With the prevailing economic situation in Nigeria, it is becoming increasingly difficult for many people to maintain their lifestyles. Most individuals and organisations who don’t want to go broke are now left with two options: cut down your expenses or increase your income; it’s simply not business as usual.
Since the latter option of increasing income is not realistic for many people, they resort to the first option to stay afloat. Big cars give way for small ones, small cars give way for public transportation, amongst other visible evidences of belt tightening measures.
If you have a large property requiring high cost of maintenance, chances are that the current realities may also be making it difficult for you to maintain that property. Also, maintaining your property may become too expensive when your earning power reduces or old age sets in.
So, what should you consider doing to cut down the high cost of maintaining your property when your income is dwindling? Here are five tips for you:
1. Analyze your budget: Take a thorough look at your financial situation to determine how much you can realistically afford to spend on maintaining the property. If you intend to keep maintaining the property at the current level, identify other areas of your expenses where you can cut costs or adjust your financial priorities to fund your property maintenance.
2. Renegotiate expenses: Review your various expenses, such as land use charge, insurance, utilities, and maintenance contracts. Contact service providers or consult with professionals to see if there are any opportunities to lower costs through renegotiation or finding more competitive rates.
3. Prioritize maintenance tasks: Identify the most critical maintenance tasks and focus on those that directly impact the safety, structural integrity, or value of the property. This will help you allocate your financial resources more effectively.
4. Rent out part of the property: If you have extra space, consider renting part of your property to generate income that can be used to offset maintenance costs. This could include renting out a room or flat or converting your compound into rental space for churches to use (if you don’t mind the noise), or even offering short-term rentals through platforms like Airbnb.
5. Seek professional advice: Consult with a financial advisor or real estate expert to get insights specific to your situation. They can provide guidance tailored to your needs and help you find the best available options. For more professional guidance on managing your property portfolio, contact us today.