COST-INDUCED ACQUISITION OF PROPERTIES IN REMOTE AREAS: SMART OR POOR INVESTMENT?
There are many reasons why people who work in town choose to buy a land and build their house in remote areas far away from the city centre: family attachment, age or health considerations, cheaper cost of land amongst others.
However, if cheaper cost of land and building is your motivation, there is need for you to give it a second serious look, especially if you are a young professional whose workplace or business is permanently in the business area of the city.
Like we discussed in the last article, the cost of living far away in outskirt of the city and commuting daily to town to work or trade can be steeper in the long run, which makes staying closer to your workplace a smarter decision. For example, living in places like Mowe, Ibafo and Badagry, all outside town and working on the Island or Ajah may be quite expensive both financially and otherwise over the years.
The idea therefore is to live, as realistically close as possible to your workplace to not only optimize your finances but the quality of your life. There are many benefits to this:
1. Less travel time and cost: It is just simple logic that you spend less on daily travel time and cost if you stay closer to your workplace. Someone who commutes about one hour to work cannot be compared with someone who commutes 3 or 4 hours to work. A lot of time and money is saved over a long period if your location is closer to work.
2. Better quality of life: While everyone cannot possibly live on Lagos Island, Ikeja Lekki or Ikoyi, there are other locations within a reasonable distance from these highbrow commercial areas where one can stay, such as Sangotedo, and have a reasonable quality of life. Quality of life in this instance is measured by availability of social amenities such as roads and power and presence of major business concerns.
3. Value of your property: while it may seem more expensive to build or buy an apartment close to town in the short run, the potential of your property appreciating in value in the long run is significantly higher in the long run. Properties around Eti Osa and Ibeju-Lekki have been known to appreciate significantly in just a matter of years, compared to the rate of appreciate of properties in remote locations which would significantly be lower in appreciation value in the same period.
4. Networking potentials: You have the added benefit of building great networks with fellow landlords in the community. Apart from school and workplace, the community is another place where you could build healthy networks that can be useful for you in life. Staying in communities where many other young and growing professionals live stand to serve you well in many areas of your life.
That said, your search for the right property to invest in inside the commercial nerve Centre of Lagos, precisely in Sangotedo, needs not be tasking with the variety of products available at PWAN Stars, including The Edifice, The Pinnacle Annex, The Cynosure Apartments 1 and 2, amongst others.
Contact us today for more information about the Cynosure Apartments.