How Much Does It Cost to Build a House in Nigeria
It is therefore true that constructing your house from the foundation in Nigeria can be a thrilling task, but one that is very challenging, especially given the unpredictable nature of the costs of various building materials and human labor.
No matter whether a person intends to build a simple house like a bungalow or a complex large house like a multi-story building, knowledge of the market and prices for materials is an important step towards financial planning.
In this guide, you will understand the different factors that will impact the building construction price in Nigeria in 2024 to ensure you make the right decisions for your building construction projects.
Cost Consideration in Building a House in Nigeria
1. Location
The actual place where you are constructing your plot greatly determines the overall cost. Land rates may even be as expensive as 30 million to 150 million in a plot in Victoria Island, Lekki, or Ikoyi areas in Lagos, respectively.
More so, while land prices in more developed or urban centers cost between ₦20 million and ₦50 million, those in less developed regions or the suburbs are cheaper, costing between₦5 million and ₦25 million.
2. Size and Design of the House
The size of your house as well as the architectural design of the house is greatly responsible for the total cost of construction. A home occupying less than 400 square feet will cost considerably less than a mammoth house.
The cost will also depend on the option regarding building design and elongation, the number of floors, and the degree of home enhancement.
3. Materials
It was widely stated that the type of material to be used in the construction of a structure has a very direct impact on the overall cost of construction. Furnishings such as IT imported tiles, granite, superior fixtures, etc. increase costs; on the other hand, local fittings and fixtures can be affordable.
Looking at the analysis of the raw materials required in the construction of completed projects by 2024, a bag of cement costs about ₦9000.
4. Labor
Labor costs are hence influenced by the area of operation and the extent of the skilled workforce. In urban areas, overheads, when compared to rural areas, are a bit expensive as the cost of everything is a bit high and skilled labor is often demanded in such regions. One should make a comparison of various builders’ price quotes so as to establish the costs of their services were reasonable enough.
5. Licenses and Authorizations
The situation of getting appropriate permits and sticking to pending regulations boosts the overall cost. The cost of architectural drawings, approval of buildings, and inspection charges should also be included in the budget.
Economic Cost for Various Types of Houses in Nigeria (2024)
1. Basic One-Storey House
The construction of a simple one-story house on a 110-square-meter pot in LAGOS would go for ₦12m – ₦40m. This estimate taken shall contain the cost of land, fundamental commodities, and wages demanded for common quality.
2. Modest 3-Bedroom House
The price range of a 3-bedroom house measuring between 60 and 120 square meters is between 7 million and 30 million naira. This price also covers the cost of the land, architectural and engineering fees, construction costs of structures, the cost of construction materials, labor, and costs of basic finishes.
3. Small House, particularly Houses below 400 sq ft.
The cost of constructing a small house in Nigeria, depending on area and design, can go for as low as ₦3 million to as high as ₦10 million or even more.
This estimate includes the cost of the land, construction materials, labor costs, and utilities. Self-construction of your own small house can prove to be equally or even cheaper but certainly involves much experience and a considerable amount of time.
4. Luxury House
If people require a high-quality finish or more than one storey, this price will drastically increase. Prices for luxurious houses can cost above ₦70 million, depending on the areas of Lagos or Abuja. Affordability is an area where motels often cannot compete with other properties because they offer luxurious finishes, complex layouts, and are located in the best areas.
More Things You Should Consider
- Infrastructure and Utilities: Utility installation of electricity, water supply, and sewage increases the expenditure and can be expensive, particularly in undeveloped regions.
- Interior Finishing: The money spent on interior finishes, for example, flooring, painting, and fixtures, depends on the taste and kind of quality you are willing to go for.
- Landscaping: It means additional costs, such as on gardens, developing driveways, and installing fences, will be added to the total cost.
Construction Cost Control Tips
- Get Multiple Quotes: It is always important to seek the services of several builders in order to get the best price offers.
- Opt for Local Materials: This embraces the use of local materials in production, as this can work well in controlling expenses without really meaning a compromise on standards.
- Plan and Budget: As with most projects, a lot of emphasis will be laid on planning and costing. It helps to include all heads of expenditure, which can save from unexpected costs.
- Consult Professionals: Consult professional practitioners, namely the architects, contractors, and quantity surveyors, in order to get good estimates.
Conclusion
There is an elaboration of key elements, which eventually define the procedure of building a house in Nigeria and the overall cost that comprises the building in 2024:
But with research and proper planning, budgeting is easy, and all your building projects can be accomplished as planned. It is always good to talk to local estimators and get the most realistic and up-to-date price quote on your project.
Constructing a house is a major project; this therefore means that you can be able to build a house that you desire and cost effectively. Remember these points and suggestions while you go for construction.
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FAQs
1. What is the cost of building a house in Nigeria in 2024?
The investment, which may be a fixed installation or portable structure, can depend on the location or size of the premises and the choice of materials and personnel. A simple one-story home may be priced at between ₦12m and ₦40m, while a simple 3-bedroom home may be priced at between ₦7m and ₦30m.
2. This brings us to the next question of this research: what are those factors that affect the cost volume of building a house in Nigeria?
These are the location of the plot, size and design of the house, materials used in construction, cost of labor, and the permits that are accorded to contractors.
3. Does construction cost more when located in urban centers?
Indeed, construction costs are usually higher in large metropolitan areas such as Lagos or Abuja because of the high price of the land and the price of the construction workforce.
4. Is it possible to save money if I build my own small house?
Yes, it is wiser to build your own small house; it can be cost-effective; however, it can be very time-consuming, skillful, and tiresome.
5. What is the best way to go about controlling costs during construction?
Different builders should be contacted for prices, locally available building materials should be used, planning should be done well, a good budget estimated, and professional advice obtained.
6. What are those often overlooked factors you should keep in mind when constructing a house in Nigeria?
These are costs that are not easily captured within a project that might accrue from securing permits, additional expenses due to time overruns, preparation of the site, development of the landscape, installation of utilities, for instance, water and electricity.
7. How much time is required to construct a house in Nigeria?
The timeline depends on size and house design, kinds of materials available, and climatic conditions of the specific region. The construction of each house takes an average of between half a year and more than one year.
8. Which is more economical, custom-made or to build a house in Nigeria?
There are many ways to approach the construction of a house, and if the project management is done well, it can be cheaper, though it will cost time and work. Purchasing a house is easier due to market prices ranging from cheap to expensive and other costs that are associated with it.
9. What option may be followed to get building permits in Nigeria?
It includes presenting architectural plans to the local planning authority, paying required costs, and receiving inspections. It is necessary to adhere to the law to avert someone or other forms of penalties.
10. Can I get a mortgage in Nigeria to help build a house?
Indeed, it remains possible to get a construction loan or mortgage for constructing houses from practically all banks and other related institutions. It is preferable to get to a situation that can be compared to other options so that the agreement and the terms that come along with it can be comprehended.