The percentage of Nigerians moving into residential luxury estates has grown over the years. New luxury estates keep developing every year and they offer a lifestyle that Nigerians find appealing.
A luxury residential estate is a large group of houses and other buildings that are that are built together and developed at the same. They vary from area to area but one major feature of estates is the uniformity in appearance of the buildings. They are controlled by one management even though they allow separate ownership of each buildings.
Affluent families enjoy the perks of living in luxury estates. It is important for you to understand the pros and cons before deciding to live in a luxury estate.
Pros
Security
Safety and security is one of the major concerns of an average Nigerian. Residential estates typically come with amenities like surveillance cameras, 24 hour security guards, perimeter fencing and controlled entrance of visitors into the estate. Property owners and residents are assured of safety in the estate.
Family friendly
Estates are bound to be family friendly because they are designed with families in mind. They often include parks, a playground for children, walking tracks and sometimes barbecue areas. Residential estates have also proved to be a great place for networking. Younger children can hang out with other children living in the estate and adults are surrounded with like minds.
Higher property value
The safety and privacy benefits that come with living in an estate increases the property value because people are willing to pay to enjoy these premium benefits. As a property owner, having a house in a luxury estate increases and boosts the value of your property.
Shared costs
Living in an estate provides the benefit of having access to certain facilities and sharing the cost with other families. For example, you can have access to community parks, community children playgrounds, community swimming pools etc. at a reduced cost.
Cons
Design rules
One basic feature of most estates is the uniformity of the design of the houses. Designing the infrastructure of your house to your style is restrictive because there is a pattern that you must follow.
Estate rules
Residential estates often have rules and regulations that must be obeyed. You may find this restrictive because there might be certain rules that might not be favorable such as no pets, no loud music, etc. unlike living in a free neighborhood where such rules do not apply.
Service fees
Service fees are a contributed sum of money that residents of the estates are charged for the upkeep of the estate. You must pay to enjoy certain luxuries in the estate. They include constant electricity, 24 hour security, etc. Residents of the estate are also responsible for every maintenance repair in the estate like potholes, etc.
You have to consider all these factors as well as your budget before making a decision to live in an estate. By educating yourself about these factors and conducting adequate research before making a decision to buy or rent a house in an estate, you save yourself from the stress of making mistakes along the line.
You can read our article: 4 Things You Need To Do Before Building Your House. It provides insight on everything you need to know and do before you build a house. You can also click here to read how long it takes to build a new house.
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