Becoming a homeowner is quite rewarding. As people enjoying the human experience, we owe ourselves the benefits of a well-paced life that eases stress and emphasizes our sense of purpose. In this context, owning a home is one of the core steps that helps us achieve this goal. Even you will admit that only a few things top the feeling of having a guaranteed roof over your head for life! This is why important decisions like buying a home need to be handled with patience, caution and diligent research.
In a city like Lagos, becoming a landlord “mean se you don blow.” It is peak achievement and rightfully so for a lot of reasons. This metropolitan city can sometimes be a rough jungle teeming with ruthless hustlers trying to get huge chunks of bread at any cost. If the correct factors are not considered when buying a home, one could easily get swindled or make poor frustrating decisions; but not to worry, BuyLetLive is here for you!
We have put together three top factors to consider when buying a home in Lagos.
Power
Did you know that there are 11 electricity distribution companies in Nigeria and 23 power generating plants connected to the National grid, with a capacity to generate 11,165.4 MW (megawatts) of electricity across the nation!
When compared to our estimated population of over 200 million people, combined with thousands of functional businesses, this output capacity does not adequately cater.
Depending on your budget and the locations you intend to make the purchase, control over this aspect may be limited. Instead of racking up indirect cost in the long run, some planning will help. In addition to managing your expectations, planning affords you a wider range of alternatives. In this case, after you enquire and realize that power conditions are unfavorable, factor in the cost of other options like solar panels or using a generator. Consider installation and maintenance costs, fueling your generator and servicing it; the frequency of usage you foresee and the logistics required to ensure that your new house is powered to your preferred capacity. If the costs are too high in the long term, then you may want to consider searching other locations that offer a better balance between options.
Accessibility
Accessibility majorly refers to road networks connecting your proposed home to and fro your regular commute routes. These could be work, church, school, your healthcare provider, local market, utility services and others. As a rapidly developing megacity, Lagos is challenged with a large population and multiple roads under construction, to enable better access. This process unavoidably causes gridlocks for hours. Add that to the frustrations that arise from buying homes in waterlogged areas. In order to achieve life balance, it is important to manage stress. Being stuck in traffic triggers mental and physical stress. Imagine getting into traffic around a flooded area – double jeopardy!
Consider the impact of bad roads and traffic in emergencies or urgent situations like early morning meetings, medical issues, etc. It pays to measure priorities critically and have active alternatives set up. Depending on your lifestyle needs and financial capacity, you may explore renting an additional yet smaller apartment somewhere closer to your work or other relative arrangements. Ultimately, you may decide to own a home in another part of Lagos.
Security
Of course, this made the list! Security is a top factor to consider when buying a home. You remember the saying “one can never be too safe.” Note specific details like internal & external security protocol, professionalism of security personnel attached to the area, alternative exit routes, helplines, emergency response timelines, provision for evacuations, curfews, history of riots and uprisings, kidnapping rates, robberies, etc.
Taking a practical and realistic decision will be based on your findings.
While these are not all the factors to consider, we believe they form a core foundation that sets you on your way to getting a dream home in Lagos to serve you for life! Enjoy happiness from easy property search on Buyletlive.com.