The new tenancy law introduced recently by the Lagos state government of Nigeria is one bitter pill that has refused to go down the throat of most landlords in the Lagos metropolis. The new tenancy law stipulates that landlords in the state are not permitted to collect rents above one year from any tenant. Areas like Ikoyi, Victoria Island, Leki and Ikeja are however exempted from this new tenancy law.
In other to check the level of compliance of this new tenancy law, I went to town to interview some estate agents. And Mr. Abiodun an estate agent in Agege Lagos-Nigeria told me in reaction to this new tenancy law, landlords in the state have jacked up their house rents. Before now he said, the cost of renting a two bedroom apartment was N100, 000per year but now the cost is about N150, 000per year, excluding agency and other fees.
The increasing cost of renting an apartment in Lagos-Nigeria is really a great concern to most tenants. If you ask most tenants what their desire is concerning housing in Lagos and they will tell you they would have loved to be in their own houses so they can be free from the Lagos shylock landlords.
Well, if you are still a tenant in Lagos-Nigeria and want to stop all the harassment from your landlord this is the time to start planning how to build your own house.
I want you to know that building a house in Lagos-Nigeria is not as difficult as most people perceive it to be. All you need to build your own house are as follows.
Buy a land,
Draw a building plan,
Get a builder to give you total cost of labor and the building materials required to complete the building.
The builder will go and come back with a long list of inflated prices of building materials that will further discourage you from embanking on your building project.
If you have ever been discouraged by the above scenario, well I will say “it’s not over until it’s over”. Below is a price list of building materials in Lagos-Nigeria you can use to cost how much it will take to build your own house.
Here is the average cost of buying building materials in Lagos-Nigeria.
MATERIALS MARKET PRICES.
Name N …………….K
9*9*18per one 140. 00
6*9*18per one 130. 00
Cement per 50kg bag 1,900. 00
Cement per tone (20bags) 38,000. 00
33*81 Marsonia 6,000-14,000
33*81 Teak 3,000-16,000
33*81 unpolished Omo 4,200-7,000
33*81 unpolished Maliana 2,200-3,000
Lorry load of washed gravel 14,000-18,000
Lorry load of Unwashed gravel 12,000-16,000
Lorry load of Granite 150,000.00
Lorry load of Sharp sand 15,000.00
Lorry load of Soft sand 14,000.00
Lorry load of Laterite 7,000.00
Lorry load of hardcore 7,000-10,000
ELECTRICAL CABLES (PVC).
A Roll of 1mm 2 single core 1,500.00
A Roll of 1.5mm 2 single core 2,000.00
A Roll of 2.5mm 2 single core 3,000.00
A Roll of 4mm 2 single core 5,000.00
A Roll of 1mm 2 twin core cable 2,000.00
A Roll of 1.5mm 2 twin core cable 4,000.00
A Roll of 1.5mm 2three core cable 6,000.00
A Roll of 2.5mm 2three core cable 7,000.00
A Roll of 4mm 2three core cable 18,000.00
6*24 plain 5mm 70.00
6*36 plain 5mm 150.00
UNIC 8 blade 700.00
UNIC 6 blade 400.00
1” Nail per bag 4,900.00
11/2” Nail per bag 4,900.00
2” Nail per bag 3,600.00
4” Nail per bag 3,500.00
5” NAIL PER BAG 3,500.00
ROOFING AND CEILING SHEETS
Super light weight 31/2*8feet 1,330.00
Super light weight 31/2*6feet 1,150.00
Super light weight 21/2*6feet 500.00
31/2*8ft. s.t 1,950.00
31/2*6ft. S.t 1,800.00
20*30 ceramic wall titles 800.00
20*30 ceramic wall tiles per carton 1,200.00
Metal door with frame, lock and handle 33,000.00
Vanity bold sinks 15,452.00
I believe with this price list of building materials in Lagos-Nigeria, you should be able to know whether your building contractor is cheating you or not.
Please, help share this very important information with friends on facebook, twitter and LinkedIn.
lot of people think and have this believe that, you must have millions of Naira to start property business in Nigeria. This is not true! You can actually start your own property business in Nigeria with little or no capital and still make millions of Naira as commission earned from sales of landed property.
The Property business is very lucrative. Really, your shares in the stocks market can crash at any given time without warning, cash saved in the bank can be affected by inflationary trends, but owning landed properties is the best and safest form of investment any day. For this is the reason, more and more people struggle hard to own lands and houses at all cost in commercial centers like Lagos, Abuja, Portharcourt and Kano.
For instance, the price of a landed property built or bought six months ago in Victoria Island Lagos for N50million Naira can actually be sold for N80million Naira to day due to high demand for property in this area.You can see that Property business in Nigeria is very profitable and with just little capital you can start it. Some people have become millionaires through sales of properties in highbrow areas like Leki peninsula, Victoria Island, Ikeja GRA and Ikoyi Lagos. You will be surprise to hear that most of them started with little or no start up capital few years ago.
To start property business you don’t need much capital! All you need do is to help property owners sell their lands and houses and get paid some commission. You are sure to receive up to 5% commission for every property sales you help to facilitate so, calculate for example 5% of N80million property sold through your links and see how much cash you stand to make from a single property deal.
Property business I will repeat is very lucrative and you can actually start with at least N15, 000 and make millions of Naira regularly.
Therefore, to educate you more on how to quickly start property business with N15,000.
Watch out for future post that will reveal the following.
How to locate properties that will fetch you the millions of Naira as commission.
How to get high net worth individuals who can spend big money to buy landed properties.
How to negotiate with people and companies that who give you property to sell.
How to obtain C of O for landed properties.
Acquiring landed property such as land for building a factory or an Office building for your business in Lagos Nigeria can be very discouraging, especially if you don’t know the processes and procedures involved in buying, leasing and letting out of land and buildings.
Due to Ignorance, a lot of private individuals and business men while trying to acquire some properties for business have lost huge sums of money to dubious land speculators, estate agents and some area boys who let out, lease or sold lands and buildings that turned out to be problematic.
Therefore, if you must rent an office space, lease or buy land and other landed property in
Lagos/Nigeria then you must be extra careful when transacting property related business to avoid being defrauded.
So, below are tips that will help you identify legitimate property in Lagos/Nigeria, spot honest estate agents and carry out save and secured transactions (payments).
CARRYOUT PROPERTY VERIFICATION SECRETLY.
Before buying a land or building normally the estate agent or owner of such property has to take you to site for inspection. During the inspection with the agent or land owner all you will hear is sweet talk that will persuade you to quickly part with your money. They wouldn’t tell you if it is a disputed land or not. So to save your self from their antics its advisable you revisit the site alone to make enquiries about the property from people in the neighborhood they may provide you with good information that will help you take the right decisions concerning the purchase of the property.
TRY AND KNOW MUCH ABOUT THE ESTATE AGENT.
Also, you may need to verify the estate agent properly to know the manner of person you want do business with. To do this, try to pay a visit to his/her office without prior notice.
ESURE YOU ENGAGE THE SERVICES OF A LAWYER.
We can not all be doctors, accounts, lawyers and engineers at the same time. We must engage the services of experts to help us in areas we lack necessary experience.
This therefore means that if you have problem with your health, the best person to handle your case is a doctor. If it is financial meet an account for solution. If your car is faulty meet an engineer to help fix it.
So also when it comes to buying a land or building to set up a business, the best person that can help you handle your property business matters effectively is a lawyer.
Therefore, try and engage the services of a competent property lawyer in NIgeria to help you check if is legitimate, if the documents are genuine or fake and to also make sure no stone is left unturned as far the transaction is concerned.
ENSURE THE TRANSACTION PAYMENT IS MADE THROUGH THE BANK.
Finally, make sure you don’t pay for the property with physical cash, channel your payment through the bank using a cross bank cheque. Using a cross bank cheque will make it possible to tell your bankers to quickly stop payment, if you discover the transaction was fraudulent.
I believe with this important information in your hands you can now take bold in renting or buying land and building you have in mind to set up your business and generate income.