Is it more profitable to rent or buy properties in Lagos? If you have ever been faced with the two options; whether to rent or buy a house or other properties in your preferred location.
You will understand it is not easy to make such decisions. This article contains all the information you need to decide whether it is better to buy or rent a house in Lagos.
Is it Better to Live on Rent Or Buy Properties In Lagos?
Many people are fond of asking if it is bad to rent instead of buying a house in Lagos. Especially when they need to make decisions about a real estate investment in an extremely expensive area around Lagos Island.
The truth is both are laudable ideas but one has huge advantages more than the other. Both buying and renting a house have their advantages and disadvantages. It is left to you to choose what you want to benefit from.
Rent Or Buy Properties In Lagos? Points to Note
When you choose to rent a house in Lagos instead of buying, you are free to relocate anytime your lease expires. You can decide to move to other places if you do not like your current house.
Unlike when you buy a property, you are the owner and will not be able to move elsewhere unless you want to sell the house. That’s why you should do your research well before buying a house in Lagos.
Another factor one can consider in knowing which is better, whether to buy or rent a house in Lagos is Ownership. If you decided to buy a house in Lagos, you will be the sole owner of the house.
An added advantage of buying a house will be you living according to your own rules. You can style the house as much as you like without asking for anyone’s permission.
But if you decided to rent a house in Lagos, you may have to live according to the owner’s rules and regulations. You can’t renovate the house without the owner’s permission and you do not have control over the house as you are a tenant. Read Also: Top 10 States To Invest in Real Estate in Nigeria
Buying a house is costly and maintaining it will require a fortune depending on the quality and location of the property. It is one of the disadvantages of buying a house. You may incur unplanned expenses like repairing roofs, purchase of plumbing materials, and so on.
Unlike when you rent a house, the only payment you will have to make is the yearly rent fee. You don’t have to bother about any unplanned expenses as the owner will be responsible for all. Furthermore, it will be relatively cheaper compared to buying the same property. You can live in an expensive area with cheaper rent compared to owning a house in the same environment.
Duration of Stay
As earlier mentioned, buying a house gives you a lot of stability. You are the landlord and owner of your house. It means you get to decide your duration of stay. One of the advantages of buying a house is that it comes with a sense of pride and dignity. You are in control of the house irrespective of how small it is.
Similarly, one of the disadvantages of renting a house instead of buying is instability. You do not have the power to decide your duration of stay. It solely depends on the owner of your house.
You can be asked to evacuate the property if you go against the rules and regulations given. In addition, you may be asked to leave the premises once your lease expires or even before it expires. It all depends on the agreement that was made before the lease or the current situation.
If you consider privacy, you will decide which is better buying or renting a house in Lagos. Buying a house in Lagos gives you the full right to agree with someone’s visit or not. You have the liberty to decide whether to accept other people’s visits or you want to be the only one living in the house.
Unlike renting a house in which one of its disadvantages is little or no privacy. Depending on the house spaces and number of rooms, you may have to share with other tenants.
Even those that rent a whole building will need to welcome the visit of the landlord or agents monthly or four times a year for inspection depending on the agreement.
Do you think it is better to rent or buy properties in Lagos? We asked you to look at the yield both are capable of making. If you buy a house in Lagos, you have the right to sell it later when it appreciates. And it is capable of providing you with good profits.
Unlike when you rent a house, you can not sell the house if the value increases. Your rent fee can only be increased in this case. This also counts as one of the disadvantages of renting a house.
Is it Better to Rent Or Buy Properties In Lagos?
By now, you should have found answers to all your questions. You will agree with me that it is not entirely bad to rent instead of buying a house in Lagos depending on your financial status.
But the advantages of buying are much compared to renting. Hence, we advise you to buy a house in Lagos instead of renting. Invest in that real estate opportunity in Lagos with the right real estate agent and you will not regret it.