Bugmenot's Posts
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 Autos › Re: Free VIN Check FOR CARS FROM USA ,CANADA by bugmenot: 2:32am On Dec 24, 2013 |
Thanks boss! |
| Autos › Re: Free VIN Check FOR CARS FROM USA ,CANADA by bugmenot: 2:06pm On Dec 23, 2013 |
Export1: You entered an invalid VIN: 4T18G22K6XU537307 Sorry for the mix-up, the right VIN is actually: 4T1BG22K6XU537307 |
| Autos › Re: Free VIN Check FOR CARS FROM USA ,CANADA by bugmenot: 4:09am On Dec 21, 2013 |
Kindly check this VIN for me: 4T18G22K6XU537307 |
| Properties › Re: Reconstruction Of An Uncompleted Two 3 Bedroom To A Duplex Plus Hospital by bugmenot: 4:45pm On Dec 20, 2013 |
helpee: actually, the water heater is meant to supply the need of clients alone. It is the duty of d nurses to circulate hot water on request by client. I will provide my own hot water for domestic use...but I can make it two since u mentioned it. Tnks Thanks for the clarification. Very good planning on your part, I'm unfamiliar with hospital buildings thus my curiosity. More grease to your elbows. |
| Properties › Re: Reconstruction Of An Uncompleted Two 3 Bedroom To A Duplex Plus Hospital by bugmenot: 9:34pm On Dec 19, 2013 |
helpee: In all we have 15 toilets, 13baths, 18wash hand basin and one water heater Is the plan to circulate water from the one water heater to the entire building? What capacity of water heater would that be? |
| Properties › Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by bugmenot: 1:58am On Dec 04, 2013 |
mufutau55: My brother, I don't know the technicality here... but I will as far as you can make it.. You hit the nail on the head, Haji! Nothing worse than drinking contaminated water. |
| Properties › Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by bugmenot: 8:24pm On Dec 03, 2013 |
Oga Spyder and other professionals in the house - how far from a septic tank/soak away can a well or borehole be situated? |
| Properties › Re: Construction Of A 6 Bedroom Duplex At Owerri by bugmenot: 1:45am On Nov 29, 2013 |
The plastering is super smooth! Does not look like there will be any need for POP screeding here. Honestly, I think good finishing like this is what makes some houses much more beautiful than others. Welldone oga Spyder! |
| Autos › Re: Total Cost Of Clearing A Vehicle In Nigeria by bugmenot: 10:02pm On Nov 27, 2013 |
Oga Femi, Kindly confirm that the cost of clearing '99 camry is still the same 200k, I'm working towards shipping within the next week via sallum. Also, do you think it is safe to load stuff in the boot? Someone advised me to disconnect the trunk release cable, that way the goods won't be stolen. Thanks in advance. |
| Autos › Re: Free VIN Check FOR CARS FROM USA ,CANADA by bugmenot: 8:54am On Nov 13, 2013 |
Greatly appreciated boss! |
| Autos › Re: Free VIN Check FOR CARS FROM USA ,CANADA by bugmenot: 7:09pm On Nov 12, 2013 |
Pls help me check this VIN: 4T1BG22K2XU886075 Thanks in advance! |
| Properties › Re: The Making Of The "Port Harcourt Mansion" by bugmenot: 9:23pm On Nov 09, 2013 |
Oga spyder, if you don't mind sharing, how tall is the tank stand? How much taller than the house is it? I think it looks significantly taller. Welldone, my brother. |
| Properties › Re: The Making Of The "Port Harcourt Mansion" by bugmenot: 1:43am On Nov 07, 2013 |
How tall is the tank stand? And how tall is the house? Looking forward to cost updates. Welldone Prof! |
| Properties › Re: Cost Of Borehole In Different Areas by bugmenot: 5:43pm On Nov 02, 2013 |
Thanks for the info - gabbytabby and Haji Mufutau. I might have to dig one soon. |
| Properties › Re: Cost Of Borehole In Different Areas by bugmenot: 2:55pm On Oct 31, 2013 |
What's the depth of the borehole you dug in Ajah? |
| Properties › Re: Jarus CountryHome - A Journal by bugmenot: 6:24pm On Oct 25, 2013 |
voltron: I am still trying to understand the love for arches within a living area.. i cannot figure it out It's a fad, looks good if properly built (like Jarus') though. |
| Properties › Re: Jarus CountryHome - A Journal by bugmenot: 5:58pm On Oct 25, 2013 |
Great job, Jarus! About the POP, does the 250k cover labour and materials? Is there POP in all the rooms? BQ inclusive? |
| Properties › Re: Building Process Of 4 Flat At The Heart Of Lagos by bugmenot: 3:29pm On Oct 24, 2013 |
[quote author=segcy.moor]@B3sty sorry for late response. The. Borehole cost 160k with submersive machine with depth of 160[/quote] Thanks Oga Secy. |
| Properties › Re: Building Process Of 4 Flat At The Heart Of Lagos by bugmenot: 8:51pm On Oct 23, 2013 |
Welldone Oga Segcy. How deep is the borehole and how much did it cost? |
| Properties › Re: What Drives Real Estate Valuation In Nigeria? by bugmenot: 1:47am On Oct 21, 2013 |
A big AMEN to that! |
| Properties › Re: What Drives Real Estate Valuation In Nigeria? by bugmenot: 11:50pm On Oct 20, 2013 |
@Kopell Na true you talk, my brother. I know this is easier said than done, but what can one do apart from making the best of the situation they find themselves and believing God for a better tomorrow? |
| Properties › Re: What Drives Real Estate Valuation In Nigeria? by bugmenot: 8:26pm On Oct 20, 2013 |
Cyberknight: Property prices of course vary widely, but if one wanted a 3 bedroom house in say Surulere, Maryland, Gbagada, Anthony Village or Ikeja, one should be ready to part with about 25 million (of course this is a rough average, I've seen places go for less and others go for much more). How much are starting salaries in say the banks, or the only industrials left in Nigeria like PZ, Nestle, etc? With that in mind, having paid Lagos rents, maybe school fees for 1 or 2 children as I am doing and reasonable living expenses with no real frills (I haven't taken a holiday since I had my first child, for example), etc, etc, how much do you have left from your income at the end of the year to enable you to afford to start saving towards 25 m? I earn a reasonably decent income in Nigeria but am priced out of the market. As a matter of fact, with what I earn I could be buying a flat on a long mortgage in the UK right now. I don't know if this will work for you from a proximity standpoint but I think you can find properties, bungalows, in the Mowe area for between 10 and 15m. My advice is buy what you can - house or land - as soon as you can because I don't see prices coming down. Neither do I see the government putting their act together with respect to financing any time soon. I pray I'm totally wrong on this though. A number of my friends have been able to buy properties through co-operative societies at their places of work. Put down one block at a time and it will surprise you what you can achieve. Best of luck, my brother. |
| Properties › Re: What Drives Real Estate Valuation In Nigeria? by bugmenot: 5:27pm On Oct 20, 2013 |
@Cyberknight Remember the reason Underdogg started this thread - he sought answers to the increased valuation of properties in Nigeria despite the disorganized nature of the environment. @Kopell kopell: In US if your endings is up to $70,000 a year it doesn't make any sense in my opinion to rent, mind you renting or buying you still need somewhere to live. This probably makes sense more often than not. A few things to bear in mind when making these mortgage backed purchases: 1. It is recommended that you buy a property that costs no more than 3 x your annula income. So in your example, you'd have a cap of $210,000. 2. Ideally you should have 20% of the value of the property you wish to buy as downpayment - that's > $40k in your example. These are often ignored. Most purchases are driven more by emotions, as a result many cook the books to buy what they can't afford. I don't know if this is still obtainable, but if you do the math and realise you can't really afford the property you desire, you could choose not to disclose your income and just acknowledge that you can cope with the mortgage payments! The one great thing the governemt did was to make it possible for first time home buyers to buy properties with 3% downpayment only. The one thing I agree hook line and sinker with is that a place that shelters you and your family is priceless. But not many people are able to stop comparing what they owe on their property with the current value. You know what? If they put down the recommended 20% originally, the probability of the two values being close would be much lower. The general notion is that buying is almost always better than renting, I also believed this until recently. Watch the Khan academy video linked below and let me know what you think. Surprising as this sounds, depending on your situation you could be better off renting! https://www.khanacademy.org/economics-finance-domain/core-finance/housing/renting-v-buying/v/renting-vs--buying-a-home kopell: Talking of property tax, your property tax should not be more than $8,000 a year depending on the location. You are also building equity on the same property, now you do that math this is just 30 million naira talk less of those homes that cost over 100 million in Nigeria. I know someone who owns a million dollar 5-bed, 5-bath home in MA, he paid $17k in property taxes last year. Of course the neighborhood has top notch schools. But I find that people become disgruntled when they no longer have school age kids. And the N30m plots of land in Naija are in really high brow areas. I know places where you can still get land for N800k with reasonable proximity to lag. And if you want shovel ready locations, I know places where you can get a plot of land for a couple of millions (between 1m and 5m). I'm enjoying this discourse very much, but let's not forget that the main topic remains about real estate valuation in Nigeria despite the fact that the government does not do much to make properties affordable. |
| Properties › Re: What Drives Real Estate Valuation In Nigeria? by bugmenot: 12:16pm On Oct 20, 2013*. Modified: 12:52pm On Oct 20, 2013 |
@Cybernight I've not said there's a disadvantage in property ownership in the US or UK. All I'm saying is that one needs to be careful so the properties don't turn to liabilities. This is a rarity in Nigeria. Of course there are lots of other issues one has to navigate through in Naija e.g. Property fraud. Making credit available to Nigerians at reasonable rates is key to helping people purchase properties. And I think the government needs to be more responsible and wade in here. I'm optimistic that we will get there someday, but you can't blame banks which are mostly private institutions for treading carefully as fraud is rampant in Nigeria. Nowadays people are able to finance personal cars, this wasn't the case in the past, so we shall get there by God's grace. Expecting valuation to drop I think is wishful thinking, at least for some time to come. But I hope I'm wrong on that. With financing available, people are willing to spend much more, they will think about how to make payments later. |
| Properties › Re: What Drives Real Estate Valuation In Nigeria? by bugmenot: 6:18am On Oct 20, 2013*. Modified: 6:44am On Oct 20, 2013 |
spyder880: Just to chip in something, will the property tax not add to the inflation of rents and even cost of lands as landlords hike prices to cover for what they remit to the government purse? This is an important discussion. Very interesting question, Oga spyder. In the US, rents are mostly driven by market forces, demand and supply. If for example you tried to rent out a property in winter, there is likely to be less demand. Of course, there are lots of other factors that come into play such as location. I stand to be corrected on this, but it is not uncommon to see cases where rent on a property is barely able to pay the monthly mortgage + tax on the property. The real gain is in the equity the owner builds on the property IFF property values hold up. If values go down on the other hand, you could live in a house for 5 years, sell the house (at a loss) and still owe money on the mortgage. If this is possible in Nigeria, I'd like to know where. One of the big challenges property owners faced during the mortgage crisis was - if you owed so much on your property that it was more than the value of your property and a similar property in the same area, why not just buy the cheaper property and abandon yours. In fact, in the wake of the mortgage crisis, I lived in an apartment whose rent went down by as much as $3 to 400 monthly. Lots of properties were being foreclosed on and put on the market for rent or sale. The buyers and renters became king. :-) I'd like to get an economist's opinion on this but maybe the Nigerian market is undergoing a phase where prices rise constantly. Any chances this bubble might burst sometime? :-) |
| Properties › Re: What Drives Real Estate Valuation In Nigeria? by bugmenot: 8:51pm On Oct 19, 2013 |
@kopell You raise a good point - in the west, many people buy properties they can't afford. But why is that so? Because they can borrow now and "promise" to pay back tomorrow! The mortgage system is great if not abused, remember that people "buying" properties they could not afford was the norm for a long time and it contributed immensely to the mortgage crisis. Borrowing against your property is really just a short cut to taking another loan from the bank and it's attractive because mortgage interests are often lower. And don't forget that paying for one property for 30 years almost makes one a lifetime debtor, how much more when you continue to borrow from your equity. Public schools and amenities are great, but remember we still have federal government colleges and federal universities in Nigeria, though competitive these are mostly within reach of the common man. A little more contrast - In the US you could easily lose money when you sell your property, of course the longer you own it the less the likelihood. In Nigeria, on the other hand, it's a rarity that you sell property for less than you bought it even after factoring in inflation. And this is almost irrespective of the time interval between when you bought and when you choose to sell. I've seen land values double in a year or two. One question - where in NY can you afford to have a vacant property and for how long can you keep it vacant while servicing the mortgage and taxes? Most people are under pressure to sell or rent out their homes as soon as they move out so they can cope with their mortgage obligations. In Nigeria on the other hand, this is very common. If nowhere else, in the villages. In all honesty, each system has its own advantage. We just need to take the best advantage of the system in which we find ourselves. On a lighter note, I've lived in Beantown for almost a decade so I'm not far away from you afterall :-). 1 Like |
| Properties › Re: What Drives Real Estate Valuation In Nigeria? by bugmenot: 6:06am On Oct 19, 2013*. Modified: 6:26am On Oct 19, 2013 |
Cyberknight: This doesn't make sense. The whole point of the poster's complaint is acquiring these so-called valuable Nigerian assets in the first place. You obviously have to acquire them before you start to suffer from the associated tax obligations. As for mortgages, credit is the essential lubricant of any developed society - it may have been abused in some places, but the old dictum of moderation in everything still applies and this does not diminish in any way the huge value of the mortgage as a device for helping people own property. I'm not sure I get your point. What, in your opinion, drives real estate valuation in Nigeria? Especially as mortgages are hardly available to the common man. With barely any credit facilities available, property values continue to double overnight. What do you think would happen to property values if mortgages are made available to the common man? Don't get me wrong here - housing should be within reach of the average man. |
| Autos › Re: Total Cost Of Clearing A Vehicle In Nigeria by bugmenot: 9:04pm On Oct 18, 2013 |
femmy2010: N200k if coming to TIN - Can Port. Thanks for your prompt response. By when does it have to be shipped to avoid the expected hike in clearing cost? There is plenty of talk about a mandate to patronize local car manufacturers, are you sure we won't get caught up in all that wahala? |
| Autos › Re: Total Cost Of Clearing A Vehicle In Nigeria by bugmenot: 5:57pm On Oct 18, 2013 |
Oga Femi, how much will it cost to clear a 1999 Toyota Camry at Lagos port? Thanks in advance! |
| Properties › Re: What Drives Real Estate Valuation In Nigeria? by bugmenot: 11:46pm On Oct 13, 2013 |
Demand also plays a role. Relative to US and UK properties, Nigerian properties are assets. With mortgages and tax obligations, US and UK real estate could easily become liabilities. |
| Properties › Re: The Building Of The Elegant 5 Bedroom Duplex In Port Harcourt by bugmenot: 2:31am On Oct 12, 2013 |
eddiebruk: I think the wire there is a connection that leads to the pumping machine or something You're probably right, looks like they tapped electricity from somewhere to power a (submersible??) pump. I did not notice the wire before. |
| Properties › Re: The Building Of The Elegant 5 Bedroom Duplex In Port Harcourt by bugmenot: 12:32am On Oct 12, 2013 |
Welldone Oga Spyder! We trust that you will deliver a beautiful building without forgetting cost efficiency. I honestly envy your clients. Question on the water source - Is that a borehole? What pumps out the water? |
