I once asked a colleague of mine at work this question and in addition to her reply, she told of a relative of hers who spent about three fifty thousand naira (N350,000) to renovate a rented 3 bedroom apartment of about five hundred thousand (N500, 000) per year.Isn’t that too much to spend on such value of rented apartment?
While this could be an act of generosity, it could also be an act of spendthriftness. Since it is believed that anyone who rents an apartment is yet to afford a house of his or her own, it is not expected that a tenant spends exuberantly renovating a rented apartment. And, in the case of trying to act generous, who does that?
I know of a tribe on this side of the world that’s likely to do such (of course, I won’t mention). When they rent an apartment, they do all the renovation like they’re planning to take over the house from the landlord.
What I would rather suggest
In my opinion, instead of spending that much, why not rent an apartment that suits your taste to pay a monthly rent of a higher amount. Ow! That doesn’t sound economical, right? Ok, what about saving up to build or buy a house of your own?
Most people fear the suggestion of owning an apartment because of the financial requirement involved. However, it remains wiser to build or buy than rent a house.
Let me inform or remind you about the Lagos State Rent-To-Own scheme that has just been re-packaged by the Ambode administration. It has become more accommodating for the low-income earners of the society. Read more here.
So, I’ve just given my opinion. I need to hear yours and the question, again, is: how much can you spend to renovate a rented apartment?