Many people who have bought land are afraid to even start a project on it. No need of getting worried about the amount it would cost you to start something on the project.
Although building a house is not a day job, but being committed to it is the number one thing. You need to note that building materials continue to be expensive daily in Nigeria. The same goes for house rent, especially in popular cities like Lagos, Abuja, and Port Harcourt. It is therefore important that you start something on that piece of land you acquired years ago.
Even if you are not going to live on the property for now or in the nearest future, many people might be interested in houses in that area, which will be a considerable investment for you. So, you can start earning money from rent aside from your other earnings.
Findings have shown that lands keep appreciating in some parts of Lagos like Ajah as people continue to buy and the area continues to open further to development. The Dangote refinery has even opened people’s eyes to the place further. Real estate developers are raking in cash daily over this as they continue to buy vast land and turn it into estates. In this way, they have secured an investment they will keep making money from forever with service charges in those estates.
So, if you can’t afford the luxury of it and you have a piece of land somewhere on the outskirt of Lagos, it is better to make hays while the sun shines.
I was hoping you wouldn’t say my land is not in an underdeveloped area like Ota, Sango, Mowe, and other parts of the country. You will be surprised to see the level of development in those areas if you visit there again. Even if someone has not been farming on that land, you have refused to check for years, or even land grabbers sold it to someone else.
Many have fall victim to this, and they ended up being given another land in unfavourable areas or places. This is back to square one, especially when you are given land that will cost you a huge amount on foundation alone.
So, to avoid the story that touches the heart, you can therefore start with a mini-flat on that half plot of land you have purchased.
This article will help you break down the cost of the major materials you will need for the foundation at first. Below are the items you will need to build a house generally. I will limit it to the foundation level.
The listed materials concern what would form the structure of the house. So, it is your choice to look for the kind of windows, pan, ceiling, and other items you need to complete the structure.
Cement: The price of a bag of cement is averagely N3,100.
Block: A 9 inches block costs between N250-270.
Sharp sand: N35,000.
The other things you have to take note of are labour and water.
In some parts of Lagos, you will still some people coming to meet you to give them money. Although land grabbing has drastically reduced in Lagos, it still exists in some parts of it and beyond.
Some of these miscreants will come and beg you this time around for what they call Owo Ope (thanksgiving money), which they won’t dictate this time around. To avoid time-wasting, you will prepare a token for them, say between 5000-10,000.
So, let’s do the maths for foundation alone. You will need the following:
100 ‘9’ inches blocks (it will cost between N25,000-27,000)
Three bags of cement (N10,000 including payment for moving it)
Sand – N35000
Labour – N15000-20,000
Water – N2,000
Miscellaneous – N20,000
Give and take; you will be spending up to N120,000 ( which can’t rent a room-self contain in the central part of Lagos)
So, you can see that you are on your to be a landlord.
The next article will give you the cost of other things that you will need to take the building to limited and roof it.
As I said earlier, it’s just a matter of commitment. If your monthly earning is around N70,000 and above, all you need is to plan yourself, and your goals will be realized. So, be on the lookout for another educating volume of this article as I aim to help you on your way to being a landlord that you never think of so early.