30% of your income is all you need for your rent but try not to spend more than that if you want to break even.

Bluehill1051:
Landed properties, VEEEEEERRRRRYYYY IMPORTANT. But car, I can bet my life, there's nothing to save there unless the car is for business. Cars are luxury. Here in Lagos o. 200k house, I won't be surprised it's a self con sef

its a self con my brother

Gentlewarrior1:

Haba bros

One month salary bigger than your 1year rent

Hmm. U dey mean o. And you have a smart move but have it in mind that sometimes getting a personal house might be a liability. Its always an asset no doubt but without the right setup and money e fit no favour u o.

I am saying this because i know someone who suffered himself did this same method just like you just because he was fantasicing a getting a beautiful house. He went through all that stress and got the house.

2 years later unfortunately lost his job and and had to sell that house.

@princeking2
Sometimes rent is not such a bad thing. No be must to be landlord attimes. Having cash and a steady source of income is the shit. So that even when you finally get a house you have nothing to worry about

You said it all. The way people always talk about this saving money, like we have an account in the afterlife we are saving for. You have a short time on this earth why not live as "comfortable" as you much as you can. This life no get part 2.

We just have this archaic mentality in this part of the world as seeing everything as luxury. You buy a car.. "luxury", you rent a comfortable mini-flat as a bachelor..."luxury". What if you kick the bucket while saving this money to build the house... to what end?. if you will build house you will.

Bestinstinct:

This one can't work in Abuja o....one just have to look for multiple streams of income ni or better still live in slums.

Seriously they don't know. People in Abuja use their 6 months salary to pay rent in Abuja

Bestinstinct:

This one can't work in Abuja o....one just have to look for multiple streams of income ni or better still live in slums.

it works bro. People stay in Mararaba/Yayah and Suleja but they work inside Abuja. You have to learn to live within your income.

Goodplace:
If Someone is in a work of 80k per month can he afford a place of 200k with no side income yet?

No one size fits all when it comes to renting. All those useless rules that people post about your house rent not been more than 3 months salary is absolute BS.


There are things you consider. Safety, proximity to work, what amenities are available, how good is the electricity? If those things are good and in the long run would save you costs, it is better to take it and have peace of mind rather than living in an area where security is poor and at the end of the year your phone has been snatched on your way back home and house burgled twice.

If the 200k is a good place, please take it and learn to cut out some other expenses to make up for it.

SoNature:


I don't think it is okay, especially if you live in Lagos.

Look for a house of maximum 100k.

If someone tells u that your 3 months' salaries will pay your rent, it simply means that the person hasn't worked before.

The reason is that no man can save all his salary, unless you steal from your company.

You may pay the rent the first time because you saved up for it, but subsequent occasions will not be funny.

Remember you will feed, tithe, send money home, transport to work, and booze

A word, for the wise, is enough

how about we that don't pay tithe and we don't send money home and I no too dey booze lyk dat?

fireback:

Any one year rent that cost more than my two month salary is not worth it... Presently my one year rent is less than my salary in one month. All you need do is save up to half you monthly salary for a year especially if you're still single, use it to buy land, no matter how small the land is and start building your own house. If you re buying a land in a developed place, the land might be smaller but if you're buying from a developing area, you might get a bigger space. All depends on the area you want. Am not just talking but speaking from experience.

I wonder what those being paid #20000 a month would say.

This issue ehn: I earn close to 300 and my wife earns just below 140. Our house rent is about 700k. We live fine no doubt but deep down me, I know I still struggle to do alot of things. My kids sch fees in a year is about 500k (2 daughters), not even the best sch in my hood o.I never even reason to buy clothes for myself in the past 2 years. We live in Abuja. I know I can stay in a cheaper accommodation but the rent isn’t as important as my family safety biko. I know one day, I go become director and my salary and DTAs will be enough to buy/build better house for ABUJA. I still dey wait FMBN and yeye infinity homes and savings to deliver my 3 bedroom carcass in suncity.

Florblu:
For people saying his rent shouldn't exceed an 100k, can you please show me where to rent a comfortable room for 100k in LAGOS. If you mention Ipaja, Ayobo, Mowe, Ibafo, etc I will stone you because he will end up spending his money on transport fare and even drugs to maintain his health.

When people ask for questions, let's be realistic. Op can rent a room of 200k as long as he is ready to safe heavily. He will need to cut out lots of irrelevant expenses and double his effort in getting a better job or at least start s side hustle.

well said, but please don't stone people o lol

fireback:

Any one year rent that cost more than my two month salary is not worth it... Presently my one year rent is less than my salary in one month. All you need do is save up to half you monthly salary for a year especially if you're still single, use it to buy land, no matter how small the land is and start building your own house. If you re buying a land in a developed place, the land might be smaller but if you're buying from a developing area, you might get a bigger space. All depends on the area you want. Am not just talking but speaking from experience.

Please buy yourself a bottle of wine. Bill's on me. Another idea is buying two or more plots of land in a fast-rising area. The value should have skyrocketed 10 years from purchase and one of the plots can he sold to finance the building project.

Goodplace:
If Someone is in a work of 80k per month can he afford a place of 200k with no side income yet?

This depend on where your work is located and the city you live,expenses are relative to cities and it also depend on what your life style and your marital status.

If you are single a bed sitter I.e just a room with toilet and bathroom attached will cost around N160K in PH and it depend on the area,if you you are in VI it may even be N200K and if you have kids and a wife and are earning 80K and you are living in 1 one bedroom which is ideal there is nothing you can do about the rent that to pay it and allow your will work support you.

The best advice is you should do according to economic situations if your current place.

Mrkumareze:


Your comment made me come into the show, i keep wondering the kind of huz people want Op to live in...100k?? That must be in one of those swamp ... paying 200k is not too much for one who earns 80k a month....The place you live or work determines the kind of people you meet in life... Op should remember the place we live has a potential role in our life

80k salary for 200k rent

He needs to be happy right?

He has no family, babe, social life and won't have savings or save up to get a car or property.

He needs to be happy and meet people.

Oops! And all these while I was thinking of renting an apartment! Never knew it's gonna be like putting myself on unnecessary pressure!

Rule 1 says he should look for a house of #8000 or less which is unrealistic. The truth remains that all these theories will be mere theories as long as the person doesn't do the needful. With 80k monthly your annual income is 960k. Go for the house as long as you have a plan for your future.

ugo4u:
The rules are simple.
1) Never spend more than 10% of your income on house rent.
2) Save atleast 10% of your salary.
3) The remaining percentage can be used at your discretion.
4) Rule 1 and 2 are extremely important.

Yes, there's nothing like comfort. Grab it man!

princeking2:

I stand with you on this.
I'm currently working but my one year rent is less than my one month Salary. I don't have plans of getting another bigger or finer house if not my personal house. Anybody that will not visit me should lodge in a hotel.

It depends what you mean by this. If you live in face me, I slap you naim be say better quarrel never start. Abi na latrine and bathroom wahala.

Collect one Alomo and Goat head pepper soup

onegig:
)

No one size fits all when it comes to renting. All those useless rules that people post about your house rent not been more than 3 months salary is absolute BS.


There are things you consider. Safety, proximity to work, what amenities are available, how good is the electricity? If those things are good and in the long run would save you costs better to take it and have peace of mind rather than living in an area where security is poor and at the end of the year your phone has been snatched on your way back home and house burgled twice.

If the 200k is a good place, please take it and learn to cut out some other expenses to make up for it.

There are other factors to consider aside from monthly income. You need to consider the cost of transportation to your place of work/assignment, your income, location (renting in lagos is different from renting in akure) and lastly comfort level. I don't believe in living in inhumane conditions. At least one should retire to some comfort after the day's work.

Ferdinandu:

Seriously they don't know. People in Abuja use their 6 months salary to pay rent in Abuja

Thats not work again. Thats slavery

aod1:
Rule 1 says he should look for a house of #8000 or less which is unrealistic. The truth remains that all these theories will be mere theories as long as the person doesn't do the needful. With 80k monthly your annual income is 960k. Go for the house as long as you have a plan for your future.

Plan for the future wouldn't make him consider your advice. Kolowerk.

Do you know what the future don already plan for you? Abi na only you sabi plan for future?

I wouldn't like to consider the idea where he would have to park out on losing that job to a much smaller space.

Besides is it #8000 am seeing you write?

SoNature:


I don't think it is okay, especially if you live in Lagos.

Look for a house of maximum 100k.

If someone tells u that your 3 months' salaries will pay your rent, it simply means that the person hasn't worked before.

The reason is that no man can save all his salary, unless you steal from your company.

You may pay the rent the first time because you saved up for it, but subsequent occasions will not be funny.

Remember you will feed, tithe, send money home, transport to work, and booze

A word, for the wise, is enough

Your rent must not be more than 30 percent of your gross annual incomr. You make about 900k+ per year so that means your rent per year should not be more than 288k

That's why young people need to learn relevant skills. Tech/I.T skills if possible.

If you are a very good content creator with extremely good communication skills, managing Facebook pages for between 3 and 5 average organisations would get you the rent you are seeking monthly. Add Twitter account management to it. Creative writing. Website management too. Of course, you need to be very good a web development too.

Add these skills and you don't need to rely on your salary. You could even pitch your business or skills to clients of the firm you work in. Depending solely on salary is risky. There's the (prospective) 'madam' and the kids to think of.

Florblu:
For people saying his rent shouldn't exceed an 100k, can you please show me where to rent a comfortable room for 100k in LAGOS. If you mention Ipaja, Ayobo, Mowe, Ibafo, etc I will stone you because he will end up spending his money on transport fare and even drugs to maintain his health.

When people ask for questions, let's be realistic. Op can rent a room of 200k as long as he is ready to safe heavily. He will need to cut out lots of irrelevant expenses and double his effort in getting a better job or at least start s side hustle.

Those living in Abuja can also relate to this, N200k rent for N80k salary is not out of reach, he just needs to cut off irrelevant expenses and he will be fine. Where you live surely has effect on your lifestyle and outlook to life

Florblu:
For people saying his rent shouldn't exceed an 100k, can you please show me where to rent a comfortable room for 100k in LAGOS. If you mention Ipaja, Ayobo, Mowe, Ibafo, etc I will stone you because he will end up spending his money on transport fare and even drugs to maintain his health.

When people ask for questions, let's be realistic. Op can rent a room of 200k as long as he is ready to safe heavily. He will need to cut out lots of irrelevant expenses and double his effort in getting a better job or at least start s side hustle.

Even in ipaja and ayobo,100k won't get you a good house. I still wander how salary earners on 100k below pay rent, feed, transport, look good and still save to build house in Lagos.. Unless na your village u build the house and on family land.

The best advice a friend ever gave me was live below your means.
This will translate however you feel it should to you.
To me it meant dividing my income by four and living a life of someone earning such.

donogaga:



Its achievable. However, this is subject to the proximity between his crib and place of work.. And again, there are some other expenses that tends to show up unexpectedly along the line.

If he is a bachelor, it would be quite easy for him to cope.

He should just maintain a strict budget. Financial discipline is key.

Wisdom!

If you're comfortable in the place then I think it is worth it. I believe living in a comfortable place increases your productivity at workplace.

I stay in a 350k/annum rent and my monthly salary is not more than 80k too but I've a side business that requires very little of time which adds 30k/month to my salary but because I believe comfortability adds great value to my work productivity, I see no problem in it.

dangoteinlaw:
I have seen so many landlords become tenants so many times that even the word landlord doesn't freak me anymore. Most landlords in my areas can't even fees themselves properly, the only time they look well is when one tenants rent expires. Mtcheew

Funny!

abnot:
There are other factors to consider aside from monthly income. You need to consider the cost of transportation to your place of work/assignment, your income, location (renting in lagos is different from renting in akure) and lastly comfort level. I don't believe in living in inhumane conditions. At least one should retire to some comfort after the day's work.

Comfort is what you acquire for your room like Television, fridge, assorted food items, sound system, DVD, generator etc

There are self con of #80000 depending on location.

I would say it is reasonable. Calculate the maximum you can set aside monthly for rent and multiply by 12. If the figure can cover your rent then you’re good. This would be a good way to know what you can afford.

This is also a good way to ensure you have your rent ready when it is due.

Gentlewarrior1:

Haba bros

One month salary bigger than your 1year rent

Hmm. U dey mean o. And you have a smart move but have it in mind that sometimes getting a personal house might be a liability. Its always an asset no doubt but without the right setup and money e fit no favour u o.

I am saying this because i know someone who suffered himself did this same method just like you just because he was fantasicing a getting a beautiful house. He went through all that stress and got the house.

2 years later unfortunately lost his job and and had to sell that house.

@princeking2
Sometimes rent is not such a bad thing. No be must to be landlord attimes. Having cash and a steady source of income is the shit. So that even when you finally get a house you have nothing to worry about

Assuming he never saved up to build that house... when he lost his job, he'd have nothing to sell.....

Investors the key thing here... save and invest in a landed property... it's always the best option to abide with if anyone is earning above a hundred bucks!!