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Still A Long Way To Go On My Housing Project by whatalife: 4:29pm On Mar 05, 2009 |
I have been running an IT company for about 4 years now,I needed to diversify into Real estate,am currently developing 4 (2bedroom) apartment which command renting price of about 180k/ year. in the location where the project is located. So far about N4 Million gone to the project, i just realised that building is not for the faint in the heart,i had wanted to rest for a while but all my attention has been on the project,i can't start any new project, i even find it difficult to give out few notes(naira) to friends. I am thinking of developing another 4 apartments of 2 bedroom, Nairalanders what do u think? |
Re: Still A Long Way To Go On My Housing Project by Seun(m): 4:30pm On Mar 05, 2009 |
Good luck with the project. It's definitely not for the faint of heart. |
Re: Still A Long Way To Go On My Housing Project by lawyer(m): 4:43pm On Mar 05, 2009 |
In the long run you will realise it is a very very worthy investment. Rental Properties in Nigeria never depreciate in price and will always go up. Take for instance, your N180,000 per year x 2= N360,000 After the 2 years is up, you raise it to N200,000 x 2 years which is N400,000 and it goes on and on and on. It takes time but it is a life worth investment and after some time you sell the property probably double the price and you have recouped your initial capital plus interest. Its a win win situation with properties! |
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