Sportsweb:
Car is necessity. It becomes luxury when you want to buy the biggest or expensive brand.

seankafor:
lol,worse still, land ..buy land people

Itsrm:


I used to be seriously against buying cars. Then one day I went to Ahoada to work. Ahoada is on the outskirts of PHC. I finished late and it was raining(not heavy). I can't remember what exactly happened but there were very few vehicles coming from Bayelsa axis to take people to PH. We were more than 100 in Ahoada that night looking for a vehicle to PH.

Even if any bus comes, the most it will have is space for one or two persons and good luck entering the bus.

Eventually, one bike man came and was heading to PH. I think he charged 1000 per person and two of us offered to pay. Naturally, most people avoided him when they heard the price but I was seriously tired of standing by the roadside. Imagine the risk we took taking a bike on an express road while it's raining at night.

I got home and asked myself why I was inflicting hardship on myself. It wasn't that I didn't have the money.

Na so I go buy motor.

GloriousGbola:


It is only in lagos where price of land is confirmed to rise and at a geometric progression because of bubble, speculation and development.

Go to most other states and price of land will remain static for decades.

One new oga from obodo oyibo had the bright idea of selling off sites to raise money.one lag site was x10 the value of all the other sites nationwide combined

The guy has been thinking all sites value matched the monetary value of the lag site

GloriousGbola:


It is only in lagos where price of land is confirmed to rise and at a geometric progression because of bubble, speculation and development.

Go to most other states and price of land will remain static for decades.

One new oga from obodo oyibo had the bright idea of selling off sites to raise money.one lag site was x10 the value of all the other sites nationwide combined

The guy has been thinking all sites value matched the monetary value of the lag site

BlueRayDick:


I think Ogun state(due to close proximity to Lagos) and Ibadan in Oyo state's real estate market is also growing gradually. Some of the house rent I'm seeing for Ibadan nowadays is quite surprising

izzou:


Many places, actually

Even in the SE, you cannot see a 5 million naira plot of land in the capital (At least, I'm sure of Anambra, Enugu and Imo).

People are beginning to move their business to places outside of Lagos

Itsrm:


I used to be seriously against buying cars. Then one day I went to Ahoada to work. Ahoada is on the outskirts of PHC. I finished late and it was raining(not heavy). I can't remember what exactly happened but there were very few vehicles coming from Bayelsa axis to take people to PH. We were more than 100 by the road.

Even if any bus comes, the most it will have is space for one or two persons and good luck entering the bus.

Eventually, one bike man came and was heading to PH. I think he charged 1000 per person and two of us offered to pay. Naturally, most people avoided him when they heard the price but I was seriously tired of standing by the roadside. Imagine the risk we took taking a bike on an express road while it's raining at night.

I got home and asked myself why I was inflicting hardship on myself. It wasn't that I didn't have the money.

Na so I go buy motor.

Theflint1:
Yea, increasing at 20% every 3 years, go dey inch those 40m dem, and that's about what would build you a 3 bedroom in a decent vicinity. The numbers favour renting, but not everybody has that mind and knowhow to navigate entrepreneurship, so getting a property would work for a lot of persons too.

You can stretch that 40m budget to 60m and it'd build you 6 bedrooms in a lot of places in Nigeria, and you'd earn rent on your investment (using that same 20% increase in rent every three years for your tenant, in 25 years you'd have a property worth probably 120m, and rent collected in that time period about 40m)...say removing maintenance, you'd get 100m + 30m.

Itsrm:


Abeokuta no follow this your arithmetic

When they tarred the road infront of our house, I told my dad that the landlords will greatly benefit since they can now increase rent.

He laughed and asked me who will pay? That even the current rent, people are struggling to pay.

Theflint1:
25 years ago I know you'd still see lands in a lot of places in Benin City for less than 400K, 5m go hard you before you see today in those same places.

You are right.

We dey look this 25 years like 25 months.

Met a man that 66 acres for sale in Ogun state last year. I started to wonder how much he bought the land then

Maybe na 10k per plot e buy am

izzou:


You are right.

We dey look this 25 years like 25 months.

Met a man that 66 acres for sale in Ogun state last year. I started to wonder how much he bought the land then

Maybe na 10k per plot e buy am

izzou:


You are right.

We dey look this 25 years like 25 months.

Met a man that 66 acres for sale in Ogun state last year. I started to wonder how much he bought the land then

Maybe na 10k per plot e buy am

BlueRayDick:


Lolz.

If u look at time value of money, the man may be better off to have invested that N10k per plot into a business that would've enabled him to afford 500 acres of land today and more if he had not bought the 66 acres then and tie the money down.

izzou:


The business sef fit don fold up at at today.

BlueRayDick:


Yes, that's why risk is part of business; there is a chance that u make a profit or a loss.

Tying ur money down to a land on the other hand does not necessarily mean u will make profit. If most people take Time Value of money into consideration they may discover the investment on land didn't actually appreciate as much as they assume it did.

N5m this time last year was more valuable than N5m now. If u have N5m as at the time dollar was N400/1$ and u invested it into buying land and today u sell the land N15m now that dollar is N1500/1$ . u would think u made profit, but u won't know u lost at least $2,500 dollars in that investment when we are even yet to factor in inflation rate.

I think the difference is that in business u can easily see whether u are making a gain or loss , but in the case of this land matter u won't even know u made a loss; u will be grateful u got whatever amount u are getting.

Itsrm:


At the cost of 50-60 year rent, no way.

I mean, I can't because of privacy even though important spend my rent of 60 years to build a house.

GloriousGbola:


a lot of financial advise people throw around does not make sense.

like people who go and build house in ikorodu so they can avoid paying rent and then leave house 4am every morning to beat traffic.

the car is the most annoying. i think it comes down to the mentality of nigerians - we buy things not for function/purpose but as status symbols. so rather than think of a car as a tool that allows you to move around faster , it is looked at as a status accessory.

Theflint1:
Travelling for holiday with the kids is not general middle class living (even when the economy was better circa 2013-2015)...was possible on an 800K salary for a family that era (upper middle-class earnings), and for a single person, 200K would have given you that, but today just not possible.

Itsrm:


My rent has not changed in 6 years. Unlikely it will change in the next four years except I move out.

Lets even assume my rent doubles, I'm still looking at 25-30 years. Still not worth it.

BlueRayDick:


The bold is what our parents' generation didn't really factor into consideration.

Nowadays if u come by 40m and u just use all 40m to buy a decent house and go back to normal day job ; u may end up drinking garri for years inside that decent building.

A person who invests that N40m but continues to live in a rented apartment will live a far more satisfying and comfortable life than u. He might end up living a business/investment for his children when he is old, while u will leave behind an old house which ur children may even struggle to pay Land use charge and other government levies on

Theflint1:
25 years ago I know you'd still see lands in a lot of places in Benin City for less than 400K, 5m go hard you before you see today in those same places.

BlueRayDick:


Lolz.

If u look at time value of money, the man may be better off to have invested that N10k per plot into a business that would've enabled him to afford 500 acres of land today and more if he had not bought the 66 acres then and tie the money down.

raumdeuter:


Traveling abroad is not just flight ticket o. Abi you wan land for Heathrow and turn back?

Cost of feeding and accommodation in those places nko

When people abroad go for vacation hotel and expenses na the real money guzzler

izzou:


I really hope his gragra adds more twist.

If not, that boy is stupid

raumdeuter:


400k in 1999 and 5m today. By the time we factor inflation and time value of money. You are richer in 1999

Noawadays if you carry baddie for weekend she fit charge you 1m. I saw one short video of a Nollywood movie in the 90s wey the girl dey charge either 5 or 10k for the week

raumdeuter:


400k in 1999 and 5m today. By the time we factor inflation and time value of money. You are richer in 1999

Noawadays if you carry baddie for weekend she fit charge you 1m. I saw one short video of a Nollywood movie in the 90s wey the girl dey charge either 5 or 10k for the week

CrystalTiger:
So Sheila, ex-wife of Israel DMW is now reportedly engaged..

New episode of madness from Israel DMW coming soon..

CrystalTiger:
So Sheila, ex-wife of Israel DMW is now reportedly engaged..

New episode of madness from Israel DMW coming soon..