Old house Lagos Nigeria - Old homes or houses are cheap to buy or rent depending on the nature of the real estate.
The value of Nigeria real estate appreciates with time. That is why building your own home or buying a home (home buying) is such a lucrative business. In fact, real estate all over the world is big business because property values increase steadily over time. This means that an old house will still cost a fortune to buy.
However, buying old homes has its advantages. The first that comes to mind is the fact that owners of old homes or old Nigeria real estate still have in
mind the cost they incurred in building the house or buying the property at the time they did. So, when they think of selling many have this psychological feeling that they are making a fortune already from the deal even if they decide to sell, say, 10 percent below market value.
In simple words . . . you're likely to get a better deal from the owner of an old home than someone who bought his house recently and is planning to resell a few years than the road. Fresh home owners who want to sell are more likely to be emotionally attached to the property and want to make a killing from the sale especially if its investment property.
There is a second advantage to buying an old house.
When you buy old homes that are dilapidated, one of two things will happen. You will either demolish the property and build a new state-of-the-art apartment building or you renovate the current building.
Generally, properties marked for demolition after purchase cost much less than those that only need renovation.
However, if you can negotiate the property price on the basis of it being demolished, you're likely to get a price that is more or less write-off value.
Then you can decide to renovate and get even more value. Even if you decide to pull the house down, you most likely will still be advantaged especially
if the property is in an expensive neighbourhood.
What about renting old homes?
Renting old houses has the advantage that rental prices are usually lower than that for new homes. But watch out.
Weigh the cost against the benefits before opting for old real estate.