The Pros and Cons of Buying and Renting a Property in Nigeria and why you can rely on DPKay Homes
There is always a struggle with the decision on whether to buy a property or rent one. A lot of people have gone through that phase where they had to think and rethink and as well as seek for the opinions of friends on which decision will be worth spending money on. Different people have their reasons for renting over buying a property. One of the reasons is that they do not have enough money to invest in a landed property and renting makes their finances much more flexible with little responsibilities involved. On the other hand, people prefer to invest in a landed property so they can call it their lifetime home and be free from being under a demanding landlord or landlady who might constantly increase the rent. Whether you are thinking of buying or renting a property, here are the pros and cons to consider so you can make a smart move towards renting or investing in a landed property.
Owning a property gives you long term benefits which includes equity, security and a good return on investment in the future. When you buy a property, it becomes yours legally and gives you the freedom to do whatever you want to do with it. You can rebuild, design or renovate as you deem fit. However, the disadvantages of owning a home includes a huge sum of finances that will go into maintaining the home regularly as well as additional costs which includes insurance, taxes and rates.
Renting a property does not come with long term commitments especially when you need to relocate. It is much flexible than owning a home but the disadvantage is that you must agree to the rules and regulations of the property even though you might not like the terms.
Your property can earn you good profit if you decide to sell it later in the future as the value appreciates with time. You can also generate more income by renting out your property for a good amount of money. The disadvantage however is that that there might be some risks not making any profits during resale especially when the economy becomes tough and people can no longer afford expensive properties. This can also result from high interest rates and unseen occurrences within the location that might make it undesirable.
When renting a place, it is easier to move out without worrying who will take over the property as that does not concern you as a tenant. Renting does not give a Return on Investments as this only goes to the home owner who is benefiting from his or her tenants’ rent. Also, when renting, you have no control over the increase in rent that may be due to recession or annual inflation.
The pride of ownership makes home owners have a sense of belonging and stability but if you are the type that moves from place to place, you might not be able to sell your property when the property market is down. It is far more expensive owning a home when you are the nomadic type.
When you rent a property, you can always leave as soon as your rent expires but it could also mean that you have to vacate immediately as soon as the landlord decides to increase your rent, sell the property or do some restructuring that you might be uncomfortable with.
When you own a property, you are liable to fixing broken fences, bad roofs, windows or anything that may go wrong at any time. There are certain house maintenances that home insurance may not be able to cover and you should be ready to spend more in order to keep your house up to the standard you want it to be.
When you rent, you are sure of spending a certain amount of money each month or each year. You will never have to pay to replace a broken roof or fence but the owner of the property will fix it, as that is his or her duty. The only thing you will face as a tenant is an unpredicted raise in rent that might make you uncomfortable. Once a rent is increased, you either comply or you move out.
Relying on DPKay Homes when you want to invest in properties
At this point, you might have made up your mind in investing in landed properties for the future benefits it gives. DPKay Homes has properties to your taste that promises to give you a good Return on Investments in the future. Being a home owner is the dream of so many people in Nigeria and investing smartly is the best way to go. DPKay team will always work you through the process of owning your own home so you do not have to go through it alone. Owning a home provides you with a more permanent place to raise your children and leave a legacy. DPKay properties are free from government acquisition, omonile trouble or any other form of trouble that comes with most land processes. DPKay Homes can make your dreams of being a home owner come to reality.
Money is usually the case study when it comes to the decision of renting or buying a property but whichever decision you make is probably the best. Many people believe that renting a property is a waste of money but in Nigeria, renting or buying a property is determined by financial capability as not everyone love to take loans to invest into landed properties. A lot of people want to be home owners and renting a property does not stop you from investing in properties for the future. Smart investors have been able to find a means to investing into real estate. If this is what you really want, it is never too late to start investing now. You do not need billions of Naira to invest but you can start anywhere and watch your investments grow.
Do you need help in deciding whether to rent or own a home in Lagos? Click here to speak with a DPKay realtor today