My house rent will soon be due.
It’s my fifth year in the house and I’m considering moving into a bigger apartment with my family.
That option will cost me at least N350, 000 per annum.
I also have the option of buying a plot of land with the same amount and developing it with time.
I’ll then build two bedrooms while I develop the rest of the building at my own pace.
That way, my family and I may not live comfortably in the short run.
What do you think?
Would it make some sense to sacrifice our comforts for now and benefit from the spoils of the struggle or continue to ensure a comfort for my family by entering into a tenancy agreement with all the landlords in Lagos from time to time?
Mind you I have other commitments like school fees, vehicle running costs and feeding expenses.

.

i can see this is an old post. I checked to see if there would be responses from nairalanders as i'm also in such dilemma. Have you considered the cost of building a two bedroom flat? From what i have been able to glean from the numerous posts on this forum on building cost, a 2bedroom (basic with no luxury finishings) flat would cost between 2.3m-3m. Have you also considered the distance of the proposed site to your current place of work? You may also have to change schools for the kids.Buying land is only a step in the building process. I would be glad to read other responses.

ayandee: i can see this is an old post. I checked to see if there would be responses from nairalanders as i'm also in such dilemma. Have you considered the cost of building a two bedroom flat? From what i have been able to glean from the numerous posts on this forum on building cost, a 2bedroom (basic with no luxury finishings) flat would cost between 2.3m-3m. Have you also considered the distance of the proposed site to your current place of work? You may also have to change schools for the kids.Buying land is only a step in the building process. I would be glad to read other responses.

I really need a good feasibility study of the cost of putting up a two bedroom.
I understand a twin semi-detachable three bedroom apartment costs about 11 million naira.
The final cost shouldn't pose a problem or you'll get discouraged...a journey of a thousand miles they say starts with one step.
The distance is piece of cake and my kids won't mind changing schools if they'll be moving into their own home.
I also want to see more responses.

mybad:

I really need a good feasibility study of the cost of putting up a two bedroom.
I understand a twin semi-detachable three bedroom apartment costs about 11 million naira.
The final cost shouldn't pose a problem or you'll get discouraged...a journey of a thousand miles they say starts with one step.
The distance is piece of cake and my kids won't mind changing schools if they'll be moving into their own home.
I also want to see more responses.

N11m for what type of building? Please explain further.

Too many of us suffer some irreparable damage when building our homes before the time is right.
I've always preferred to buy, then renovate. Largely because its what I do.
U need favor, U need Goodwill. Initial cost is higher. Final cost is lower.
The ultimate question is: Can U avoid the disruption? The dip in Lifestyle-Cos this happens because to fund ur building U divert disposable income.
Can U afford the disappointments from contractors? What happens if U choose to start dis in 1 or 2years? Will U be better prepared then?

trisurface: Too many of us suffer some irreparable damage when building our homes before the time is right.
I've always preferred to buy, then renovate. Largely because its what I do.
U need favor, U need Goodwill. Initial cost is higher. Final cost is lower.
The ultimate question is: Can U avoid the disruption? The dip in Lifestyle-Cos this happens because to fund ur building U divert disposable income.
Can U afford the disappointments from contractors? What happens if U choose to start dis in 1 or 2years? Will U be better prepared then?

For me, I cannot put off till tomorrow what I can do today. Todays fears could turn to tomorrow's horror.
The best time to have planted a mango tree was 20 years ago, the next best time is NOW!!!

N11m for what type of building? Please explain further.

@ spyder880: A twin three bedroom semi detached building.

trisurface: Too many of us suffer some irreparable damage when building our homes before the time is right.
I've always preferred to buy, then renovate. Largely because its what I do.
U need favor, U need Goodwill. Initial cost is higher. Final cost is lower.
The ultimate question is: Can U avoid the disruption? The dip in Lifestyle-Cos this happens because to fund ur building U divert disposable income.
Can U afford the disappointments from contractors? What happens if U choose to start dis in 1 or 2years? Will U be better prepared then?

Do you have better suggestions trisurface?

Stay in the place you are currently, get a plot of land and develop it gradually.

If you get another apartment, it will definitely cost you more as you have little expenses trying to put the house in order. eg curtains, rugs, tiles, 2 year rent, lawyer fees etc.

When i had my twin one bedroom flat, i was staying in a self contained apartment because i needed to have something fo myself not that i cant afford to rent 2 bedroom flat.

I can tell you, it really paid off.

Once you roof the building, and put in place things like the doors and windows..house don ready be that oh. You can even move into it while making the finishing touches.

Up to you!!! Check your pocket and get your priority sorted out.

cheers

How much is the land u want to buy, how much will it cost to start up the building plan, how long will it takes to finish the building this are all u need to think before putting ur family in big mess

MY DEAR BUILD, BUILD AND CONTINUE TO BUILD WITH VISION. BUILDING IS ALMOST A LIFE LONG INVESTMENT, WHEN YOU RETIRE CAN YOU AFFORD TO PAY SUCH AN AMOUNT OF HOUSE RENT, PROBABLY YOUR CHILDREN MAY STILL BE IN SCHOOL. BUILDING SOLVES ONE OF LIFE PROBLEMS PERMANENTLY, FOOD, SHELTER AND CLOTHING.WHILE YOU GIVE YOURSELF MINIMUM COMFORT MAKE ALL EFFORTS TO BUILD

Abeg, pay the N350k, then use the money and start building in your village ultimately, we shall all leave Lag-bus one day.Where u wan buy land for N350k, maybe at Igbesa or Dana aircrash site? Get register agreement/sales document, permit to develop, Baale money, Area boys money, bricklayer and maybe you even turn to an Architect and Quantity Surveyor or those deirty construction works.

My guy, two bedroom design bungalow and build no fit pass N3million . Even if you go for a Modular pack, it is cheaper.Your kids are your kids and it is only God that takes care of them not your personhood! There are 16million people in Lagos and 700,000 houses according to LASAA. So why the heck? How old are you? No age is too late to build a house. As a doxology, remain humble,dont be a hero, just pay rent, and have some spare cash for running around.

am not a building contractor, but there is a way u can start it without knowing, that is, get a plot of land first, clear it and sink a well (konga).

2. Drop a trip of sand depending of what u have at hand.

3. Dont wait til u buy 100 bags of cement, you can start moulding blocks with just 3 bags of cement. Whenever you have money, buy d numbers of cement u can afford and mould till u arrieve at the numbers needed. E.g 2500 blocks will go for 2 bedroom flat.

3. The next stage is to start foundation and raise your building.

You dont need to save millions b4 u can start building ur house, start wit what u have, and commit d building into God's hand and b4 u know it, u are already living in ur house.

my guy, its visionary for you to build a 2 bedroom bungalow now, and sacrifice the comfort of your family in the short run. Note that within 4-5 months you can mov in and stop paying rent forever in that vicinity. At your o pace, in the same land, you can build flats for rent and become a landlord!!just like that. dont go wastig money on greedy landlord/ladies, while you now have the means...you might regret it later in life, when things are not moving for you as now. a stitch in time saves nine.

It depends on:
Your income, financial discipline/expenses, your lifestyle etc.

your income: will determine if you can afford to stay where you're now and still acquire a piece of land and start building. This would be the ideal scenario.

Expenses: if you want to build, you may have to compromise on luxury like holiday, plasma TV etc.

Lifestyile: if living in a bigger flat (keeping up with the Joneses) is important to you, then you can't build.

Postponing buying land/building is the worst possible thing you can do if you can afford to build now without compromising your children's education etc.
If you are not self-employed, who can guarantee that your employment will still be there in 5 years?
Also, building now means that you will leave an asset/shelter for your family in case of the unexpected (God forbid).

Better be very careful and look before you leap. It's better to keep paying house rent jeje in a sane environment than to build a house in one remote area where armed robbers would deal with you and your young family. Unless you want to build and rent it out to others. I have an uncle who completed his nice duplex less than six months ago in one of the Lagos suburbs. . .already he has been robbed four times, and his teenage daughter barely escaped molestation on the last occasion. He recently had to abandon the house for a rented apartment in Festac where he was previously residing.

So, if you can't afford to buy a land and build in a decent location with some level of security, abeg forget the idea, retain your rented accommodation and work harder. Well, that's what I would do.

sellydion: MY DEAR BUILD, BUILD AND CONTINUE TO BUILD WITH VISION. BUILDING IS ALMOST A LIFE LONG INVESTMENT, WHEN YOU RETIRE CAN YOU AFFORD TO PAY SUCH AN AMOUNT OF HOUSE RENT, PROBABLY YOUR CHILDREN MAY STILL BE IN SCHOOL. BUILDING SOLVES ONE OF LIFE PROBLEMS PERMANENTLY, FOOD, SHELTER AND CLOTHING.WHILE YOU GIVE YOURSELF MINIMUM COMFORT MAKE ALL EFFORTS TO BUILD

supported

Rent is better for you based on your financial revelation.

My broda, don't mind people discouraging you now by telling you nonsense over what they do not have an idea of.
Forget people discouraging you by telling you that you needed 2.3 million or 11 million or that you needed to rent another house again.

Listen, depending the area you want the house, you can build your house with anything God put in your hands.
Block is not a house and also a house. If you have 12,000 naira, you can get 100 blocks and with 120,000, you get 1,000 blocks.
If you have that, start your house and work towards arranging up to 3,000 blocks which can give you good 2 bedrooms with 3 toilets in-suite.that amounts to 360,000. Buy your cement and get an experienced bricklayer and do not involve all these so called contractor as they will eat you dry.
If I have your number, I will call and advise you of what you can do and please, forget about those telling you that you spend millions to build house.
When you are talking about spending money, that becomes any individual's choice of the kind of fittings he wants in terms of roofing, and other kind of building materials. You can get toilet sinks of your choice,
Let me not continue because we love discouraging people. I had similar experience when my landlord increased my rent and I took the bull by its horns by taking drastic measure and it paid. I bought a land and it took me 3 months to develop a 4 bedroom apartment with 5 toilets and a 2 BQ. Now for a space of 4 yrs, I have built by myself a block of 4 flats rented out to people.

You can do same with nothing. Just have hope in God and move ahead. Most faceless people come on here to claim what they dont have and also even live in a slump claiming they have duplex and built their houses with billions. Forget them.

Hmmm!people that are encouraging u to continue paying rent shuld remember that Lagos is the smallest state in Nigeria and the most populated. House rent in Lagos goes up intermittently and landed property increases on a daily bases. I was fortunate to achieve a 3bed and a 2bed within four years that i worked in a company,if i had not done that earlier,hmmm!!!my brother!where i for they live now?don't tink it twice if u can afford it plsss.

andyanders: My broda, don't mind people discouraging you now by telling you nonsense over what they do not have an idea of.
Forget people discouraging you by telling you that you needed 2.3 million or 11 million or that you needed to rent another house again.

Listen, depending the area you want the house, you can build your house with anything God put in your hands.
Block is not a house and also a house. If you have 12,000 naira, you can get 100 blocks and with 120,000, you get 1,000 blocks.
If you have that, start your house and work towards arranging up to 3,000 blocks which can give you good 2 bedrooms with 3 toilets in-suite.that amounts to 360,000. Buy your cement and get an experienced bricklayer and do not involve all these so called contractor as they will eat you dry.
If I have your number, I will call and advise you of what you can do and please, forget about those telling you that you spend millions to build house.
When you are talking about spending money, that becomes any individual's choice of the kind of fittings he wants in terms of roofing, and other kind of building materials. You can get toilet sinks of your choice,
Let me not continue because we love discouraging people. I had similar experience when my landlord increased my rent and I took the bull by its horns by taking drastic measure and it paid. I bought a land and it took me 3 months to develop a 4 bedroom apartment with 5 toilets and a 2 BQ. Now for a space of 4 yrs, I have built by myself a block of 4 flats rented out to people.

You can do same with nothing. Just have hope in God and move ahead. Most faceless people come on here to claim what they dont have and also even live in a slump claiming they have duplex and built their houses with billions. Forget them.

@andyanders, that's a very good advice. Pls, do let me have ur email address so that i can send u my fone no for us to talk more on the fone or u can send urs to my email add: gsmmayakis@yahoo.com. Thanks man!!

spyder880:

For me, I cannot put off till tomorrow what I can do today. Todays fears could turn to tomorrow's horror.
The best time to have planted a mango tree was 20 years ago, the next best time is NOW!!!

Another opportunity to catch with my Oga on NL. Well done!

@OP, Home Ownership is not for everyone, but for most people. You must want it enough and be willing to sacrifice to get there.

Stop Talking. Start Building. Build Simple.

It's the only investment that you can buy and borrow against, live in, use everyday and possibly still see growth in value.

Read more on Building a house on limited means http://nexthomebuilder.blog.com/building-a-house-on-limited-means/

check your email box

[quote author=andyanders]My broda, don't mind people discouraging you now by telling you nonsense over what they do not have an idea of.
Forget people discouraging you by telling you that you needed 2.3 million or 11 million or that you needed to rent another house again.

Listen, depending the area you want the house, you can build your house with anything God put in your hands.
Block is not a house and also a house. If you have 12,000 naira, you can get 100 blocks and with 120,000, you get 1,000 blocks.
If you have that, start your house and work towards arranging up to 3,000 blocks which can give you good 2 bedrooms with 3 toilets in-suite.that amounts to 360,000. Buy your cement and get an experienced bricklayer and do not involve all these so called contractor as they will eat you dry.
If I have your number, I will call and advise you of what you can do and please, forget about those telling you that you spend millions to build house.
When you are talking about spending money, that becomes any individual's choice of the kind of fittings he wants in terms of roofing, and other kind of building materials. You can get toilet sinks of your choice,
Let me not continue because we love discouraging people. I had similar experience when my landlord increased my rent and I took the bull by its horns by taking drastic measure and it paid. I bought a land and it took me 3 months to develop a 4 bedroom apartment with 5 toilets and a 2 BQ. Now for a space of 4 yrs, I have built by myself a block of 4 flats rented out to people.

You can do same with nothing. Just have hope in God and move ahead. Most faceless people come on here to claim what they dont have and also even live in a slump claiming they have duplex and built their houses with billions. Forget them.

andyander that a very good encouragement, because i started my building in february this year with 500,000 at hand, and now we are in June. i have got to lintel level without knowing it, as any little money that comes in, i will order for blocks, cement and save money for workmanship that all. so everything in life need determination.

Brother. I ill advice you to start building NOW.
You must know something that the cost of renting an apt is always on the rise and as well as that of biulding. Between January and now, cement cost has increased and will not decreased. Start now, cut spending. Invest in it with all your strength. Monitor you project well and one day you shall be happy and relaxed.
Better search for an new developing area to build. Better put, you state capital. Akure, Ibadan, Asaba, etc.

@noleen

My broda, just keep doing that and you will finish your house. Nothing dey for house building. It is just man's wickedness when they get house, they feel they have arrived and do not ant others to have theirs. I even encouraged my mechanic, one of the guys who built my house, my generator mechanic, all got their own houses because I encouraged them to sacrifice everything to get their own houses now.

Let us not be greedy and wicked and believe that we have arrived by telling others that we spent billions in getting ours. I pray that every one should have their own houses.

I also need advice. I once bought 2plots of land around Ofada somewhere very close to the new Nestle factory and the community then told us we needed to do something on it. I chose to fence mine and I spent so much fencing it. However, when I visited the place after several months, I realised no other person had fenced theirs and now I am quite skeptical about building anything because I do not know when others would start developing theirs. What would you advice?

Don't be deceived into thinking home ownership is as simple as buying a car? It isn't. One wrong move, you're gone.

Here's a layman/ruggedman calculation of a simple 2 bedroom house to finishing stage.
Note: Finishing here is just basic.

Land: 300k

Shell Construction

1500 Blocks (foundation to roofing level): 180k
50 bags Cement (foundation/flooring/block setting excluding plastering): 90k
20 tonnes Gravel (foundation/flooring/casting): 35k
Sand: 50k
Iron rods, Ring, Binding Wire, Iron Bender etc: 40k on a paddy-paddy arrangement.
Carpentary works: 25k on a paddy-paddy arrangement.
Bricklayer: 70k on a paddy-paddy arrangement.

Roofing Woodwork

Planks (including internal/external ceiling nogging): 200k
Nail, wall belt etc: 8k
Carpentary work: 60k
Roofing sheet: ?

Windows, Doors and Burglar Proof

Aluminium Windows : 90k don't buy tower, use imported. Its cheaper.
Doors (5 local and 4 imported doors): 100k
Burglar Proof (Simple one using 12mm iron rod): 70k

Plumbing and Electricals

Toilet Seat x 3: 18k
Wash hand basin x 2: 5k
Shower fittings in the master bedroom: 15k
Pipes and other fittings: 30k
750l Overhead tank: 15k
Plumber: 15k

Electrical wires (lighting/socket): 50k
Socket and Switches (MEM): 25k
Distribution board: 5k
Cut-out/Fuse: 3k
Change Over box: 5k
Light fittings[i]normal lampholder in the rooms and kitchen, wall bracket and ceiling light in the living room and dining: 35k
Electrician workmanship: 15k on a paddy-paddy arrangement

Tiles

Kitchen backsplash on kitchen sink area, and full tiles on the floor: 15k
Bathrooms tiles in floor and shoulder level in the wet areas alone: 20k
Living Room: 25k




I got to go and pick my kid in school, more updates later on Plastering, Septic Tank, Well/Borehole, Ceiling, etc

Note: the prices above is generic as a result its non-binding. Just a guide.

Stop Talking. Start Building. Build Simple.

Don't know which plan best suits you, but what me and my friends are doing are the moment is : We currently are paying money in installments to develop a property at one of the suburbs in lagos, the moment we are through, Mehnnn we are rentig it out and make use of the money to pay the rent in town(Surulere).. Till my business grows and am able to buy a house(Duplex) within the City. No time to start building!!!