₦airaland Forum

Mrexcell:
If you don't build others will definitely build all tenants are not the same and every landlord doesn't have ur experience. Where do u expect millions of people who don't have their own houses to stay if investors don't invest their money in building houses for rent? Where will u or ur parents would have lived to save money to build a house if someone didn't build a house to rent out?

If no one builds, every one will be forced to build batcher and live in it until they are bouyant enough.

Well, you don't have to take my advice, the advice is for those that value their time & peace of mind and also want to attain success faster.

Coder2Client:
You don't make any sense at all.

And you still didn't make sense by proving how I made no sense.

Xannadu:
Says someone who's probably squatting with his friend in a face me I face you apartment, or still living with his parents.

Mehn! How you guys just run to make conclusion is baffling. I won't start listing my achievements for you but this is what I will tell you – I am the one currently feeding my entire immediate family. Ponder on this well before you reply me.

Danisaint112:
Mehn! How you guys just run to make conclusion is baffling. I won't start listing my achievements for you but this is what I will tell you – I am the one currently feeding my entire immediate family. Ponder on this well before you reply me.

Na me want feed your family before?

Originalsly:
Let's chew on this. If you build and sell a house ...you have cash ... money dropped in the bank.no asset. If you build and rent ...you have cash ..it keeps coming ...and you have asset. Let's say after ten years of rent ... you have the same amount of cash than you would've sold the house for ...plus ..you still have the house. At this point ...the Naira depreciated a whole lot... the money you have stashed in the bank is barely enough for the foundation of a house. Meanwhile ...if you kept the house..that property value has gone through the roof ...and so has the rent. I do get it with bad tenants...but regardless...the actual rent will mostly be out back into maintenance of the house.

My advice is to build and rent...the difference is to whom? Not locals ...unless it's a company or rich person. I believe one will be better off to furnish the house and rent to overseas based people ...like families or persons on vacation ....return for occasions as in weddings..funerals ... people who are used to the amenities and are more likely to not do damage but more importantly....will stay for maybe a week and pay you the equivalent of at least a month's rent. Locals may need a place for the same situations...but you have to be verrry careful and due diligence is a must

There is no how property rentals will be more profitable than building and selling. Trust me I have been in this for too long to know.

I know people who build houses with 50M and sell for 130M and more within a year.

80X10=800M

There is no how you will build a house for 50M and sell for 800M gain in 10 yrs in today's Nigeria. Selling will be damn hard.

Come to think of it, is the troubles worth it? Not to talk of the numerous renovations you have to do (tenants calling you up), your precious time – plus renovation to sell.

The bottom line is, someone who want to attain success fast would take the build and sell option because it would raise capital for you to venture into other business, you attain success faster than the guy that decides to endanger his peace for peanuts in the name of rent.

Penny wise pound foolish. I know better man.

Xannadu:
Na me want feed your family before?

No it ain't about that, it's about being quick to run into conclusions.

webizone:
I hear you o. But I want to ask, what of those that are building for renting because of their age? Those that are building because they want to retire on it especially if they get old that they can't make money any other way? What do these do?

Unless the person is above 70 if not he/she can still take this option. The business ain't even healthy for an old man. Anything that would tamper with your peace should be rejected.

erico2k2:
SOmetimes I wonder if mopo dey market, cant you guys for once go to the market and see the cost of things
N250k is nothing when it comes to holding money to repair damages.
Ordinary shower head howmuch do you think it cost? damaged sink? or wadrobe, how about tiles?some willl even damage ceilings.
The fact is this, no one i is forcing anybody to rentm if its too much Village dey, dem nor dey colect caution fees there.

Yes I agree, things are now expensive! .. and any tenant who is suspected to have damaged the property intentionally should be made to face the legal consequences.

You don't expect me to park out of your house as a tenant and start damaging ceilings, sink and the rest, what for?

However, in this Lagos, only 15% of landlords give you an apartment in good condition except it's a new house that has just been completed. Many of them never even bother to inspect the place the moment a tenant leaves because they're just eager to rent out the place for another round of caution fee, agreement and commission.

Now, it's the new tenant that will come in fixing electricals, cabinets, painting, even louvers and the rest just to make the place comfortable for him to live in.

So, to me, for the landlord to collect all those monies, he should have it at the back of his mind that he'll fix stuffs in his property once in a while and that's the money he has collected.

MaziObinnaokija:
shut up.If u can't afford to pay in lagos,Abuja, Pota, elsewhere. Pls,move to ur village 🛖 and STOP CURSING UR GENERATION

You are the one cursing your gen£ration by your careless comment

yemre:
Yes I agree, things are now expensive! .. and any tenant who is suspected to have damaged the property intentionally should be made to face the legal consequences.

You don't expect me to park out of your house as a tenant and start damaging ceilings, sink and the rest, what for?

However, in this Lagos, only 15% of landlords give you an apartment in good condition except it's a new house that has just been completed. Many of them never even bother to inspect the place the moment a tenant leaves because they're just eager to rent out the place for another round of caution fee, agreement and commission.

Now, it's the new tenant that will come in fixing electricals, cabinets, painting, even louvers and the rest just to make the place comfortable for him to live in.

So, to me, for the landlord to collect all those monies, he should have it at the back of his mind that he'll fix stuffs in his property once in a while and that's the money he has collected.

And who forces a potential Tenant to pay for an incomplete house?

chatinent:
Which place in the west?

And what stops the landlord from refunding the caution if no damages?

where did it states that the reason for the damage was cos of lack of refund of caution fee?
Lets even assume, the landlord now refund the caution fees, how is the tenant going to fix that damage ?

erico2k2:
And who forces a potential Tenant to pay for an incomplete house?

Of course, no one does.

It appears you're a landlord. I pray you never encounter a situation that will make you look for an accomodation within a short time frame. Imagine the house you live in has been sold by the owners and all you see is the quit notice from the new owners saying you have just 6 months rent-free to live in that house because they need to take possession or the government doing road expansion and your house is affected. What do you do in that circumstance?

You first look for the money - rent, agreement, commission, caution (except you're that wealthy to just raise a good amount of money within days or weeks).

Secondly, remember that finding a good accomodation in Lagos is not automatic! You will have to inspect many houses and these fools called agents will even take you to houses they can not even put their own dogs to live in just because they want to collect inspection/movement fee from you! Some houses will be very good but the environment awful while some will be in good locations but very small. Different issues!

Many tenants in Lagos today live in houses that they can't ever dream of staying even if they're in Ibadan here!

So, bros forget, people eye dey see things from these landlords and their estate agents.

yemre:
Of course, no one does.

It appears you're a landlord. I pray you never encounter a situation that will make you look for an accomodation within a short time frame. Imagine the house you live in has been sold by the owners and all you see is the quit notice from the new owners saying you have just 6 months rent-free to live in that house because they need to take possession or the government doing road expansion and your house is affected. What do you do in that circumstance?

You first look for the money - rent, agreement, commission, caution (except you're that wealthy to just raise a good amount of money within days or weeks).

Secondly, remember that finding a good accomodation in Lagos is not automatic! You will have to inspect many houses and these fools called agents will even take you to houses they can not even put their own dogs to live in just because they want to collect inspection/movement fee from you! Some houses will be very good but the environment awful while some will be in good locations but very small. Different issues!

Many tenants in Lagos today live in houses that they can't ever dream of staying even if they're in Ibadan here!

So, bros forget, people eye dey see things from these landlords and their estate agents.

I Understand what you are talking about,
Fact is, this is not the problem of A landlord rather a tenant and short comings of the government of the day. In places like the Uk, you pay one month rent in advance and one onth rent as deposit. You .You spoil anything it comes out of your deposit no kpem.At the end of agreement you move out nothing spoil U get your money back.
I'm not just talking from my back side, Landlords make no money from Renting xcept thos who inherit houses built by their father.
As for me ohh building a house to rent is waste of money and time plus investment, Better build and sell or build commercial property ie shops.

nnamdi640:
You are the one cursing your gen£ration by your careless comment

Continue uo curse ur generation and father household

Danisaint112:
There is no how property rentals will be more profitable than building and selling. Trust me I have been in this for too long to know.

I know people who build houses with 50M and sell for 130M and more within a year.

80X10=800M

There is no how you will build a house for 50M and sell for 800M gain in 10 yrs in today's Nigeria. Selling will be damn hard.

Come to think of it, is the troubles worth it? Not to talk of the numerous renovations you have to do (tenants calling you up), your precious time – plus renovation to sell.

The bottom line is, someone who want to attain success fast would take the build and sell option because it would raise capital for you to venture into other business, you attain success faster than the guy that decides to endanger his peace for peanuts in the name of rent.

Penny wise palm foolish. I know better man.

For a faster turnover ...no doubt ... building and selling ....but for the long haul ... renting. Note ...I do agree with you that for a "traditional tenant" ... I don't think it's worth it.... unless renting to a corporation or State/Government agency that will pay an "exorbitant rent" and not likely to damage your property. To rent to a regular working man....regardless of his status... is a gamble...and the compensation not great ...moderate..but not great. It is the reason I would advice rent as in AirBnB ...short time .

Originalsly:
For a faster turnover ...no doubt ... building and selling ....but for the long haul ... renting. Note ...I do agree with you that for a "traditional tenant" ... I don't think it's worth it.... unless renting to a corporation or State/Government agency that will pay an "exorbitant rent" and not likely to damage your property. To rent to a regular working man....regardless of his status... is a gamble...and the compensation not great ...moderate..but not great. It is the reason I would advice rent as in AirBnB ...short time .

I can nack my chest and tell you that building a residential house is waste of time and money.If you go fru my thread you will see one where I actually did a DIY build in PH, with the amount of money I spent on record, Mo way I can get the money back in my life time even though am a young man.The 2 bed is N1.5M ,with inflation biting hard Money now has no value.
And I agree with you, Air BnB is way better or hotel

MaziObinnaokija:
Continue uo curse ur generation and father household

I feel sorry for you. If you have sense, you should know that there is no correlation between the main post and your main comment.

After collecting higher amount for rent, why collecting caution fees, that's unfair.

Testimony1988:
After collecting higher amount for rent, why collecting caution fees, that's unfair.

Howmuch do U consider as higher amount of rent?

erico2k2:
Howmuch do U consider as higher amount of rent?

Do you know the amount he collected from the tenant as rent and he still collected caution fee? The caution fee is just like rent in some states.

Testimony1988:
Do you know the amount he collected from the tenant as rent and he still collected caution fee? The caution fee is just like rent in some states.

What state do people pay 100% in Caution fee??

erico2k2:
What state do people pay 100% in Caution fee??

It's only in Lagos state that caution fee is common, it should be banned, there is no need for that, if any repairs before the tenant leaves, its then he or she can pay for the repairs.

Testimony1988:
It's only in Lagos state that caution fee is common, it should be banned, there is no need for that, if any repairs before the tenant leaves, its then he or she can pay for the repairs.

Says who?
If caution fee is abolished Landlords will just add it to the rent.or call it a different name ie deposit.

erico2k2:
Says who?
If caution fee is abolished Landlords will just add it to the rent.or call it a different name ie deposit.

Lagos Government, hmmm, they know what they are doing.

Testimony1988:
Lagos Government, hmmm, they know what they are doing.

Have you stopped to ask yourself, why the Lagos state government are not reducing the charges they level against ordinary people trying to build houses?
Any Idea howmuch they now charge for Cof O

erico2k2:
Have you stopped to ask yourself, why the Lagos state government are not reducing the charges they level against ordinary people trying to build houses?
Any Idea howmuch they now charge for Cof O

The house owners should find time to meet and discuss with the Governor with regard with the issue, but that does not mean that the landlords should attach ridiculous caution fees to their buildings just to regain back what they have spent, but the rent is also not cheap, then why adding caution fees.

Testimony1988:
The house owners should find time to meet and discuss with the Governor with regard with the issue, but that does not mean that the landlords should attach ridiculous caution fees to their buildings just to regain back what they have spent, but the rent is also not cheap, then why adding caution fees.

The rent is very cheap regarding the cost of building.
U are funny when government increases these fees do they gather the landlord's to discuss??

erico2k2:
The rent is very cheap regarding the cost of building.
U are funny when government increases these fees do they gather the landlord's to discuss??

Rent is not cheap in Lagos, the Landlords can meet the government to discuss what is bothering them, to you it means you are convenient with the caution fees, what of others who can't afford the caution fees?

Testimony1988:
Rent is not cheap in Lagos, the Landlords can meet the government to discuss what is bothering them, to you it means you are convenient with the caution fees, what of others who can't afford the caution fees?

And you think people who built houses to let are rich? No they are not, they invest and xpect money.
Rent is very cheap in Lagos relative to the land. In Ikeja how much do you think 100x50 cost? do you have any idea how much it will cost to set up a 4x2bed flat single storey building?, let us say N150m,When and how long do you think the landlord will start making money?
Nothing is bothering the landlords rather its the Tenants who fail to see the new reality and hold its government to account. If anything goes up in price to a distributor a a biz entity its the end user that the difference gets passed on to.
If you check, this is one of the reason people do not live in central London rather they live round it.

erico2k2:
And you think people who built houses to let are rich? No they are not, they invest and xpect money.
Rent is very cheap in Lagos relative to the land. In Ikeja how much do you think 100x50 cost? do you have any idea how much it will cost to set up a 4x2bed flat single storey building?, let us say N150m,When and how long do you think the landlord will start making money?
Nothing is bothering the landlords rather its the Tenants who fail to see the new reality and hold its government to account. If anything goes up in price to a distributor a a biz entity its the end user that the difference gets passed on to.
If you check, this is one of the reason people do not live in central London rather they live round it.

Because they build house with 150m, you are supporting them to get back their money overnight abi.