Figuring out whether or not to rent a particular home or office space can be quite tricky, especially when combined with trying to get the best value possible for your money. Although working within a budget for your rental is very important, there are other factors that should be taken into consideration when you’re thinking about renting a new space. Here are a few useful things to consider as you go through your selection process:
Consider Your Budget
Living within your means is very important and this certainly applies to your rental budget. Though there might be other factors to help determine the right budget for you, a rule of thumb is to ensure that the cost of rent should not be more than 40% of your annual income or revenue.
Consider the location
We’ve got three words your; location, location, location! Location is very important and could affect you and your business in the long-run. Questions you can ask yourself include:
- How far is the space from work or schools, or other important focal points in your everyday life?
- How is the traffic situation in the area?
- Is the space easily accessible by road? Are they paved or tarred?
- Will being in this area be advantageous to me in anyway (e.g. access to more clients, help with status)?
Consider the Cost of Repairs & Upgrades
Having a clear understanding of the cost of repairs and upgrades of a space is very critical. Due to the relatively weak regulatory tenancy framework in Nigeria, landlords are not bound to maintain their properties. It is therefore important for you to get a comprehensive report on the state of the space/building/structure and how much it would cost to bring it up to code and to your taste. This will help you determine whether or not the space is worth it in the long-run.
Consider Security
Neighbourhoods with high security risks can endanger your family and may be a deterrent for potential customers. It is very important to inspect the security features of the new place, as well as research the neighbourhood to find out what the crime rate is. It is also important to know where the various access streets are in the neighbourhood as well as where the nearest local police station is.
Consider Energy Costs
We are all aware of the unreliable power situation in the country, but did you know that some areas have more hours of electricity per day than others? Before deciding on a location for your home or office, you should consider the power supply situation in the area. It is also important to research the type of alternate power generation systems you may need to invest in (i.e. generators or inverters) as well as an estimated average cost for your power needs. This should include your electricity bill, diesel or petrol costs, and maintenance costs.
Look out for more factors to consider in Part II of our post, and if you have any consideration ideas to share, send us a comment on Facebook or via email at info@hypamovers.com.