There are two major factors to consider as briefly explained in the flowchart above which are:
- Level of financial stability: Buying a home is one thing but maintenance other forms of payments that comes with it, is another ball game entirely.
- How long you plan to stay: If you plan on staying for anything 5 years below, buying a home shouldn’t be an option as most cases suggest that most persons that end up buying a home, get one in view of starting a family.
Other minor factors include: Age, Job status, neighborhood, cultural/societal beliefs, gender views, the current real estate and mortgage market etc.
Affordability must be taken into consideration when deciding to buy or rent, irrespective of the plans of a person to stay in a home for a long time, the former is always the main determinant.
There was a time in recent history when buying a home was the benchmark for financial success, but irrespective of this, If you’re deciding whether to rent or buy, the first thing you should do is self-assessment and concise consideration of your future plans. Then tune out other people’s advice; by self-assessment we mean in terms of understanding that some things occur with one’s life stage; an average individual in his/her early twenties wanting to buy a home, might be a lot to ask as he/she might need to borrow money just to keep up with monthly expenses; exerting constraint on him/her; unless you’re confident we’ll advise you’ll rent your home for at least four to five years.
As we stated earlier, we believe buying a home isn’t a competition or a sport, it all depends on your current financial and psychological standing whether you can buy or should continue renting till you can afford one.
We hope this could provide room for a clearer thought, but if you’d looking for an affordable home to buy or rent anywhere in Lagos, we can be your plug; or you just want to talk to us about anything real estate; Contact us today @abodeslagos on Facebook, Instagram and Twitter or give us a call on +2348154280575, +2348023624714.