CategoriesReal Estate

Rent hacking in Lagos

 

With Lagos, being the most populated city in Nigeria and the city with the largest economy in West Africa, demand for homes continues to rise with increasing rental values. It’s no surprise that people who live and work in Lagos are constantly complaining about the search for a home being stressful and the quality of the homes they find not compatible with their budget.

Fixed supply of homes leads to increasing cost of rent in Lagos and it is becoming out of reach for many. New ways to own homes are emerging to suit different budgets and needs. Rent hacking is a practice that involves renting out parts of your house, sublease or short-let your rented home, maybe a room or two (depending on the type of house) for an income that is used to cover your a part of your rent and a host of other household expenses. Imagine earning some income from a property you are renting. This brings us to WHY people practice this.

  • It helps save money
  • Transport and housing expenses are cut down considerably
  • Budget gets freed up to accommodate new investment options and taking up new projects
  • Rent hacking allows you to learn how to be a landlord in real time
  • You get an insight into real estate investment

Most real estate investors get their start by house hacking. These practices have been in existence for a long time. It continued to grow and expand rapidly to Africa but the fastest growth has been recorded in Nigeria in some states like Lagos and Abuja.

To truly hack renting in Lagos, you need to find properties in prime areas, located close to the offices of your target market. Ensure the property meets their standards, flexible for change and convenient. Renters in Lagos basically want a place that does not

  • require them to sleep in traffic,
  • take a lot of their transport budget
  • take a chunk of their rent allocation

Rather they’ll opt for properties with convenience and close proximity to workplace and their daily routine.

How to hack rent in Lagos

The first thing to consider before contemplating rent hacking in Lagos is your strategy, as there are different ways to hack rent;

Airbnb: Airbnb generally is an online marketplace that links people who want to rent out their homes with people who are looking for accommodations in the same geographical location. Airbnb is mostly searched for on social networks in Nigeria, most especially Instagram. As a comparison, one of Airbnb’s advantages in Lagos is its reasonable cost.

Photo of Living Room

Get a roommate: Getting a roommate is one of the easiest rent hacks in Lagos. All you need to do is get a roommate and split the rent bill.

Renting space: involves leasing out an empty space in your home. It could be the garage, the boys’ quarters, or a room.

blue bed linen near white wooden framed glass window

The second thing to look out for is making it as professional and legal as possible. The agreement should be documented using a lease agreement and contracts for your tenant or roommate with fair house cost if you are renting out space.

There should also be proper procedures and documentation which clearly state the duration and agreement.

 

By doing this, you would have successfully hacked renting in Lagos and truly be on your way to living for free – or close to it.

CategoriesReal Estate

Relocating To A New Neighbourhood? Factors to consider before making a deliberate effort to change your location.

The news of moving to a new home or environment is indeed accompanied by a rollercoaster of emotion and certainly does have their fears and excitements. It doesn’t matter how old you are, you’ll get this feeling.

Moving from a familiar demographic to another comes with so many security and safety questions especially in a country with so many insecurities and insurgencies. That’s why many Nigerians choose their demographics based on Security and of course cost. No doubt at all, the cost of living is a key factor in this life-changing decision because;

You need to cut your coat according to your coat“.

Find out some of the factors to consider before making a deliberate effort to change your location. And, to be safe, we’ve created a checklist.

Top-view Photography of City

Location

Many homebuyers are more concerned about the external features and characteristics of the house they want to purchase rather than the internal features and location. Often, they end up making unpleasant decisions. We’ve created a location checklist to help you save your time and your money;

    • Does the value of a house or property appreciate in this area or location? The value of a house in an urban area appreciates more than in any other settlement.
    • What is the jurisdiction of the town?
    • The distance between your workplace and your new house.
    • The distance between your new house and your kid’s school as a family person

Level of Safety and Security

No emphasis can be placed on the advantages of moving to a more secure environment or neighborhood. The charm and culture of the neighborhood or city may be appealing but your safety and that of your family should always be a priority. In Fine and Country West Africa, your safety and that of your family are paramount to us. Therefore, the homes we offer are in safe and secure communities with a lot of advantages such as; the availability of security units to regulate existing rules and regulations to ensure the safety of lives and properties against any criminal activities such as theft and robbery and the availability of 24hrs CCTV surveillance system. And, it is very important to look into the city’s overall safety ratings and crime rates before relocating.

 vehicles on roadway during daytime

The Cost Of Living

Do you want to purchase or rent?

Compare rental pricing to your existing housing situation. Find out if the homes in your price range are both affordable and desirable in comparison to where you are coming from. This has always been a core factor and determinant. You should consider the cost of living if it fits your budget. Big cities and exclusive neighborhoods on average, may be more exuberant than towns. Determine whether the cost of living in your new city will be within your budget.

aerial view of city buildings during daytime

Landmark

The landmarks in your next intended home are a big plus to your comfortability. A landmark status has a way of giving a building or property in the specific demographic prestige. It also influences and positively affects the value of the property and location. Certain landmarks you should look out for; emergency services, recreational centers, public places, and so on.

 

 

 

 

CategoriesReal Estate

Buying VS Renting : Move to What Moves You

Owning a home is seen as a standing symbol all around the world. In keeping with Gord Collins during a Rental article from 2021, “we’ve all had the worth instilled in us that owning a property could be a smart wealth creation strategy”. Can buying a house really help build wealth? Does renting allow you to be truly free? When deciding whether to buy or rent a house, there are several factors to think about.

  • How stable your employment is
  • Will there be a desire to migrate very soon?
  • How high will the costs of houses/rentals increase in years to come?
  • Freedom to do what you want in the home
  • How much are the hidden costs of owning your home?

After considering these factors, one point to take into account is that it is totally up to you to decide which option is best for you. Both options have their advantages and we will be sharing some below.

 

BUYING

Being able to own a house is wonderful because the value of your property is set to improve in value over time. If you opt to sell, you will be even wealthier because as the owner of a property, you have the choice of renting it and generating a passive income stream. Smart purchasers view this as an investment opportunity.

Purchasing a home is an effective long-term solution for somebody in a stable career, who can withstand recessions, and who rents out a little of their home to form consistent monthly earnings. Buying a property and renting out an apartment allows you to appreciate your financial goal.

Some benefits of purchasing a home are highlighted below;

* Helps build up long-term wealth

* Makes rental investment possible for income

* Provides a stronger sense of security and stability

* More control of your expenses

* Helps build equity

 

RENTING

 

If you are open to the idea of renting a home, it’s an excellent choice. Renting homes will give you more flexibility and will free you of any worries.

Highlighted, renting a home ensures

* No down-payment stress

* Less worry about mortgage commitments

* Low maintenance costs for the house and property

* No need to fret about buying a money pit

* Freedom to travel and move as you please

* No danger of a housing market crash

* Unemployment making you lose your investment

* Fixed rent amounts

* quick access to amenities

* Increased flexibility on where you reside

It’s essential to think carefully about your goals, not only regarding your house, but your entire financial situation as well. In terms of control and security, owning your home can be very satisfying, while renting allows you more flexibility and a lower maintenance lifestyle.

Get in touch

phone

+234 809 600 0024
+234 809 600 0017

10, Onisiwo street, off Lateef Jakande, Ikoyi, Lagos.

email

admin@fineandcountryng.com

about us

Fine & Country is a global real estate brand, specializing in providing a premium service through exceptional marketing and professionalism in the upper quartile of the market.

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