Real Estate Guide Newsletter October 2010 Edition Lagos Nigeria:

Should You Buy Or Build A House?

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The Real Estate Guide Newsletter

. . . Your Guide To Property Investing

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1. Should You Buy or Build A House?

2. My Real Estate Books Are Now In Print!

3. Properties For Sale

4. Apartment For Rent

5. A special Message To Property Owners

1. Should You Buy or Build A House?

Should you buy or build a house?

That is a question you will have to deal with when you finally decide to get a property of your own.

Obviously, there are advantages and disadvantages associated with each option. Let's quickly review the pros and cons, the benefits and otherwise of either option. Let's start with the build option.

Most people like to build their own home (or house) from scratch. They . . .

1. Buy a plot of land in their desired location and within their budget

2. Get approved building plan

3. Engage a building contractor and

4. Provide funds to execute the project

The key advantage of building your home from scratch is that you get a unique opportunity to build your home to your taste and your standard. You get to choose . . .

  • the design you fancy
  • the size of your sitting or living room
  • the size of each room
  • the look & feel of the house
  • the number of rooms
  • the kitchen size
  • the number of bathrooms
  • the number of balconies
  • the positioning of the building with respect to the land
  • the positioning and size of the car lot

    . . . and many other minute details that makes a house an inviting home.

    When you are done with building the property of your dream from scratch, you usually feel a deep sense of satisfaction especially when the building contractor correctly captures your sense of class and style.

    However, the reality in Nigeria is that most people do not use building contractors (or construction companies) for their building projects because these contractors turn out to be more expensive than the average mason in Nigeria.

    Medium to large size construction companies use the services of qualified manpower like civil and structural engineers, architects, and electrical engineers. And these professional people earn pretty fat salaries. So, the fees charged by construction companies tend to scare most average people who want to build a home of their own.

    Consequently, the average Nigerian don't border to consult with construction companies when they contemplate building their own home. They simply call in a mason, gives him a brief, and then commission him to start building. The mason, in turn, employs workers who are just as unprofessional as himself.

    The result?

    Poor execution at least 70 percent of the time.

    This brings us to one of the major disadvantages of building your own home. And that is, the level of monitoring required to build a home you will be proud of.

    If you commission a local mason to build a home for you, you have to consistently monitor what is being done and how it is being done to avoid having a major disappointment.

    In simple words . . . building your own home consumes time. And it will disrupt your schedule beyond your imagination.

    Remember you have a job to attend to. And your bosses expect performance. So, if you're a guy who works the 8-5 routine Monday - Friday and then have to face the hassles of Lagos traffic, then you have a real challenge in your hands if you decide to build your own home and monitor the progress, material usage, and quality of work being done yourself.

    The second disadvantage of building your own home is that you most likely will have a budget over-run when you choose to build your home yourself.

    Sometimes this budget over-run is due to incorrect estimation of the quantity and cost of building materials required to complete the job. But many times, dishonest of your workforce also contribute to budget over-run in many building projects.


    Well, most work-men are very dishonest. Many will steal your cement, sand, wood, gravel, cables, and anything else they can lay their hands on. And over 70 percent of craftsmen will over estimate the price of the building materials when you engage them to do a job for you.

    Consequently, budget over-run is inevitable when you decide to build a home of your own.

    Advantage And Disadvantage of Buying A Home

    Buying an already completed home saves you the hassles of building a house from scratch.

    Advantages of buying a home include:

    1. Immediate possession - You take control of the completed property immediately you make payment. And you can move in with your family the very next day if you wish.

    2. Budget control - You pay exactly the price you bargain with the seller so it's easy to stay within budget.

    3. You save yourself the time required to monitor a building project, which may last between 3-6 months

    4. Your schedule is not disrupted - Therefore you have sufficient time to concentrate on your office job or private business and keep your bosses happy or generate more income from you business

    The disadvantages of buying a completed home include:

    1. Transfer of liability - All existing contracts entered into by the previous owner become your liabilities. For example, if the previous owner used the property as collateral for a loan and your research prior to buying did not reveal that, then you have to deal with the consequences.

    2. Tenant Eviction Challenges - If the property is occupied by stubborn tenants, then you have to find a creative and non-violent way to evict them so you can take possession.

    3. Your Dream Property Vs. Your Purchase - The property you buy may not be exactly what you want. For example, some people like gigantic sitting areas (or living room), a house with all rooms ensuit, big bedrooms etc. But you may not find exactly your taste . . . a house that has everything you want exactly the way you want it. So, you may be compelled to make a purchase compromise after viewing several houses for sale.

    Bottom line.

    Should you buy or build a house?

    The simple answer is . . . do what suits you. Do what you are comfortable with.

    2. My Real Estate Books Are Now In Print!

    Sometime back I released two real estate books. The book titles are:

    1. Strategic Real Estate Investing - 7 Killer Strategies To Creatively Invest In Nigeria Real Estate

    2. Investment Property Strategies - 7 Proven Strategies To Make Money From Nigeria Real Estate

    These books were released as downloadable ebooks and I have received very good response from readers.

    Unfortunately, not everyone is comfortable with reading on their computers. Worse still, not everyone in Nigeria has a computer. Some folks actually took the time to write back that they will love to see my books released in hard copy formats so they can get then and read them anywhere they are.

    I am pleased to announce that these books are now available in hard copy formats. So, you can get them and take them with you anywhere you go.

    There is more good news.

    People send me a lot of questions about how they can . . .

  • make money from the internet
  • start a business of their own and break the yoke of poverty and
  • generally make money honestly

    This inspired in me the desire to share my knowledge and experience with these Nigerians who yearn to get out of the shackles of poverty and poor education . . . Nigerians who wish to make a difference in their lives and that of their fellow country men.

    Consequently, I have put together three new books. And these books are available in ebook and had copy formats.

    The book titles are:

    1. How To Make Money From The Internet - A Step By Step Guide To Making Honest Income Online

    2. How To Build A One Billion Naira Business - The Secrets of The Rich Exposed!

    3. How To Earn One Million Naira Per Month - The Secret To Financial Freedom Revealed! I sincerely believe that these books will change the way you think about business, money, and how to generate money. And that this new knowledge will help you generate unlimited income if you put the strategies to use in your life.

    The five books mentioned above are available in the book store. You can buy any of the books directly from my office or I can send the book to you either in your office or at home through courier service. I ship the hard copy books to all locations in Nigeria.

    Please note that sending hard copy to clients attracts a courier charge which varies from location to location.

    However, if you don't want to pay the courier charge to receive the hard copy books, simply order the ebook version and you can download to your computer from our server immediately your payment is confirmed.

    These books will change your life for good. So, get your copies right away from the book store.

    3. Properties For Sale

    The following properties are available for sale.

    1. A plot of land for sale at Peace Estate Isheri North Lagos Nigeria

    Title: C of O

    Price: 8 million Naira

    2. 2 plots of land (1500 square metres) together at Peace Estate Isheri North Lagos Nigeria

    Title: C of O

    Price: 14 million Naira

    3. 2 units of 3 bedroom flat up to roof level at Ajegunle bus stop Lagos Abeokuta expressway Lagos

    Title: Receipt & survey

    Price: 3 million Naira

    4. 2 buildings comprising a block of 4 units of 3 bedroom flat and 2 units of 2 bedroom flat at cement bus stop Lagos Abeokuta expressway Lagos

    Title: Receipt, Survey and deed of assignment

    Price: 36 million Naira

    5. Property comprising 1 unit of 3 bedroom flat, 1 unit of 1 bedroom flat, a 150 seater capacity hall, and 7 single rooms at Alhaji Bakare street Ojodu (the street beside First Bank Ogunnusi Road Ojodu).

    The property is off a major road (Ogunnusi/Isheri Road). Neighbourhoods include Omole phase 1, Omole phase 2, Ojodu estate etc

    Title: Receipt, registered deed of assignment, and survey

    Price: 20 million Naira

    6. 2 plots of land (1300 square metres) for sale at Oke-ira Ogba Lagos Nigeria

    Title: C of O

    Price: 15 million Naira

    7. Property comprising two units of 3 bedroom flat, 2 bedroom BQ, and two shops at Agbado Lagos Nigeria

    Title: C of O

    Price: 22 million Naira

    8. Fenced and gated plot of land for sale at Isheri North residential scheme Lagos Nigeria

    Title: Govt Allocation

    Price: 8.5 million

    9. 700sqm plot of land for sale at Isheri North Residential scheme

    Title: C of O

    Price: 6.5 million

    10. Block of 4 units of 3 bedroom flat at Unity estate Lagos Nigeria (under renovation)

    Title: C of O

    Price: 22 million Naira

    11. 2 plots of land for sale off Oni street, Jimoh bus stop, Akowonjo Lagos Nigeria

    12. A block of 4 flats comprising 2 units of 3 bedroom flat and 2 units of 4 bedroom flat off Agidingbi road Ikeja Lagos Nigeria

    Title: Registered deed and Governor's consent

    Price: 40 million

    13. A block of 4 units of 3 bedroom flat off college road Ogba Lagos Nigeria

    Price: 24 million

    14. A block of 2 units of 3 bedroom flat (one up and the 2nd down) on 11/2 plot of land at Thomas estate Ajah

    Price: 30 million

    Title: C of O

    15. A building comprising 2 units of 3 bedroom flat, 1 unit of 2 bedroom BQ, and two shops at Ile-Ishe bus stop Agbado Lagos Nigeria

    Title: C of O

    Price: 20 million

    4. Apartment For Rent

    1. 3 bedroom duplex off Bishop Okojie street Okota

    price: 600,000 Naira per annum

    Tenure: 2yrs

    2. 3 bedroom duplex with 1 room Bq at Wemaboard estate Ikeja (separate compound)

    price: 1.2m Naira per annum

    Tenure: 2yrs

    3. 4 units of serviced 3 bedroom flat at Awuse estate Opebi Lagos Nigeria with swimming pool, 24hrs security, internet access etc

    price: 2.5m Naira per annum per flat

    Service charge: 1 m per annum per flat

    Tenure: 2yrs

    5. A special Message To Property Owners

    Are you a property owner in Lagos Nigeria?

    Do you have a property that you want to sell or rent fast?

    Then contact me on 07086459367, 08057912607, 08033290430

    I sell and rent out properties pretty fast.

    Here's how it works.

    This web site,, has about 1,400 visitors daily. That is about 42,000 visitors per month.

    What are these visitors looking for?

    Simple. Information about properties available for sale and rent. These visitors come to me in search of properties to buy or rent.

    So, if you have a property for sale or rent, just give me a call and I will get you a buyer or tenant in no time.


    You win when you let me work for you. So, give me a call today.

    I am at your service.

    Best Regards,

    Samson Itoje
    CEO Zy Properties
    07086459367, 08057912607, 08033290430

    Back To Home Page From Real Estate Guide Newsletter October 2010

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