Can 10 Million Build a House In Nigeria?

Building a house with 10 million in Nigeria is possible, but you must consider various factors. When answering questions like this, the location is the most important thing; building a house would generally cost more in certain environments.

With proper management and strategic spending, 10 million can build a house in Nigeria. However, this might not be enough in certain environments to build a standard or regular house. 

Building a house with this budget would have been easier a few years ago, but it might barely be enough with the current increase in goods prices and inflation rate. This post will walk you through how 10 million can build a house in Nigeria.

Before we get right into it, let me briefly tell you about Getcrib, a property management tool we built for property owners and facility managers. Homeowners with the best deals trust us to manage their property, so you might want to look.

Now, back to our main subject. We will consider the following factors before starting a project with this budget.

What To Consider Before Start a House Project With 10 Million

There are vital considerations before a project; the first thing that should be on your mind is the location. A half plot of land would be enough to build something on this budget, so knowing what it would cost in your preferred location is important.

Another crucial decision to make here would be the size of the house. And 10 million naira will not get you a mansion in Nigeria. So, you are probably looking at a few rooms and bathrooms, which would be something basic.

Labour costs are where a good percentage of your budget would be spent, and this section can be flexible as the price is not fixed. Expensive labour costs would result in a shortage of funds during the project, so you must consider the timeline and estimated price. This section would include architecture drawings, plumbing, electrical work, bricklayers, and lighting.

Examining these three factors is advisable, as they comprise everything that would require a large budget sum.

What type of House can 10 Million Build in Nigeria?

With this budget, you can expect a decent three—to four-bedroom house with about two bathrooms. This house will be decent, and the land will be around 500 to 800 square meters.

Other expenses cover infrastructural utilities like tap water or a borehole. Sewage, waste management systems, home internet, and other services are things you could add to the expenditure.

A well-furnished house like this could be a comfortable residence for a small or new family. As a homeowner you can also explore the option of putting it out for renters. Getcrib will facilitate your new tenants on-boarding while removing any annoying agency fees.

How can 10 Million Build a House in Nigeria?

The success of building a house depends on how well you plan every stage of the process. And you will need that plan done carefully to maximize the best of your 10 million naira budget. So, this section will briefly discuss how you can wisely use 10 million to build a house in Nigeria.

Buying a Land

The aim would be to get land at a good price in a decent environment. Although this might be tricky, you must ensure it falls within the budget. There are options to get land for less than 2 million Naira per plot. Since land would take up a lot of the budget, exploring the best affordable deal is important. Also, the land should be enough to build a house with around 3 to 4 four bedrooms, depending on each room’s size.

Building Materials

This is one factor that might make estimating the cost difficult. The price of building materials changes frequently, and prices may also vary depending on the supplier or quality of the materials. However, you should be able to negotiate good deals for items such as blocks, cement roofing sheets, tonnes of sand, planks, and POP/PVC (installation options for the ceiling).

Interior

The design of the building in the interior part of the house is essential. But it goes beyond that; various installations are vital inside your rooms. Lighting and other related installations are something you should consider important. With a small budget, you’ll only need a few chandeliers; the rest of the light would be basic.

Other jobs needed on the interior include electrical systems like wiring, and designs like screeding or regular painting.

Finishing

The final stage of every house-building project is the finishing touches. A plumber fixes the pipes and sinks and ensures they flow. The plastering and painting of the building is the project’s final phase, as, just like the interior design, this may serve as the exterior section.

Labour Cost

At every stage of this project, an engineer, electrician, plumber, or architect works hands-on. The expected price for their labour depends on their skills and your negotiations. So, it is crucial to ensure that you hire workers willing to work within your budget.

Possible Challenges

Squeezing a 10 million naira budget for a house can have downsides, so you have to be prepared for potential hurdles. An increase in price during the project can affect your estimated cost for that project phase. Also, the lack of manpower due to managing a tight financial plan can lead to delay in the completion of the project. So, it can be difficult to set a timeline, and with more delay, you may incur added expenses.

Quality is another aspect of this project that might be influenced by your opted-for affordable building materials and less costly labour in some sections.

The ultimate challenge is spending over the budget, especially if you have little financial backup. However, you can avoid this hassle and explore what 10 million naira can give you with our listings on Getcrib.

 

Wrapping Up

Building a house in Nigeria with a 10 million naira budget is achievable, but it requires careful planning and strategic allocation of resources. Key factors such as location, land prices, labor costs, and the type of house you intend to build will heavily influence the outcome. While this budget can secure a modest three to four-bedroom home, you must be mindful of rising costs, inflation, and potential compromises in quality and size.

Building a house on this budget is possible, but flexibility and adaptability are crucial. With proper management and smart decisions on materials, labor, and design, you can maximize your 10 million naira budget to achieve a comfortable home.

Alternatively, purchasing a property or exploring listings like those on Getcrib might offer more convenient options for potential homeowners.