^^^^
That is just an example!!
You can see land for 400k to 500k
120k and you can get for even 4million

but you don't expect anyone to pay you 500k per annum ooo
like where I live, land goes for around 4 to 5m
and my 3bedroom flat goes for 180k
So you can do your calculations still!!!!!
or if you think I'm just saying, you can use your location too!!!
anywhere the cost of building is very low, so will the rent there be!!
Like say you can build a 3bedroom bungalow or 2.5million, you don't
expect anyone to pay 400k per annum for it and still pay agreement, agent, and pay for 2years
because that is around half what it takes for them to build theirs  !!!
Oshey
I'm I Communicating?

there is a risk involve in Nigeria mortgage)
once again bad tenant!!! And this our interest rate is too high!
and building can be fun you know??

the house so far!!!
they may finish the roof tomorrow!
Tomorrow is going to be the 4th day
since they started it!
Peace

^^^^
Welldone! the house is really looking good.

^^
Thanks man!!!
And you not looking bad either!

^^^
Very good your house is all most ready, few more millions and a bottle moet

^^^
If you are around Lagos tonight
you can block mi @ 'D PLACE' - Ikeja
11:30 Till dawn! Lets pop sometin!

Iam planning to build a 30 rooms hotel,in Lokoja or Abuja by nxt yr,by the Grace Of God,excluding cost of land,how much should i budget for it. I dearly need ur advice.

@ all, even @ the level of this 6 bedroom duplex project, Cement is most relevant, so I ask, " WHATS THE PRICE OF CEMENT in ur various locations pls, I also think if a chunk of cement buyers this year decides to wait during the raining season, whats the probability that the price would really go down by then?

where @ d experience builders pls

Am Alone:

Olubuffett, why I say so, is because it can take you up to 14years to get back your investments.
but if your are doing a good business, you can get back your money in less than two year!
And you know the cost of land on Lagos road right?
For me oo, I prefer to build a house and sell!!!
That way I can get back all my money and my instrest as well in a very short time
use the money, build another, and sell again. On and On and On!!!
In 5 to 10years time, I will be floating in money!!!!
And you can agree with me that new house are more expensive to rent than old ones right?

Example, I build a house and land for 15million and I sell 17.5(which is very reasonable in a year).
I gain say 2million for sale say agent gets the remaining, calculate that in 10yrs time, that is to say, I must had made up to 20million as profit alone
by then you are yet to recover your 15million from rent!!!!

You see some people build a very lovely house and put it for sale, they know what they are doing
its called business!!!!

One thing you need to consider is the land. Like a place here where rent for 3bedroom flat is 900k per
annum, the cost of land there is from 35million(omonile will still take their %, lawyer, agent and every other things)
that is to say to get a land there will cost you close to 40million(including omonile and the others).
Now again, you can't just build 'anyhow' house there and expect someone to come and give you 900k per annum.
It has to be very classy! And because of the location, the cost of construction is high there too!!! Say to build a 4 block of 3bedroom
flat to their standard there will cost you 12million(I laff - It sure will cost you more than that!! I am just keeping it low!)
Now say you are collecting 900k per year for each of the 4 flats!!! Calculate and tell me how long it may/will cost you to get back your money!!!

And again, you can maximize your profit by building a very beautiful/classy house and sell it for more profit(disadvantage is when it took you a very long time to get a buyer! But there are some very reputablee agent here in Lagos that can sell your property for around 6month. Their share is just 10% - maybe negotiable sha!)

Someone taught me this! I think it is very okay! If e no make sense to you, abeg no con say me dey do me! me! me!!!
this is what even fashola did here in ikorodu!!! He built a house 3bedroom flat and was selling for 7million! All has even been sold!!!
Peace!!!!

With this kind of mentality, you go wound o!
I have built houses for sale and have rental houses now, one day, I will make out time to explain the two lines of business.

Good morning my people, its a very bright day and a good weekend, which provides a nice opportunity to learn a few tips about the building industry. Properties have been known to generate stupendous wealth the world over. Nigeria is not an exeption to this great phenomenon, in fact, we are most advantaged to prosper in real estate. Just look around you in every part of this country, all you see is space, rich forest background, open grasslands and even deserts, water fronts also stretches around many parts, this is a ver good opportunity to build quality houses and rent, sell, lease or occupy for your pleasure.
Billions have been made and will still be made by fast entrepreneurs who see the goldmine in building houses. But which style is the best way to reap bountiful wealth in real estate? Some say renting, others say building and selling, so lets look at these two concepts in detail. Before I continue, it will be worthy of note to point out that both styles of investment make huge returns, depending on the managerial expertise of the operator. Its like most other businesses, where you lose big money if you are sloppy in financial matters. In my next post, I will attempt to analyse the two aspects in detail.

,

@ spyder, thank you very much!!!!
I will be glad to to see you shed some
more light on these two aspects of investment!!!
Also, I will like you to take it on a wide scope.
You know the cost of construction varies from place to
place. Though I believe, where the cost of construction
is much cheaper, rent is cheaper and the other way round. . .

Peace!!!!

In my hey days in the Stockmarketnigeria.com, (2006) I opened a thread to look into the two ways of investing in the stock market, the thread was opened by me and called 'Trading vs investing'
The thread ran for a long time, urging some heavy arguments from experienced traders and investors. This talk about renting houses as opposed to selling houses is similar in context to that thread. I also gatherd a lot of lessons and experience from that thread and it was very useful for me in my real estate business. Actually, real estate is very similar to the stock market, just 'buy low, sell high' alas! If only it was as simple as that, there will not be any poor man in the world. The reality is what we shall look into in our next few posts.

^^^^^ Maybe we should just leave this thread as it is i.e the ''The Real Cost Of Building A Six Bedroom Duplex'' and open a new thread 'Renting Vrs Selling a House''

Peace

Building houses for sale is a very good business, and can be very rewarding. Investors have been known to sell houses for twice the amount they invested in it. There is also a good market for such finished houses. Some of the reasons many buyers exist for those finished units are

Lack of time
So many people are so busy that they will never have the time to walk the sites to monitor the nitty gritty of constructing houses. They will prefare to buy a ready unit and move their family in, without bothering their jobs and businesses.

Lack of experience
How many people can read and interprete a building plan with all its jargons, how many people knows the difference between a column and a beam? These people will just love to buy than go through the rigours of building it themselves.

Loss of money
Many prospective house owners has been ripped off big time by either building contractors or family members, or a combination of the two forces. How else to avoid 'dogo turenchi' than to buy a ready apartment and collect your new keys/documents and pack in same day.

In summary, there will always be buyers for new and old houses, but so are the pitfalls plenty in that business. The biggest of the drawbacks in selling ready houses is the sitting period. By this term 'sitting period', I mean the time it will take between the time you complete the house and the time somebody pays for it. This is a very trying period, when you are open to so many emotional dangers, when lack of cash can make you commit blunders. This stage hit me so hard that I nearly quit the building industry altogether.
More stories later.

Sitting periods are always very irritatng, thats when you will nearly regret building the house. That is a period when someone will walk up to you and offer you half of the money you spent building the house, and you can hardly contain your rage. The customer is always right, so you bottle your emotions while the prospective buyer offers you N3m for a house which cost you N5.7m to build! And to make matter worse, he will tell you all the places you made mistakes, telling you he prefares a blue roof to a red one or that the tiles you fixed is useless to him and will be torn off, or that "land in this area is N1m, how come your house is very exhorbitant?"

Do you know that bigger sellers can squeeze you out, well they used so many rough tactics on me, I was too young back then, only around 27 years, and many people couldnt trust a 'fresh face' so they used that age thing against me. Alleging that I may run away with peoples money, so my house sat in the market for too long, denying me of good money and rent, since buyers always love vacant houses.
More stories later.

I am not very sure this people will finish the roof today o!

Well said. @ Whitehorse,Olubuffett,Am alone and Spyder880. You guys are doing wonderful job enlightening us here. It's highly appreciated. I seconded Demain_man.  Please, I just have a request:Is it possible that we can start another thread on buying vs selling so as not to derail the original intention of this thread. The fresh a rgument/discussion you are about to dabble into can take us forever and some of us might not be interested in that for now. This is my first post here since I registered on NL in 2006. It is very important that we start another thread for that argument pls. I can only imagine where the new discussion will take us. Pls.

^^^^^^^^^
LOL!

^^
make una no worri I don beg the two of them (^{alone and spyder}). them go consider new thread for that topic ^{just enter it with bullet prof and helment}

da spyder great to know you are progressing wit your project, i believe it will come out fine
i went to the site today and spoke with the engineer as regards the use of 16mm and not 12mm, he said he noticed that water comes out of a portion of the land and he does not want to take chances(he took me a land that looks exactly like mine, i think i was convince) also i noticed a concrete beam round the foundation before they started to lay the blocks and i asked why the concrete beam he then told me it is to allow the foundation to have a firm grip before setting the blocks and to allow the building from cracking.

please oga spyder, what is your take about my explanation because the concrete beam with iron rod will cost extra 55k +.

Spyder,

I agree, please can you start another thread for building vs selling as suggested? Hope we no dey give you too much assignment,

to all the expert in the house
i totally concur to the new thread, i got to know that cement now goes for N2,200 on this thread but not to forget that this thread must not die atleast it is giving some of us a hope that we can do it ourself

its almost 49 pages already, about 20% of it for argument unrelated to the subject of the thread, its a duplex we r talking about. The process and the way spyder has been building his house and meaningful contributions therein has inspired lots of people to start their own houses or amend their style etc,

pls lets try and follow how this 6 bedroom duplex goes and the total cost,

What is a reasonable estimate for the number of blocks to build a 3 bed with 1 leaving room bungalow all ensuite?

jerryben12:

What is a reasonable estimate for the number of blocks to build a 3 bed with 1 leaving room bungalow all ensuite?

You can calculate the approximate number of blocks you will need to complete your project from the plan your architect gave you.
Formular
B = P/460 X R
Where B = quantity of blocks
P= perimeter of walls in mm
R = number of rows which is usually 12 rows(Taking for a general or average purpose, the blocks from foundation to dpc(german or oversite concrete) is 4 coaches/levels. From dpc to the base of window another 4 coaches,from window to linte level 5 coaches, after lintel to roofing 2 coaches)
The lenght of a block is 0.45m or 450mm or 18″
The width of thickness varies -150mm or 6″ and 225mm or 9″ which are most common.

jerryben12:

What is a reasonable estimate for the number of blocks to build a 3 bed with 1 leaving room bungalow all ensuite?

About 2000 blocks.
@ Davedavy, nice elucidation, I like that.

The roofing is now about 96% completed
They will round up everything tomorrow
I went round and saw some little mistakes
that I want them to work on. They will
do that with the remain of the roof, hopefully
tomorrow!!!
Updated pic!

The bricklayer commence with the fence today!
I paid the diggers 22k(dept is 1ft6)
The digging includes the foundation of the security house
and a toilet very close to it. The money also includes the casting of the foundation
of the fence and the security house!
Then for the bricklayer, I negotiated 55,000 with him
for him to fence the land round!(size of the land is 60 by 120 and also, the height is 12 coaches from foundation)
This is the first house I am building myself. If I had to do this over again,
I think I will really save money! But again, when one consider the increase in the price of materials, I think
I will still be close to this amount(But it sure will be cheaper na!)


Peace!!!!

@ All, for the aluminum windows for my house,
I plan to use Tower Aluminum(Nigeria) because I
was adviced it is very okay!!!!
Also, we have the imported once. They all have grades
I strongly advise us to know what we want before we
pay for them. Because these people can really take a huge
advantage of our naivety

Anyways, for the towers aluminum
I have got a quotation from another person
for my 4 by 4 window, he want to do it for me for 25k(i am still searching)
The last quotation I got was 32k!
Please note if you are using the imported ones, it will be cheaper. Just
don't let anyone deceive you! Also, ask for a sample of what they want
to supply you. Keep the sample and use it to compare what they bring
later!
Peace!!!!

Hello Pals,

i was recently introduced to this site and i kind of find it really interesting. i'm not too knowledgeable on this that's why i seek expertise.  i'm currently putting up a Duplex with a three bedroom BQ attached to it around ajah in lagos (a water logged area). i am done with the raft foundation (four coaches pure concrete) and equally filled it with sand. right now i need to do the german floor and i need assistance on this cost my engineer gave me.

MATERIALS                   NOS REQ RATE #         AMOUNT #
12mm reinforcement     3.9TONS 120,000    468,000
granite                              60tons 4,500        270,000
Stonedust                      30tons 4,000        120,000
sharp sand                      60tons 2,500         150,000
Cement                            208bags 2,100        436,800
binding wire                  2bundles 5,000        10,000
1X12X12                                     50 750                 37,500
Wetting and compaction             NIL NIL                 40,000
carpentary                             NIL NIL            25,000
reinforcement operation               nil NIL            120,000
concrete work                                nil NIL          160,000


NET -TOTAL #1,856,800.

i will try and give full dimension of the building but its in subsequent post but i'm not too comfortable with the materials we need for the job. some of them seem much for me.

@juliet33 - if I may ask how much did the raft foundation cost you. Thanks