₦airaland Forum

Buliding or buying a house , which one is cost effective

Build.
Building hits different, you build to your taste and the cost depends on your taste too.

Building is best...unless u dont have the funds and u can only acquire a property thru loans...building is far more cheaper and durable ...u also build to ur taste , and not prototype

Building for personal use, or if you don't have the wait time.

Buying for commercial use.

You are welcome.

It depends on the location.

In Lagos state, I would prefer buying a house cos I can’t stand the the stress of building materials (stones, sand) logistics and artisan wahala.
In other states outside Lagos, I would prefer building to my taste

For urban area is better to buy but there many options to be considered.

Building a house more cost effective...

It's also more convenient!

buying is the best. you are sure of the papers. it will be a very good location. you can demolish and rebuild. you are free from the problem of running after mason. energy , time is saved

Building, simple and short, because you are sure of the specifications and quality of materials put into the process.

Sometimes,cost effective might not deal with only your finances,but your health and mental being...

Some engineer and masonry guys can really frustrate you along the line,if you are trying to build yourself..( from delays to using inferior materials and stealing of materials).
Hence why some persons go for buying to avoid all this wahala, and also purchase from trusted building developers.

Building a house, especially in Lagos is stressful..... Omonile wahala ti po ju

Buying is cheaper and better... The only thing U may not get the exact settings that U like.

Both are OK, depend on your taste and your pocket or 🏦 account.

All of you saying building to your taste as if you can’t find your choice of building to buy.

In Rivers State, buying is better because Wike boys will frustrate your life with different kinds of levies that do not end!

Depends on the location 🤷🏿

toluleke:
buying is the best. you are sure of the papers. it will be a very good location. you can demolish and rebuild. you are free from the problem of running after mason. energy , time is saved

are you considering cost at all? I

I an Architect, if you live in a city like abuja or Lagos, I highly recommend buying from a trusted developer.
1. It saves you the stress of land allocation issues and documentation.
2. Building Approval and regulatory issues can be very draining. Bribes and extortions everywhere.
3. If you dont engage the right professionals, you will likely waste funds and time. Artisans will cheat you and still do the wrong thing for you.
4. You can even buy a Carcass or semi finished building from a developer and complete it to your test to bypass some of the issues listed above.

Buying, if you are too loaded and don't want stress.

Building, if you want to save cost(presumably) and have knowhow, time and energy.


I build personally, but buying is best honestly.

The midway is to use a very competent contractor with long history of performance and standby teams of professionals. Makes life easier

Building if you have the time, strength and money.
Buying if you have only money.

Forget about quality because engineers can do and undo, unless you have good experience.

chudez0147:
All of you saying building to your taste as if you can’t find your choice of building to buy.

Talking about quality

Strong blocks and Adequate Cement use

the rates @ which people are selling their 🏠 now is alarming. 100M,200M etc,minus agent fees..U buy and demolish it and start over wic is waste of money..instead of demolish entire building,.Best bet is to remodel it to your taste not waste yo money

You might think its cheaper to build rather than buy.

In Lagos its buying for me but get a very good engineer to access the quality of the building and good lawyers to perfect all documents. Save the stress!

If you like stress and want something to t

orazx:
Talking about quality

Strong blocks and Adequate Cement use

You can also manage materials when building your own house. This doesn’t make sense

arcbaba:
I an Architect, if you live in a city like abuja or Lagos, I highly recommend buying from a trusted developer.
1. It saves you the stress of land allocation issues and documentation.
2. Building Approval and regulatory issues can be very draining. Bribes and extortions everywhere.
3. If you dont engage the right professionals, you will likely waste funds and time. Artisans will cheat you and still do the wrong thing for you.
4. You can even buy a Carcass or semi finished building from a developer and complete it to your test to bypass some of the issues listed above.

You said it all. 💯

90% of owner-builders can never assemble the right team of artisans and at the right time. Big Red flag. Intact if you try it on anything aside a simple bungalow, it will end in long-term regrets

Buying is far cheaper than building. Am an architect living in abuja, I speak with experience.

I feel buying a house should be restricted to flat and terrace/town houses

See no reason to buy detached houses honestly makes absolutely no sense

But buying a house Economically in Nigeria now is stupidity honestly... Renting makes more economic sense

Let me explain, a 4 bedroom terrace duplex in say VI would cost you 450 to 800 million
Let's use 600 million for example

Same house can be rented for say 20 million

If you put 600 million in fix deposits or mutual funds you can get 16% interest and you can get it upfront that's 96 million instantly

A house of 20 million if you offer the landlord 90 million for 5 years upfront rent he would definitely accept

So you pay for 5 year rent after the first year you have 600 million back and 4 years rent to pay

If you compound this at a fix deposits of 16% for 4 years you would get 1. 1 billion

So the 6 year your interest alone is 166 million million even if Landlord increase your rent to 30 million you can comfortably pay 5 years and agin combined for 4 years

After 10 years you would have 1.9billion

Our rental income us nuts

10 year rent, maximum 12 yearly rent should equal price of house for it to make sense

dgitrader:
Buying, if you are too loaded and don't want stress.

Building, if you want to save cost(presumably) and have knowhow, time and energy.


I build personally, but buying is best honestly.

The midway is to use a very competent contractor with long history of performance and standby teams of professionals. Makes life easier

Lie lie. I be architect, buying is far cheaper.

I dey waka for ikoyi, see buildings. As I dey waka, I dey wonder how or which magic I go take buy house for this side?

Which work I wan do gimme the kind money to buy these kain property… he go far.

Na on top this 150k month, I go take buy house for Lekki??

I no understanding ☹️☹️