Renting a Home in Lagos? Here Are Some Tips You Need To Know!

Lagos is one of the most populated cities in Africa and one of the fastest growing cities in the world. It’s also the finance capital of Nigeria and an extremely popular destination for tourists from all over the continent and beyond.

With all the economic and social benefits that comes with it, there are also downsides to living in the bustling metropolis. Property prices have soared to unaffordable levels and getting a guarantor for a mortgage loan is almost impossible. That’s why many prospective homeowners are turning to other options.

The good news is that renting a home in Lagos is a great solution for most people. Even if you don’t have a steady income, it’s possible to rent a home in Lagos. Here are some tips that can make the process smoother for you.

Choose the right area

The first thing you need to do is decide where you’d like to live in Lagos. There are many areas in Lagos that are great for renting a home, so you can’t just pick any neighborhood. You’ll need to make sure that it’s in a good location. Good areas to look into are Victoria Island, Ikoyi, Alausa, Mushin, Makoko, and Agege.

Get a guarantor

The best way to get a mortgage loan in Lagos is to get a guarantor. A guarantor is a friend or family member that will vouch for you and guarantee the loan if you don’t pay it. This is a great option if you don’t have a job, you’re a student, you don’t have any history with the bank, or you just don’t want to give them your details. You can find guarantors through family and friends, as well as through social media.

Look into crowdfunding websites

Crowdfunding websites are a great way for individuals to raise money for all sorts of projects. One popular site for Lagos real estate crowdfunding is FundedAfrica. You can view all the latest updates on their website and get involved in the community by posting your project and looking for donors through the platform.

Know your rights as a renter

Renting a home in Lagos can be a great deal for you, but it’s important to know your rights as a renter. Make sure you’re clear on what responsibilities the landlord has as well as what benefits you get as a renter.

The landlord is responsible for making sure that the house is habitable and meets basic standards. The landlord is also responsible for making sure that the house is livable and in a habitable condition. The tenant is responsible for making sure that the house meets the agreed-upon conditions.

Get an apartment in a good condition

You’ll need to research apartments thoroughly before you make your decision. It’s important to find a good deal, but don’t settle for anything less than perfect. It’s also a good idea to find out how long the landlord is renting the apartment for. If the landlord is moving out soon, it might not be the best option for you.

Stay away from illegal landlords

The rental market in Lagos is highly competitive, so there are many tenants who are trying to find any advantage they can get. This is why it’s important to stay away from landlords who are trying to sneak under the radar. If a landlord is trying to rent an apartment without a license, or without clearly identifying themselves as the owner, then stay away from that apartment.

Conclusion

Renting a home in Lagos can be a great way to save money while living in a bustling city. There are many challenges that come with it, but with a little research and determination, you can overcome them.

To be successful as a renter in Lagos, it’s important to choose the right area and get a guarantor before renting the home. Make sure the landlord is following the law and is responsible. Staying away from illegal landlords and looking into your rights as a renter will help you get a better experience overall.