Renting vs buying, which is better. Should I become a homeowner or should I continue to pay rent? This question continues to be prevalent in today’s market, especially for young people and first-time home buyers. Home ownership is often touted as the Nigerian Dream, most especially in Lagos. There certainly are plenty of benefits to owning your own home. You get to design your house whichever way you want. You don’t have to ask anyone if you can paint your bedroom a different color. On the down side, the maintenance and upkeep on the place is on your shoulders.

Aside from obvious budgetary restraints that prevent one from purchasing a home, the advantages of buying a home now heavily outweigh the disadvantages to waiting and continuing to fill your landlord’s wallet:

Here are the benefits of buying a home vs renting.
Pay yourself, not your landlord – Each month you own a home, you build equity in your property. That means you own a little more with every payment you make. Also, you also have the opportunity to see your home increase in value. Most especially if you take care of it and make improvements. Let’s compare your rent payment with the monthly interest you would pay on your mortgage. When you rent, it’s like 100% of your payment every month goes just to interest. Also, you never own anymore of that property than you did before. When you invest in a home, you invest in yourself.
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