₦airaland Forum

PresidObi:
where is the law that prevents communities from increasing land costs arbitrarily, or stops omo onile from collecting so much money from landlords?

As far as I know, the increase in land price is due to the development of surrounding areas, so sir, please tell us the criteria for the increase in house rent

MasterJayJay:
Did cement companies negotiate with the landlords before increasing price of cement?

Help me ask them

DesChyko:
This is self-implicating. If there is no agreement authorising the lease of that property to the tenant, the tenant can be described as a meddlesome interloper, and is prone to being evicted ASAP.

Don't turn the interpretation upside down.
The rent being increased is that of the coming/succeeding/next year, for which no agreement has been signed

Agreement is signed only for the current year, and the landlords give notice of increment of the next year within this current year.
Or do you think they sign for other years in advance or that the one signed in the beginning/current year covers for all others?

Larryfest:
Some houses have been built as far back as 20/25yrs ago and the landlord still uses this same line. Some don't even renovate their houses yet they keep increasing the rent every year. It shouldn't be so.

So if the house which is his investment was generating 5k as rent 25 years ago @ N80 to $1= $62.5. The landlord should not steadily increase rent as inflation increases daily? Today that $62.59 or 5k is now N106,250 at 1700 to $1.
The best bet for that lawyer is not to rent but to immediately build his or better still rent from government. Another is to explore bus conversion where you modify the interior if a large vehicle to create a mobile home.

ibechris:
Yes,some landlords are idiots.

But some tenants are even crazy and wicked.

In all,let them take their madness to the court if they can't resolve it.

Anytime I thought of building a house for rent I just feel sick. I respect those who are doing it honestly.

It is not economically wise at all. I see those building houses as people who just want to help the govt in areas they have failed.

If u check out the economic viability u will see that it is not the best investment.

Rather,buying an old house,rehabilitating and reselling it gives u more money than renting.

You have said it all
Building houses for rent is one of the worst investment. Return on investment is too small coupled with tenants troubles, they will hardly pay on time. It is not worth it. I'm still regretting the one I built years ago. If I have invested the money I use in buying only the land in stocks, it would have been far better. Not to talk of the money of building. Building house for rent should be the least investment on any one's list. It is never worth it. You spend a lot of money to build but end up receiving peanuts in return that is not even coming as at when due.

Factcheck0001:
for house wey u n landlord gather buy d block?

The lawyer will harbour his client in his house las las.. by the time client/tenant impregnate lawyer wife.. their coconut wig head go correct

Softmirror:
This is true. A good landlord gives notice 6 months before increament.

On rent increment, it is 3 months prior notice

Well so many things are illegal in Nigeria but they still happen, my bank debited me for a transaction I never initiated they have not reversed it since my complaint. We have a long way to go.

jayce232:
You have said it all
Building houses for rent is one of the worst investment. Return on investment is too small coupled with tenants troubles, they will hardly pay on time. It is not worth it. I'm still regretting the one I built years ago. If I have invested the money I use in buying only the land in stocks, it would have been far better. Not to talk of the money of building. Building house for rent should be the least investment on any one's list. It is never worth it. You spend a lot of money to build but end up receiving peanuts in return that is not even coming as at when due.

True talk.

Bobodee09:
The supporters of wicked landlords ....hope this will clear you.

Buid your own and see if building to rent makes any single iota of sense in Nigeria.

Trustedpronet:
Tinubu reduced our purchasing power and increased every other things in the market without consulting Nigerians. If you are not ok with landlord decision pack your load and go to a more affordable apartment of your level.

Lol 😂

Larryfest:
Some houses have been built as far back as 20/25yrs ago and the landlord still uses this same line. Some don't even renovate their houses yet they keep increasing the rent every year. It shouldn't be so.

And if that was his means to survive??

[quote author=Trustedpronet post=133584882]What is the rational of increasing a bag of rice of 50k to 135k. Everything in the market is times 3 or 4 in most cases.
The earlier you know that building is an investment the better for you.[/quote

Government increased boarding school fees from 35k to 100k 😂... What's the rationale behind that one too, let's ask that guy

Yvngex:
As far as I know, the increase in land price is due to the development of surrounding areas, so sir, please tell us the criteria for the increase in house rent

Development in area also causes increase in house rent.

Imagine at Maya Ikorodu, miniflat is going for 800k/1M per annum... No be juju be that?

However landlord should not be increasing every year though...

Bobodee09:
Still doesn't justify the wicked act of increasing rent by almost 100% every year.

inflation my ass.

Nah only face me I face U a landlord fit increase rent by 100%

missionmex:
Make only him live inside all the house na. Just as much as the tenants need the landlord so also the landlord need the tenants. It's a symbiotic relationship.

U are joking right ?

Bobodee09:
If the transporters increase bus fares by 100% everyday am sure you will gladly pay without complaining??

Would U have a choice ??

JohnSP99:
Oga keep quiet, na today they build the house. Even houses built in the 70s too be increasing rent astronomically. What's the rationale behind increasing a rent of 500k to 1.5m, if no be say them be thief, what happens to increasing at least to 700k, seriously housing needs regulation it's becoming crazy most especially in Lagos and Abuja

Govt cant regulate housing cost.inflation is the reason.the car I bought for the Mrs since 2013 for 4m same car is now valued at 8M.Im talking toyota seiana 2008.if I sell it right now thats what I will get.

ibechris:
U need to read more about investments. Then u will know that some investments give more return than the rest,hence my reference to it as the best.

U re still on the individual level...

When u managed a portfolio. of investments..

U don't focus only on the return ...

U look at risk. Return,,, investment cycles...

D best investment scenario can become a stupid one in a twinkle of an eye...

Dem go ask you whether na you follow dem build the house...

MasterJayJay:
No be wickedness. If person give you price and you no fit pay, you look for another. Housing na market, like every other market.

Tinubu wey increase price of petrol by more than 300% nko.

wicked soul. Very easy to identify them

PresidObi:
Have you asked the landlord if he has recouped his initial investment even after 30 years?

For house wey be say some of them na their papa or mama build am.

Bobodee09:
Nah everywhere year tinubu dey increase petrol 300%.

If not for agreement and commission fees....people will gladly leave such house.

Once again it is wicked and heartless landlord that increase house rent every year.

Shior.

to me, only the shit happens in Lagos due to agreement and commission. Very wicked set of people. Try this in ilorin, ur house will be empty

ibechris:
Someone would build a three storey building in Umuahia and be collecting 300k for three bedroom at a cost of about say 60 to 70million.

After the completion,he would realised say 1.9 to two million in one year.

Can u see what am saw according to Zeburadai? What a waste?

I would rather invest that money in a long term bonds that will yield me minimum 20% per annum with nothing less than 14million or 12million per annum.

Some will argue,that the land wound increase in value,but the truth is that,many would not be alive to see that value and many of such properties may not actually increase at such pace.

and someone will build a house in Lagos with 100m, and will see d money in d next just 5 years. So what are u saying. Is the heart of wickedness.

To imagine that this is coming from a lawyer without any cited authority....smh
Make una go dey drag nonsense with una landlord ooo
As for me, I no fit get issue with any landlord over such, all I need in your house is for you to do your major installations, while I do the maintenance as a tenant.

MasterJayJay:
Did cement companies negotiate with the landlords before increasing price of cement?

If cement was 3,500 when house was built and hence you pegged rent at 700k per year. There's no need increasing the rent because cement price increased, whereas you bought it at Old price and built your house at Old price.

Obey Court of Law.

MasterJayJay:
Did cement companies negotiate with the landlords before increasing price of cement?

You're so dumb that your dumbness even stink to me.. you want to tell me the house they built around 1990 to 2,000 when cement was way cheaper had to be renegotiated again? Wicked heartless fool.

udemzyudex:
For house wey be say some of them na their papa or mama build am.

missionmex:
For a house you can still sell and make almost two to three times what you invested in it after collecting so much from rent. Na still the landlord house o!

Are you a landlord?

Bobodee09:
If the transporters increase bus fares by 100% everyday am sure you will gladly pay without complaining??

My dad is a landlord, he increases by maybe 100k after 5 to 7 years, but my landlord 2 years ago increased from 750k to 1.1m... Few weeks back sent a letter to move from 1.1m to 2m,its a 5 years old building, ive been here for the 5 years, it's in mushin, please what are your thoughts on this.

Ebubu6:
If cement was 3,500 when house was built and hence you pegged rent at 700k per year. There's no need increasing the rent because cement price increased, whereas you bought it at Old price and built your house at Old price.

Obey Court of Law.

Yeye court of law. Una wan sleep under bridge, abi?

PresidObi:
Have you asked the landlord if he has recouped his initial investment even after 30 years?

Landlord is not for quick returns, it is meant to be used to collect loans from banks, and to also leave the bone for your children to suckle on for the next 300 years.

Thats not the business to do for a quick return, remove your eye from there. If you want quick return, go to daily buy and sale business.

We are all lawless in this country so what’s the point of airing an opinion that won’t even be acknowledged