Buy OR Build? 6 Reasons Why We Build Rather than Buy Houses in Nigeria | Flo Finance

So why do Nigerian build rather than buy a house in Nigeria? You'll find out in this video
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Reasons why we mostly build in Nigeria:
00:00 Intro
02:43 Location
05:09 No Mortgage
07:23 Unique designs
09:14 Privacy
11:28 Culture & Tradition
14:58 Cost
#realestatenigeria #buildahouse #flofinance

[@belovedekwebelem6472]

Well, as A Quantity Surveyor , I live in Lagos , and I am into Real Estate Activities both in the East and in Lagos and Ogun State Axis, I strongly recommend you BUILD YOUR HOUSE, far more cheaper and you could ascertain your quality yourself, just ensure you get a Qualified and Reliable Professionals to handle your job for you Cheers

[@FloFinance]

Thank you for the professional tip.

[@instinctstinct8303]

Hello pls can u kindly recommend an honest builder in Lagos?

[@dumitrutoma4644]

Thanks just like your advice. Please can you help me on estimated price to build a 4 unite upstair in Delta state , Ogun state or Imo state Owerri in particular. Land price apart. After given me the estimated price then i will plan and get back to you . Thanks

[@daviesorimoloye2212]

I busted into your show today for the first time. So fantastic, full of informations that are of great use to most people in diaspora like me. You speak the minds and heads of many. It's like you read my brain. I have everything i came to europe to have including a confortable property but helas, i long to come home to the "final bus stop" where i belong soul and body and that, no matter how terrible the country has became recently. NO PLACE LIKE HOME, YOUR ANCESTRAL HOME. Not an artificial where you're just a permanent stranger come what may.

[@HearttoHeartTV]

Well done Flo. 👏 First I enjoyed your whole concept of video and as a realtor houses get outdated especially when you have the cash you would want to change your home no matter how expensive you build your own house. once you see a new location where there are new buildings you would find yourself wanting to stay in those locations where same like minds stay. Buy or Build to me one need to basically choose which is conveinent for you. I have met several clients who buy land and build houses but before they finished building their manager, engineer or family member who they employ to monitor the building have built their own house off the project. Now reasons for buying a home is basically owning a home without stress most times alot of offplan project are built as semi finished or finished which means you have opportunity to change few things if you can. If you also decide to buy a house its all good. Either way pick the option that would suit your budget. Nigeria also is very big. Location actually is what alot of people buy. Buying land in a safe place to build or buy a house they are both great ideas. I like the last part. Buying of houses are mainly in Major Cities like Lagos. 😍😍👌 well done

[@daviesorimoloye2212]

I actually agree with you because everything depends or your want and the investement it needs but if it's your "final bus stop" according to Flo, i agree that it's prefered you design and build your home and of course you need to be imagine everything to make you contented with that. Even billionaires dont move out of their homes because they see new designed houses or new or mordern locations. That's probably the case in some places in Africa but not often in advanced countries.

[@cmichael2967]

Why buy a house when there is no quality assurance and government inspectors can easily be compromised? Many people I know that bought had to spend a huge amount to make the house meet some standard. There was that fully sold estate in Lekki that was abandoned by buyers because the developers did a shoddy job and the foundation started sinking. When you build, you monitor the process and progress at your own pace. I will not advise anyone to buy a house. Build and supervise to ensure what values you are getting

[@Fasthebaker]

This is such an underated content , nobody talks about this , you picked my brain , newly subscribed!

[@eddyidemudia7356]

Very detail explanation of the way to own a house in Nigeria Thank you Flo.

[@eneobiabo7309]

Thanks sis for another wonderful and enlightening video, God continue to bless you as you continue doing this great job

[@SPrincessbeneficialknowledge]

Very helpful series will be back for more

[@abeem7229]

Thanks for this video, you remind me again on why its good to build.

[@Thagentrifier]

Thank you my sister...

[@kenobah2475]

5bed room duplex can be built with 25m naira. I did it so i know

[@instinctstinct8303]

Hello pls can u kindly recommend an honest builder in Lagos?

[@kenobah2475]

Use direct labour u will achieve it

[@johnone6596]

You mean from foundation to roofing?or complete building with Pop and co

[@kenobah2475]

Let me break it down Foundation and block work up to first decking. 3.5-4m. Decking 3m Block work to roof 1.6. Roof 3.1m. Plaster 1.8. Every other thing depends on your taste.

[@Djsucces]

U re on point dear....

[@zinnubian5294]

I like how you say it. Our ancestral home 🙌

[@georgianaokoroji1212]

Thanks for sharing your thoughts

[@pauljinadu]

First..... Aunty Flo with the new upload 🙂

[@genuinediasporan6661]

I totally agreed with about house financing in Nigeria regarding Mortgage. Nigeria has no mortgage system. What they called mortgage is payment on installment. The irony is Nigeria being a poor country is where mortgage payments should be practiced. I live in the UK. Even with higher purchasing power, you are still provided with mortgage that you can pay over 25 to 50 years. I have seen Houses in Nigeria with installment payment of 12 months for a house with cost of 40 million naira. which i think is not affordable for majority Nigerins and even diaspora,the main target. They forgot that diasporas are runing other expenses where they are located.

[@soniadaniel6295]

All the points I am familiar with except the burial of love ones on the property,I recently learned of that through a Jamaican KZbin channel, what I hate the most the different levels having to climb stairs at home.

[@merrytv1963]

You are so real ma

[@bintabarry3170]

Well said Flo.

[@humphreyonyekachiokwara7297]

Building a house is better because I can decide how you want it while buy a house in Nigeria is not easy because the price are too high and how much was spent in building this house selling at high cost

[@dorisl9991]

I totally concur with you Sister Flo. I personally think it is an honourable thing when someone is buried in his or her motherland no matter the number of investments done abroad. Building a house is the best option for me because my taste and privacy is non negotiable. I can never get enough of the videos on real estate. Please keep them coming oh! Thanks a lot for all the priceless tips.

[@FloFinance]

You stand gidigba in what you want. 👏😘🌹

[@dorisl9991]

@@FloFinance Exactly. And it very doable and affordable if we keep it very simple.

[@Seshane1]

Thank you so much for this video! I always wondered at this question. We’ve also noticed that most of the ready-to-buy houses being shown on KZbin in Lagos seriously lack privacy. Not much space around the house, built very close to each other etc with a cool price tag of N 70 million 😳 Seems like the idea is to give people less and less for their money

[@Infactlove20]

U are very right .i rather build my house .no space on d is house dey a selling I rather build mine

[@toborray3331]

Hi Flo, Thank you or your insight and depth in the building videos you produce regularly. Your information is most encouraging and motivating for those of us who are sceptical, and scared of what the total cost would amount to. However, having searched diligently for it, I am yet to find any video where you have discussed the use of burnt bricks in building. To this regard therefore, please permit me to humbly ask the following questions (with the hope that you will take out time to get them properly researched out): 1). Are burnt bricks produced in Lagos-Nigeria? Where exactly and by whom? 2). How much does a burnt brick cost? 3). About how many burnt bricks will be required to build a standard 3 bedroom duplex? 4). What would be your recommended total sum for completing a 3 bedroom standard duplex using burnt bricks? Thank you for your valuable time. Waaz.

[@homeishome3901]

Buying house is more chaper especially the high cost of materials, in Benin edo state there is standard building from 10 to 15million go to jjj naija there are cheaper standard house on sell in that site is all over Nigerian.

[@PrisTvv]

I prefer building from scratch rather than buying already one

[@oluwatoyinfaith9482]

Thank you Anty Flo...enjoyed your video as usual. Please do a video on why people buy houses too😊

[@oniisaac1461]

Some of the reasons why people prefer to buy a house rather than build from scratch are: the stress involved, manipulative nature of contractors, and for some places in Lagos and Ogun state, land owners issues is a big worry.

[@antnam4406]

I think in Lagos and Ogun state or both, I think the government has introduced laws to ban people from burying their dead in houses. Burial ground should be used and I've heard of an instance where the body was exhumed after the sale was made. Nowadays children don't necessarily want to live in the family house, because of different factors, so people should be considerate going forward or the government should just outright ban it. We should be using burial ground, that's what they are there for.

[@Kpangolo]

So, the cemetery is better than being buried in your compound?

[@ozziedinma2025]

I would rather buy a finished house because the stress of running the project of building from abroad, travelling up and down to monitor it by yourself is demanding. Many who hired a manager or family member to supervise the project were disappointed by mismanagement of fund or embezzlement. For the village house you obviously have to build it and be ready to loose some money on the process but watch it closely and demand a documented feed back frim the manager any time you fund it.

[@elizabethnkechi630]

Ozzie you are right, I prefer to buy finish house than building, the stress of building is too much,most especially if you are not in Nigeria,the land I bought in lagos, the person I gave to handle it , is now telling he added his money on buying building materials, which I never ask him to do so, this people can be so annoying, I prefer to buy house, I don't care if is expensive

[@samueldarchibong9841]

Flo you be correct sister abeg. Still thanking you for that potato fufu oo😺😹

[@ReinaAfricana]

We plan on building in Delta state.

[@Junior-CO]

Sister Flo, you said it all. My commercial building project in Nigeria is 82 percent complete. I know how much l have invested so far including the land. If I had purchased an estate, the cost will almost triple the amount. As someone that have knowledge in re-estate, building your own house at your own pace, will save you cost compared to purchasing from realtor that market themselves for profit. This is my opinion at the end, folks will do what works for them. Note: there are pros and cons for buying already built houses and building your own which l wouldn't mention for now. Otherwise, my comments will be a lengthy essay...Lol 😆

[@FloFinance]

Yes o, everything has pros and cons. I love buying things off the shelf too but ... so many buts. 😂 Well done on your project. I wish you smooth progress in the remaining 18%.

[@Junior-CO]

@@FloFinance Thank you 🙏

[@beckyaisiruwa5435]

That's true sist, building by yourself is far way more cheaper than buying, it can be said buying is more faster than building by yourself that's understandable.

[@FloFinance]

O yes. Buying is quicker and more convenient.

[@triple7_intl]

Yes agreed you have lort of experiences

[@jaylisaheinecke-ivhalenekh9594]

You nailed it sis. I will choose building over buying a house in Nigeria. It is relief that other People find most estate properties lacking in private sphare on top of being very expensive. As a matter of fact i ve tuned out watching real estate Clips from Nigeria. Boy what these guys ask for houses will just blow your mind. Inline u, my wife and i are building a house at Okun Ajah,Lekki in Lagos on a land we bought from an individual und blessed by Community members. So one doesnt necessarily have to buy land from an estate . Just like their properties , i consider estate land too expensive. Our land cost us a third of what it would have cost us buying in an estate.

[@FloFinance]

😂😂😂 @ tuned out watching real estate properties. We watch them for entertainment and they actually give us ideas. Well done you and your wife. And congratulations on successfully buying a land from an individual. It's no easy feat. The reason people run to estates is because they don't want story. Land purchase in Nigeria is quite complicated not to talk of buying from an individual so people like to buy from those who have done the underground work for them.

[@JohnWilliams-me2wr]

Well said.My wife And I bought a 1090sqaure meter of land off orchid road behind Casa Cubana and winhomes estate in okun Ajah from indegenious family of the community for a very reasonable price.Before buying we paid a surveyor to chat the land at the land bureau office in Lagos .We have done our deed of Assignment,survey and Architectural design and done with foundations within 6months.The price their selling these estates land is way too much.I think Lagos state government needs to do something about land banking as well. Put in place at least 5yrs maximum restrictions for someone to start developing their land that way it provide more jobs for our tradesmen and women.

[@jaylisaheinecke-ivhalenekh9594]

U got a point my Brother. But either way i consider it much cheaper buying from the community. One only has to be careful and not fall victim to scammers. Our plot is very close to Atican beach resort and white deck resort. Beach front Land in this neighbourhood is completely sold out. The Man we bought the plot from told us he bought a large parcel for a token in the 70s. U can imagine what his return on Investment must have been. Capitalism 4 u my Brother.

[@JohnWilliams-me2wr]

@@jaylisaheinecke-ivhalenekh9594 Good to see your reply.How are you and your family??Please have you done all the necessary documents on your land up to Governor consent,if so how do you go about it and what documents you used.??Looking forward to hear from you soonest.Thank you.

[@TsarOfRuss]

If you buy, you will get all the amenities from the estate, but if you build, then you must provide everything for yourself.. like Electricity, Drainage, Water, Security e.t.c One of the other disadvantages of living in an expensive estate is you still have to pay utilities fee of about 100k-200k Naira per year

[@Djsucces]

It's cheap bro

[@FloFinance]

Someone pays 5.5 Million Naira as service charge annually so if this utility fee is the only amount some people pay, that's actually good because in some rented apartments people pay way more than this as service charge (not full service apartments o). Service charge for fully serviced rented apartments runs in millions.

[@TsarOfRuss]

@@FloFinance Eeeeeeeh!!!!!!!! I no buy again! this is the final nail on the coffin! I go dig my own drainage and put solar on my roof myself

[@FloFinance]

🤣😂🤣 You are so funny! Smart estate na money kill am o. E no easy.

[@JustinaObasiOkore]

For me, building is cheaper and better than buying....

[@checkamwell]

Flo you are correct. Special request.....pls show us a picture or two of your finished house!!! Because like the saying goes..... Ulo na finishing oo. That being said ...my other special video request is of the cost to finish a house after the carcass is complete. Thank you Flo!! I am always a fan. God bless you❤️

[@FloFinance]

Finished house? I don't know where some of you got the impression that the building is complete. Money has finished, una no hear am? 😂 I mentioned in this video 👉 kzbin.info/www/bejne/bnbOeZKJl6d2mdU that beyond the skeletal part, it's very difficult to give a cost estimate as it depends on the type, grade and quality of finishing one chooses for his/her house. I have some videos of me shopping for fittings, maybe those videos can help with an idea of how much you'll spend on fittings. Doors: kzbin.info/www/bejne/nZPEZ5Ken951kM0 Tiles: kzbin.info/www/bejne/jovMk4GnaZV1fJI Plumbing: kzbin.info/www/bejne/p3epmn6Qe96Sd9U

[@Kpangolo]

@@FloFinance LOL

[@mrchidindustoyworldmovies7650]

You can buy two bedrooms bungalow for 9million in anambra

[@nelsonchisom8496]

Building is better

[@kateaiwansedo1048]

We need merchens for farming tracktors

[@ChukwuebukaC]

We find it very difficult to sell land in Nnewi because we don't have land

[@FloFinance]

I can imagine people holding on to the land they have. Nnewi is so built up already!

[@mariobroselli3642]

Hello, thank you. How much percentage of people build own house in Nigeria? If most build own house then why so many real estate companies building houses? With so many houses most remain empty!?

[@oladeleogunfeyimi]

Can you do a video on the cost of building bungalow in lagos axis (high land). Thanks

[@FloFinance]

The only difference would be the foundation because most land on the island is sandfilled/waterlogged hence will need a different, usually more expensive foundation. Apart from that, every other thing: side walls to roofing should be the same.

[@oladeleogunfeyimi]

@@FloFinance .. Thanks 🙏🏾

[@tayokarate]

It can never be cheaper to buy, the builder will always inflate the selling price

[@ememobongnkana]

I am sorry to say this but that Eastern and South/South tradition of building in the village when your whole life and hustle is in another state/city/country is just wasteful. If your relatives are going to occupy the house and pay out of pocket for running costs of maintenance, that's justifiable. But to build the house just to leave it empty so you can come and flex for three weeks in December or for occasions etc... that is so wasteful... its even more stupid when you are renting the remaining 11 months of the year....

[@AustineMiles22]

That's not true, European do same. Summer and winter. And even having village house.

[@Pangajck]

Sounds like a wonderful idea if you're wealthy..but most aren't...struggle abroad & give ur kids suboptimal living just to meet up with the culture. If it's for the purpose of having a burial home. A small home should do instead of the massive mansions left to collect dust & burden grandparents the rest of the year... For parents who admire this lifestyle please consider your children whom u have raised abroad & try to make provisions that they can bury you smoothly at these wonderful mansions without too much fuss from ur loving village families;) For me, it's left me not interested in the culture & never wanting to be affiliated with such unreasonable & wicked bunch. I almost would rather go to 9ja as a tourist :( Nwayz sounds like a great idea in principle, but not many can execute this well without causing pain to their beloved.

[@Kpangolo]

Buying of houses is a modern thing, relatively speaking (compared to building). Back in the day, from 19%^# BC, people built their houses from scratch. If you are a bank or a business of some sort, I can understand you buying an old house, breaking it down, and erecting your business office there. But for residential purposes, building from scratch will be my first choice everyday. Even in the developed countries, many people would rather build from scratch if they could afford it in the location they like. When you build in Nigeria, in your hometown, please don't ever let the resale value drive your choices. If you want to build to sell later and make money, just as Flo said, go to the Island in Lagos or Kano or Abuja or Port Harcourt.

[@FloFinance]

Well said. 👍

[@itallturnstodust1216]

Buy for me

[@m77ast]

I don’t get the idea of building in the village. I plan to go and start businesses in my village to bring up the disadvantaged but what is the reason for building a mansion in the village for cockroaches and Lizards to live like kings. Even my well educated Igbo Friends here in the U.K. do it. I think that is the negative part of culture - when it’s a symbol of status - it has no advantage apart from the inflation of one’s pride and ego.

[@atomtopa]

Lol Flo. I just bought the self contain you mentioned for 18 Million. It is actually 20 M with a hidden fee of 1.5 Dev Fee and 400K Service Charge. It is expensive and I plan to use it for AirBnb. I have built houses but I could not build now because we are doing some governor consent and building approval which will not come out until the end of the year. I will never advise anyone to build in Lagos without proper documentation.

[@FloFinance]

Congratulations on your latest purchase! As we watched that video, we also thought that the best bet for it is short-let. I punched the calculators on yearly rental to regular tenants based on the going rates for the area and it doesn't look good. Still, yearly rental has its own advantages. I wish you full bookings all year round. 👍👍👍Do you know of any short-let estate managers in Lagos?

[@atomtopa]

@@FloFinance sorry for the late response. I have a management company that I work with in Lagos. The company handles everything for me. They have been quite good at getting paying tenants for both short-let and regular renting. I do not even communicate with any tenants and I do not them. But I always approve the final shortlist they present to me with pros and cons which we always deliberate over.

[@naheemolatidoye]

@@atomtopa congrats on your recent purchase. if you don't mind, how much percentage the management co. Is charging you?

[@atomtopa]

@@naheemolatidoye 5% Sir.

[@antnam4406]

Those houses at @9:32 are expensive face me face you.

[@afrikanheritage99]

Hey Sis, thanks for this piece. I sent you a very important and urgent email. Please respond my sister. Thank you.

[@FloFinance]

Ok.

[@teraquake]

I and my wife have looked for house in Enugu and we re already getting tired. Its either the rooms are small, or the bathroom is very basic, or the whole house is just basic house. At last we decided to live where we are now, save and then build our own to our standard instead of paying huge rent for some basic house. So yes, you are so right.

[@FloFinance]

Aww that's a big issue with buildings in Nigeria. Good luck.

[@samuelolaogun9044]

Buying house 🏠 in Nigeria 🇳🇬 is too expensive and over priced and banks 🏦 system is below standard in time of borrowing to buy that’s while.

[@FloFinance]

That's one aspect where Nigerian banks are slacking. Once they get involved in the housing market, the prices will come down. Before then, the real estate companies will continue to want to recoup their investments within a short period.

[@sofixhairbeauty4329]

Hello flo, I leave in Italy building a house in Lagos, I have spent more than 50million but still on decking level of 2three bedroom flat and one mini flat. Please I need help. I don't have all this millions of naira to spent. That means before getting to one storey building, I will spend more than a 100million. I need urgent help. Thanks God bless you

[@Infactlove20]

Who is building for if its an engineer a lot of them steal ur material or lie ABT d material .so u need a reliable. That can be real for u or u go home ur self .i have be lie and steal my money .now dat I use my sis to help at site i saw d difference ..she tells me d truth and buy all the material and am relief now .people use we in abroad to built Their family .no matter hw u monitor them all u need is buy d material ur self and monitor them always

[@denzelbasaya127]

How long does it take to get citizenship in Nigeria

[@FloFinance]

At least 15 years of legal residence and being of good behaviour. Openly contributing to and being involved in the community is an advantage.

[@afrikanheritage99]

Building in an estate. 1) Estate land is usually smaller like 500 SqM and less. 2) the design is prototype uniformed. You have no liberty to build your own design. 3) You'll pay infrastructure fees to be allowed build in your estate land and this is usually between 2-5 million in Abuja. 4) They will demand you start building in 2- 6 months after buying the land and dictate when to complete the construction. 5) This is an incredible pressure I am not willing to put up with. You can't want me to develop your estate land and giving me a time frame. 6) Ask people living in the older estates who pays annual maintenance fees and nothing is being maintained because we've no maintenance culture. I am all for building mine but just not in an estate.

[@FloFinance]

Yes, it's like being in a club. Every member must wear "uniform" and work at the same pace. I think they do that so that nobody will be carrying sand upandan with construction noise when some people have moved in. The maintenance fees no be moi moi.

[@afrikanheritage99]

@@FloFinance " It's like being in a club where everyone wears the same uniform" Lmao 🤣😂🤣😂Lordy, Sis, you're incredibly hilarious. You've this amazing talent of driving down your point with analogies that resonates with all Nigerians of different backgrounds. So, smart, brilliant and eloquent sister. Oh no, Sis, that's not the reason why they do that. These are set of creepy selfish developers, who are not willing to invest a dime in the development of their estate. They just buy the empty land, sell plots to individuals, tells them what to build and expect a fast rapid construction to be completed within a very short period of time. This is to attract other buyers, who are motivated seeing build up houses in their estate. People are most likely to buy lands in developed and developing estates. Then, the more serious professional developers will make attempts to build those ridiculous Terrence duplexes that looks like a warehouse and selling it to attract life in their estate, while gradually selling the remaining lands and giving people breathing space to build. So, there teo kinds of estate developers those who who make attempt to build their estates and those who prey on people to develop their empty land in a rocket speed.

[@afrikanheritage99]

@@FloFinance Yes oooo, huge maintenance fee that runs in millions. Some estate goes up to N300000 monthly. You can add that up for 12 months 🙄 unbelievable.

[@ochuutv7195]

Na to build naaah

[@GRACE444GLORY]

CERTAINLY CHEAPER TO BUILD

[@afrikanheritage99]

Face me I face you, Lmao 🤣😂😆

[@evrardpachong9957]

Now after watching your video i can comment You are right but unfortunately they are many others reasons that make buying a house better than building. Just like that i can tell you that having a land well located is not easy and maybe sometimes is even the 50% of the price of an off plan project , secondly the workers you may found building easy but trust me the workers can give you heart attack, thirdly the time as a business man i font have the time to be behind the workers everyday and you will tell me to employ an engineer 👷‍♀️ yes but the price of the engineer can break your bank account, in conclusion for me if you have the time the patience of being behind the workers the energy to go on field often and if you have a plot of land yes you can decide to build by your own but if not i can only advice you to go and see Landwey Nigeria they are the best

[@m77ast]

That is a terrible custom.