Building duplex is a financial mistake if you are earning 200k to 500k. Is better you build Bungalow.

As a salary earner, dreaming of building a duplex can be overwhelming, especially when your income ranges from ₦200,000 to ₦500,000 per month. Before embarking on this ambitious project, consider the financial implications.

*Monthly Expenses: A Reality Check*

1. Transportation: ₦50,000
2. Rent: ₦40,000
3. Feeding: ₦100,000
4. Health: ₦50,000
5. Family: ₦50,000
6. Utilities: ₦20,000
7. School Fees: ₦50,000

Total Monthly Expenses: ₦260,000

*The Duplex Conundrum*

With a salary of ₦500,000, saving ₦100,000 monthly for your duplex dream, here’s the stark reality:

1. Foundation alone: ₦8 million (≈ 8 years of savings)
2. Superstructure to decking level: additional 10 years
3. Decking to roof: another 10 years

*28 Years to Build a Liability Investment*

Meanwhile, an entrepreneur who served his master for 10 years in Onitsha can receive ₦10 million as settlement and build a 3-storey building within a year.

*Conclusion: Build a Bungalow, Enjoy Your Retirement*

As a salary earner, prioritize affordable housing (bungalows) over expensive duplexes. Reassess your financial goals, create realistic budgets, and explore alternative housing options.

*Takeaways:*

1. Assess financial capabilities honestly.
2. Prioritize needs over wants.
3. Explore affordable housing options.
4. Invest in assets with growth potential.
5. Consider entrepreneurship or side hustles.