Its a matter of available choices and taste but its good to have a plan for ones own property over time if you don't want to be a tenant in old age. A bit of planning especially in terms of a suitable location and commitment by saving towards the project/taking a social mortgage loan when one is still young and with less financial burden is a nice way of acquiring property. You can let it out and use the income to subsidize your rent in a better location while the property appreciates in value.

I know someone who rented out his property in one of those towns off Badagry road but rented an apartment in Surulere till  the property increased in value and he was able to sell it and buy a house in a beautiful estate in Ikeja. Of course his initial investment paid off and hes living comfortably now. Better to hold on to something early enough than wait endlessly to accomplish some "moving target" dreams.

Anyways, our cultures respect people who have houses to show after a lot hard work more.

ogaju007:

You call buying yourself a good thing that you can afford showing off? Whats wrong in treating yourself . They buy the stuff cause they can afford it. Work harder someday you too go fit buy one. You go buy Toyota or Datsun 120y lol

I know you meant this as a slam but I would love to have a 120Y here in the US but I can't find a good specimen just yet. It's a lightweight, rear wheel drive, spartan and is a very effective drift competitive machine. I will end up importing one from Japan but it will be RHD which I don't want. I can't drive RHD very fast.

[img]http://www.thaiscooter.com/forums/attachment.php?attachmentid=2633256&stc=1&d=1306660848[/img]

Here's the closest I came to owning one, a truck though:





Notice the turbo and the adjustable suspension.

This topic, just like many things Nigerian, is a subject in contradiction.

Firstly, like Jarus said, most new cars in Nigeria are considered as 'exotic'. Many people are sick of being 'owned' by the local mechanics, so they just get themselves a brand new ride, be it Kia or Hyundai. They're not really showing off, but the country 'don show them'. A brand new car frees you from the Jamius in dirty overalls.

Secondly . . . who's gonna buy a house of N4m in Akute, and have to spend 3 hours driving to work, and 5 hours driving back? Especially if you drive a 'Tokunbo' vehicle, which, in the hands of our local mechanics, become terminally ill vehicles. Just imagining your car stopping at Alapere, and 'awon boyz' coming after you.

Third and final (and this is the real sucker punch) . . . have any of you guys enquired about the cost of renting a 3 bedroom flat in Ikeja, Gbagada, Yaba, Maryland, Ogudu, or maybe in the Lekki axis? between N1m and N2.5m. Multiplu by 2, add commission for agent, and you get something like N5m. Go and rent in Mowe you say? I laugh in Fashola. You probably won't live long with the commute. Who's gonna go build a house in the bush somewhere, and have robbers knocking on your door right after you move in? I shyt you not.

In summary . . . there's no point trying to analyse anybody's motives in a place like Nigeria, where nothing works normally, or in most cases don't even work at all. Everybody should do what is convenient, and best of luck to them. I've long since given up trying to prescribe a lifestyle for anybody, especially in Lagos.

lets picture this, in the land boom in ikorodu and its environs then everyone rushed and got one, but lets imagine the bad roads coupled with mad traffic before you get to the mainland or anywhere, would you relocate from a rented apartment in mainland lagos like lets say Ogudu to Ikorodu? trust me you wont dare ! Ask people staying in ikorodu , they will tell you what they face,its an issue of priority and what is convenient for you.

They are simply mad.

Somorin#1:

I know you meant this as a slam but I would love to have a 120Y here in the US but I can't find a good specimen just yet. It's a lightweight, rear wheel drive, spartan and is a very effective drift competitive machine. I will end up importing one from Japan but it will be RHD which I don't want. I can't drive RHD very fast.

[img]http://www.thaiscooter.com/forums/attachment.php?attachmentid=2633256&stc=1&d=1306660848[/img]

Here's the closest I came to owning one, a truck though:





Notice the turbo and the adjustable suspension.

Oh well you need to look well. If you can make it to Calgary in Alberta im sure i can hook you up with some dude that sells antiques like that. If thats your dream car.

So if my money no reach build house i should go and buy 1979 Vw beetle car

scale of reference

@OP,
Don't judge a book by its cover.
People have lots of reasons for doing certain things,for instance you may need a good car to get around in order to attain the finances to build your dream home.That does not mean you are showing off or you do not have future ambition.
Intresting thread though,because it is obvious you are trying to advise people to save for the rainy day and try to be economically wise.

AjanleKoko:

This topic, just like many things Nigerian, is a subject in contradiction.

Firstly, like Jarus said, most new cars in Nigeria are considered as 'exotic'. Many people are sick of being 'owned' by the local mechanics, so they just get themselves a brand new ride, be it Kia or Hyundai. They're not really showing off, but the country 'don show them'. A brand new car frees you from the Jamius in dirty overalls.

Secondly . . . who's gonna buy a house of N4m in Akute, and have to spend 3 hours driving to work, and 5 hours driving back? Especially if you drive a 'Tokunbo' vehicle, which, in the hands of our local mechanics, become terminally ill vehicles. Just imagining your car stopping at Alapere, and 'awon boyz' coming after you.

Third and final (and this is the real sucker punch) . . . have any of you guys enquired about the cost of renting a 3 bedroom flat in Ikeja, Gbagada, Yaba, Maryland, Ogudu, or maybe in the Lekki axis? between N1m and N2.5m. Multiplu by 2, add commission for agent, and you get something like N5m. Go and rent in Mowe you say? I laugh in Fashola. You probably won't live long with the commute. Who's gonna go build a house in the bush somewhere, and have robbers knocking on your door right after you move in? I shyt you not.

In summary . . . there's no point trying to analyse anybody's motives in a place like Nigeria, where nothing works normally, or in most cases don't even work at all. Everybody should do what is convenient, and best of luck to them. I've long since given up trying to prescribe a lifestyle for anybody, especially in Lagos.

i tire o

see as people keep calling toyota and kia - japanese/korean cheape moto exotic

@ ogaju, what's funny?
u live in a rented apartment where ur landlord can jus wake up one morning and decides to send u packing n u call it treat, why can't the money for car treat bu substituted for house treat? o gaaa o n by the way na m.benz 300E i dey roll so no talk trash next time cos u don't know who u replying, OK?