What You Need To Know About Renting or Buying a House in Nigeria

Many people dream of becoming homeowners because of the status it is believed to confer on them. However, it is important to thoroughly consider the options available before making a decision.

The options of either renting or buying a house both have their advantages and disadvantages. In this article, we will be comparing the pros and cons of renting or buying a house.

Renting a House

Rentals have become a major investment in the real estate sector. So many properties are being developed for the purpose of renting them out to interested clients.

It also makes provision for people who may not be able to afford buying a house just yet. If you choose to rent, there are certain factors associated with renting a house. Some of which are:

Mobility: In Nigeria, many people resort to renting a house because it is more affordable. Renting a house gives you the ability to move from one apartment to another whenever you want to.

Cost: The cost of maintaining the house or property is borne by the landlord. The cost of rent is considerably cheaper as compared to buying a house in Nigeria. When you rent a house, you don’t have any major responsibilities and you can leave to another neighborhood if you’re no longer comfortable.

Increment: However, renting a house also has its downsides as the rent can be increased at any time. You also might not be able to make desired changes in the house depending on what has been agreed on and signed.

Read more on What Landlords and Tenants Need To Know About Tenancy Agreement in Nigeria

Buying a house

Buying a house is often seen as a profitable investment in real estate. Your house or property could appreciate over time and you can make profit by selling it at a higher price than you bought it for.

This is one of the many real estate investment opportunities that a lot of people have been tapping into. Some of the factors involved in buying a house include:

Cost: While it might cost a greater bulk of your finances in the initial stage, living in a house you own saves you the stress of worrying about paying rent. It also offers stability as you do not have to move around too much.

Design: Buying your own house also allows you choose how you want to design your house. You have the final say as the owner and can make changes in areas you are not comfortable with.

Maintenance: However, being a homeowner also comes with major responsibilities. You will have to ensure the property is well maintained to avoid major damages. You would also have to carry out renovations from time to time. Though you would not be paying rent, there are other property maintenance fees you would have to pay for.

Check out: How To Renovate Your House Within a Budget

What matters when deciding to rent or buy a house is your budget and goals. Buying a house is a real estate investment that could yield maximum profit over time.

At MKH, we have investment options for you with properties that are strategically positioned to give you the kind of profit you desire. All you have to do is book an inspection appointment and we will be readily available. You can contact us here for more information.