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Nairaland Forum / Nairaland / General / Family / Do I Build A Small House Now Or Keep Saving? (59627 Views)
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Re: Do I Build A Small House Now Or Keep Saving? by kayprinz(m): 7:34am On May 02, 2020 |
My advice is to buy a plot of land then use the remaining money to invest on a good business as time goes on you later build on the land |
Re: Do I Build A Small House Now Or Keep Saving? by Futurejoy(f): 7:35am On May 02, 2020 |
covid2019:Build a house and add a self con for rent. |
Re: Do I Build A Small House Now Or Keep Saving? by Wasky101: 7:39am On May 02, 2020 |
dukeprince50:Well said, your personal house is not an investment, at best it's a necessary liability. |
Re: Do I Build A Small House Now Or Keep Saving? by acorntree(m): 7:40am On May 02, 2020 |
afroxyz: Best advice here. Ive learnt this. Most people think building a house for rent will make them comfortable which is false. When you end up with terrible tenants , you will regret for ever building for commercial. Best is buy many land and resell later. |
Re: Do I Build A Small House Now Or Keep Saving? by Nobody: 7:40am On May 02, 2020 |
Dear secure a landed property first. . #11.7 m is a huge money no be small.. :' You can also build some little self con join and lease it out.. infact few years from this time you will never regret it... Just erect a structure may not be that extravagant you get that.. And con your travelling out... That is easy.. you will get money from those things you invested in.. And if you want a correct travel agent.. with experience, enter my mail .. |
Re: Do I Build A Small House Now Or Keep Saving? by afecgivers: 7:45am On May 02, 2020 |
Wickedfact: It's very easy to identify depressed people this days. I understand your situation. I believe God will heal you soon. I will also consult my family doctor to recommend a depression drug for you...never mind i will pay and send it to you as soon as i get it. Love u. 1 Like 1 Share |
Re: Do I Build A Small House Now Or Keep Saving? by Poorboy: 7:45am On May 02, 2020 |
mtinfx:change my moniker then , I wan make am. |
Re: Do I Build A Small House Now Or Keep Saving? by deenee: 7:47am On May 02, 2020 |
chukzyfcbb: First and foremost he is not young at 29. Tony Elumelu became bank MD at 33 years. Late Uncle T of GTB founded GTB alongside Fola Adeola and Segun Agbaje in their early 20s. Secondly, it is very ok for him to know how to hustle and make money yet without any knowledge and direction about investments and wealth creation. Finally, i agree with you, building now is not the best optimal investment but will not support purchase of land though at this point. |
Re: Do I Build A Small House Now Or Keep Saving? by covid2019: 7:58am On May 02, 2020 |
BuTiku2019: Don't tar everyone with the same brush. IT IS WAY CHEAPER TO STAY ALONE THAN STAY WITH THIS FRIEND. Without sounding immodest, I am the one helping. And it's not upto years I started staying there. Squatting is still the word. Maybe I should have said living not squatting, Its 4 rooms and parlor family house. Only 2 siblings at home. There is an empty room I use. In fact, I have access to everywhere. . .I spend money there too. I foot many bills there. In fact the last small renovation cost me circa 200k. It's a family house . No rent is paid. The friend is a post grad student and rarely stays at home. .It would have been cheaper for me to stay alone. He drives my car. In fact, I taught him how to drive. I buy gas, foodstuff etc. Only if you knew how much I hate to beg, let alone letting people feed me I started this hustle in school. It took me 6 years. I was able to save due to frugal nature. I don't show off, I don't brag. I even stated that my car is rickety valued at 350k. If I was proud person, maybe I would have bought Camry to chase girls. I suffered so much growing up. I left those details to reduce length of post. You may not understand. I feel like crying typing this. 5 Likes |
Re: Do I Build A Small House Now Or Keep Saving? by madmax2018: 8:11am On May 02, 2020 |
My advice would be build the house, lease it out and travel abroad with the rest of the money. ✌️ |
Re: Do I Build A Small House Now Or Keep Saving? by nextlevel2020: 8:24am On May 02, 2020 |
Please bros, I have two advice for you. 1; Move out of this country and have your Masters degree. Doing your masters degree in a country like Canada or UK will land you a better job over there and you will come back to Nigeria to build a house of your choice in the future. 2; I learned you are from Eastern part of this country, that gives you better chance to survive in Business than we westerner, because you guy can squeeze water from stone just to make a business to strive (This is my opinion). On this. I advise you to rent your own apartment and start your business as early as possible. I am telling you from experience, building a house is not longer an achievement these days. Once you have a formidable income, you erect your home in any location of your choice without pressure. Let me tell you a little about my own predicament. In 2010, I landed a job in one multinational firm and things were moving fine with me, few months later I quickly decided to start building my house and I bought one and half plot of land in Lagos, I made blocks and purchased other building materials. Just for me to start the ground breaking, something serious happen and left the project since 2011 till date. Though, I had acquired another two plots of near where am working and build two bedroom apartment. But the point I want you to know is that, there was one of my friends who used to live with me in my apartment, this guy didn't buy a quarter of land then, all what he did was to save his money and study online course in university of Porthmount. While doing that, people were making jest at him, but as soon as he finished the course, he gained employment with one firm in Australia and that was the beginning of breakthrough for this guy. Now, he is money, in fact last time we talked, he told me to help him make enquiry about how much is the cost of land in Ajah and he is about to start building his own home. In 2018, he wanted me to do the program he did then and when I made enquiry about how much it will cost me, I was told that I would need minimum of 10 million naira and during his own time dollar was 200 hundred to naira and the program cost him about 5 million naira then, whereas I had spent more than 6 million naira on building and buying land. 4 Likes 1 Share |
Re: Do I Build A Small House Now Or Keep Saving? by phenol33(m): 8:27am On May 02, 2020 |
save for another 10 years before u start building, what do u need a small house for na? |
Re: Do I Build A Small House Now Or Keep Saving? by acorntree(m): 8:33am On May 02, 2020 |
covid2019: OP. Don't waste your money building a house for rent for now except you want to reside in it. The money you will recouped from it, is nothing to what you've spent. Invest this money in other things that can fetch you multiples of your capital. You can buy land and resell. This is still viable.Do your research very well,so that you don't lose your capital.11m can set you straight for better life. |
Re: Do I Build A Small House Now Or Keep Saving? by Clem50: 8:38am On May 02, 2020 |
People are hungry you are here talking what may not even be true hisssssss Continue saving your money |
Re: Do I Build A Small House Now Or Keep Saving? by Engrgreg231(m): 8:43am On May 02, 2020 |
Bro get a and and develop it even if it's a one bedroom twin flat and a single room self contain even if it will depreciate in future you must have gotten your money back |
Re: Do I Build A Small House Now Or Keep Saving? by Engrgreg231(m): 8:47am On May 02, 2020 |
nextlevel2020:also note that what works for mr A may not work for mr B 1 Like |
Re: Do I Build A Small House Now Or Keep Saving? by SomoriiN: 8:50am On May 02, 2020 |
adanny01:Sound! |
Re: Do I Build A Small House Now Or Keep Saving? by DECC: 8:52am On May 02, 2020 |
Buy four cheap plots of land at ibeju lekki @600k each... Use the rest to buy a land for no more than 2m and erect a bungalow of two mini flats... ..in a few years time ..the lekki properties can set you up for life.. if you wait long enough ..you can sell two to build two... Or sell one to build one...while having reserves.. |
Re: Do I Build A Small House Now Or Keep Saving? by soodiq91: 8:55am On May 02, 2020 |
It depend on your location, build a house and start new life there, even if u still want to travel out u can still sell the house and make profit , mind you travelling out of the country does not make u millionaire millionaire |
Re: Do I Build A Small House Now Or Keep Saving? by bolaji3071(m): 8:59am On May 02, 2020 |
mtinfx:I won't mind to learn from you how I can make mine sir, so far it is legit. |
Re: Do I Build A Small House Now Or Keep Saving? by adetayoonas(m): 9:04am On May 02, 2020 |
ketu4: That's a good point. The op should leave his friend's house and go and rent at least a room self contained. He can then later move from his own room to his house. Leaving your squatting status to your own house is a bad idea which if your friend found out won't be happy. You probably must have been putting him in an inconvenient status without him complaining. This will give u dignity and respect regardless of your friend's wish. As for the 11m, rent a single room with at least 100k to 200k per year and stop being a squatter. This is a very small fraction of the money. This will make your friend happy. You are left with 10.8 or 10.9m. Treasury bill and fixed deposits have crashed. Don't put your eggs in one basket. Start a viable business with 4m. Invest 2.8m or 2.9m in your side hustle that brings about this 11m You still have 4m left. God bless you as you plan ahead. |
Re: Do I Build A Small House Now Or Keep Saving? by timsucess(m): 9:07am On May 02, 2020 |
covid2019: Nwanne please introduce me to your hustle Am a graduate too in the east Please help me 1 Like |
Re: Do I Build A Small House Now Or Keep Saving? by chigo5(m): 9:20am On May 02, 2020 |
cole01:guy if na u dey pay house rent and u come kn say person way u dey house geh millions stack somewhere how u go feel? the guy suppose dey help out even if na 20 or 30 percent contribution, las las the guy na parasite |
Re: Do I Build A Small House Now Or Keep Saving? by Nobody: 9:26am On May 02, 2020 |
bolaji3071: you have to learn online |
Re: Do I Build A Small House Now Or Keep Saving? by pocohantas(f): 9:29am On May 02, 2020 |
dukeprince50: When people say houses don’t depreciate, they are not talking of the physical structure/design. They are talking of the land. Yes, it most times appreciates. In fact, in accounting, land can NEVER be depreciated as a fixed asset. However, when its value depreciates, it isn’t because it was built with bricks- but other reasons (e.g) security issues in its geographical location, flooding...etc. Just like Apapa was once a cool spot, now landlords are begging tenants to rent. Nobody depreciates the value of a house (after years) because it was built with bricks. If I built a bungalow on Ademola Tokunbo, Victoria Island, years ago, I will still sell it hundreds of millions to a bank or the HQ of any company today. They will buy the land and its premium location- NOT MY BUNGALOW!! Please don’t get it twisted. 6 Likes 1 Share |
Re: Do I Build A Small House Now Or Keep Saving? by dukeprince50: 9:35am On May 02, 2020 |
pocohantas:madam, with time the house will depreciate and new designs will come, people will demolish their old houses and build new ones on same land, try build a bungalow in lekki phase1 and after forty years, sell it as same value u built it with. House is always a liability not an asset, except the house brings ur money. A residential house doesn't provide money, infact u spend money for maintenance. fifty years ago, we have mud houses and they cost quite a fortune but today nobody will dare sell a mud house, it has depreciate it has no value anymore 1 Like |
Re: Do I Build A Small House Now Or Keep Saving? by brandable: 9:37am On May 02, 2020 |
mtinfx: Can you talk more on the bold please. |
Re: Do I Build A Small House Now Or Keep Saving? by Blueface01: 9:39am On May 02, 2020 |
You can build the house and shops for rent ,invest in agrobusiness.. And use the renaming to japa(run) from naija . |
Re: Do I Build A Small House Now Or Keep Saving? by pocohantas(f): 9:40am On May 02, 2020 |
dukeprince50: 1. No land depreciates because of design. Land depreciates for other manmade or natural reasons, never DESIGNS!!! 2. House is NEVER a liability. It is a fixed asset. A highly appreciable FIXED ASSET. 3. If a mud house is in a choice location. It will be sold at a HIGH COST! 4. If you build a bungalow in Lekki Phase1 today, all things being equal, factoring in time/future value of money- it MUST APPRECIATE in 40yrs time. It never depreciates. Don’t go say this to a seasoned accountant, you will get whooped in the ass. Land doesn’t depreciate, never because of DESIGNS and ARCHITECTURE. Please stop speaking on things you know nothing about with beer parlor logic. 10 Likes 1 Share |
Re: Do I Build A Small House Now Or Keep Saving? by Wickedfact: 9:43am On May 02, 2020 |
dukeprince50: You definitely don't understand what depreciation in real estate means. Between a new Duplex on half plot in Ikoyi and 2 plots in Ikoyi, which would cost more? |
Re: Do I Build A Small House Now Or Keep Saving? by pocohantas(f): 9:44am On May 02, 2020 |
Wickedfact: Dude is just talking shit!!! Like who da fck speaks on depreciation/appreciation of fixed asset like that. This is what happens when an engineer attempts accounting. ![]() ![]() 5 Likes |
Re: Do I Build A Small House Now Or Keep Saving? by judondasylva(m): 9:53am On May 02, 2020 |
To me I would advice you to use half of that money and buy land in any of the major cities in the east since you reside there you can see land of 1.5m in Awka in one year time it will double the price. Then use the rest money to start a block industry in the land I bet you will thank me later. For the land In Awka if you need i can give you some contacts that can help you |
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