Renting Vs Buying: A Nigerian's POV.

For us, the answer is None! We'd say "Build!".

But that's not the point of this piece.

We have all, at some point, listened to, watched, or even debated whether people should buy or rent a home. While there are thousands of opinions about this, many do not consider the realities of these positions as they relate to Nigeria and/or Nigerians.

Here's a different approach, ask: "For Who?"

Start by understanding the person; yourself or the prospecting individual. Their life, goals, job or business, family size, and their background. Recognize that everyone is different, similar to the numbers 6 and 9. There's no one-size-fits-all approach. For context, the priorities of a business-minded person will be different from those of a family-minded person.

While average Nigerians would typically consider housing as a miracle, an escape from rent, a social status validation and/or an inheritance for coming generations, what makes the difference is the "WHO".

For example, a celebrity/businessman would consider ownership for social capital, leverage, investment, security or even credit. An entrepreneur, growing a business on the other hand will not buy a house but would rather choose to rent because the cash will be useful for the business.

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The Nigerian Context?

A lot of people who have said so much about renting or buying (or building) come from countries where mortgages work, countries with improved social welfare facilities and communities where the government prioritize housing. There are alternatives/possibilities beyond just "rent or buy" and for them, housing goes beyond just meeting a need. They see housing alternatives as derivatives of their income, lifestyle and/or as a business investment goal.

For Nigerians, the options are limited. Unfortunately, we struggle to fulfil the basic need for housing. And interestingly so, the most affordable alternative for housing in Nigeria is still OWNERSHIP, whether through buying or building, as opposed to renting.

With many financially underserved, and only a few having access to mortgages, the rest of us are left to rely on loans and other forms of debt to make ends meet. In the end, most of us simply desire a decent place to call home – whether rented, leased, financed through debt, inherited, or borrowed – that fits our lifestyle and income.

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A Ray of Hope

Despite the challenges, there is hope. With accurate population estimates and well-documented personal addresses and identification, Nigeria can move towards true financial inclusion. This foundation will empower individuals to secure affordable housing for themselves and their families.

In conclusion, whether you choose to rent or buy, the decision should be based on personal circumstances and long-term goals.

Ask, 'What matters to me? what are my priorities? and what are my goals?' Understanding your priorities and the unique Nigerian context is key to making the best choice for your housing needs.