THE TRUE COST OF RENTING IN LAGOS

So you see property is up for rent on your favourite real estate social media page or property listing sites and you start saving towards the exact amount it was listed for, only to discover you have to pay for other “hidden charges”

One of the biggest surprises renters in Lagos get is realising the true cost of renting an apartment which goes way above the price the house or apartment was listed for

Whether you are looking to rent your first place in Lagos, moving from the mainland to the Island or vice visa, understanding the true rental cost, as well as other hidden charges and cost associated with moving and renting, are key to having a seamless transition in Lagos. There are many hidden costs associated with renting in Lagos. Your yearly rent is definitely not the only thing you need to budget for. Be sure to factor in all of the potential costs of renting when planning. 

Here are some costs you should factor in when creating your rental budget.

Agency Fee: This is the commission you pay to the agent who facilitated the renting process for you. Agency fee Is a reward for the agent’s job. Agency Fee in Lagos is usually 10% of the rental value

Legal Fee: This is a fee paid to the subject property’s lawyer for drawing up the rental agreement and performing other related tasks. Legal Fees for houses in Lagos are usually 5% of the rental value

Service Charge: A fee you pay for services rendered, services rendered in different rental properties varies and it includes, Power, water, waste disposal, Gym services and security, This charge varies across different properties and it is usually paid along with the rent.

Caution Deposit: a security amount for any possible damage to the landlord’s property or facilities caused by the participant. This is a completely refundable fee upon the expiration of your rent.

Renovation Cost: Having a renovation plan might not be necessary for everybody, but for some prospective tenants with certain tastes and preferences, setting a redecorating budget might come handy, redecorating cost covers repainting, fixing a wallpaper or getting a new tile for the property.

Moving fees: While not directly tied to your rent, all the expenses you incur to move into your new property especially in Lagos can really add up. Using a private Moving Company or getting your friend’s trunk, either way, money will be spent and that should be budgeted for while drawing up your rent budget.

Hidden Costs and Benefits: These are the additional living expenses, costs or benefits a prospective tenant will incur by choosing to live in a specific place in Lagos. Hidden cost like the cost of commuting from your new house to your work, how close is your kid’s school to the new property? How safe and secure is your new neighbourhood? These costs can add up and make a significant impact on personal finances in the long run, so factoring them into your choice at the start can save you lots of money and hassle.

Do you have a budget and location in mind or you need help in creating a rental budget? we are at CWLagos are here to help make your renting in Lagos hassle free, Contact us via email at hello@cwlagos.com