House Hunting In Lagos!

Have you ever wondered how the cost of a tiny studio room in the heart of Surulere, the renowned Yaba, and other middle-class neighborhoods within Lagos could surpass that of renting a spacious three-bedroom flat in a decent area in Kano or even Kaduna?

Well, having experienced this firsthand, I can assure you that embarking on the journey of independence is a financially straining choice and, if not done with caution, can cause more harm than good.  Apart from the exorbitant housing costs, one has to navigate substantial setup expenses and recurring utility bills that lie ahead.

In this written interview, Gift graciously shares her journey delving into the complexity of house hunting. She sheds light on the financial implications and personal rewards of securing a personal haven in the vibrant city of Lagos. 

Hy Gift, How did the idea of having your place in Lagos come about?

If you've spent more time on the road than in your house, not just because of traffic but distance, then you can relate with me when I say it was a daily struggle commuting to work from my aunt's location (which is quite some distance) to/from my workplace.

So, the commuting stress was what influenced this decision.

I can totally relate to it, but isn’t getting accommodation in Lagos even more stressful? Could you share some of the hurdles you faced during your house-hunting process?

Eh. Eh. Ah. Kikiski 😂 Omooo

All the Inspection fees I paid to different agents is enough to pay for the "caution fee" when renting my place 😞

I joined several WhatsApp group chats of different agents to aid my search. After seeing a preferred house option and confirming availability, the agents took me to different locations, saying the one I came for (in mind) had been taken.

Why didn't you just tell me, man? 🤦🏼♀️

It didn’t stop there; I was given the wrong addresses countlessly and was kept waiting for long periods only to end up being taken to ridiculous cubicles that lacked basic amenities.

My bad, that’s such a terrible experience. Did you eventually find a suitable place that aligned with your preferences and budget?

Whilst I’d have preferred a bigger space, I eventually found and had to choose a sizeable place that aligned with my preferences and budget.

How did you prepare financially for the expenses associated with renting a place in Lagos?

There's a saying that writing helps clarity. 

So I drew up a budget of my house option preferences, writing down all I required, from the essentials down to the tiny details. 

I attached estimated costs to them, had a total budget, and started saving towards it. 

I added Rent to my salary budget every month, saving a particular amount. 

I adhered to my monthly budget spend, too, so that the money wey I save no go need save me again. 😂

That’s great to hear. But were there any budgeting tips or cost-saving strategies you found particularly useful during this phase?

Yeah

I had a target amount I was racing (saving) towards and dedicated a portion for accommodation monthly, sticking to it faithfully.

So no excuses for not saving that portion monthly (unless it's a life emergency)

The need to meet that target helped my discipline. 

Delayed gratification worked, too. I saved up on non-essential spending, knowing there's a bigger flex ahead.

The rule was, if I could do without it, I move on without it.

That is quite remarkable.

So do you mind giving a breakdown of how much it costs to rent your apartment?

Sure thing,

The rent in itself is 400k

Agreement fee - 100k

Commission - 100k

Caution fee - 50k

Agent fee - 40

Total payment of 690k for a selfcon in this Laygurs. Phew!

What was it like setting up your apartment? I am guessing you spent heavily on that as well.

Special life-saving announcement!

Setting up your apartment costs almost the same as your rent. Beware! 😂

I had a budget in mind before finding a place but realized I needed more when I moved in, especially with constant inflation.

Navigating that was, therefore, a matter of priority at the time. I started with essential items and got the rest as time went by.

Now that you have your own space, what would you say are the most rewarding aspects of being independent and having a place to call your own? How has this transition contributed to your overall well-being?

Omooo

There's this independence feeling you get that keeps you in check all the time.

Like, You're now responsible (for yourself)

Rewarding aspects?

Having to do life on my own terms which included learning to make priorities (hard) decisions, the most of my time, and learning from my mistakes.

It has contributed significantly to my overall well-being and lifestyle.

I no longer have to stay in Lagos traffic for hours.

Less time in traffic, less stress, more time for myself.

I've got some time for exercise, trying out different cooking recipes, and visiting friends, too🤭

In summary, I stress less, enjoy extracurricular activities, and rest more.

I'm definitely better off.

Awwwww, that's wholesome.

If you could give one piece of financial advice to someone about to embark on a similar journey/navigating the challenge of finding affordable accommodation in Lagos, what would it be?

Only one piece? 🤔

Lol, you have shared so much already, so we just want one more.

Have a realistic budget target and stick to it. I can tell from my experience that consistent drops of water will make the mighty ocean.

I totally agree. Oftentimes we underestimate the impact of starting small and end up not starting at all. But in all cases where I made significant financial milestones, it was those little drops that ended up becoming the ocean I eventually fetched from. 

Now to our final question, 

Going forward, what steps will you be taking to maintain financial stability while navigating the responsibility of paying rent? 

Mmm. that’s a very important question.

Because the cost of living wants to kill the living, the next step will be to increase my income streams, and I am actively working on them already. 

This will ensure that I have enough to pay rent and furnish other responsibilities, even if inflation continues.

Thank you soo much for agreeing to share your money story.

Key Takeaways:

• Delaying gratification is a great way to ensure financial discipline.
• Imbibe the habit of starting small because little drops make an ocean.
• Writing helps clarity; hence, one should adopt a written budget over a mental budget.
• One should learn how to prioritize expenses as it will be helpful in navigating difficult phases.
• Financial wellness feeds off of making smart financial choices.