₦airaland Forum

Georgry:


One homie made more than 30m during covid-19, I said go start something but nah! He wanted to build a house, not just a house but a standard one, he's not been able to complete the house till today and he's broke.


The problem with the people doing this is they fail to understand that we are in a different generation, the Baby boomers were the people who brought this mentality, it won't work for you Gen Z or Gen Y, your first big Savings should be used to start a business and the second savings to get a car (owing a car is good for your brand, business is all about brand now, House should come last.

I second your thought but if we look at it, had it mean your friend invested into real estate by building houses for rents he won't be broke

Build a house where you can live or plan to live

Georgry:


One homie made more than 30m during covid-19, I said go start something but nah! He wanted to build a house, not just a house but a standard one, he's not been able to complete the house till today and he's broke.


The problem with the people doing this is they fail to understand that we are in a different generation, the Baby boomers were the people who brought this mentality, it won't work for you Gen Z or Gen Y, your first big Savings should be used to start a business and the second savings to get a car (owing a car is good for your brand, business is all about brand now, House should come last.

Very correct!

helinues:
Personal house is also a liability. Are you not going to maintain it yearly? Pay tax? Or are you making money with it?

A personal building is an asset oga... A double one sef...if U have a spare space to rent out

What U saying bro...

money121:
D0nt be broke because you are building a home.

"You've managed to save 10 million, your first big savings, but the only thing you can think of doing is starting to build a duplex in your village? Tomorrow, you'll come out and say that your village people are after your business. Don't use your first savings or business money to build in your village. The house you build in your village is a waste of money; it won't return any income. Instead, it will set your business in town back. Building a house is not like buying a car. The money used to buy a car may not affect your business because it's a one-time expense. However, the money used in building a house can close your business because you'll keep spending until the house is finished.

So.my advice to you is to not use your first money to build a house in the village. If you must do so, learn how to build according to your earnings, like the example I posted.

The Bible that is boring to so many people already say in the book of Proverbs, that we should develop our business before we build a house. If you heed to this simple instruction, you will never weep.

Yes o, my dad would say, eji ro ego nni alu Uno...

My thought exactly said exactly

Oju4190:
So u will pack ur Lamborghini in a rented apartment.

what's wrong with that?

It depends.

If you are a civil servant, please start building your home after confirmation of your appointment.

Remember, it's salary, it has a duration and you should not wait until retirement...it could be late.

Remember, after few years working, children start coming and will be trained.

Remember, once married additional expenses crops in mostly needs.

That notwithstanding, if you plan to run a business while working, best to set up the business running before opting for building a house in the village....yet, depending on the location of your village.

You're right.

My final year first semester exams start tommorow and I'm still without an exam card. I won't be allowed entrance into the hall without it. Someone pls help me with three thousands to get it Pls 🙏🙏🙏

Houses in the village have little or no resale value

Who is interested in making money everyday

All you need is your phone..

Trade yourself twice a day at a particular times with 1% of your investments

And seat and watch your investment grow..

If interested

Send me a message

OP your caption is wrong, "House"

Advocates of "build a house in the village" ideology will tell us that the political structure of Nigeria makes it so. Fine, but if your village is not the capital city or a budding economic hub, then it is pointless. My parents own houses in their villages, today, none reside there neither are my siblings interested. Tor! I cautioned them as it made no economic sense to me then and till now.

Oju4190:
So u will pack ur Lamborghini in a rented apartment.

If you've reach a stage where you can afford Lamborghini then house building wouldn't be a problem or draining adventure

But imagine earning bare 300k monthly and fully engrossing yourself on building house at the age of bare 35?

Good advice. Many Nigerians including youths are wrecking themselves financially just because they want to own their own houses. They would even empty their business funds into the building projects

Oju4190:
So u will pack ur Lamborghini in a rented apartment.

Yes, then take loans on the existing business assets to finance the current business for expansion or new business opportunities. This is advisable for a single man or a married man with children whose business(es) are already established. The living house isn't really an asset as peddled as it does not generate revenue.

Georgry:


One homie made more than 30m during covid-19, I said go start something but nah! He wanted to build a house, not just a house but a standard one, he's not been able to complete the house till today and he's broke.


The problem with the people doing this is they fail to understand that we are in a different generation, the Baby boomers were the people who brought this mentality, it won't work for you Gen Z or Gen Y, your first big Savings should be used to start a business and the second savings to get a car (owing a car is good for your brand, business is all about brand now, House should come last.

People who fail in life are those who don’t understand that you don’t have to follow the advices of old generations. What works for them works in their time and things keep changing. Buying land or building houses is no longer an investment but liability. In an economy of persistent inflation and high fx fluctuations, buying a car is now an asset while buying land is now a liability

Starz825:
A personal building is an asset oga... A double one sef...if U have a spare space to rent out

What U saying bro...

Personal house? Rent out?

Oju4190:
So u will pack ur Lamborghini in a rented apartment.

Your first savings can never be enough to buy a Lambo unless you are Elon Musk, this topic is about your first biggest savings.

ChybuzzDD:
I and my kids enjoy and cruise around & within my own whenever we travel to the village.
Na CCTV camera remain make i put there.

I heard my water collector is leaking, but I'll soon send money to repair it . Maintenance shouldn't fear you because that's natural and normal.

A one-in-a-year annual ritual. Well, it makes sense when the person is a high-income earner who has diversified income-generating sources rather than ploughing the first investment earnings/savings into a house in the village which is visited once a year. For an employee, better to invest in highly skilled certifications which lead to higher salaries and job responsibilities than building a house in a no-economic activity area called a "village".

MrToothBrush:
That's thoughtful. But a house can also be a source of investment. It only depends where you build it and how you built it.
I can build my first house in a city and build my second house in my Town... there are no villages anymore...

By the way, if you are currently erecting a structure in this economy, you are truly a man. The most high has been kind to you

YOU DIDN'T LEARN OR UNDERSTAND ANYTHING FROM HIS ADVICE.

From your comment.

Nice summation..

However, what might work for A may not work for B..

In a nutshell, in anything you do, be convinced before embarking on it.

JJacko:
I swear. Car wey thief fit carry or e get accident and that's the end. Not to mention it's an unending liability. House before car, homies. Don't let anyone deceive you o, house will always cover your shame. Especially in old age.

They cost of a simple modest car can not compare to the cost of a simple three bedroom bungalow, trust me. But as long as the one you prefer first won't wreck your business or wreck you financially, you're good to go. Just that it is very common for house projects to be stopped midway due to dry source of money if not planned properly

Karleb:
Building a house is overrated!

I agree with you. Everyone was just breathing down my neck when I had not built my house last year. When I finally did, it slowed down my business greatly and I'm still recovering till now. Left for me alone without people disturbing me, I wouldn't build anything in the next ten years. I know what 15-20 million naira can do for me businesswise

helinues:
Personal house is also a liability. Are you not going to maintain it yearly? Pay tax? Or are you making money with it?

I like to see property investments from retirement phase perspective. There comes a time when your physical strength and brain capacity cannot manage the troubles of running business. This is the point where I think one gets to appreciate the rents from owned properties. At this point one also gets to realise that you can't depend on pension to carry on a decent living