Owning property is often seen as the ultimate milestone, building equity, creating stability, and securing a piece of the future for your family. But the reality isn’t always as glamorous as the dream.
There are real benefits, sure, but also hidden costs, responsibilities, and risks that catch many people off guard. In today’s world, with economic shifts, rising maintenance expenses, and market fluctuations, it’s more important than ever to separate the hype from the facts.
What property ownership really looks like
The Good Side: What Makes Property Ownership Worth It
Property can be a powerful wealth-builder. When you own, a portion of your monthly payments goes toward equity you’re not just paying rent; you’re investing in something that (in most cases) appreciates over time.
Long-term trends show properties gaining value due to population growth, infrastructure improvements, and demand, turning your home into a major asset passed down to future generations.
You also get control and freedom. Customize your space add gardens, renovate, or create a home office, without asking a landlord. In many places, tax benefits like deductions for mortgage interest and property taxes can lower your overall costs.
For families or those planning to stay put 5–10+ years, this stability feels rewarding, providing roots and a sense of security.
In growing areas, owning can hedge against inflation, rents rise, but your fixed-rate mortgage stays the same. It’s a tangible asset that often outperforms other investments for patient owners.
The Tough Truth: The Downsides No One Talks About Enough
Owning isn’t “free money.” You’re responsible for everything, repairs, maintenance, insurance, and taxes. Unexpected issues like a bad roof, plumbing failures, or foundation problems can cost thousands (or tens of thousands) out of pocket.
In Nigeria and similar markets, these costs hit harder with inflation, import duties on materials, and variable labor rates.
Property isn’t always liquid. Selling can take months (or longer in slow markets), and transaction fees (agents, legal, taxes) eat into profits. If values dip, even temporarily you could owe more than the home is worth, especially if you bought at a peak.
It’s a big commitment. Life changes (job moves, family needs) can make owning feel restrictive. And while appreciation is common long-term, short-term volatility exists markets cool, and not every property skyrockets.
A big myth is that owning is always cheaper than renting. In high-interest or expensive markets, monthly costs (mortgage + taxes + insurance + upkeep) often exceed rent, especially early on when most payments go to interest.
In Nigeria, extra realities include title verification challenges, potential disputes (like overlapping claims), and the need for strong due diligence to avoid scams or government revocation risks. The Land Use Act means you’re often getting a “right of occupancy” (leasehold up to 99 years) rather than outright freehold, adding layers of government involvement.
Busting Common Myths
• Myth: You need to be rich to own. Reality: Many starts with modest down payments, mortgages, or off-plan options, it’s more accessible than people think with proper planning.
• Myth: Property always goes up fast. Reality: Appreciation is gradual in most cases; quick flips are risky and not guaranteed.
• Myth: It’s passive income forever. Reality: Rentals require management, tenants, and ongoing costs, it’s work unless you hire help.
• Myth: Owning is risk-free. Reality: Like any investment, it carries market, maintenance, and economic risks.
Conclusion
Is It Right for You?
Owning property can build lasting wealth, security, and lifestyle benefits but only if you’re prepared for the responsibilities and long-term view. It’s not a get-rich-quick scheme or a guaranteed win.
Do the math, factor in your life stage, and consider professional advice.
If you’re ready for a property that combines smart investment with real lifestyle perks like serene gardens, recreational spaces, and community amenities in a well-planned setup. Viva-Gold Real Estate’s Royal Garden & Resort offers that balance. It’s designed for long-term value and enjoyment.
Want to explore if ownership fits your goals?
Reach out to us at +234 8132215202, email info@vivagoldrealestate.com, or visit vivagoldrealestate.com for honest guidance.
