Comfort, privacy, serene environment, these are some of the things you desire before getting an apartment.
When you are getting older, probably approaching your thirties, you begin to wish to own an apartment. Some want to own a three bedroom flat, others self-contained, while few a single room.
All these are worth getting especially before you settle down. However, there are a few things to consider before getting that big apartment. No matter how much you earn periodically, it is not ideal to channel all that money into an apartment.
If you are bent on getting a three bedroom flat as a young man who is about to hit the thirties. Then, you are making the wrong decision that would affect you financially.
I am writing this from a Nigerian perspective, so don’t get me wrong as I proceed. An average Nigerian graduate probably earns six hundred thousand annually.
In the same a three bedroom flat cost at least four hundred thousand annually depending on the location. In high brow areas, the figures read in millions.
According to experts the cost of your home — including taxes, maintenance and other costs — should not exceed 28% of your monthly income.
The point is that you cannot be financially stable if you go as far as paying a huge sum to get an apartment with three bedrooms. Aside, from the financial Implications, you don’t just need that because you only make use of a room.
A single room self-contained is just enough to enjoy all privacies and comfort you need as a young guy who is not yet married. Whether you like it or not, the extra two rooms are useless no matter how you try to justify it.
You may say, my visitors stay in the other two rooms, that still unjustifiable. Save the money for something else, because you can’t afford wasting money on needless ventures.
Also, it is not late to start thinking of having your own home. Instead of paying a huge amount of money on a rented apartment, try looking for ways on how to have your own. In other words, you should consider buying an apartment especially when you plan to stay somewhere for several years
The fact is that when you start developing that mindset of ownership, your mentality about spending a lot on rent changes for good. There is no wisdom when you live a sumptuous lifestyle in a rented apartment, you are just laying a bad foundation for your finances and that could be disastrous.
Come to think of it, when you become a landlord, or own a home especially in a highbrow area you start making money. The pains might be excruciating when you start you saving but its better than paying a large percentage of your money on a rented home.
Finally, start thinking of having your own apartment, stop spending much on a house that is not yours. Start saving today, its never late.