₦airaland Forum

Interesting question...

Firstly, a property that takes 30 years rental to recoup its initial purchase or build cost is wrongly priced. Either you've overpaid (purchase or build cost) or you are undercharging (rental) or there's just a mismatch between the property value and rental value in that location.

That is why it is important to do your numbers and do it right. ideally, your property should pay back its value in maximum 20years. sometimes it is less depending on other factors e.g. if you've acquired the land long time ago before it's value appreciates significantly, then you just come and build on it versus if someone else comes to the same place and purchases the land at current value and builds on it at the same time as you. in this case and all other things being equal, your total investment will be significantly different whereas your annual rental return will be same, so your investment payback period will be different.

Personally, i will expect a payback period of btw 10-15yrs. this is very feasible and there are plenty known practical examples.
you have to keep these things in mind when negotiating a property purchase or when you're building for rental.

The trend seems to be shifting towards build to sell, especially in prime locations and cities in Nigeria.

The interesting thing is that in those high-value locations where property are priced higher, your invested sum is more, the returns are higher and the therefore the payback tenure is less. if you go to a less developed area and build an expensive house there and you cant charge a commensurate rental fee, then your ROI will be less and it will take you longer to recoup.

So you need to;
1. have a proper understanding of property valuation in the location of choice viz a viz going rental rates.
2. do your numbers before deciding if to sell land "as is" or invest more to build. and if/when you you build, do you sell or do rental?

Like they say...in real estate location is everything.

Mgbadike80:
Please, do you guys consider rental properties as a good investment considering the fact it takes sometimes almost 30 years to recoup the initial investment through rents or is it better to sell the empty land at a fantastic profit margin and call it a day. Please, give reasons for your answers.

Abdomox:
This depends on your investment horizon. If you're after short term gains, you can sell the land at a profit. But if you're after long term, you can build to rent out.

Remember that rents are mostly inflation-hedged (i.e you increase it as cost of things rise), and there are also exogenous factors that can sprout the rent (e.g. Road network, Commercialization of area etc.)

you can share. i split mine between both of them.

pepe1:
Good day all.

I noticed that no mmf has a total edge over others.

However, I have narrowed my choice and now stuck between AXA Mansard and Stanbic.

I'm more concerned with Investment appreciation, Customer service and ease of cash out process.

I need help to decide or do I share my investment between the two.

Thanks in advance.

good to know.

thanks

enque:
withdrew funds in december (i think 2nd week or so).
applied for withdrawal in the morning, and got my cash late afternoon of the same day (around 4pm ish)

where is your location?

lashane:
Hello,

I have got this specification of iron rod for a discount sales:

Turkish steel ( Kaptan Mill)
16mm
20mm
25mm

Total quantity left approx 3,800tonnes (Lagos warehouse)

N175,000 p/Mt (any takers)

Contact: 08037263754

how long does it take to liquidate SIMMF with Stanbic?

Anyone with recent experience to share?

thanks

the work is in lekki/ajah. let me know if that location works for you and i'll be in touch with you.

thanks to everyone that pitched in on this. i have confirmed my initial thoughts and will get the required help to remedy the situation.

cheers

mountmoriah:
you are welcome sir, good morning, happy Sunday, you can reach me on 09069523526, or email mountproperties@outlook.com, but where is your site located? so my nearest Mason to you can come around, the simple technology or methodology they will use is open the crack wall, the lintel will be inspect for possible amendment, then wire mesh will be introduce, after that replaster, repaint and that is all sir.

I know you may have the interest of unsuspecting customers but this is a big allegation to make based on pictures and hearsay alone. i hope you will make bold to see this through by taking up his invitation to confirm this is the case or otherwise.

adeneti:
Oga Adedward,


My points.

looking at the price you quoted for 4x4 tower casement window @ N28K, i have been calling my suppliers and fabricators at dopemu, lagos , the largest aluminum village in Nigeria about this your price, and they made me to know it not possible to get tower casement aluminum 4x4 windows at this price, that it was actually china imported low gauge profile, and they can proof it, i spoke with about 4 of them, and claim that the fabricator that put up that price will only end up using imported china low gauge profile, and at the end you show up with these pictures that showed the exact label of china imported aluminum profile this people are saying that china imported profile will always have, i was planning to engage you before but with this i have decided to change my mind.


I have decided to handover this remain part to aluminum fabricators on nairaland to confirm if your tower aluminum profile you have been claiming to sell is different or same with this picture with china imported labels pictures you posted here on this thread, because base on decade of experience in building my houses, i have get to know that tower standard aluminum windows profile will never come with label because it's actually produce here in Nigeria, it's only china imported aluminum profile frame that comes with labels.

Thanks.

who sells doors here?

please drop me a message here. i need doors to be supplied and installed around alagbado.

thanks

thank you for the response.

this was my initial thoughts too but thinking about it more one could say that...we have all been building for a long time with conventional lintel without chaining all round and majority of those houses have stood without experiencing this type of crack. chain lintel is only recently becoming a best practice to adopt.

meanwhile i agree on the possible causes you've mentioned but we are now looking forward into possible solutions.

thanks

Chekitaut:
I do not think there is remedy to this, this would hv being avoided if a chain lintel is apply to the structure, crack mayb cause by soil settlement or weight of the roofing.

Thanks for the feedback.

where are you or your mason located? will you be nice enough to send me your mason to inspect and discuss how to fix this work?
i also believe there has to be a remedy without necessarily going overboard.

pls let me know how best to contact you.

thanks

mountmoriah:
that is not true sir, it will be fix sir, if he want, my bricklayer will come and fix that thing for him sir.

mountmoriah:
sir bixton, a little google search, just like this (how bad paint and bad paint work can cause crack on your finish wall) will do justification to my comment, mind you, I said not all cracks wall are cause by fault foundation, not in this case sir megacontrol is requesting info.

mountmoriah:
Getting foundation right is very important part of building construction, but having said that, this problem can still be fix 100%.

i know and that is my plan, i just want to know what method is best suited so i can be able to scrutinize their proposed method.

do we have to open the wall and introduce wire mesh? extend the lintel to stop the crack from transferring down? or just open the cracks and re-plaster?

i know and plan to contract a mason for sure, but just want to understand the scale and methodology of repairs required.

thanks

bixton:
Just get a good mason to come do the repair.
The repair method is not what can be explained to understanding. It's only when you see it done, you'll get the drift especially if you've not done it before.

that's effectively N2400, which is the same price as before for some qty. no reduction really

Chekitaut:
Grab yours now

please i need professional suggestions on the best and most practical way to fix this crack.

you will notice it is along the same path on both the internal and external sides of the wall

thanks

please i need someone in Lagos lekki axis that can scan and fix my HONDA PILOT 2012.

any referral will be appreciated. thanks

that's interesting...what tyre size was "too heavy" for the vehicle? was it different from the recommended tyre size initially?

i have same honda pilot 2012 but it has a slightly different issue from what was posted. i think i need to run a scan so I'm looking for someone that can scan (and possibly fix) HONDA PILOT 2012 in Lagos lekki axis.

will appreciate any referral

veloce:
please I need urgent assistance.my Honda pilot will just be vibrating at a certain speed though will stabilised later as the speed increases.what could be the problem.i also noticed that the car make a certain noise like jerk when I engage the reverse gear.pls help with likely solution

Ofemmanutosure:
My car was having exactly the same issue through this week until i found the culprit today. One of the tyres was too heavy. Changed the tyre and everything became normal. You can try to check your tyres too.

Follow up question on the duration to wait for decking to cure... how long to wait before removing the bamboo and formwork from the decking to be able to commence finishing of ground floor, assuming there is no immediate plans to set upper floor blockwork?

KolaShangOne:
Minimum should be 1 week depending on the strength your slab has attained which you cannot know unless you do a cube test.

If you used Dangote 42.5R cement and you used 1.3.6, after 7 days it should have a strength of about 12kn/mm which is okay to commence work.

Therefore, how quickly you start your upper floor blockwork depends on strength it would have achieved which also depends on Mix Ratio, Type of cement, water and other factors..

consecutively? and for how long?

KolaShangOne:
And please water it day and night. We are in the dry season.

i need someone that can provide pile tests service in Lagos.

direct service providers only, no 3rd party vendors.

thanks

for which one?

SVPROJECT:
WhatsApp or Call: 07031112625

Pls I need good vendors for the following

Window hood POP
Doors and doors frame

Location of the job is alagbado.

Thanks

hey @Chekitaut i referred someone to call you up for supply to alagbado.

if it goes through, please ensure quality service and correct quantities at agreed price. i will be keeping tabs on this one.
it will also pay you to know that there's still some way to go on the job so other opportunities may exist.

thanks

sorry i can't remember.
car was eventually sold off and replaced.

cmoney22222:
Goodmorning, pls gow did you solve this. Am in same shoe

thanks man.

diordaves:
If no structure is envisaged like you said just evacuate, dismantle blocks and fill with laterite. There will be settlement but good enough to use as compound space from completion.

Thanks for your quick and detailed response as always.
however, there is no plan to build on that section of the land. it's just going to be compound space or car park or something.
no structure planed to go on it, the new pit will be located in a new spot.

Does this change your submission? can we evacuate, fill up and just cover it up in one go?

diordaves:
There's no quick fix solution, only the right solution:

Evacuate the pit. Dismantle the blocks and evacuate.

Fill pit with red laterite sand. Allow to settle for one raining season. Fill with more laterite after initial settlement. Allow to settle another raining season, so minimum two years. You may then build on it.

NEVER fill pits with rubbles, pure water nylon, biodegradable materials like plants, trees, food waste, clayey sand etc. This will make the soil unstable to support any meaningful structure.

I think someone asked this question recently but I've searched and can't find any reference. here you go...

what is the best way to abandon an old soak away?
just leave it, open up and fill up with rubbles or junks, any other best practice advised?

We plan to make a new style soak away system, the old one in the building will not be required anymore.

Thanks for your contributions.

where are the building material suppliers here that operate close to the lekki axis?
cement
rods
wood

Thanks for checking.

The job has been awarded.

Good luck.

omololu251:
Hello Sir, I am looking forward to hearing from you with regards to your pile job.

i think so too, but looking to read more opinions on the selection criteria for the various granite sizes.

tevanso:
No Sir that is not the point. U need a smaller size of granite if u are casting something like lintel and column in order for the output of the finished concrete surface to come out fine. While u need a bigger size of granite for casting of oversight concretes, (German floor) retaining walls, concrete slabs in order to give u more strength .

how does granite size selection depend on type of building? kindly expatiate if you don't mind.

Adedward:
depend the types of building,

Any takers to this question?

Experienced builders and engineers in the house, your input will be much appreciated. thanks

megacontrol:
Hello,

I know we discussed granite a long time ago but i couldn't find the reference pages.

There are different granite types out there...3/4" down, 1/2", normal 3/4" etc.

Which of these is ideal for concrete (foundation, column, beam) and why?

Thanks