₦airaland Forum

@ Cinco, Caseymoney, Spyder880. Please your response will be highly appreciated. The tiles here in the U.S actually carry the "P.E.I. WEARING RATING", and it is not all of them that are made in the U.S; some of them are from China and Brazil. I am trying to avoid buying it here to avoid shipping cost and related problems provided I could get something similar to my choice in Nigeria. However, I love many of the tiles posted on this forum by you guys.

Please does anybody knows if the tiles (floor or wall) that people sell in Nigeria carry "P.E.I. WEARING RATINGS"? I am asking this question because I did not see anyone mentioning the ratings in all the tile information topics that I came across on this forum. The ratings ranges from class 1 to class 5. Each class is dedicated to its application; however, the ratings has no effect on the price of the product according to my research.

Ima-obong, thanks for your quick response.

cinzo: PVC installation

Please how much did you purchase the PVC per square meter or per length.

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caseymoney: ^^^Cinzo, it seems workmanship is high and misleading at your end. Most of your cost seems higher than the norm. Anyway, I appreciate your response.

Could you please give me some ideas of the labor per square meter for installing floor tiles and PVC for ceiling. Thanks in advance.

Please can you indicate the specification and price of the "BEIGE TILE 40cm x 40cm " as done by this attached website ( www.southcypress.com ). Also, do you have it in 30cm x 30cm? I also like to know if it's PORCELAIN or CERAMIC.
http://www.southcypress.com/Flooring/Marazzi-Tile-Safari-12-x-12/Safari-12-x-12-Capetown

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Chuks put more effort. You are very creative. I love this your combination duplex and flats; the elevation is awesome, and the floor plan is excellent. In addition, your customer service is also excellent.

Please don't end this thread for it is one of the best threads that we all enjoy. "WHAT IS HAPPENING ON LEKKI AXIS."

This is how the real estate agents advertise their properties. Nothing should be secret in what is authentic and is publicly advertised. Every business that set well has some rules that protect it from dubious primary or secondary client.

You need to learn to appreciate people's opinion when you asked for it, i know what i'm talking about as i'm in the property market myself.

I believe I appreciates people's opinion, but the people that asked me not to ask for it.

Another thing is that, you got the mortgage rates wrong, which bank gave you that rate? You'll have to be extremely lucky to even get a mortgage with an interest rate of 10% for 30 years, i don't think this even exist, although some private estate might offer some attractive rates but you'll have to pay a hefty deposit and in most case the years is always about 10-15 years, even NHF loan is at 6% with the maximum amount of 5 million naira (not up to 7 million) and you have to contribute 10% of this. In a situation where you got a loan to finance the property, you'll have to do your homework if you know you won't be living in the property, in most cases investors would make sure the rent covers the loan repayment or at least most of it and at the end of the day you know the property is 100% your after the final repayment.

I will encourage you not to be proofing people wrong all the time. If I need a loan, I will not get it from Nigeria banks. Furthermore, I said " minimum" I did not specifically state the interest rate. I understand property will appreciate, but that is not the only avenue an investor should focus on. Money is depreciating everyday, the value of one million Naira ten years ago is about ten million Naira or more as of today. Anyway, I appreciates your quick response.

You NEED to do more research on the topic yourself instead being insultive, why ask for people's opinion if you already have a believe (even though that believe is wrong)

I thanks you for your comment. However, I did not appreciate it because there is nothing wrong in learning more, especially, if the avenue is open. Furthermore, try to remember that two heads are better than one.

i don't know to much about the rent aswell but its obvious
you don't expect people to pay more than 'the neigbhourhood' average
in an area where 3bed flat is going for say 250 p.a, you'll probably have your
house in the market forever if you charge something like 500k p.a except you get some
desperate oil money miss road. seeing as they'll be experience about the same level of
traffic,security threat, access to amenities etc

This Guy, your comment on this topic is part of the reasons that made me pause for other people's opinion. Actually, I am aware of the rents per annum, but for what value of the property? You may agree with me that, if I invested my personal cash on a 3 bedroom flat with regular amenities, that cost #7,000,000.00 . Let's say the location is amuwo odofin. According to my experience and fear investment idea, I suppose to re-coup the money back in fifteen years. That means #7,000,000.00 divided by 180 months, the monthly rent will definitely be #38,888.89. On the other hand, if I have to finance the property conventionally for thirty years, the interest and principal at the end of the term will cost me minimum of #14,000,000.00 . That means # 14,000,000.00 divided by 360 months, obviously, the monthly rent will be # 38,888.89. To the best of my knowledge, I shouldn't rent out this property less than the stated rental value per month. Although, I am one of those people that oppose annual rental payment, however, I do support correct valued rental payment.
Regarding to your comment on neighborhood houses, if the value of their properties are different from mine, either low or high, that should definitely have effect on their rental value and that will make landlord with lower rental value develop idea to update his property to standard.( NIGERIAN LACK THE CULTURE OF PROPERTY UPDATING).
Now let's talk about income, no where in the world that income is not competitive. You just have to live to your standard. Nigerians want to pay rent without having pain or effect on their salary. Many of us lives in abroad spends 28% of our income on rents, depends on where each individual resides.Any Nigerian tenant that wish to live up to his/her standard should not mind to give away up to 28% of his/her salary just as we do here in abroad. If a Nigeria tenant feel he like to live in a 3 bedroom flat and he is not willing to do away like #38,888.89 in a month, he has options, option like stepping down to neighborhood where 3 bedroom flats are selling for about #2,500,000.00 to #3,500,000.00 e.g IJEGUN, IJAGEMO, IBA , AJANGBADI e.t.c , definitely the rents in those places will be cheaper.
In support of all the previous statement, any home owner renting his/her property below the market value of the property is doing nothing but selling himself/herself. ( BUT PLEASE STOP ANNUAL RENTAL PAYMENT).

To be honest, this would depends on location and the amount the plot of land cost as these factors would determines the rental income, in some areas you could get your money back in as little as 6-7 years, such area as seen rents being tripled overnight (as in the case of lekki), and in some areas we could be talking 10-12 years or even more. Financing the the property would of course makes the time scale to get your money longer depending on the interest rate, hope this helps.

Asitis, you have tried, but if you look at Nigeria rents as of today, you will notice they don't match that your calculation. Nigeria rents are too poor compare to cost of properties .I think tenants need to be educated that they need to pay more.

What is CD? CD means certificate of deposit, it's a bank account name. Likewise, they call it fixed deposit account in Nigeria banks.

Caution : Caution : Caution : If you can't find an answer to this fundamental rules of real estate investment, it's better you put your money in a CD account. Even though, the CD interest rate does not more than 5%. However, if your real estate is mainly for fashion, not for investment purpose, then you have nothing to loose.

How many years should take Nigerian property investors to re-coup his investment on a rental property? NOTE: If he uses his capital, it will cost him less, but if he has to finance the property, it will cost not less than double the price.

Thanks for the enlightenment, but you only mentioned LEKKI PHASE 2 in governor's consent prise list. Could you please tell me price per m2 for land at OGOMBO VILLAGE along lekki epe after VGC. I have a property there that I am about to get its' governor's consent.

sold,,,,,,,,,,,,,,,,,,,,,,,,,sold,,,,,,,,,,,,,,,,,,,,,,,,sold

Congratulation for your interest in Nigeria properties market, go to this web site www.femabproperties.com

Thanks for all the calls, but we sell only in cash. STILL AVAILABLE.

I have two new HP laptops,the laptops have never been opened.they are presently in Lagos Nigeria with my brother.

THE SPECIFICATIONS ARE AS FOLLOW:


- HP Pavilion dv6700t Entertainment CTO NB
- Genuine Windows Vista Home Premium with Service Pack 1 (32-bit)
- Pentium(R) Dual-Core Mobile Processor T2370 (1.73 GHz)
- 15.4" diagonal WXGA High-Definition HP BrightView Widescreen Display (1280 x 800)
- 2GB DDR2 System Memory (2 Dimm)
- Intel(R) Graphics Media Accelerator X3100 - For Pentium Processor(s)
- HP Imprint Finish (Radiance) + Webcam + Microphone
- 802.11b/g WLAN
- 250GB 5400RPM SATA Hard Drive
- SuperMulti 8X DVD+/-R/RW with Double Layer Support
- No TV Tuner w/remote control
- 6 Cell Lithium Ion Battery
- Microsoft(R) Works 9.0
- HP Home & Home Office Store in-box envelope