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 part one of our post we looked at the pros and cons of renting. In the second half of our post we’ll look at the pros and cons of buying.
Owning your own home can contribute to long-term wealth accumulation and security. It also allows you greater freedom to use your home as you wish without any restrictions imposed on you by a landlord.
This means more creative freedom allowing you to alter the property, including décor, landscaping and renovations to suit your needs and style. Owning a home can help improve your credit profile if you’re a good homeowner and you make sure your repayments are made on time.
You will also have the option to refinance your mortgage amount if you require a large amount of money to pay for major purchases or conduct renovations. One of the best advantages of owning your own home is that as time goes by the value appreciates which means that if at some point you decide to sell you stand to make a profit off the sale.
As is the case with renting buying your own home has a few cons as well. Being a homeowner is a major responsibility and requires a certain level of commitment and stability. As a homeowner you are faced with huge financial responsibilities such as your mortgage repayment and additional expenses such as rates, insurance and maintenance.
You are also less flexible when compared to those who rent on s short term basis when it comes to moving. As a homeowner your move can take longer than usual once you decide you would like to move because it is determined by whether or not you have a buyer.
Whether or not you decide to buy a home is dependent entirely on your personal situation. Take some time out and review where you are in life, what your goals are and which option will be best for you.
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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