BE WARNED! Building a House Back Home is Risky Business| Why African Immigrants Abroad do it Anyway

[@wellbeingcorebylolaoni6657]

Love your two cents, something to always bear in mind, having said it all 😊👍

[@ThisSideOfLifeWisdom]

Thank you! It is what matters ultimately and, after all, is said and done.

[@Mysterious811]

New subscriber here, a Ugandan 🇺🇬 currently living in Montreal' Quebec. Thanks a lot for your inspirational words 🙏 👏.

[@b.3940]

When I was of working age, I built a double-storey house which i hoped to retire in when i relocate back home. Well, I am now in my mid-60s and sleep in the living room downstairs because i cannot climb the stairs. I can't breathe when I climb the stairs. Plan wisely when you're young.

[@ThisSideOfLifeWisdom]

Hmmm, big lesson. Thank you so much for sharing. I hope people out there are listening. I wish you good health in your retirement🙏🏾

[@obafemibello5613]

Femi Bello . The problem with Nigerians is our penchant to be flamboyant. There’s nothing wrong in building a small bungalow at home, buy one with the hope and belief that our country will continue to grow to be a place worth living in. If we spend fifty years in diaspora we are still considered foreigners and do not really belong to these countries.

[@charlesking7331]

Some of your siblings did not want you to come back home alive especially if you have some properties or family inheritance. That is black Nigerian greedy mentality. No exception.

[@ThisSideOfLifeWisdom]

Uncle! Thank you so much for lending your voice to this. I agree that a modest house is better when considering having property at home. Ese pupo!

[@pointblank8118]

This is a very difficult decision for many Nigerians in diaspora including myself. I have lived abroad for more thn 30 years and now thinking about retirement.I sold the first house I build in Nigeria because I was being exploited by tenants who not only did not pay their rents but also trashed the property. I have been under enormous pressure from relations to build another house to live. I have inherited land in the village and has just completed the fencing. But I have developed cold feet about building in it. Although I miss home, I can't see myself living there considering poor amenities, insecurity problem and lack of good and reliable medical care. Moreover, my children are all abroad and unlikely to need the house. Should I build and should I not build? My heart says yes but my head says no. Is a big dilemma. Well done Diekola for handling very well this very important but difficult topic.

[@James_150]

You can’t live outside Nigeria and deal with tenants. You let property management companies do the job for you at a 10% annual rent charge for their services

[@ThisSideOfLifeWisdom]

I hear you. It can be very emotional. We should be pragmatic, too. I think you can build something small with the realization that you are probably building it to use once in a while by yourself and to be left for your family members in Nigeria. If you are at peace with that, then go ahead. I wish you all the best. Thanks for watching!

[@johnsonajayi7846]

Please don't build, it is a waste of money. I have a house also in Nigeria and have tenants for the past 10 years, however, the money that I have spent maintaining the house and plus what was spent to build it, I have not recouped 10% of it, I have a property manager, my plan is to sell it in the next 2 years. I have been in the States for the past 40 years, however, the health infrastructure, security and the poverty level in the country can never make me to live there. Don't listen to those family members, they are looking for something to inherit. Your social security will be enough to rent a comfortable place in the future if you then decide you are going home, which I doubt for anyone that has lived more than 3 decades in the West unless you are ready to go die there considering the fact that the health infrastructure is very bad. Food for thought.

[@pointblank8118]

@@johnsonajayi7846 I entirely agree with you on this. Thanks for sharing your thoughts and experience.

[@helennwafor2903]

It is really a big dilemma for us . We do need to reflect on it .

[@johnsonajayi7846]

Please don't build a house now, save your money. If you decide later that you are going to live in your own country and it is just you, my advice for you is to rent until you die. Why building a house for the extended family if your own children and spouse will not relocate and live in your country. I have a house in Nigeria and I'm in my mid 60s and now decided that I will not be going back home. What a waste of resources, if I decide later that I want to go back, I will just rent, the money is there. Just my own decision, every one has to make the best decision for themselves.

[@ThisSideOfLifeWisdom]

Thanks for sharing your experience. It is a good idea to wait until one is sure of retirement location before making the decision to build. I wish you all the best in your retirement. Thank you so much for watching!

[@nosaedo9948]

I agree 100% of your analysis. Thanks for sharing your thoughts👍

[@ThisSideOfLifeWisdom]

Thank you so much!

[@OChem928]

1. To buy land, there are trustworthy real estate companies to do it for you. 2. Real estate is a good business in Nigeria. 3. Build and rent them out. Get a good lawyer, and your tenants will pay directly into your account regardless of where you live. 4. I strongly advise African immigrants to build back home.

[@dorcasoloke6774]

Good idea but not always that easy. Lots of stories of some stopping payment once they know you are abroad. They feel you are very comfortable in the abroad and don't need the money. Sometimes it's the agent/lawyer that defraud you. Pray to get good tenants and a very honest lawyer/agent.

[@VoiceoftheWatchmen]

You are describing what is not always the experience of everyone. The level of scam in the industry is mind blowing. They will even defraud you with your so called survey or C of O. Of course, there are still a number of genuine ones. But the headache and the stress involved in ensuring that everything ends well are enormous. I was defrauded of more than 15 plots of lands spread across Lagos, Ibadan and even Abuja after hiring lawyers and going through the so called, “right channels.” I’m not discouraging anyone with interest in Nigeria’s real estate because even with these losses, I’m still working on investing in real estate. But it’s a hard nut to crack with the prevaling economic and fraudulent climate of Nigeria. You need to be very careful. I mean… very very careful

[@OChem928]

@@dorcasoloke6774 Don’t detach yourself from your extended family in Naija just because you live overseas .

[@ThisSideOfLifeWisdom]

Thanks. My question is, how much is that rent money worth when you consider the exchange rate? Unless you will only spend the money in Nigeria and nowhere else?

[@dorcasoloke6774]

@@OChem928 from where to where? What does that have to do with one's relationship with their family. You could be in naija and be detached from your family.

[@Shineynsparkles]

They issue is: Sending money back home is a waste because our people don’t love themselves or their country Send $1k ….what they do with it When I saw how azn and Latinos build a family house and then build a business and infrastructure …..diaspora has a long way to go !!!

[@ThisSideOfLifeWisdom]

May God give us wisdom. Thanks for watching!

[@James_150]

I am surprised you guys abroad fall into the hands of scammers or family when investing in real estate in Nigeria. I have properties in Nigeria and I don’t deal with family or friends, I deal with law firms to handle these transactions for me. Even after hiring these lawyers, I still employ the services of another lawyer to verify what has been done by another lawyer! Spend these extra money and you are good.Talking about return on investment, I bought 2 plots of land last year august for 40m, now I just sold one of the plots for 33m which I am now using to start construction on the plot left. The return on investment is good

[@ThisSideOfLifeWisdom]

Wow! It seems you have cracked the code. An almost 100% roi in one year is excellent return. Your experience is definitely not the norm for those living abroad, and many people can learn from you. I wonder if you are willing to chat about your experience? Please reach out to me at [e-mail] . I would appreciate it. Thanks so much for watching and sharing!

[@czogg99]

Yes but 33 million today was like 20 million last two years. So your profit is in your head. The naira is losing value everyday while the dollar keeps appreciating.

[@afrikanheritage99]

Yes, lands are the best way to accumulate generational wealth in Nigeria. I bought a plot for N17M in Apo Abuja in 2020. The land is now N75M and developing beautifully and fantastically. Rich people discovered the area and building mind blowing state of the art modern homes that skyrocketed the land values. Besides, the area is 5-7 minutes to Guzape hills one of the affluent neighborhood in Abuja.

[@Global_Ca_Au.]

Building a house for rent if you have a trustworthy person worth it 100%. Experiences are not always the same. Air BNB 'Short and long-term rentals in startegic hot spots are the best.

[@ThisSideOfLifeWisdom]

Getting a trustworthy party is definitely crucial for success, and Air BnB could be an alternative to traditional renting. Thanks for watching!

[@peterahanor5689]

Who leaves a project not supervised? Building back home is a very good idea if you are sure thats where you will be retiring at the end of the day. The only advice l have for people in this category is to supervise your project as much as you can and if its a personal house, make it moderate and cute not a castle. Having a house back home is important if you know you still have connections to your motherland and you still visit home. I find it a waste lodging in a hotel everytime l go home.

[@ThisSideOfLifeWisdom]

True. Moderate and cute houses will be more manageable and less waste of resources. Thanks for watching!

[@CashTalkForImmigrants]

The question now becomes, what happens to the personal house when you are not visiting? How many times do you visit? These are vital questions to ask when determining the cost of that compared to staying in a hotel.

[@uwomanoorikogho9065]

It is really good to build despite the hurdles in it, the better way to do it is when you are on vacation you can go, and start working on the project instead of giving it to family members to build for you as the people back home are not Angels, do it when you are on vacation or anytime you are chance to visit home, there shouldn't be a rush in it. HOUSE is a long term investment, and even if you are going to live abroad forever there should be an investment back home, and besides, there are people who has wealth, and investment in different parts of the world, and they are able to maximise their profit despite the location.

[@ThisSideOfLifeWisdom]

Thanks for your input. Vacation is supposed to be for relaxation o 🙂. I do agree that you can also invest in any part of the world. Thanks for watching!

[@charlestoniwuagwu3787]

I appreciate this educating and informational education. Thank you for sharing. Be safe

[@ThisSideOfLifeWisdom]

You are welcome. Thank you for watching!

[@peterrichard9769]

I agree with you, to build a house at home it's best when you think that, you are going home forever and built the house on your own managing yourself. I tried to do that, wanted a beautiful rural home, but my sister crooked me $USD3000, luckily l realised it in time before l used large amounts of money, then l stopped it immediately, now l bought a house in the u.k,,

[@ThisSideOfLifeWisdom]

I am sorry to hear about your experience. Glad you were able to move on from that. Wishing you all the best. Thanks for watching!

[@Abbycare-g4j]

@@ThisSideOfLifeWisdom Mine was 1 million naira that can not be counted 4...

[@eddyidemudia7356]

Thanks for this video , its very informative.

[@ThisSideOfLifeWisdom]

You are welcome! Thanks for watching!

[@amen5953]

Very insightful.

[@ThisSideOfLifeWisdom]

Thanks Sis!

[@akinjoaquim1013]

The best option (if the desire is not to build necessarily in your village) is to buy from any of the State or Federal Government Housing/Property Development corporation Schemes e.g. LSDPC, Lagos Homs, OPIC, State Housing Corporations, The Federal Govt Family Homes Fund Schemes Estates etc. You can be assured of the authenticity of the land (both for Site and Service or purchase of already built) and provision of. Basic infrastructure.

[@ThisSideOfLifeWisdom]

But is that option open to everyone without knowing someone in high places? Thanks for watching!

[@ginikatalks]

You had an unpleasant experience with the mowe land, and i am so sorry to hear that. Money made from investment in Nigeria is for spending in Nigeria 😂 because of the exchange rate like you mentioned. I will still like to have a property in Nigeria because i plan to retire home by the grace of God 😂.

[@ThisSideOfLifeWisdom]

You have a long time to start planning my Sis, but don't wait to start. Thanks!

[@NwankwoUgochukwu-h2v]

Woman of virtue, more grace Ma,.. 🎉🎉🎉 from Angola

[@ThisSideOfLifeWisdom]

Thank you, and greetings to you in Angola! Thanks for watching!

[@johnaviha2441]

Building a house at home is good especially in the village.We keep flying back home and it is necessary you go straight to your house.Having a house in the village is a cultural norm.If you want to build in your city at home let it be rental houses amd keep going home to avoid misuse of the properties.

[@ThisSideOfLifeWisdom]

I wonder how one can manage all the back and forth as old age arrives unless one retires to the village. Thanks for watching!

[@johnaviha2441]

When old age comes go home to your house in the village.

[@czogg99]

@@johnaviha2441it is not that easy . Access to medical care is my priority . Also safety .

[@jamesgichuhi2174]

Love your comment very James from Kenya 🇰🇪 much

[@ThisSideOfLifeWisdom]

Thank you, James, and greetings to all over there in Kenya!

[@beatriceajayi4970]

Rent house building investment is the best to build back home , Am really enjoying my block of 8flats and my house agent is very trustworthy, rent money pay to my account directly, If you have not ready or prepare to retire back home soon, don't build castles or duplex.....(Think outside the box ,what u want for yourself. .

[@ThisSideOfLifeWisdom]

Thanks for sharing. That sounds like a good plan. Do you remit your rent money back to where you live abroad?

[@beatriceajayi4970]

No ,But whenever ,I visited Nigeria that it's the money, I spent to do alot of things...I don't transfer or bring euro when going home...(always enough for me to spend.

[@ThisSideOfLifeWisdom]

@@beatriceajayi4970 Very smart! Thanks.

[@Abbycare-g4j]

First, mam, I would love to say thank you for this video. I will say it depends on the long-term plan of an individual or a family. Some immigrants see or perceive abroad as a place to work and save money to live comfortably back home...some Individuals view abroad as their final home. Therefore, they see no reason to build back home. So IF YOUR PLAN IS TO GO BACK HOME.Develop a blue print of action, save up your money, and go supervise the building yourself and save up for emergencies as well. Remember you can not live in two worlds at a time. But you can mitigate risks of falling prey to unreliable or unprofessional individuals.

[@helennwafor2903]

There are definitely pros and cons . For us the draw of our culture is strong to build . We want to visit home with our children .

[@ThisSideOfLifeWisdom]

Yes, each person must weigh the pros and cons to determine what works best for them. Thanks for watching!

[@kkfoodkraft]

Hmm interesting topic

[@ThisSideOfLifeWisdom]

Thank you!🙏🏾

[@Maosa-t9m]

Is better to save your money and go buy a house through the bank

[@ThisSideOfLifeWisdom]

I hear you! Thanks for watching!

[@afrikanheritage99]

I totally agree 👍

[@victorobi20]

Building back home is good if you build while you there in the dry season usually November thru March. You can build in two months while there for 8 weeks and leave. The interior can be done supervised from abroad. Second, if you have people you will leave house for then it's a better investment. Building a house just to die there and left to nobody relevant is not wise. You can upgrade the family house if you have one. Buy land where you will be buried if native land or make room foe burial rites.

[@ThisSideOfLifeWisdom]

Good suggestions. It is just too stressful. Thanks for watching!

[@Toksgg]

I will not advice anyone to build back home except you will be ready to periodically travel back to inspect and supervise the project. Secondly such project is worth the stress only if you want to go back to your country after you retire.

[@ThisSideOfLifeWisdom]

Agreed. It is very stressful. Thanks!

[@Joyshomestead]

For me I will invest in where I currently reside. Real estate investment in Nigeria is risky. I invested in buying a land over 10 years ago and haven't seen anything up to now. Thank God I didn't spend so much like some other people.

[@ThisSideOfLifeWisdom]

That is, unfortunately, the experience of many people. The desire to build back home often clouds peoples view from seeing the investment opportunities right before their eyes in their new countries. Thanks for watching!

[@Abbycare-g4j]

I appreciate you for your school of thought and contribution to one of my favorite youtube series. There is no one size fit all for each and every one of us. There is nothing wrong with investing here in the west if you have decided that it is your home forever. Your candid opinion further reiterated the fact that each and every individual has their long term goal. If the kids and parents are already living in the west and are already acclamitized to survival and way of life, there may be no need to invest back home or erect structures for others to profit ruthlessly from. Remember, the kids especially are western inclined and not African oriented. One may want to keep them where they are safe here, considering the negatives of our culture and ill minded people. Bear in mind that works for A may not work for B. I love your reasoning and decision.

[@iamdeji]

Don't invest in properties/business back home if you can't go home and do it yourself. Don't send money to anyone and don't pay 100% upfront. Always spend the money to involve 3rd party experts(like... Lawyers, surveyors) to double-check details before spending money. If buying land, samething applies as above and don't buy land unless you have the money to take possession immediately( build on land or fully fence with gate).

[@ThisSideOfLifeWisdom]

Seems like you have good experience on the subject🙂! Thanks for sharing!

[@CashTalkForImmigrants]

Whichever way we look at it, it's a risky affair. Some lawyers and surveyors cannot be trusted. Corruption has eaten deep into the fabric of the society. I recently saw a post on this. It started with the principal hiking the price of a book for the pupils. His secretary was to inform the teachers to tell the pupils to bring a specific amount for the book. The secretary inflated the price, the teacher took her own share, and then the pupil added his own share when telling the mother. Wait for it...the mother added her own cut when asking the father for the money for Junior's book! 😢😭

[@Abbycare-g4j]

Yes. I AGGREE 100 Percent totally..

[@busolaabatan5856]

From my experience, building back home is pretty risky. Even while present at home people get scammed, not to talk about doing so from abroad. I completely agree that your long term plans should determine what you do. We were burnt in the process of trying to buy property even while being present at home - the project was supposedly being carried out by a trustworthy co-operative many years ago, and till date no house is in sight.

[@ThisSideOfLifeWisdom]

That is a common story about real estate back home. There are just too many landmines to beware of. And it gets worse when you are abroad and trying to invest back at home. Thanks, Sis!

[@jamesgichuhi2174]

How is your mom doing in Canada . Just say hey to her 👋 also

[@ThisSideOfLifeWisdom]

Mom is doing great. Thank you so much for asking🙏🏾. I will let her know🙂

[@gibson2675]

Wont it be much better to buy

[@ThisSideOfLifeWisdom]

Yes, I think buying is way better and less stressful than building. Thanks for watching!

[@gibson2675]

Agree

[@anwunaayedun-aluma3749]

Yes. But note that you will have to do some finishing of flats or houses you purchase from these schemes.

[@joemensah9557]

WHY DONT YOU ALSO SHOW THE SUCCESSFUL STORIES????

[@ThisSideOfLifeWisdom]

There are many successful stories. Check other videos on this channel. I will help with a few: kzbin.info/www/bejne/fIWbomqZZ5ySbZosi=hGpCXmp2O9qCT8AT kzbin.info/www/bejne/nKvGfZ2AmaiSlbM kzbin.info/www/bejne/g3uknqWjo9h8nc0 kzbin.info/www/bejne/n2mthZp-nrBsZ5o I hope this helps. Thanks for watching!

[@Abbycare-g4j]

This channel is not about showing the negative or positive stories. It is about talking about life's situation and experiences. The good, the bad and the ugly. And more importantly, helping viewers make better informed decisions.

[@CashTalkForImmigrants]

You can definitely make better use of your money where you live than building a home. I'm so sorry about your experience. In my opinion, building a house back home is not an investment. It's not an asset. It's a liability because you keep spending to maintain it. Even if it were an asset, the exchange rate to get that money abroad is not worth it. It doesn't bring in any income. As you said, what's the long-term purpose? We have 4 flats in Nigeria, but it's frustrating getting the rent paid, and it does not serve us here because the exchange rate is ridiculous. So we end up just using the money back home, which does not achieve much. Honestly, we had the flats before we moved here. I have no plan to build back home. In the end, who will we leave it for? It's not worth it! Best to invest where you are.

[@ThisSideOfLifeWisdom]

Thanks for sharing your experience. We definitely need to look closely at the numbers, which may not make it worth all the stress. I think the emotions and sentiments of investing back home also prevent people from ceasing the opportunity to invest where they are. They work and work and send all the money back home.

[@Mysterious811]

New subscriber here, a Ugandan 🇺🇬 currently living in Montreal' Quebec. Thanks a lot for your inspirational words 🙏 👏.

[@ThisSideOfLifeWisdom]

Thank you so much! And welcome to the channel. I appreciate you watching!