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3 weeks ago
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2 bedroom flat / apartment for rent

Property
Agidingbi, Agidingbi, Ikeja, Lagos
₦1,800,000

Features

WhatsApp: 08069064725
Bedrooms: 2
Bathrooms: 2
Toilet: 2
Property Size: 0 ft²

Understanding Your Rental Costs: A Detailed Breakdown

Planning to rent a property? It’s crucial to understand all associated costs beyond the monthly rent. This breakdown clarifies the typical expenses involved, particularly when committing to a lease term of 1½ years.

Key Rental Costs:

Rent (1½ Years):

This represents the total rent payable over the 18-month lease period. The exact amount will depend on the agreed-upon monthly rental rate. It’s important to clarify this upfront with the landlord and have it clearly stated in your lease agreement.

Agency Fee (20%):

Many rental properties utilize letting agents. The agency fee covers their services in finding you the property and managing the tenancy process. This fee is typically calculated as a percentage of the annual rent, meaning it’s often a significant upfront cost. In this case, the agency fee is 20% of the total rental cost for the 1½ year period (18 months).

Legal Fee (10%):

Legal fees cover the costs associated with reviewing and signing the lease agreement. This ensures that your rights as a tenant are protected. A legal professional can provide valuable insight into the terms and conditions of the lease, offering peace of mind. The 10% legal fee, in this instance, is based on the total rental cost for the 1½ year period.

Caution Deposit (10%):

The caution deposit, also known as a security deposit, protects the landlord against any damage to the property or unpaid rent during your tenancy. This amount is typically held by a third party and returned to you at the end of your lease, provided the property is returned in the agreed-upon condition. Again, this 10% is calculated based on the total rental cost over the 1½ year lease.

Total Estimated Costs:

To calculate your total estimated costs, you’ll need the agreed-upon monthly rent. Once you have this figure, calculate the total rent for 18 months. Then, add the agency fee (20%), legal fee (10%), and caution deposit (10%) to the total rent. This will give you a comprehensive overview of your total financial commitment for the 1½ year rental period.

Example Calculation:

Let’s say the monthly rent is $1000. The total rent for 18 months would be $18,000. Adding the fees: Agency Fee ($3600), Legal Fee ($1800), and Caution Deposit ($1800) brings the total estimated cost to $25,200.

Note: These percentages are examples and can vary depending on the location and specific circumstances. Always confirm the exact costs with the landlord and/or letting agent before signing any agreements.

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