Rapid urbanisation and a rising younger population are just some of the factors currently driving Nigeria’s real estate industry. Not only do these factors have an effect on the size of the market but the population’s preferences toward property ownership versus renting.
Are you debating whether to buy or rent a home in Nigeria? There are a number of factors you need to consider for each of these options and how they fit in with your personal situation to determine which is best for you.
In this two-part post we look at the pros and cons of each to help make your decision easier.
Flexibility is probably the greatest advantage associated with renting a home. This option is ideal for you if your job requires sudden relocation because renting requires no long term commitment from a tenant.
Moving out as a tenant is much easier because you don’t have the responsibility of finding a buyer to purchase your property or someone new to take over the lease. This is a task for the owner. As a tenant you also don’t have to be too concerned with maintenance costs because these fall under the owner’s responsibilities.
Renting may also give you the opportunity to live in an area that you may not be able to afford to buy a property in.
As much as renting offers the tenant flexibility it also offers the owner the same amount of flexibility and there is no guarantee that once your lease expires it will be renewed, which is bad news for you if you were content with living there. In Nigeria especially the law tends to favour the landlord more than the tenant which can be a nightmare if you end up with a bad landlord.
Being bound by the rules of a rental agreement, tenants can very seldom make any changes to the property without the prior consent of the owner if at all. This impacts your freedom to use the property and modify it to make yourself comfortable.
Most tenants do not have direct access to owners and work though rental agents. Although this can be positive at times it can also cause delays when trying to resolve issues as there is a 3rd party involved.
For more on the pros and cons of buying vs renting click here to read Part 2.
If you’ve made up your mind and would like to buy a home in Nigeria, contact Mobus today for more information on the range of properties available at River Park Estate.
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