₦airaland Forum

In the north, if you don’t marry more than one wife, you are a nobody
In the west if you don’t have other children outside of your marriage, you are nobody
In the East, if you don’t build a mansion in your village, you are a nobody.
To all, his own!

Life is in stages
Your advice is important and also if you are opportune to build a house you can live in (mind you not in the village please do because it will solve a lot of problems)
Thanks

MT:
Like I said, wait till you are grown. You are still growing. You have a lot to learn in life.

Life is not simply black and white, there are lot of shades of colours in between.

You may be right tho

I see no reason to build a house now or in the next 10 years.

Someone older might see it differently.


Till I get to that level, I'm keeping this view.

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.

Many peoples first big savings is used to MARRY
I did
And so did many others (but I will only advise this if you already have a job if not your first big savings should be to start a business

Karleb:
Building a house is overrated!

I agree with you.
Atoms, house can be a limiter

santaclaws:
The OP is right, but the above doesn't apply to land.

If you make your first money, make sure you BUY LAND cos land always appreciates and you can always resell if you need to.

😀 With the rate of inflation now , I'll tell you that building appreciates more than land right now.

.

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

Personal house maintenance is what you can do yourself if not too busy or lazy. Having Personal house is still best.

Painting is a choice, to minimise that use tiles. Etc. Little repairs won't cost much.

MT:
The car seems to appreciate due to the devaluation in our currency. Your friend will still need to add more money to buy the same tokunbo car, so that’s not appreciation.

Do you know how much land has appreciated and how much rent has gone up.

You can't buy a land for 4.7 million this year and sell it for 7m this year, plus if we are to apply your theory that means nothing is appreciating in Value in Nigeria unless the thing is valued in Dollar.

Skydivine:
In the north, if you don’t marry more than one wife, you are a nobody
In the west if you don’t have other children outside of your marriage, you are nobody
In the East, if you don’t build a mansion in your village, you are a nobody.
To all, his own!

I disagree with that of the West,.

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

Where did he mention Lamborghini??

This advice is why Yoruba land looks like shits and full of slums and ghettos... All thanks to Igbos and others that came to their rescue to give Lagos a face lift ...check the op nah yoruba man , they live all their lifetime in Lagos forgetting home totally

Lordofalmajiri:
😀 With the rate of inflation now , I'll tell you that building appreciates more than land right now.

I don't think you understood the comment. Read it again...

Poor mentality. NELSON MANDELA QUOTE motivated me a man is not a man till have a roof under ur head, @poster I totally disagree with you, mistake many make is not designing nor building according to your budget , please stop discouraging people , I built from my first contract yes and was completed after 6 years , built in village , just make sure houss design accorfing to ur budget.

Skydivine:
Igbos have been building in the village and most of them who own houses in their village are still doing very well in business.
Now, compare them to Yoruba who don’t build in their villages . Are they doing better in business than those Igbos? Do they even build more houses In the towns than the Igbos that build in the village?
The bottom line is, having a reliable source of income. The reason people make money is to derive some fulfillment from what money can afford.

Fair enough. But do most average people keep a consistent source(s) of income?

That is a discussion for another day.

Gerrard59:
Fair enough. But do most average people keep a consistent source(s) of income?

That is a discussion for another day.

Almost all the people that built houses in Nigeria did not have the complete money before they started. They built in piece meals . If they had waited to build an empire of business before building, their dreams would not have been realized.
16mm rod was #2500 a piece in 2013 now it’s #17000. This is just one example.
The truth is that, not everyone will build but some waste the opportunity to sight the moon while chasing stars.
Personally, the money I have lost in different business is enough to make me the biggest landlord in around here.
Let give you one personal example. Around 1998 while a plot of land was sold for #300k at lekki, I visited a wok colleague in his rented apartment and while we discussing he went in and brought out folder. Inside the folder were many certificates of stocks he owned. He said, “ some know why we are not interested in building houses” To be honest, I wished to be like him. After I left, I decided to reconsider my traditional investment strategies. Against my personal convictions and in trying to be investment savvy like my colleague, I bought #900k worth of AG Leventis shares.
The next few months, the values nose dived to half. Yet, I kept it and kept hope Then it continued the downward trend till my 900k became #40k after about 20 years in 2018. Everyone knows what a house is worth today at lekki. The AG Leventis share even finally got delisted from NSE.
Thank God for today anyway!

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.

but bro no be only the house chop the 30 million because during COVID 30m will finish a 4 bedroom ensuite bungalow from starting to ending even with interior's

Gerrard59:
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.

if u travel go home whr do yo stay, hotel or ur uncles house

Skydivine:
How much can you generate in a year from a #50m (including the land) house which you also live in?

About N3 million

Gerrard59:
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.

One day they'll decide to relocate back to the village and live there


Just a matter of time

santaclaws:
I don't think you understood the comment. Read it again...

You said “always appreciates “ Which isn’t the case this days . You can resell at a loss due to inflation.. I’m into real estate..

Your first priority is to buy cash producing assets, business or investment. Cash flow is king.

emmanuelewumi:
About N3 million

Please can you elaborate? Land in livable atea should not be less than 10M a plot. Even if you can squeeze in 3 units of two bed rooms flats on the plot. Completely built will gulp about #40M.
You have to live in one of them and rent out the other 2
Do you think a two bedroom in a place where land is 10M could be rented for #1.5M? ( the 2 would be the #3M you suggested)

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

wen dey start too pay tax for ous in Nigeria..

helinues:
Even if you are not paying tax in the village, what would be the economic value of the house in the village?

Aren't you going to maintain it?

no lie, na ous wey u rent, u no dey maintain am too?..

U wan lie say since u rent that ous, u never spend or repair anything there