Renting or Buying: Which One Will be Better for You?

Mar 13, 2024


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Renting or Buying: Which One Will be Better for You?

Houses In Nigeria


There are three main factors in our lives; food, shelter, and clothing. It is simply impossible for us to survive without these three. Not getting enough food will lead to starvation, and not wearing proper clothes can create several issues for you. But if you do not find a proper shelter aka a house, then it can easily become a security threat. So it is safe to say that one needs to search for new build houses for sale in Nigeria.


Now, when it comes to finding a home, there are mainly two options - renting and buying. Both of them are similar yet poles apart in nature. It is understandable that deciding between renting and buying a home is a huge life choice. It is not just about searching for the land price in Nigeria, rather there is more to it. The process is filled with complexities and considerations that are all very important. Both come with their own perks. Do you want to know more about these two? Then Zerodip can help you with the advantages of both renting and buying.


Advantages of Renting


The process of renting is about getting partial ownership of a place for a fixed period of time. During this period you will have to pay a fixed amount aka rent to the real owner of the place. Some of the advantages of this are:


Flats And Houses For Rent

1. No Maintenance Costs or Repair Bills


One of the immediate perks of renting is the absence of maintenance costs or repair bills. You will not have to pay anything for fixing any issue in the property. Rather, the landlord must fix any issue in the property. So, this automatically takes away your stress related to finances and unexpected expenses associated with home repairs.


2. Access to Amenities


When you choose to rent a house or a flat through us, it gives you access to different amenities. Basically, renting opens the door to many amenities without the added financial burden. This implies that gyms, pools, and other facilities become part of your living experience. All these provide an added layer of convenience and enjoyment.


3. No Real Estate Taxes


Let us be very real with you, one of the biggest reasons why most people struggle to afford a house is property tax. Taxes put a financial burden on homeowners, so they are definitely a villain. But on the flip side, renters are exempt from this expense, because property taxes are the responsibility of the property owner.


4. No Down Payment


An often incurred expense when purchasing a home is the down payment. You won't have to deal with this problem, though, as renting does not need a down payment. As a renter, you will be able to enjoy the benefit of bypassing this financial roadblock. This will ultimately give you a chance for a more straightforward entry into housing.


5. More Flexibility 


The freedom to select your ideal residence is provided by renting. Renting a home or apartment in the city is one option, for example, if you feel that you should remain close to a busy location. But if you want to live in a quiet and calm area, then you can rent a place in the calm countryside. This means that renting gives you a chance to adapt your living situation without the commitments of ownership.


Advantages of Buying


Buying a house means you are paying the whole amount to a building contractor or a previous owner to get full ownership of a place. In this process, you gain the full legal rights of owning and using a property for the rest of your life till you decide to sell it. Some of the advantages of this are:

Houses For Sale In Nigeria

1. No Landlord Hassles


Sometimes, dealing with a landlord becomes a frustrating thing. You will always have to ask them even for something as slight as hanging a picture. This is where buying comes to save you; it eliminates the need to deal with those landlord-tenant dramas. As a homeowner you will have control over your space, making decisions without external constraints.


2. Emotional Security


The peace and comfort of sleeping under your own roof is incomparable. And this is a big reason why so many people buy new build houses for sale in Nigeria. Well, truth be told, the emotional security that comes with homeownership is bigger than staying in a rented property. Knowing that you have a stable home is something that brings a sense of comfort and belonging.


3. No Uncertainty


Most of the renters face uncertainty with lease renewals and changes in rental conditions. But on the flip side, homeownership gives you a chance to say goodbye to these uncertainties which is great. It helps you sleep peacefully so that no one can kick you out at any hour of the night.


4. No Compromise


Owning a home means you will not have to compromise on anything. That means you do not require permission for any personalization. This gives you a chance to make changes, renovations, or improvements to suit your preferences without the limitations often faced by renters.


5. Building Your Own Asset


We need to build a few assets of our own for the sake of future security. That's the reason we think investing even a small sum land price in Nigeria will pay off handsomely in the future. You could so decide to make mortgage payments rather than paying rent, which yields no income. You'll ultimately benefit from owning an asset that appreciates and gaining equity from this.


Which Is Better – Renting or Buying?


The decision between the two hinges on a few different factors. The ones you should consider are mentioned below:

1. Flexibility & Stability:

  • Renting: People who appreciate having the flexibility to move around and experience various living situations without the obligations of owning may benefit most from this one.
  • Buying: For individuals seeking a permanent residence, this is the greatest option because it provides stability.

2. Lower Initial Costs & Long-Term Investment:

  • Renting: This one involves lower initial costs as there is no need for a hefty down payment. This makes renting perfect for those looking to save on upfront expenses.
  • Buying: Represents a long-term investment with the potential for the property to appreciate over time. Suitable for those prioritizing a substantial and lasting financial commitment.

3. Reduced Responsibility & Personalization:

  • Renting: This one is great for those who prefer fewer responsibilities, as landlords have the responsibility to handle maintenance and repairs.
  • Buying: Offers the freedom to personalize your space without restrictions. So this allows you to create a home that reflects your unique style and preferences.

4. Financial Considerations:

  • Renting: Provides fixed rent amounts which makes budgeting more straightforward. Moreover, lower insurance and utility costs also contribute to overall financial flexibility.
  • Buying: This one involves costs like mortgage payments. But at the same time tax benefits on home loans and the potential for equity build-up make it a strategic financial move in the long run.

5. Lifestyle Choices:

  • Renting: This one is great for people who appreciate the flexibility to adapt their living situation based on evolving lifestyle needs.
  • Buying: Appeals to individuals looking for emotional security and a sense of belonging, aligning with societal norms.

Final Takeaway 


Well, the choice to rent or buy totally depends on what you like and prioritize. But always remember to think about the things Zerodip talked about above when you are choosing new build houses for sale in Nigeria. We hope that you will be able to find your dream house.

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We try to make sure that the information here is accurate at the time of publishing. But the property market moves fast and some information may now be out of date. Zerodip accepts no responsibility or liability for any decisions you make based on the information provided. Graphics and images used here are for information purposes - we do not have ownership right over them.

Renting or Buying: Which One Will be Better for You?

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