Buying vs. Renting a Home in Lagos: The Ultimate Cheat Code to Simultaneously Rent and Own

Should I Buy or Rent a House?

Are you torn between buying and renting a home in the bustling city of Lagos? Well, we have just the cheat code for you. In this article, we will dive into the benefits of simultaneously renting and owning a home in Lagos. Stick to the end!

With home prices rising, increasing housing deficit, and inflation, the question of renting vs buying a home in this current market remains a complex decision to make. There are no correct or easy answers to base your decision on as there is no one answer- fits all recommendations, but instead, you should consider the various factors involved in making such a decision and choose what’s best for you and your financial situation. 

Pros and Cons of Renting vs. Buying

You can expect to pay more for housing across Lagos, no matter if you rent or buy. According to The PUNCH’s findings, “Rents in Lagos have surged by 91.32 percent over the past five years, posing a challenge to residents seeking affordable housing”. 

Given the rapidly rising costs of housing and rent, it’s important to take conscious steps and begin considering your ideal lifestyle. The decision to rent or buy might be primarily financial, but your lifestyle and future plans or goals should also be a factor.

Renting is more flexible and it gives a sense of freedom. There is no long-term commitment which makes adapting to changing circumstances a lot easier like getting a new job in a different location.  It’s a good short-term solution if you’re not planning to stay long in your current location.

However, renting means passing up on the potential advantages of homeownership. Owning a home allows you to build equity over time, enjoy the security of a fixed monthly payment (if you purchase a home through mortgage), and personalize your space. Along with the joy and pride of homeownership, buying a home’s biggest advantage is gaining property value over time/ building wealth over the long term. 

The Key Lies in Your Priorities

The ideal living situation depends on your personal goals and preferences. There are factors to consider when deciding between renting or buying a home in Lagos. Consider your financial situation, desire for stability, and long-term plans. Do you plan to stay put for several years, or are you someone who thrives on change? Are you comfortable with the responsibility of maintenance and repairs? Answering these questions will help you determine whether renting, owning a home to live in, or owning an investment property aligns best with your objectives.

How to rent and own a home simultaneously in Lagos!

Lastly, there is a category of people whose desire is to own a home but can not afford to pay the entire property price at once and they need a long period of time to pay or are in search of a mortgage plan that is available for Nigerians with a fair interest rate. 

Legrande Properties’ Rent-to-Own Scheme is a financing option that caters to you, if you fall under this category. 

About Rent-to-Own Scheme:

The Rent-to-own scheme allows you to own a property by paying only 30% of the property’s price in instalments and you get stress free financing on the remaining 70% that you can pay back for as long as 30 years while living in the property.  This is a great option for buyers who don’t have the full down payment saved up or want to avoid paying high monthly mortgage payments. It is essentially like paying rent yearly but this time it is going towards owning the property.

Benefits of simultaneous renting and owning in Lagos:

  • No huge down payment required
  • Lower monthly payments than a traditional mortgage
  • Build equity in your home while you rent
  • Lock in the purchase price of your home today
  • Live in the property while paying for it

The scheme is in partnership with the Federal Mortgage bank of Nigeria and is available to all Nigerians. Owning a home has been made easier and more accessible with the rent to own scheme. By taking advantage of this scheme, you can own a top notch, high demand property at an affordable price with a flexible payment structure.

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