To Buy Or To Rent

To buy or to rent, that is the question many people ponder on when it comes to property. Now let’s weigh in on the pros and cons!

When you purchase a property you gain long term stability and a sense of ownership. This can provide you with equity while you potentially enjoy the appreciation in value over time, you also have the freedom to design your space as you desire. On the flipside there are things to consider. Firstly buying property requires a significant amount of capital to be put upfront, this includes a deposit and in some cases a complete payment (especially in the NIgerian market where mortgaging is not yet fully accessible. Secondly it comes with extra costs like legal agent fees, taking responsibility for maintenance and repairs over the years.

Renting, on the other hand, offers flexibility and less financial commitment upfront. This is mostly ideal when you prefer mobility and are still uncertain about future goals. Maintenance costs are typically the owner’s responsibility if the service charges are tied to the rental agreement. However, renting means you miss out on building equity and you are subject to potential annual increases. There is also the issue of having limited control over the property. There is a bright side to all of this as you stand a chance to create a property investment portfolio with a bigger chunk of the proposed amount and earn almost 20-30% ROI on any investment made.

Ultimately the decision between buying and renting depends on you financial situation, your goals, and life preferences. Consult with a reliable real estate professional to help you make an informed decision. The Perfect Address team is always on standby to advise and guide you on your journey.