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  You don’t want to pay more than you should for your living space. And that’s understandable. If you live in an urban district, rent will almost certainly take up a significant part of your income. With such a cost in the offing, you’ll be pained if it turns out that you’ve been paying an inflated amount for your home.
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It’s not always clear when you’re being overcharged; the fees you’re charged may even seem decent to you. It’ll often take some inquiring to learn that you aren’t being offered a fair deal. If you’re in doubt, you can follow these five steps to find out whether your rent is right for your home.

Consider Your Location

How much do people pay for homes in your area? Why are rents what they are? (Are properties there in high demand? Is it a quickly-developing or developed area?). The answer to these questions may give you a hint as to what you ought to expect for your home. An example: rents in Ikoyi will differ markedly from what they are in Ikorodu. This isn’t a definitive rule; some legitimate factors may contribute to making your rent lower or higher than the neighbourhood or district average. But it often does prove to be a good rule for what you should expect.

Find Out What The Current Rent Is

Here, you’ll find out what the rent is for people living in the same property as you. If they are unwilling to divulge this to you for some reason, you may ask other people in the neighbourhood who might know what the current rates are at your place. It’s important that you do this before deciding to settle for a specific place. Talking to current tenants is a part of the home inspection process that you shouldn’t overlook.
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Know What Kind Of Building You’re Looking At

You can expect the rent for a three-bedroom apartment to be costlier than a single-bedroom apartment in the same area. This is why you should be specific about the type of home you’re looking for when asking about their current rates. If you know what the average rate is for the particular type of home you want, it’ll be easier to tell what you should expect as rent. Note that the bigger and costlier a living space is, the more difficult it is to determine that you are being overcharged for it.

Check The Building’s Present Condition

If you’re moving into a house that isn’t in the best shape possible, you’ll be right to want a lower rent for it than it would attract if it were in a great condition. But if (or when) it is upgraded, you may be paying a much higher rent for it. Buildings with quality facilities (modern bathtubs, toilets, hand washbasins, tiled floors, etc.) will be costlier than those with lower quality or outdated versions of these things.

Look At The Available Infrastructure

Houses in places with decent infrastructure, amenities, and services (roads, electricity, water supply, good schools, and security) tend to command higher rents than those in districts without much of these things. You’ll want to consider this when prospecting for a home. If you’re thinking about settling in a suburban area where the infrastructure we’ve mentioned here isn’t in great supply, you should expect to be charged a relatively low amount as rent.

Final Words

Rent overcharges occur quite often. If you want to avoid paying more than you should in rent, you can take the steps we’ve talked about here to ensure you don’t. Featured Image Source: Law
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This article was first published on 29th September 2021

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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