicine for headache not even the chronic one,everyone is entitle to his/her view and opinion after all divergent views makes a thread interesting even though the objectivity of a thread could be derailed by wrong personal notion and feeling as been expressed by some people. Reality is indeed not a dream,what has happened is real,experience are past real things,not assumptions, this is a very interesting thread which would make people give there experiences both good and bad so others could learn and make a more better plans. I think there are three things here ,Money,Time and Location,(1)Money:instead of sending money to relatives/friends/agent you dont trust you can open a domiciliary account where to send your money to .(2)Time ; when you have the time to come home ,use that opportunity to look arround /real estate agents/lawyer/properties consultants to get what you want while you are very carefull ,read lawyer safe tips ,(3)Location:you do all these when you are physically present here. My thought. 07044061892. Mr.Peters.

This is the same Dolphin Estate that 15 years ago was hot like Lekki?

https://www.nairaland.com/30515/current-price-dolphin-estate-flats#753189

This is the kind of asset foreign based people should waste their money on?

Sagamite: This is the same Dolphin Estate that 15 years ago was hot like Lekki?

https://www.nairaland.com/30515/current-price-dolphin-estate-flats#753189

This is the kind of asset foreign based people should waste their money on?

For foreign based people who plan to remain abroad full time and permanently for life, no.

blacklion:

For foreign based people who plan to remain abroad full time and permanently for life, no.

There is another way you know.

- By a better and cheaper property abroad for maybe N60m, and it will still most likely appreciate.

- When you move to Nigeria, rent it out and get good income on it. Maybe over N3m a year.

- Rent in Nigeria for N1.5m a year from someone willing to pay, or stuck with having to pay, N70m for a poor asset.

- Use the arbitrage in rental income and any extra income you make in Nigeria to get a land somewhere that is reasonable in Nigeria (e.g. Epe, Ikorodu, Amuwo Odofin) and build a classy house you want cheap.

- Move out of the poor, overpriced N70M asset maximum 10 years later just when it starts to crumble and become a slum.

- You have a quality house abroad and at home, and both are a house to your taste that you have not overpaid for because you exhibited lateral thinking.

@hallmark77

hallmark77: @Poster,Most of the people that you observed to be tenants when they are back in Nigeria owns nice houses but probably in location that is insecure to live.I am talking from experience,I have one duplex and a four bedroom flat in the same compound in Lagos but not the part where I will feel safer so if I will live in Nigeria,I will try to build something in a better enviroment which is very difficult due to lack of lands but my final option is to rent one in a better location that can match where I am living in abroad.

good point ,such is some people experience and decision.

@hallmark77

hallmark77: @Poster,Most of the people that you observed to be tenants when they are back in Nigeria owns nice houses but probably in location that is insecure to live.I am talking from experience,I have one duplex and a four bedroom flat in the same compound in Lagos but not the part where I will feel safer so if I will live in Nigeria,I will try to build something in a better enviroment which is very difficult due to lack of lands but my final option is to rent one in a better location that can match where I am living in abroad.

good point ,such is some people experience and decision ,but at least you have a place you can call your place,whenever and where-ever.

deoyel25: @Topic,
The reason is that you are one of the common losers who is discouraging people from traveling abroad. How many instances do you have? The fact that it happened to your dad does not mean it is like that for everybody. Do your research properly before you come here to spit out sh1t. By the way, why should stup1d and idiotic posts like this make the home page?

@ deoyel 25 , just as you accused a member in one of your thread on sim registration,july 31 ,2010,when he replies your thread,the same applies to you as well, must you reply and contribute when you dont have any meaningful ans sensible point to make that would help others ? I am not a looser , i have homes not inherited but mine ,a stable business and i am comfortable.i never discourage anyone from travelling abroad as well ,read my post very well,seems your CNS is faulty you need to get a medical attension before your entire sense of reasoning is totally destroyed.my thread is objective and simple indeed many viewers have benefitted,the message is clear ,home is home ,it pays to save from your earnings abroad ,when you get back , try to have a home of yours if you can afford it ,it pays , little chicken brain deoyel125 hope its clear to you.you are wellcome

Good points excelproperties.
Post pictures of land and properties you have for those that need them.
Another man's meat is another man's poison.
I live in the USA, but you can't afford to lay all your plans in one place.
Diversify your portfolio people, home and abroad.

lawyer: Most People abroad i know that have plans coming home sent money to their relatives to assist them to buy a land or purchase something for them to aid their easy transistion back home but when they came back they found out that the monies they were sending were used for other things so the said land or building has not being properly accounted for or exists so they are stuck because they have been duped by their ow people.

Second reason is that those that bought lands will not move into the house until they have monitored the design structure and how it should be built to their own taste so its normal for them to rent an apartment for between 2-3 years until they can move into their own homes.

So i dont see anything wrong in people relocating back home to stay in a rented place as long as the ultimate aim is to prepare to move to your own own someday!

Cheers

Correct

Sagamite:

There is another way you know.

- By a better and cheaper property abroad for maybe N60m, and it will still most likely appreciate.

- When you move to Nigeria, rent it out and get good income on it. Maybe over N3m a year.

- Rent in Nigeria for N1.5m a year from someone willing to pay, or stuck with having to pay, N70m for a poor asset.

- Use the arbitrage in rental income and any extra income you make in Nigeria to get a land somewhere that is reasonable in Nigeria (e.g. Epe, Ikorodu, Amuwo Odofin) and build a classy house you want cheap.

- Move out of the poor, overpriced N70M asset maximum 10 years later just when it starts to crumble and become a slum.

- You have a quality house abroad and at home, and both are a house to your taste that you have not overpaid for because you exhibited lateral thinking.

Yes, you've made some good points. Those are good options up there. But I doubt any one in Nigeria who paid hard earned money for a Dolphin property seriously imagines he can recover the investment via rent. The real benefit of buying over-priced Dolphin property is access to business finance via using the title deeds as security for bank loans. Also, banks are more willing to lend against a property in Dolphin than one in Mowe.

I have some lands in Lekki, Mowe, Ikorodu and Badagry. Some are in LASG-owned/planned new estates, others are in private estates being created/managed by corporate developers and some in areas where you purchase from the indigenous family landowners and each owner develops. From what I've seen so far, thanks to the rampant lawlessness in Nigeria, both the LASG town planning rules and/or the private estate development regulations are mostly not strictly enforced whether by private or corporate developers or the government. Even the few decent private estates in Lekki, after a while, the usual Nigerian factor creeps in - lack of infrastructure maintenance, the estate developer starts cutting corners, the property owners starting making unauthorized changes to the structures, adding new extensions, modifying the usage of the property etc. So don't get your hopes too high about living in an area comparable to a suburban division in North America. Frankly, I think the best one can hope for in Lagos is something akin to Lekki Phase 1. Unless you can afford Banana Island

IMHO Amuwo Odofin is not reasonable anymore. Its now from N10m even for waterlogged land. You can buy 3 plots in Lekki or 10 plots in Mowe or Ofada with that money!

Also, you don't have to go as far as Epe to find reasonable land in that axis. You can still get land in Ibeju-Lekki from N700k to N2m depending on location and proximity to the road etc. But its mostly waterlogged land so you're looking at another N3m for raft foundation.

4 Bedroom Duplex for sale @ Ojodu close to Aina, Oremeta, Odozi str treckable from Grammar nd also treckable from berger bus stop with C o O built on 722.501 square meters

Price: N23 asking

Title: C of O, approved building plan, registered survey.

D pictures attached is for d property, d maim building, d empty space nd back view picture nd d water tank, d empty space have already approved building plan for 6 bedroom flat.

Contact Adeniyi for documents verification nd inspection