Three Key Reasons Why You Must Become A Landlord - Part I

If you want to remain a tenant and keep giving excuses why you would not take those first baby steps needed for you to become a landlord then you need to think again.

Here are three key reasons why everyone should aspire to become a Landlord especially when you live in big Nigerian cities like Lagos, Abuja and Port Harcourt.

1, Your House Rents Would Never Go Down

If you simply want to remain a tenant because you're thinking that one day your crazy house rents would just go down one day and your Nigerian landlords would become very reasonable and rational or start begging you overnight to take their homes then I think you are seriously mistaken.

I'm very sorry if it looks as if I'm trying to burst your bubble and paint a bleak picture but please just note that your landlord is a businessman and would never bring down his house rents. If you doubt me, just ask your old neighbor living next door how much he paid for his rents in the eighties. If he tells you and after a comparison of both prices, you would realize that the prices has remained the same, then please just give me a call - I'll gladly pay your rents for the next five years.

In some parts of Lagos, a three bedroom flat even for mid income families is almost hitting the N1 Million mark. In some parts of Lagos Mainland like Yaba, Surulere, Maryland and Illupeju, three bedroom flats are heading upwards towards the N1.5 Million.

A few years from now as infrastructural developments, facilities and amenities are provided by the Government, a lot of mid income families would have to move towards the border towns of Lagos because their rents would have gone beyond their reach. Soon every tenant might just have to be a multi-millionaire to be able to afford houses in these parts of Lagos because even buying lands in these areas right now is the exclusive preserve of the very rich few. 

To be Continued.