Nigerian American Warns Against Buying Property in Nigeria! | Ownahomeng TV | Feel at Home
Nigerian American Warns Against Buying Property in Nigeria! | Ownahomeng TV | Feel at Home
Before you channel your hard-earned money into investments back home in Nigeria, you need to see this. In this eye-opening video, this man goes against the idea of investing first at home. We discuss crucial factors and variables you must consider before choosing to invest home or abroad.
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This content is exactly what I needed today. Thank you!
Bro, You can never compare a strong economy like Uk/US and the equity growth to a country like Nigeria. Where the Naira is so devalued and there is a high inflation. Abroad is always better. With hard work you can pay off quickly with two solid incomes
Every month. Cheers!
Yes, buying a house in North American countries especially USA and Canada is an amazing investment and you cannot compare it to buying in Nigeria. One huge point is the ever climbing dollar exchange in Nigeria.
Please DO NOT invest in Nigerian property, only buy a house to live in and not for investment. Buy where you live, you will get much more. I own several properties here in Canada and have for more than 15 years and no matter what, you will always be on top here.
the background sound is distracting
12:23 before you finish flipping the property in Nigeria, they have devalued the currency again😆🤣😆🤣
Off topic but it'd be nice for 20 people abroad to buy maybe 5 acres of land somewhere in Ibadan or outskirts of Lagos and build an estate so we can all vibe when we visit for Xmas or whatever. Just a random thought.
I have buildings in Nigeria and I love it and plan on building more and more. It’s asset that is sure and future generations can gain from. I have 2 houses here abroad and they mean little to me cause at the end of the day, you are always reminded you are a foreigner here. So if you like no go build something back home Dey play.
This just came on my feed randomly. And, I was eager to learn a thing about investing in Nigeria. Unfortunately, the guy whose video is being criticised here is factually correct and I got no new information from watching these two critics.
1. The simple fact is that inflation and forex is highly likely to make residential property investment in Nigeria a loss-making endeavor. It’s just math that is immutable to opinions.
2. The risk of investment loss is higher in Nigeria compared to the US/Canada. There is data to support this. The first step in solving a problem is accepting that there is one.
3. Even if profit is made from property investment in Nigeria, the local economy is actually being destroyed because it artificially drives up property value in Nigeria and then that profit is moved out of Nigeria (capital flight).
In summary, this video has added little value apart from asking people be informed about investment opportunities, which is as basic as it gets. Instead of dunking on someone else’s video, please create videos that add value.
I heard you Uche, on the programing yesterday, " saying, people those normally, give an investor their money to invest for me, that is too lazy, hmmm, A nurses, Doctors, Police/Military, Teachers, Leaders of a Country ETC, THEY do not have time & knowledge, about investing in Properties, so, they arrive at your office, to make an investment for them, again, everyone wants to earn more, I had a Math Teacher, he also had a Bookstore where he sell his books to earn extra cash. When I was a music promotor, many guys/one women, asked me how to promote, I showed them how step by step, I even printed their names on my Invitation, assisting someone else, ETC.
A dual earning household in the US is more common in case one party loses their job but your housing should never exceed 25% of your household income. If you bought 15 to 20 years ago in the US in a good area you can sell it at twice the amount today. Yes property taxes are a big factor annually but if you live in the US you will either own or rent. It’s a no-brainer because if you own you are contributing to your equity and building wealth but if you can afford to buy but rent, you are building wealth for the landlord. The mortgage insurance is usually added to the mortgage so it really not that obvious. What is the deal breaker is annual property tax, home insurance, maintance etc so the annual cost of ownership of our home of 14 years is about $24k plus the monthly mortgage which is a lot.
The sentiments on Nigerian blogosphere is against dual income households which as a woman makes it difficult for me to compare while advising. We bought land in 🇳🇬from OPIC (Ogun State) in 2008 and between our friend’s greed & Ogun state goverment greed & incompetence, the land is useless till today! We cannot even build on it over 15 years after. The impact of corrupt goverment and a corrupt society is not quantifiable. I speak from experience.
Those of in the abroad that always speak against buying a house or land in nigeria doesn't worth it you are wrong. In years to come you will know better
In my opinion, to be able to make a balanced and objective argument for or against investing in or outside Nigeria, you should use numbers to justify the argument. Also, mixing up investment and owning a home is creating confusion. A home is a necessity while an investment is not. This video still ends up being opinions and not fact.
Here is my Take.
It does not hurt to have both.
I think every Nigerian that recently emigrated should consider having both. However , there is a catch. Have a ( Singular ) rental income producing house in Nigeria. Not in your village oo. Dont get emotional/Sentimental about it. The returns from this house is not meant to be taken back abroad. It is to used as a savings account or to take care of your needs/expense in Nigeria. This way you can stop sending money to Nigeria. It also opens up the option in future, should you want to retire back home. There is a place to go back to. It does your mental health some good knowing that should things go south like they sometimes do in the west. you are covered. So see it like Insurance. Men, please take note.
If you think this is a not valid. wait till you speak to a man who regret not doing this. Even westerners are considering moving to cheaper Asian countries to retire.
Then, the bulk of your investments should be in the west, where you live. Owning will always beat renting in the fact that there is a reward in terms of equity which you can access in future should you need it. Should you be able to pay it off, you can chose to live comfortably + Pension with the rent if you relocate back to Nigeria.
Also if you are risk averse, there are other investment options like ETF's and Indexes.
Summary, Dont be too emotionally invested in a house. Enjoy the journey of life. Life happens to all of us. Most houses exit a family within 3 generations. Does any of you live in the house your Great- grandfather built now? Loving this channel, You just earned a new subscriber. Thanks from Australia.
Land or houses.bought in Nigeria is not an investment, its just an Asset. Writing from experience
Very uneducated advice, houses in America can appreciate, but it can depreciate due to your skin color, nigeria only appreciates, with free hold on land. America you don't own your house even when it's paid off in 30yrs, property tax in America every if you don't pay your house can be taking from you, in newjersey where I live the property tax every year alone , forgetaboutit
Nice video,it is better to buy in America then investing in Nigeria,I bought I land in itunu residence for 25m 2 years ago and then dollar to narria was 600 to 1 ,today the land is 35m ,yes has gone up in narria value but down in dollar.25m then was 41.500$ and today ,the 35m is about 24k$ so I have loss about 18.500$
I disagree with you guys on saying that the risk of a mortgage is anywhere close to the risk of not eventually owning at all. But I am happy that you guys are discussing both markets for those who are curious. You’re probably the only ones doing it so it’s much appreciated. Buying a home in the US is probably the most dependable investment you could make as an American. We’re not talking about investments now. Just good ole everyday Americans. You could choose of course not to own and just be a renter but most people who have steady income and are growing a family prefer to own. Buying investment properties is a totally different beast in and of itself so they really should not be woven into the same fabric as someone who buys their home on a 30 year mortgage and lives in in for 10 years and sells it. For the most part in America, real estate out performs the stock market. Unless of course you’ve bought your home in a dump. Let’s take an average 1st generation immigrant with two incomes in the US and they decide after owning their home for 15 years or so they want to buy land in Lagos since they are considering spending more time with Nigeria with their children. On average, they would have the option to pull funds from multiple places if they actually have a clue what they are doing. In fact that house they have paid on for 15 years that has appreciated in value as they paid down the mortgage would likely have enough to get a HELOC against. That line of credit could finance that land or property in Nigeria. So this is where I think we all will agree. For $5000, you could find land in parts of Lagos that I can almost guarantee (I hate to say guarantee in most situations) you will make money on if you literally just buy and hold for a few years. The money you would make from flipping that land in a few years is way more than the little you would pay on interest in the HELOC. This is where guys like these come in because I would not advise anybody to buy land in Nigeria without help. My point is that the safest most really of all of this whether in Nigeria or North America, investment property or personal property, the safest option and smartest is taking that mortgage on your home in the US.
👏🏽👏🏽
Honestly in my humble opinion it's not worth it. Unless you are buying to live in future. If you buy for future investment then it's not worth it. Bought a property 2 years plus ago when dollar was still 700. If I am selling the property now it's probably going to be the same price I bought it or even less. In my humble opinion it's not really worth it
That brotha what chatting "DIVINE FICTION" of buying a House in America????? Buying land & Houses Africa, In America, leasing the house, WHEN the Mortgage is NOT PAID one month or two months either increase the lease or a Foreclosed on the home, did them REALLY OWN that House or they lease it with Intention to Buy, buying a house, is WHEN completed your mortgage payment mean time, the house the Banks own, very FEW peoples OWN houses in America, EVEN former U.S. President Donald Trump, NEVER own his properties, WHEN He cannot meet up with his payment to the Banks, the seized them. I live in New York City, WHY say, own a home when actually the Banks own it. THAT is why it's better to own then lease, EVEN If own the house, Taxes on your ownership every year, will still cost. Refinance your home, WHEN the house is ALREADY paid for, then, can refinance…ETC