TonyeBarcanista:
I live in Abuja and houses here are expensive!

BTW I Bariga apartments are relatively affordable! Anyway, until we see pictures of the apartments and the area in Bariga... But I think her landlord doesn't want her anymore

SarkinYarki:
You mean Ghetto Barriga ? I think they just want her out

kponkedenge:
That's a subtle way of telling her to pack out. But I've always been discussing this with my friend, I can't pay more than 500k rent to any landlord in Lagos.....even if I'm earning millions monthly. Is better to stay in a room and parlour self-contain or two bedroom flat.... While working on building yours, than just cross leg in a rented apartment and paying exorbitant fees for a temporary luxury that can come to end at any time.

Ogbetaonline:
A Nigerian woman identified as Nneka with the Twitter handle,‏ @SheLovesArtemis has cried out after she received a notice from her landlord on the increase of her rent from N550,000 to N1 million in Bariga area of Lagos state.

The letter sent to her by Chukwunonso Ikenna Chambers titled, “NOTICE OF UPWARD REVIEW OF YOUR RENT” states that her landlord to the apartment she lives on Bariga Lagos wishes to notify her that her annual rent has been reviewed upwards to N1,000,000 per annum.

“You are required to notify us in writing not later than 7 days from your receipt of this letter of your willingness to continue with the tenancy at the expiration of your current term of the rate at the new reviewed rent.

Note that we shall regard it as a termination of your tenancy if you do not express your affirmation of willingness to continue at the rate of the reviewed rent when your tenancy expires by first quarter of next year” it read in part.

She took to her social media page to share the notice letter she received.

"This came today

How can my Landlord increase my rent from N550,000 to N1,000,000? In BARIGA �"

See copy of the letter below:

https://twitter.com/SheLovesArtemis/status/1205096772651098113

Daboomb:


A lot of things determine the (rental) Value of a Building, not least of it is its LOCATION!
#15Million will build a good house in the creeks of Ikorodu (lnad cost inclusive) and rent will be like #200,000/Annum, maximum.

In Bariga (to use the example we are discussing here), #20Million will not even buy you the plot of land.
Now, if it were in good lacations around Ebute Metta, plot of land goes for as high as #60- #80Million per plot.
So, if you buy such plot of land and build on it, will you be expected to rent it out for #300,000/Annum or #2million/Annum?

Also, when renting a house, one will have to chose between living far from the city or living within the city.
If you live far, say Ikorodu Creeks, you will probably spend half of your life-time in Lagos traffic, with its attendant issues like traffic robberies, breakdowns in traffic, cost of repair to your vehicle, little sleep, not seeing your children, etc ...but you massively save on Rent.

On the other hand, a smart person will rent in areas within the city, especially close to major roads/express (this is why places like Bariga, Iwaya, Ebute Metta, comes to mind, they are a stne throw to the Thrid Mainland Bridge) and expect gains like reaching home very quickly, less wear and tear on their vehicle, business opportunity for thos in trading, lots of family time, etc.
This is what you pay for, when you live in such areas and this is why their rents can be very high.

Ogbetaonline:
A Nigerian woman identified as Nneka with the Twitter handle,‏ @SheLovesArtemis has cried out after she received a notice from her landlord on the increase of her rent from N550,000 to N1 million in Bariga area of Lagos state.

The letter sent to her by Chukwunonso Ikenna Chambers titled, “NOTICE OF UPWARD REVIEW OF YOUR RENT” states that her landlord to the apartment she lives on Bariga Lagos wishes to notify her that her annual rent has been reviewed upwards to N1,000,000 per annum.

“You are required to notify us in writing not later than 7 days from your receipt of this letter of your willingness to continue with the tenancy at the expiration of your current term of the rate at the new reviewed rent.

Note that we shall regard it as a termination of your tenancy if you do not express your affirmation of willingness to continue at the rate of the reviewed rent when your tenancy expires by first quarter of next year” it read in part.

Abeg , I Must say oooo , Instead of Reading Latest Nigeria News i prefer listening to Good Top Naija Songs Biko ooooo



She took to her social media page to share the notice letter she received.

"This came today

How can my Landlord increase my rent from N550,000 to N1,000,000? In BARIGA �"

See copy of the letter below:

https://twitter.com/SheLovesArtemis/status/1205096772651098113

PDJT:


-Perhaps accommodation is not affordable for some people in the city. I always recommend they re-evaluate and see if they can move to a town or village. Sometimes it helps to take a step back in order to take a couple of steps forward.

-Everyone can’t be in the city; there is healthy life outside of it.

spillia:
This is too much, the woman should drag the landlord to court.

chukzyfcbb:

You my friend has completely missed what VALUE means.

Because you invested 20million in a house does not mean that house at that instance will be worth 20million.

So because a house at Ikorodu is built with 15m and renting it at 200k at ikorodu does not man if you want to sell it you will see it at 15m or more...

It could be considerably less.

Yes location matters in real estate, that's Generic/ fundamental knowledge.

And you are wrong to say there are no 20million property in bariga, a quick search on the popular property platform says otherwise (pictures attached).

There is a reason why we have Estate Valuers, and you need to learn some of thier methodology. on the mainland, rent for residential homes is between 5-8% of property value according to property reports in the last years.
On the island it's as low as 3% - 5%.

Most Real estate agents selling lands don't know this stats, coz they don't read property reports...So thank me for this eye-opener.

Using this metric as a quick guide, if you Pay 15m for a house whose rent is 200k at Ikorodu simply because the owner of the house told you he built it with 15m, You my friend has been cheated!

No property on the mainland whose rent is 1m should be bought above 20m by a savvy investor. And this is taking into fact that the rent is the average within the area, not a subsidized rent given to one as a favour because he/she is an Old tenant.


Cheers.

Looking at the picture that you attached to your post, l am not suprised at your position.
You think that thing can be called a House/property?
That is just a slum shack.
I am talking about a standard house build on a standard plot of land that has title. not the slum shacks on on inaccessible suqare foot of swamp that you try to flog to extremely desperate and poor people, my friend..
I wont even accept that piece of trash, if offered to me for free. Just look at the picture again!

iTearHerToto:
She took to her social media page to share the notice letter she received.


Now how's social media gonna assist in restoring the previous rent?
Like how
[img]https:///view/confused-whitepersanguardian-why-gif-10312546.gif[/img]





Pukes

Acidosis:
Do you know the value of the house? When a landlord tells you to pay N1m annual rent, it means the value of the house is worth over N50m.

I believe it s easier to pay N1m annually and invest the remainder (49m) for more and better returns.

Of course, it is cheaper to build on a 250k plot of land in the creeks of Ikorodu and raise a home with 1.5m than spend almost the same amount in a well structured area in Lagos.

If the OP is willing to relocate to the hinterlands of Ikorodu, then it is "penny-wise" to build.

My argument has always been simple: RENT versus BUILD in the SAME LOCATION. Don't compare RENT in a serene well structured area with the creeks. Let's compare same location and see which is cheaper on the short and long run.

When someone tells you they pay rent of N4m in Marina, don't curse them. That amount can't acquire ordinary 4 square metre virgin land in Marina. You won't even get ordinary government approval with that amount.

PDJT:
Perhaps accommodation is not affordable for some people in the city. I always recommend they re-evaluate and see if they can move to a town or village. Sometimes it helps to take a step back in order to take a couple of steps forward.

-Everyone can’t be in the city; there is healthy life outside of it.

chukzyfcbb:

You my friend has completely missed what VALUE means.

Because you invested 20million in a house does not mean that house at that instance will be worth 20million.

So because a house at Ikorodu is built with 15m and renting it at 200k at ikorodu does not man if you want to sell it you will see it at 15m or more...

It could be considerably less.

Yes location matters in real estate, that's Generic/ fundamental knowledge.

And you are wrong to say there are no 20million property in bariga, a quick search on the popular property platform says otherwise (pictures attached).

There is a reason why we have Estate Valuers, and you need to learn some of thier methodology. on the mainland, rent for residential homes is between 5-8% of property value according to property reports in the last years.
On the island it's as low as 3% - 5%.

Most Real estate agents selling lands don't know this stats, coz they don't read property reports...So thank me for this eye-opener.

Using this metric as a quick guide, if you Pay 15m for a house whose rent is 200k at Ikorodu simply because the owner of the house told you he built it with 15m, You my friend has been cheated!

No property on the mainland whose rent is 1m should be bought above 20m by a savvy investor. And this is taking into fact that the rent is the average within the area, not a subsidized rent given to one as a favour because he/she is an Old tenant.

Cheers.

chukzyfcbb:

this is false.

A house that yield 1m cannot be valued at 50m, if you pay 50m for a house that yields 1or2million, you have been cheated.

both of us share lots of ideology in the investment stuff in NL but on this one I disagree with you.
Properties of 50million should yield atleast 2.5m on the mainland.

A house that yields 1m should be valued at no more than 20m. Max 20million!

okine4real:




May be I don't understand what you saying, from mine understanding, you saying a house valued at 20M should yield 1M annually and 50M house should yield 2.5M annually. Bro if this is what you saying, then you are very very wrong. Personally I have a two story building of two shops on the ground floor and four block of room and parlor self-contained. Each self contains pays 500k yearly. The shops on the ground floor should yield me like 1.5M to 2.5M annually. From mine calculation in 8 years I should recoup mine money back.

Now if I buy a land in mine area let's say 15M andi want to build 6 flats of two bed room each, each flat would go for 1M annually, meaning I will be making 6M annually. And I should spend may be 40M in building the house, so meaning the house will be valued at 55M. So in 10 years, I will have recovered mine money. The truth is on Nairaland, a lot of people just come talk and believe they know it all, bro you guys don't know what's happening in the real world, Note am not talking about old houses, am talking of new houses, in new houses, there is know smell, nothing like gutter done block, nothing like someone toilet pipe done burst, nothing like NEPA wahala, everybody has prepaid meters, even the borehole has it's own prepaid meter. Bro if the landlord upgrade that house, he can get 1M, the right person will always come to rent the house. Mine one bit

chukzyfcbb:

First of all, I know for sure what I am saying both theory and pratical. I said 50m should yield ATLEAST 2.5, ATLEAST is the word and highest 5m.(even the 5m is me being generous because ideally you won't hit 5m, it would max at 4m truthfully)

Secondly that place where you think you can rent 2bdr at 1m per annum, you will not get plot of land there at 15m...I challenge you to mention the place.

If you think you can build a 55m naira worth of property and earn 6m in rent asap, You my friend need to recheck your calculation coz in this Lagos kolewerk!

NB: My debate is on residential building