In this article we will discuss if its right to have budget for renting a property in Nigeria or not .We will also look at other benefits for having a budget for renting a property.
The reason most people fall short when it comes to meeting with their rent obligation to their landlord is because they don’t have a budget.
A budget ensures all expenses including rents are adequately planned for. It helps you to know what percentage from your salary should be set aside for paying your rent.
To prepare a budget especially for your rent, you need to know the percentage of your monthly or annual income to set aside.
This method also helps you to know whether a particular property falls within your range. Usually, property experts advice that between 25% and 30% of your salary or income should be set aside for rent. This is the safest route to not having backlog when your rent is due.
With a budget that’s properly laid out and planned in advance you can’t get it wrong. Because Everything has been take care of.
But having a budget for renting a property In Nigeria is not enough if you don’t stick to it. If you ignore the plan that you set and other strategy that you laid out for yourself you won’t get our of trouble once it time to pay your rent.
Benefits of having a budget for renting a property include the following:
- You will be able to plan ahead for other things without added pressure.
- You will be able to exercise control over your spending.
- You will only spend within your means.
- You won’t have issues with your landlord as your rents will be paid as at when due.
- Your budget plan will help you figure out how all these expenses balance on the spreadsheet of your financial life.
We at Real Estates Nigeria strongly advice you to always have a budget before renting a property in Nigeria to avoid some unecessary unforseen occurences.
For a professional budgeting guide for rental property you can reach us here lets discuss.