xyz123456:
Its only in Nigeria I know everyone wants to build a house. Any good business oriented man will delay building house cos its expensive and focus on side income/business. Rent is very cheap in Nigeria so why will I build the house.
My wife and Family always disturb me to build house in Nigeria so that I will get a place to stay when I visit Nigeria. I always reject. A decent house I will build (3 bedroom flat) will be 8-10 million. I am just about 30 years. If i rent the same house, it will be approx 300k/ year. So why will I not invest the 10 million naira. Although there is risk in investment but its far better than building a house that you can not even convert to money when you need it. If I use 10 million to buy shares, it could multiply in future years.
So anyone that loves business/risk will not be in a hurry to build house. You will only build when you are very financially comfortable.

fireback:

Any one year rent that cost more than my two month salary is not worth it... Presently my one year rent is less than my salary in one month.

Gentlewarrior1:

Spending high amount on rent is bad

But what i am saying is that if you havent arrived yet and have steady amd reasonable cash flow. Sometimes its not good to be saving up just so you could build your own house and be a personal landlord, unless maybe you want to build a house that includes you and tenants or probably have more than enough money for the house


In a nutshell saving money to build just your own a personal house is a nice idea but not a smart idea.
Atleast an income that will provide for the house not using your savings. Your savings is better invested in something that will yield more money


Well sha this life no get handbook. All man go do wetin him feel na the best move for am

fireback:

Any one year rent that cost more than my two month salary is not worth it... Presently my one year rent is less than my salary in one month. All you need do is save up to half you monthly salary for a year especially if you're still single, use it to buy land, no matter how small the land is and start building your own house. If you re buying a land in a developed place, the land might be smaller but if you're buying from a developing area, you might get a bigger space. All depends on the area you want. Am not just talking but speaking from experience.

studentofTruth:


People opt for a house because it's one of the most secure investment in Nigeria. We that started doing NSE from University days know that buying shares is out of it. What they manipulate there is unimaginable. imagine someone that that put that10m in Transcorp since 2007 @#8 per share and 12 years later, it's @#1.2 per share. Even a piece of fallow land bought in 2007 would worth more than 15m by now (being conservative)


The truth is that there's no reasonable "investment" (Just your money working for you) in Nigeria outside real estate. Don't say transportation, a lot guys have been burned by drivers.

The only other option is to start a business that you manage by your self, but most people don't have the time be managing a business while still working.

xyz123456:


Nice detailed response. But why not look at foreign tech startup stock?

fireback:

Any one year rent that cost more than my two month salary is not worth it... Presently my one year rent is less than my salary in one month. All you need do is save up to half you monthly salary for a year especially if you're still single, use it to buy land, no matter how small the land is and start building your own house. If you re buying a land in a developed place, the land might be smaller but if you're buying from a developing area, you might get a bigger space. All depends on the area you want. Am not just talking but speaking from experience.

Bestinstinct:

Bro, I'm a perfect example. Went with same advice now I spend 30-35k on car fueling on monthly basis. If I analyze what I'm going through eh, you will realize getting a 500k rent in town is way better.

bahlow87:
Imagine you work in lekki axis ( elf, marwa,agungI, lekki phase 1, admiralty ) and you get a 80k work.....pls the advicers that says 3 month salary is too much to pay rent....where around this axis can you get a 200k accommodation?
The Op should be adviced base on location. Because 200k accommodation means you will have to come down to ajah axis down to lakowe and from lakowe to lekki axis you spend minimum of 600 per day on transport....pls lagos life differ to oshogbo o

Goodplace:
If Someone is in a work of 80k per month can he afford a place of 200k with no side income yet?

tintingz:
In Lagos?

tintingz:
In Lagos?

ugo4u:
The rules are simple.
1) Never spend more than 10% of your income on house rent.
2) Save atleast 10% of your salary.
3) The remaining percentage can be used at your discretion.
4) Rule 1 and 2 are extremely important.

Goodplace:
If Someone is in a work of 80k per month can he afford a place of 200k with no side income yet?

fireback:

Any one year rent that cost more than my two month salary is not worth it... Presently my one year rent is less than my salary in one month. All you need do is save up to half you monthly salary for a year especially if you're still single, use it to buy land, no matter how small the land is and start building your own house. If you re buying a land in a developed place, the land might be smaller but if you're buying from a developing area, you might get a bigger space. All depends on the area you want. Am not just talking but speaking from experience.

fireback:

Any one year rent that cost more than my two month salary is not worth it... Presently my one year rent is less than my salary in one month. All you need do is save up to half you monthly salary for a year especially if you're still single, use it to buy land, no matter how small the land is and start building your own house. If you re buying a land in a developed place, the land might be smaller but if you're buying from a developing area, you might get a bigger space. All depends on the area you want. Am not just talking but speaking from experience.

fireback:

Any one year rent that cost more than my two month salary is not worth it... Presently my one year rent is less than my salary in one month. All you need do is save up to half you monthly salary for a year especially if you're still single, use it to buy land, no matter how small the land is and start building your own house. If you re buying a land in a developed place, the land might be smaller but if you're buying from a developing area, you might get a bigger space. All depends on the area you want. Am not just talking but speaking from experience.

eyinola:
10% of 100k salary is 10K.. Which house can someone get for 10K per month in lagos cos a room face me i face u in my area sef is around 10K

Nopanties:
Where is your brain nah. He said it's an avoidable luxury .

Goodplace:
If Someone is in a work of 80k per month can he afford a place of 200k with no side income yet?

stanliwise:
Poverty mentality is greatest weapon against poor people because they keep shooting themselve in the foot, I thank God for education and for sense. Some years back I was always thinking like this. But when you calm down and think and calculate properly, the big picture just flash right in your eyes.

Florblu:
For people saying his rent shouldn't exceed an 100k, can you please show me where to rent a comfortable room for 100k in LAGOS. If you mention Ipaja, Ayobo, Mowe, Ibafo, etc I will stone you because he will end up spending his money on transport fare and even drugs to maintain his health.

When people ask for questions, let's be realistic. Op can rent a room of 200k as long as he is ready to safe heavily. He will need to cut out lots of irrelevant expenses and double his effort in getting a better job or at least start s side hustle.