You find an apartment you love, check the price, and start saving. Then the extras arrive, one message at a time, and the number you planned for is suddenly much bigger.
Renting in Lagos almost always costs more than the figure on the advert. Here’s what to budget for.
The costs on top of rent
Rent paid in advance. Many landlords ask for a year or more up front, which is a large sum to find at once.
Agency and legal fees. These are commonly charged as a percentage of the rent, and together they add a meaningful amount before you’ve unpacked anything.
Caution deposit. A refundable sum held against damage, though getting it back isn’t always quick.
Service charge. This covers shared costs like security, waste disposal and common areas, and it recurs.
Power and water. In many mainland buildings, generator fuel or borehole costs are on top of your service charge, and they can swing from month to month.
Moving and setting up. Transport, repainting, fittings and furnishing all add up, and they’re easy to forget until the bills arrive.
The costs that don’t appear on any invoice
Where you live shapes what you spend every day. A cheaper apartment far from your office can cost you more in fuel, transport and time than a pricier one close by. Traffic across the mainland is a cost you pay in hours as well as naira, and so is a neighbourhood with weak security or unreliable services.
The question behind the numbers
Add these up over five or ten years and a different question appears: is all this money building something for you? Rent pays for a place to live, but it doesn’t leave you with an asset. That’s why many people start comparing the yearly cost of renting with what it would take to own.
Ownership has costs of its own, including the purchase price, service charges and upkeep, and it isn’t right for everyone or every season of life. But for people who plan to stay in Lagos, or who want their money to earn as well as be spent, it deserves a serious look.
A practical first step
Before you sign a lease or a sale agreement, write down the true yearly cost of renting where you are now, with every fee included. Then compare it with the options for owning. The gap, and what it buys you, is often more revealing than you expect.
Talk to Taurean Max
Our team is based at 7 Imaria Street, Anthony Village, and we’re happy to walk you through the options, whether you’re buying to live in or to invest. Download the Taurean Max brochure or send us an enquiry. You can also call +234 703 498 1775 or email hello@taureanmax.com.
