Nigerian American Warns Against Buying Property in Nigeria! | Ownahomeng TV | Feel at Home
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- เผยแพร่เมื่อ 30 พ.ค. 2024
- 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 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.
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.
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
Interesting perspective. Thanks for watching and sharing
Interesting discussion. Can you please leave out the music in the background? It caused a lot distraction.
This is noted. Thanks for watching
Where did you buy for starters, and that’s why you need to have an understanding of property circles, yes for you to understand when to buy and sale. 2022 what not the time but 2020-21 because of America 🇺🇸 printing money 💰 to handout to business and public for pandemic relief. So timing is everything and please due diligence is crucial🫡👊🏾
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!
cheers man thanks for rocking with our content
Land or houses.bought in Nigeria is not an investment, its just an Asset. Writing from experience
Assest and/or investments, you’re actually referring to the same thing
@@ownahometv Investment is for profit. Housing in Nigeria is not for profit due to devaluation of the currency if you live in diaspora
Gbam! Anybody pretending that a house in Nigeria is as valuable as a house in the US is a liar, simple
the background sound is distracting
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$
Inflation and fx fluctuations are the biggest setback; however, flipping a c of o land in ibeju lekki or epe would probably only make sense in 5/10 years. People that bought freehold land during that period and want to resell now would have greater gains
@@ownahometv in USD? please share the figures
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.
Interesting perspective thanks, people have various reasons for investing so I don’t think we’re both in any position to tell people not to invest. Thanks for your perspective all the same
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.
This is a balanced take and some of the things we did mention on the podcast. Thanks for watching and your perspective 🙏 maybe you should come on the show sometime 😅
5k USD land in Lagos will be Some area (not high brow) of Ikorodu and Mowe which you may not like as a returnee
LISTEN, I buy & sell since I was 6 years in my village, myself, other brothers with my father arrived in North America when I was 15 years, 17 years started music production, I graduated from high school, I upgrade sells clothes, expensive menswear shoes, then exporter, then Stock Market ETC, I done doing my businesses in New York City, it's by FAR WAY better to own OR Lease an home WHEN still have to pay the mortgage each month, my brother mother she had a 4 story apartment building she STILL paying the mortgage, she turn it over to one of my brothers he excepted she would turn the building over to him. NOW, I WANT YOU, take out your calculator, tell us, buying home/apartments, or doing split-second profitable investment, I live in in New Brand rented glass Penthouse... Everyone, has their own mindset, some Police officers, Military, Deli store, salesclerks, Engineer, etc. Tax collector, You mention, raising children, can still rented home, be an investor. TO EACH, HIS OWN, I have to grant Million of Thanks to my brothers their grandmother, because she took me to Town at the Market when I was 2 1/2 years to watch her sell starch, as I grown-up that is the very SAMETHING what I become doing Businesses...
👏🏽👏🏽
Thanks for watching :)
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
12:23 before you finish flipping the property in Nigeria, they have devalued the currency again😆🤣😆🤣
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.
Certainly have a lot to learn from you. Looking forward to our call when you’re free
@@ownahometv Has long as you are doing the RIGHT thing, will see how FAST can grown
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 love the sound of this!!! Honestly probably something I’d be open to doing by next year
@@ownahometv count me in when you’re ready.
We should definitely be in touch. Please drop me a message
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
Very true
at least if you pay your taxes you will be fine. In Nigeria, the government can just come and take it or tear it down, so it is not really yours either. God bless us to have one at home and one abroad. The safer investment will always be to own in US. Just based on previous experience. People who bought homes in England and US 30 years ago are a lot better off financially than the same person who bought the house in Nigeria.
Property taxes also exist all over Nigeria though it may be possible to evade payment in your village you cannot evade it in major cities like Lagos or Abuja so you're wrong on this one
@@obiflex What is wrong? I never said you don't pay taxes in some areas in Nigeria. I am saying it can be torn down or just taken even if you pay taxes without any reimbursement from the government. So what else about what I SAID is wrong? 😂
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.
Oga you're lying. Nobody who owns houses in Nigeria and abroad will say Nigerian houses are more valuable.
Let's say you own two flats in the US and two flats in Lagos all 3 bedroom flats each. Compare the rental income alone, one month rent on your flats in the US will be higher than the yearly rental income in Nigeria.
Secondly, it's easier to acquire property in abroad if you have your papers because you can purchase a house in the US with a mortgage and rent out part of it to pay off the mortgage whereas in Nigeria, you must pay 100% of the cost in before you can rent it out or live in it
@@obiflex see this is the problem with some of you Nigerians, una no Dey gree read well to understand. Tell me where in my comment did I mention houses in Nigeria are more valuable? Why una Dey disgrace una self like this for internet.
@@lanxlanister8721 Oga you lied and I have to call you out. Nobody who owns houses in Nigeria and abroad can make this emotional statement that you made.
How can you say houses abroad mean little to you? How can you say houses in Nigeria will benefit future generations but not the ones abroad? No property owner can say that.
No Nigerian has ever lost a house abroad, houses abroad are always an asset but millions of Nigerians have lost houses in Nigeria from the 1940s when people's homes were being burnt in the north in riots, to the Civil War and the seizure of Igbo properties after the war, to the decades of mindless demolition of houses by military and civilian governors in all states of Nigeria especially Lagos and Abuja. It is an objective fact that any house built in Nigeria is built at owners maximum risk, these risks are practically non existent in the west. Your children can NEVER lose your house abroad even if you die, this only happens in Nigeria. Oga please, you don't own any house anywhere