Hi guys,

Please I want to ask for advise. I earn above 200k as monthly earnings.

So I want to ask for advise as to what percent of my salary should go for rent? I plan is 300k but it has been very difficult to get that in Yaba especially cause of the total package.

So now I’ve increased it to 400k (650k total package).

Do you think it is okay for rent to take two months salary?

I don’t want to make a mistake as this is my first time I will be renting an apartment. Will be turning 23 in a months time

Whenever u go to meet a financial expert,disclose the exact amount u earn...then u will get the exact answer.

Nice2023:
Whenever u go to meet a financial expert,disclose the exact amount u earn...then u will get the exact answer.

240k

Equivalent or not more than 2 months salary only.

ekkywolex:
Equivalent or not more than 2 months salary only.

Ok Thanks

200k income in a house of 400k per annum isn't bad. That's like two months salary.

However, knowing how some landlords behave, I'll suggest you look for ways to boost your income by getting a side Hussle, cos in a few years time, you might find yourself paying over half a million for that same house. (I'm speaking from experience)

Secondly if you're looking for a house to rent especially on the mainland, avoid renting houses built by developers. Reason being that their rooms are usually abnormally small cos they're trying to manage space, and their rent is extremely expensive. As if that's not enough, they would keep increasing it every year because they're trying to recover the money they used in building the house.

Make sure that the house you're paying for is an old building managed by the landlord or an estate firm. That way, rent increment would be like every 4 or 5 years.

Finally, make sure that the house has pre-paid meter in all the flats. A friend told me around March that NEPA brought brought a bill about 60k for him. (He stays in a 3bedroom flat) imagine paying that kind of amount monthly as bill....you'll slide into depression. So no matter how the agent tries to sweet talk you into paying, if there's no pre-paid meter, turn your back and leave...

Good luck.

I don't know the way things work in Lagos. Calculate your total earnings per annum, subtract transportation, feeding, medicals etc. What is left. For me, I feel the maximum you should budget for rent is 450k.

My opinion though.

Nazgul:
200k income in a house of 400k per annum isn't bad. That's like two months salary.

However, knowing how some landlords behave, I'll suggest you look for ways to boost your income by getting a side Hussle, cos in a few years time, you might find yourself paying over half a million for that same house. (I'm speaking from experience)

Secondly if you're looking for a house to rent especially on the mainland, avoid renting houses built by developers. Reason being that their rooms are usually abnormally small cos they're trying to manage space, and their rent is extremely expensive. As if that's not enough, they would keep increasing it every year because they're trying to recover the money they used in building the house.

Make sure that the house you're paying for is an old building managed by the landlord or an estate firm. That way, rent increment would be like every 4 or 5 years.

Finally, make sure that the house has pre-paid meter in all the flats. A friend told me around March that NEPA brought brought a bill about 60k for him. (He stays in a 3bedroom flat) imagine paying that kind of amount monthly as bill....you'll slide into depression. So no matter how the agent tries to sweet talk you into paying, if there's no pre-paid meter, turn your back and leave...

Good luck.

Thank you so much. It’s been tough to getting an apartment in Lagos. E no easy….

Life no easy, 23 all here by myself. I guess that’s what makes me a man.

xammax:


Thank you so much. It’s been tough to getting an apartment in Lagos. E no easy….

Life no easy, 23 all here by myself. I guess that’s what makes me a man.

What do you do?