Are you wondering if it’ll be more profitable to your pocket to either rent or buy a property in Lagos in 2023? Many Nigerians living in Lagos often face getting a property or just going ahead to rent.
It’s not an easy decision to make, and in this article, we explain the information you need to be aware of to help you decide whether to buy or rent a property in Lagos.
Is Renting Better Than Buying A Property In Lagos?
Many people in Lagos often ask this question, especially when you can afford to purchase a property in the state but are still wondering if that’s the right way. It can be a frustrating question, especially when there are solid reasons why you are contemplating about buying a property in Lagos or not.
While it’s left to you to choose the decision that best serves you, here are things you should note about renting and buying properties in Lagos.
- Flexibility
One advantage of renting a property in Lagos is the ease of relocation. You are free to move out if the house or state at any point without wondering what’s left behind. You can decide to relocate to another area in the state if you’re tired of your current area.
That does not apply to owning a property in Lagos. As a property owner, you cannot wake up one day and leave your property behind. Before you decide on relocation, you must have made plans for your home. Not many often afford to move out of their current areas because that’s where their house is situated.
- Ownership
One major disadvantage of renting is that you do not have a permanent stay in that house. The landlord could decide to renovate or resell their property, forcing you to move out. If you rent a property in Lagos, you are merely paying to remain there for a duration.
Buying a property in Lagos makes you the sole owner of the home. So long as the home is not within an area the government could want back at any time, no one can move you away from your home. Even if the government wanted the land tomorrow, you’d be compensated for your property.
- Payment
Renting is cheaper than buying a house in Lagos. While rent in Lagos is usually expensive, you cannot compare the expenses involved with the amount of money it’ll require to purchase land or property in Lagos. The average rent in Lagos is from 300k upwards. Whereas the average price of a property in Lagos is from 15 million upwards. So, if you cannot afford to squeeze out 15 million and above, renting a home is best.
- Privacy
If privacy is the most important reason you are wondering whether to rent or buy a property in Lagos, then you should know that buying is a better option. As a renter, to an extent, your privacy will be assured. However, there are still instances where your privacy could be invaded. For instance, when your landlord is conducting home inspections.
When you own your home, nobody invades your privacy. Everything is done and left exactly the way you left them. Buying a house in Lagos gives you full liberty to your privacy, and you don’t get to deal with landlords.
- Good Returns
It’s important to note that you gain returns only from a property you own. In this case, if you have tenants occupying the property in question. As a renter, you only make payments without any returns from your rent. However, after buying property and accepting tenants, you start making money back from your property.
Conclusion
Buying or renting a house in Lagos depends on the pocket size and choice. Generally, if you can afford to purchase a property, get one. If not, then stick to renting until you can afford to buy.
