Transport to ur place of work also matters alot

If u stay in Lagos or Abuja 200k rent from ur 80k salary is very ok, if only you will be spending very less on transportation.

Yes.It is wise.

noble71:
it works bro. People stay in Mararaba/Yayah and Suleja but they work inside Abuja. You have to learn to live within your income.

Bro, I'm a perfect example. Went with same advice now I spend 30-35k on car fueling on monthly basis. If I analyze what I'm going through eh, you will realize getting a 500k rent in town is way better.

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

Lol...abeg it's near impossible to get a house of 200k in Lag! Except you want a house lacking decency or civilization. Even 100k house (if it exists) will still take in agency and agreement and maybe caution fee....then it might increase slightly after a year. It's not an option.... it's either he saves radically or just stay wherever free e.g parents/family house. Being factual here. It's a pity

Benekruku:


You try to balance Bro. Try to be around the wedge. If you go too much too an end, you will fall and lose some things.

Imagine you not the looking too good type. How do you attract people to you. This will cost money too. No one will tell you to furnish your wardrobe with 200k per annum and No one will tell you to do a rent of 200K. You just have to find a balance and plan for the rainy days.

I understand where u 're heading to.. if u 're allowed to voice your mind, u wouldn't advise Op to even do a job of 80k knowing the nature of our country...but u just have to know dat a huz of 200k in Lagos costs 40-50k in some states..

imanray37:
80+80=160 no is the answer any rent u can't pay in two months simply says u are not financially bouyant enough to leave in a, 200000 apartment

he can't save all of his salary every month.. Transportation, feeding, utilities. His save able salary is less than 80k.. A BIG NO

If the house is close to your work place go for it. If you decide to go for a house of 100k and it's far to your workplace, you will spend almost the same extra 100k on transportation alone.
Also consider your health and due to the stress of transporting to and fro from a long distance.
When I was a bachelor and about getting married, I rented a 2bd flat for 120k, no borehole water and electricity is a big problem, sometimes 4 hours in a day. There is another area in the same city where a 2bd flat is 220-250k a year. Electricity is better bcus they normally get 15- 20 hrs of electricity a day with borehole water.
The proximity to work place is difference of 20mins drive.
To cut the long story short, after spending 4 yrs in my 120k flat then married with a kid, I discovered that the amount I spent on fueling my gen just to keep my freezer cool and also the amount I spent on water for my tank yearly was 110k.
So check well before deciding.

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

Living in apartment not yours isn't always a bad thing like you also pointed out, being an assest to the society and company is the main thing. Although I encourage owning our own house when it is necessary, so that our old age would be comfortable but it shouldn't be hurry hurry thing.

smh thread filled with people living outside ph, abuja,Lagos


the same people will tell you all Americans are swimming in money

Bluehill1051:
No. Car is a VEEEEEEEERRRRRRYYYYY BIG avoidable LIABILITY. U don't know that maintaining a car can cost up to 20k monthly. Fuel nko, officers wahala nko. Except he'll use it for Uber. Except that, car is a big liability. U won't save anything, it's purely luxury.
That 200K is fair. Don't go n follow advice from people that their best food is beans and corn

Poverty mentality.

I bought my first car earning 70k and made the money back in 3 months. With a car, I move more, achieve more and bill clients more.

Not everyone is cut out for suffer head.

It is not financially wise to stay in a 200k house while your monthly take home pay is 80k. Your one month salary should be able to take care of your one year house rent or else you will continue to work for the landlord's and not yourself.

Worst case, I suggest you stay in a 100k-120k house with your 80k monthly salary. Don't ever live above your means or else you will live to regret it.

Hope that was helpful.

RealGOAT:
If the house is close to your work place go for it. If you decide to go for a house of 100k and it's far to your workplace, you will spend almost the same extra 100k on transportation alone.
Also consider your health and due to the stress of transporting to and fro from a long distance.
When I was a bachelor and about getting married, I rented a 2bd flat for 120k, no borehole water and electricity is a big problem, sometimes 4 hours in a day. There is another area in the same city where a 2bd flat is 220-250k a year. Electricity is better bcus they normally get 15- 20 hrs of electricity a day with borehole water.
The proximity to work place is difference of 20mins drive.
To cut the long story short, after spending 4 yrs in my 120k flat then married with a kid, I discovered that the amount I spend on fueling my gen to inorder to keep my foods preserved on my freezer fresh and also the amount I spent on water for my tank yearly was 30k above 220k.
So check well before deciding.

So much sense in your post. What differentiate you from some greedy people is that at the end you where analytic, considerate and sensitive to the bigger picture.

Hotfreezers:


Poverty mentality.

I bought my first car earning 70k and made the money back in 3 months. With a car, I move more, achieve more and bill clients more.

Not everyone is cut out for suffer head.

Poverty mentality is greatest weapon against poor people because they keep shooting themselve in the foot, I thank God for education and for sense. Some years back I was always thinking like this. But when you calm down and think and calculate properly, the big picture just flash right in your eyes.

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

Please think twice
I really agreed with those that advice you to go for land instead, while disagreed with those that advice you to go on.

I could still recalled some years back after finalizing with my ssce (waec). I got a job with a construction which I happened to go home with #50,000 as a painter, but sometimes I do go out for a private job.

There was a particular friend who always advice me to go and get one room self contain total of #180,000 and #130,000 annual, I disagreed with him and rented a room of #60k annual. That was how life begins.
1½ years later I was able to raised something with family support, and I got myself Toyota Siena that runs ajah to Berger #600 per passenger with seven contains. I did that and got a land at onousa half plot.

Currently doing my 100L at maritime academy. Then continued with during break.

The funny part of it , those guys that advice me to rent apartment of #180,000
Are still earning #50,000 with nothing to show except living in someone room and parlor while feeling big.


Please please please #goodplace don't allowed someone to helped you to economize your money or your thought try and take your own decision and think twice .
Good luck Bro

Gentlewarrior1:

Spending high amount on rent is bad

But what i am saying is that if you havent arrived yet and have steady amd reasonable cash flow. Sometimes its not good to be saving up just so you could build your own house and be a personal landlord, unless maybe you want to build a house that includes you and tenants or probably have more than enough money for the house


In a nutshell saving money to build just your own a personal house is a nice idea but not a smart idea.
Atleast an income that will provide for the house not using your savings. Your savings is better invested in something that will yield more money


Well sha this life no get handbook. All man go do wetin him feel na the best move for am

You are perfectly correct. For a young person not up to 40yrs cash flow is the most important. Struggling to build a house out of ur salary is a no brainier. As an hustler u need cash to execute business transactions to make profit. I had to sell my land last yr even at a loss so as to raise funds to finance a business which is currently giving me profit on a monthly basis.

I think 200k for a rent is ok for 80k salary if he go less than that he we send it all in transportation and stress. My 10kobo

deltateam:


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.

For me comfort is beyond that. An enclosure with noise/fumes from multiple generators is not comfortable. A building in a flooded neighbourhood necessitating walking some distance barefooted to get in and out is also not comfortable. Waking up at 4am and commuting to the office at 4:30am is also not comfortable. A neighbourhood far from hospitals, grocery stores, schools and reading areas is also a no no for me. I consider these factors more than the whole one or two month income rule. In cities like Luanda , nyc , London, Dubai .. some people spend up to 4 months of income on accommodation as that is the most expensive bill . Most lagosians live in conditions far worse than a stable building.

Please think twice
I really agreed with those that advice you to go for land instead, while disagreed with those that advice you to go on.

I could still recalled some years back after finalizing with my ssce (waec). I got a job with a construction which I happened to go home with #50,000 as a painter, but sometimes I do go out for a private job.

There was a particular friend who always advice me to go and get one room self contain total of #180,000 and #130,000 annual, I disagreed with him and rented a room of #60k annual. That was how life begins.
1½ years later I was able to raised something with family support, and I got myself Toyota Siena that runs ajah to Berger #600 per passenger with seven contains. I did that and got a land at onousa half plot.

Currently doing my 100L at maritime academy. Then continued with during break.

The funny part of it , those guys that advice me to rent apartment of #180,000
Are still earning #50,000 with nothing to show except living in someone room and parlor while feeling big.


Please please please #goodplace don't allowed someone to helped you to economize your money or your thought try and take your own decision and think twice .
Good luck Bro.

Hotfreezers:


Poverty mentality.

I bought my first car earning 70k and made the money back in 3 months. With a car, I move more, achieve more and bill clients more.

Not everyone is cut out for suffer head.

LOL. I swear it's either u no sabi read or u no sabi maths

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

You can not afford it. Paying N200k per annum from a monthly income of N80k is tantamount to financial recklessness and poor personal finance management. For you to live within your means, you must not spend more than 15% of your income on rent. The accommodation you should be looking for should not be more than N140K to N145k per annum. The perfect situation for you to grow financially on that income is to make your monthly income equal to your annual rent. That way you can save more and do more.

[quote author=2eggs1goal post=79593703]Transport to ur place of work also matters alot

If u stay in Lagos or Abuja 200k rent from ur 80k salary is very ok, if only you will be spending very less on transportation.[/quote
It will be wise if you include your location because if it's in Lagos I must be frank with you, the location of your work place matters and 200k house in Lagos is like 40k house in most city in Nigeria. The cost of transportation coupled with traffic is a very big factor too and you must report early to work,also not forgetting security of leaving your house very early in the morning in order to meet up with work. Any house below 200k here say in the average area in Lagos will be like living in bondage and staying farther in areas like ikorodu, Berger, mowe, ikotun , etc while you're working in VI, LEKKI, etc will be pennywise pounds foolish , insecure and extremely stressful.

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

booze de importanter....lol

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.

Simple....

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.

any job in abj abeg make ona hit me up on 08053333220...man gas survive..

[quote author=OrestesDante post=79589812]




Despite the fact that he still had to sell the house sure he will still be better off than spending relatively higher amount on rent.

He will still have more money in the end though he lost his job. [/

Hopefully another better job will turn up...

[quote author=Goodplace post=79583215]If Someone is in a work of 80k per month can he afford a place of 200k with no side income yet?[/whatever Very Possible. it depends on your taste,choice and plan.I earned 50k salary and paid rent of 300k.no regrets

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.

God bless you

Bluehill1051:
LOL. I swear it's either u no sabi read or u no sabi maths

You are actually very ignorant.

My post was in response to your statement that a car is a liability. For you, car may be a liability cos of mentality but don't force it on others.

Instead of you to use your brain to think of how to increase and expand your income so as to be able to afford a car, you're sitting in one corner shouting that a car is a liability.

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.

UV said it ol...some will just come and type without weighing both side...even if u get a house of 100k what's its proximity to your place of work?

Some people talk as if the place one should live shouldn't matter, it matters alot. Where do you want to see a good apartment of 100k in Lagos? A slum?

If you earn 80k, you can rent a 200k apartment, just start saving and think of other way of income.

hunkydory:


You can not afford it. Paying N200k per annum from a monthly income of N80k is tantamount to financial recklessness and poor personal finance management. For you to live within your means, you must not spend more than 15% of your income on rent. The accommodation you should be looking for should not be more than N140K to N145k per annum. The perfect situation for you to grow financially on that income is to make your monthly income equal to your annual rent. That way you can save more and do more.

So he should stay in 'face me, l face you'? Or where can u get apartment of that amount in Lagos if not in far suburb at ikotun or ikorodu?
I think it's possible... All the Op needs is to save 17k monthly till he gets bigger job!