building – 9japroperty http://9japroperty.com.ng All you need to know about properties Fri, 18 Nov 2016 10:41:48 +0000 en-US hourly 1 https://wordpress.org/?v=5.4.15 When Does it Become Necessary to Demolish a Building? http://9japroperty.com.ng/become-necessary-demolish-building/?utm_source=rss&utm_medium=rss&utm_campaign=become-necessary-demolish-building http://9japroperty.com.ng/become-necessary-demolish-building/#respond Fri, 18 Nov 2016 10:41:48 +0000 http://9japroperty.com.ng/?p=5479 Building takes time, and demolition takes consideration. Demolishing a building isn’t easy, and it requires careful, detailed planning to demolish any structure. When is it really necessary to carry out a demolition? Whether corporate buildings or household projects are considered, demolition services should be engaged by inquiring minds and conservative pursuits. When is it time […]

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Building takes time, and demolition takes consideration. Demolishing a building isn’t easy, and it requires careful, detailed planning to demolish any structure. When is it really necessary to carry out a demolition?

Whether corporate buildings or household projects are considered, demolition services should be engaged by inquiring minds and conservative pursuits. When is it time to demolish a building? The following factors, when considered, will placate any individual’s curiosity when faced with a complex project.

New Buildings and Hazard Reduction

Preventing fire hazards is city-wide goal, and new buildings often require additional space for construction. When new structures are created, demolition teams are often contacted to remove previously existing structures. If a nearby building is going up, and if an individual is considering relocation, demolition is a healthy alternative to costly closing costs.

Additionally, nearby flame hazards and explosive fuel may require safe demolition of nearby structures—so demolition may be performed as to remove future safety issues. Similarly, if asbestos is located within a structure’s foundation, selective demolition may be required to clear dangerous debris.

Damaged Structures

While many logistical reasons exist for demolition, a damaged pre-existing structure is often a paramount reason. As businesses expand, they require additional space, and pre-existing structures may require deconstruction for additional room. Similarly, damaged structures may require demolition when encroaching upon a building’s vital facilities, such as:

  • Underground plumbing lines
  • Electric utility lines
  • Public transportation areas

Building Expansion

As mentioned above, expanding buildings may require additional space. However, before such space is acquired, demolition of previous structures may be required. Partial building demolition, while an option, is advised under extremely controlled circumstances. Similarly, areas should be secured to prevent personal injury, property damage, and utility service damages.

Within partial demolition, services may be selected to alter a building’s foundation and surrounding areas through destruction and removal of chimneys, exterior walls, overhangs and divider areas. Such aspects are easily removed—making additions an easy pursuit.

Demolition Safety

Regardless of situations, each demolition project often requires preemptive coverage to cover injuries and loss—so as to protect individuals throughout the process. Certified personnel are always on-site, guaranteeing complete safety within each process. When selecting a demolition plan, individuals are prompted to establish future fire, utility, and construction plans.

Megacity Projects

When the government is on the verge of a major project to transform a notable city, some buildings come under radar. Shanties, illegal structures and buildings that run foul of building codes are brought to the ground. Buildings that do not tally with the masterplan of a city can also be demolished. This phenomenon has occured severally in Lagos state – the most populous state in Nigeria and Abuja. Recently, over 30,000 people, mostly in shanty areas in Lagos Island lost their homes after houses were demolished in Lagos. Government claim it’s part of their megacity project and such houses are illegal. Amnesty International has frowned at the development and has advised Nigeria to bring the demolitions to a halt.

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Building collapse: Professionals want harmonisation of construction laws http://9japroperty.com.ng/building-collapse-professionals-want-harmonisation-construction-laws/?utm_source=rss&utm_medium=rss&utm_campaign=building-collapse-professionals-want-harmonisation-construction-laws http://9japroperty.com.ng/building-collapse-professionals-want-harmonisation-construction-laws/#respond Tue, 15 Nov 2016 08:16:11 +0000 http://9japroperty.com.ng/?p=5447 Professionals in the building sector have called on the Federal Government to harmonise all the laws guiding building construction in the country so as to reduce the incidences of building collapse. An estate surveyor and valuer, Mr. Olayinka Omotosho, said at a symposium organised by the Building Collapse Prevention Guild, Ikeja Cell, that with proactive […]

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Professionals in the building sector have called on the Federal Government to harmonise all the laws guiding building construction in the country so as to reduce the incidences of building collapse.

An estate surveyor and valuer, Mr. Olayinka Omotosho, said at a symposium organised by the Building Collapse Prevention Guild, Ikeja Cell, that with proactive measures, the incidences of building collapse would end.

“The Federal Government should harmonise the National Building Code and Building Efficiency Guidelines. If the National Building Code is implemented with consistent enforcement, incidences of building collapse can become history in Nigeria,” he said.

Omotosho noted that some of the leading causes of building collapse were the influx of substandard building materials; non-implementation of the National Building Code; employment of cheap and unqualified labour; and lack of adequate supervision by building designers such as architects and engineers.

He said, “There should be the establishment of vocational training centres. Soil investigation is also very vital before construction. Wrong foundation on a soil is very dangerous. There should be adequate supervision by the architects and engineers throughout the construction period.

“The influx of substandard building materials should be contained and controlled by the Standards Organisation of Nigeria. Hence, the collaboration between the SON and BCPG should be strengthened. We believe it is also time to strengthen the bond between the varying professionals in the built industry as we consistently work towards various means of advancing the industry and militating against the recurrence of building collapse.”

The President, Nigerian Association for Engineering Geology and the Environment, Prof. Oladapo Adeyemi, said there was a need to incorporate geoscientists in pre-construction investigation for structures in the country.

“This will prevent incessant failure of structures, especially buildings, in our country, the giant of Africa. Geoscientists in Nigeria have to be given their deserved recognition and role in construction of buildings. This is the case in developed countries where even a bungalow cannot be constructed until a geoscientist has had an input,” he said.

Adeyemi added that with collaboration between geoscientists and foundation and structural engineers, structural failures would be reduced to the barest minimum.

The Head, Department of Building, University of Lagos, Dr. Olumide Adenuga, said maintenance of buildings should be regularly undertaken to restore and improve them, and toalso avoid dilapidation.

Adenuga said maintenance would help in defect elimination, proactive risk reduction and failure avoidance, among others.

The BCPG Ikeja Cell Coordinator, Mrs. Iyabode Bolarinwa, said poor maintenance culture could shorten the lifespan of buildings.

“That is why we are using this forum to appeal to building owners, estate and facility managers to give priority to regular maintenance and use appropriate professionals for maintenance work to avoid shoddy jobs,” she said.

PUNCH.

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When to sell a building http://9japroperty.com.ng/when-to-sell-a-building-2/?utm_source=rss&utm_medium=rss&utm_campaign=when-to-sell-a-building-2 http://9japroperty.com.ng/when-to-sell-a-building-2/#respond Tue, 08 Nov 2016 10:25:47 +0000 http://9japroperty.com.ng/?p=5386 Timing can make or mar any decision however sound it may be, and this is very true when it comes to buying or selling a building. It is far easier for many people to make a decision with regards to selling land than it is with selling a building. A building in this sense refers […]

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Timing can make or mar any decision however sound it may be, and this is very true when it comes to buying or selling a building. It is far easier for many people to make a decision with regards to selling land than it is with selling a building. A building in this sense refers to both residential and commercial properties. The timing of your purchase and of your sale determines the rate of return that you will get from your investment. Understanding timing requires clarification of a few issues.

Many investors often get confused when they hear stories of those who have made fantastic profits from real estate investment. They often assume that it is the property that has gone up in value in general terms. But there is always the need to make this clarification. From the moment you complete a building, using economic terms, it begins to depreciate. Infact, the amenities inside the building lose significant value within the first year. The property over several years will continue to lose value and when a professional is asked to give an estimate of the building value after 20 years you might be surprised at how low a value will be assigned to it.

This scenario makes sense even from a practical perspective. In most cases, after a few years, most building designs go out of fashion. The facilities in the building are outdated. Modern and more fashionable designs are likely to spring up nearby and command higher rents. The cost of maintenance and replacement of old amenities become so expensive that many property owners would simply avoid such a project. In a sense, most buildings can only depreciate more rather than appreciate in value. What goes up in value is the land on which the building stands and those focused on the building have simply overlooked this crucial fact.

The land goes up in value as a result of several factors that have little or nothing to do with the building on it. Over a period of time, if you bought a parcel of land in an area with growth potential; with or without you developing the land, it will increase in value. The rapid urbanisation of our cities, infrastructural development, population growth, inflation and several other factors not directly related to the building will ensure that it increases in value. This is the rationale behind the refrain that location is the key to property investment.

If you intend to make good money on a building, the best time to do so should be during its first decade. During this phase of the building, rent will still be competitive and maintenance cost low. This, however, depends on the structural soundness of the building. If the building was not properly built and it develops several issues early, it will depreciate faster and can result in a loss to the owner. Most property development projects target recovering their initial investments or most of their initial investments within a decade of project completion.

Once the building depreciates to a certain level, the pragmatic options available to the owner are limited. One of the options is to demolish the building and erect a building that relates more with the built environment physically and economically. In the intervening years, it is possible that the use of similar properties in that location has changed. It could change from a predominantly residential to commercial area. Another option is renovation and partial redevelopment. This is a scenario in which the building is repurposed and restructured. This could lead to a higher and better use of the property in a way that leads to greater income being generated from it.

Whenever a building has reached a certain phase in its use, it is best to make a decision to sell if you do not have the fund to redevelop or massively renovate the building to a more contemporary use that has greater economic advantage. In making a decision to sell, especially when it comes to residential buildings occupied by owners, you need to detach yourself from sentimental value. Many owners become unreasonable with the sale price due to the amount of money they have spent on the building. In many cases, these are not recoverable, especially if the amount results in a sales price that is far higher than the value of land in that location.

Ultimately, the key determinant is your short and long term strategy and how much you have to invest. Where you are thinking of higher and better use for your money without the need to further invest, it makes good sense to sell a property that has reached its prime. Where you have more money to invest, it makes good sense to redevelop or renovate the property.

PUNCH

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When to sell a building http://9japroperty.com.ng/when-to-sell-a-building/?utm_source=rss&utm_medium=rss&utm_campaign=when-to-sell-a-building http://9japroperty.com.ng/when-to-sell-a-building/#respond Tue, 08 Nov 2016 09:15:58 +0000 http://9japroperty.com.ng/?p=5383   Timing can make or mar any decision however sound it may be, and this is very true when it comes to buying or selling a building. It is far easier for many people to make a decision with regards to selling land than it is with selling a building. A building in this sense […]

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]]>
 

Timing can make or mar any decision however sound it may be, and this is very true when it comes to buying or selling a building. It is far easier for many people to make a decision with regards to selling land than it is with selling a building. A building in this sense refers to both residential and commercial properties. The timing of your purchase and of your sale determines the rate of return that you will get from your investment. Understanding timing requires clarification of a few issues.

Many investors often get confused when they hear stories of those who have made fantastic profits from real estate investment. They often assume that it is the property that has gone up in value in general terms. But there is always the need to make this clarification. From the moment you complete a building, using economic terms, it begins to depreciate. Infact, the amenities inside the building lose significant value within the first year. The property over several years will continue to lose value and when a professional is asked to give an estimate of the building value after 20 years you might be surprised at how low a value will be assigned to it.

This scenario makes sense even from a practical perspective. In most cases, after a few years, most building designs go out of fashion. The facilities in the building are outdated. Modern and more fashionable designs are likely to spring up nearby and command higher rents. The cost of maintenance and replacement of old amenities become so expensive that many property owners would simply avoid such a project. In a sense, most buildings can only depreciate more rather than appreciate in value. What goes up in value is the land on which the building stands and those focused on the building have simply overlooked this crucial fact.

The land goes up in value as a result of several factors that have little or nothing to do with the building on it. Over a period of time, if you bought a parcel of land in an area with growth potential; with or without you developing the land, it will increase in value. The rapid urbanisation of our cities, infrastructural development, population growth, inflation and several other factors not directly related to the building will ensure that it increases in value. This is the rationale behind the refrain that location is the key to property investment.

If you intend to make good money on a building, the best time to do so should be during its first decade. During this phase of the building, rent will still be competitive and maintenance cost low. This, however, depends on the structural soundness of the building. If the building was not properly built and it develops several issues early, it will depreciate faster and can result in a loss to the owner. Most property development projects target recovering their initial investments or most of their initial investments within a decade of project completion.

Once the building depreciates to a certain level, the pragmatic options available to the owner are limited. One of the options is to demolish the building and erect a building that relates more with the built environment physically and economically. In the intervening years, it is possible that the use of similar properties in that location has changed. It could change from a predominantly residential to commercial area. Another option is renovation and partial redevelopment. This is a scenario in which the building is repurposed and restructured. This could lead to a higher and better use of the property in a way that leads to greater income being generated from it.

Whenever a building has reached a certain phase in its use, it is best to make a decision to sell if you do not have the fund to redevelop or massively renovate the building to a more contemporary use that has greater economic advantage. In making a decision to sell, especially when it comes to residential buildings occupied by owners, you need to detach yourself from sentimental value. Many owners become unreasonable with the sale price due to the amount of money they have spent on the building. In many cases, these are not recoverable, especially if the amount results in a sales price that is far higher than the value of land in that location.

Ultimately, the key determinant is your short and long term strategy and how much you have to invest. Where you are thinking of higher and better use for your money without the need to further invest, it makes good sense to sell a property that has reached its prime. Where you have more money to invest, it makes good sense to redevelop or renovate the property.

PUNCH.     

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Building collapse: Builders want enforcement of relevant laws http://9japroperty.com.ng/building-collapse-builders-want-enforcement-relevant-laws/?utm_source=rss&utm_medium=rss&utm_campaign=building-collapse-builders-want-enforcement-relevant-laws http://9japroperty.com.ng/building-collapse-builders-want-enforcement-relevant-laws/#respond Mon, 07 Nov 2016 10:50:10 +0000 http://9japroperty.com.ng/?p=5368   To put an end to the incidence of building collapse, the Nigerian Institute of Building has called on the government to enforce relevant laws governing construction of buildings in the country. The President, NIOB, Mr. Tijani Shuaib, said at the Building Construction and Machinery Exhibition that professionals in the built environment should share part […]

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To put an end to the incidence of building collapse, the Nigerian Institute of Building has called on the government to enforce relevant laws governing construction of buildings in the country.

The President, NIOB, Mr. Tijani Shuaib, said at the Building Construction and Machinery Exhibition that professionals in the built environment should share part of the blame for structural failures by allowing the use of substandard products in building construction.

He said, “One of the factors responsible for building collapse is the use of inferior and substandard products. If we allow substandard materials to be used, many buildings will not stand the test of time. Professionals in the sector have roles to play to stop the trend.

“We have our own shortcomings too in terms of design and construction, but as a body, we are working hard to ensure that standards are being followed. Government also needs to ensure they enforce laws that can give us the power to stop a building project that does not comply with standards.”

Shuaib also said the increase in the prices of building materials had become a major problem and had made it difficult for people to build their own houses.

The Managing Director, Atlantic Exhibition, organisers of the event, Mr. Ayo Olugbade, said the fourth edition in its series was an opportunity for businessmen to develop the nation and bring investment opportunities to the country.

 PUNCH.  

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Ten things to consider when building your dream home http://9japroperty.com.ng/ten-things-consider-building-dream-home/?utm_source=rss&utm_medium=rss&utm_campaign=ten-things-consider-building-dream-home http://9japroperty.com.ng/ten-things-consider-building-dream-home/#respond Tue, 01 Nov 2016 09:10:35 +0000 http://9japroperty.com.ng/?p=5337 For an average man building your dream home is definitely a dream come true. It’s every sane man’s desire to find a worthy place to call home especially when it’s built or bought from their own sweat and not like it’s rented. There is always this sudden adrenaline rush that comes with owning your own […]

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For an average man building your dream home is definitely a dream come true.

It’s every sane man’s desire to find a worthy place to call home especially when it’s built or bought from their own sweat and not like it’s rented. There is always this sudden adrenaline rush that comes with owning your own house; it’s a dream come true. However there is a need to come off the ‘cloud 9’ feeling and consider for a moment the practicalities involved in achieving such feat. The feeling of owning a house might be exciting, however the work to be done for it to come alive is mind-boggling.

Here are ten things to consider when building your dream home.

1.  BE A STICKY BEAK
Check out a range of houses in your area to get a feel for what you like. The internet is a great tool for generating ideas; many builders have online tours of their homes as well. And if you’ve driven past a home you like the look of, why not knock on the owner’s door and ask them who the builder was?

2. FOR NOW AND FOREVER?
Consider how long you’re planning to live in your new dream home. Will it suit you up until the kids leave home? Will you then need to downsize later on in life? Understanding what type of home you’re building will help you with the layout too. If you’re planning a family, bedrooms close together might be helpful if the kids wake in the night. Think also about where the heart of the home will be where people will come together.

3. MAKE A LIST AND CHECK IT TWICE
Decide what the absolute must-haves are for your new home and what the nice-to-have options might be. Is it a double garage for both cars ? An open-plan living zone where kitchen, dining and living all flow together and become the heart of the house? Or a large backyard with a pool that will keep the kids busy.

4. EXPECT TO HEAR THE WORD ‘APPROVAL’ A LOT!
When it comes to building a home, approval of your building plan is key. Your builder will lodge your house plan with the ministry of lands and it may take some weeks to get approval. The ministry may ask for some changes to your plans and if this occurs your builder will need to re-submit.

5. ROME WASN’T BUILT IN A DAY – AND NEITHER WILL YOUR HOME
Allow up to one year for the whole process to take place – this starts with choosing your builder and home plan, gaining approval from the ministry, preparing the site, pouring the slab, erecting the frame to receiving the keys to your very own home.

6.  THE GROUND YOU BUILD ON
Whether your site is the middle of an urban neighbourhood or in a rural area, make sure the location is right for you. This might seem obvious, but sometimes our heart decides before our head. If your new home will be a second home out in the middle of no where away from all kinds of services and you will only be visiting on the weekends, that’s one thing. But, if your new home is far from everything, and it’s your year round home, it may be worth asking yourself if living an hour from civilization is for you. I’ve heard of people building dream homes and then selling within a few years because the lifestyle was better in their minds than in reality.

7.  AGING IN PLACE
Most of us would like to age gracefully and die at some far off date. We imagine living in our own homes and never having to move to a place that offers assistance. For some of us, that fantasy isn’t reality because most homes aren’t designed for aging in place. A home that is built for aging in place is easy to navigate and is in a location that makes the daily experience of living easy, or a least doable. Examples of easy navigation include a house without stairs, and doorways that are wide enough to let a wheelchair through. Things that are external to your home that make living easier might include being near a bus line or other forms of public transportation, being near shopping and entertainment, and having helpful neighbors. Simple things can make a big difference.

8. SIZE MATTERS

Houses come in all sizes from big Mansions to tiny little huts. Most of us don’t need or want either, rather it’s somewhere between. Of the two extremes, there is a lot to be said for building a smaller home. On the practical side it costs less to build smaller. Regardless it is essential you consider the size of the home you want in terms of long term goals and your financial strength at that moment. Don’t bank on the money from other businesses or expected earnings to cover for other needs that may suffer because of your building projects. Don’t throw all your eggs in one basket; cut your coat according to your size.

9. DON’T DO IT ALONE

There’s no need to feel overwhelmed when building your dream home. A good project management company/real estate company would give you reasons why you shouldn’t carry out your building project alone. It will streamline the whole process and save you time and money.

A good team is probably the most important thing for a successful project. A good team will certainly include your contractor, it can also include designers and engineers. Make sure that you are comfortable with all team members and they have the right experience to build your new home. Get recommendations and trust your gut.

10. BONUS

This may not seem like a bonus, but it’s offered in the spirit of one. Ask yourself if your marriage or partnership can handle a project this big.  With endless decisions to make, money on the line and schedule over runs, building a home can get stressful. Make sure you have a solid foundation, that you can discuss money issues openly and that you have mutual regard and respect for each others decision making ability.

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Fashola advises professionals on building collapse http://9japroperty.com.ng/fashola-advises-professionals-building-collapse/?utm_source=rss&utm_medium=rss&utm_campaign=fashola-advises-professionals-building-collapse http://9japroperty.com.ng/fashola-advises-professionals-building-collapse/#respond Tue, 01 Nov 2016 07:32:43 +0000 http://9japroperty.com.ng/?p=5324   The Minister of Power, Works and Housing, Mr. Babtunde Fashola, has urged operators in the built environment to improve their skills in order to reduce the frequency of building collapse being recorded across the country. Fashola, who spoke at the 29th annual conference of the Nigerian Institution of Structural Engineers in Abuja, also outlined […]

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The Minister of Power, Works and Housing, Mr. Babtunde Fashola, has urged operators in the built environment to improve their skills in order to reduce the frequency of building collapse being recorded across the country.

Fashola, who spoke at the 29th annual conference of the Nigerian Institution of Structural Engineers in Abuja, also outlined some of the major causes of building collapse based on studies conducted by his ministry.

In his keynote address, the minister stressed that residential and commercial structures should be designed and constructed in a manner that would ensure structural stability, adding that Nigeria had recorded a fair share of collapse of engineering structures, especially buildings.

Fashola, who was represented by the Director of Engineering Services in the ministry, Mrs. Esther Okougha, said, “The issue of building collapse is of great concern to the Ministry of Power, Works and Housing, because lives, properties and investments are lost and victims suffer permanent disabilities.

“One may ask why we have frequent building collapse in Nigeria. Some of the causes include lack of adequate specification, inadequate design, absence of or inadequate supervision by relevant agencies and experts, poor workmanship, use of fake and substandard building materials, poor and incorrect method of construction, and aging buildings.

“Although in Nigeria we don’t usually believe that a building can age, but truly it can age. Other causes include the use of unqualified contractors, non-adherence to building regulations and bye-laws, corruption and force majeure.”

The minister added that reliable statistics had shown that building collapse in Nigeria dated back to 1985 and had remained a challenge across the country.

“Therefore, the theme for this year’s conference, ‘Issues on Failure of Engineering Structures in Nigeria’, is not out of point,” he observed.

He noted that it was common knowledge that engineering structures were designed and constructed for specific purposes and stressed that such structures must be safe.

“History has shown that the effect of failure is very devastating. Therefore, a high level of skilled professionalism is needed to address the possible causes of structural failures, which may be at the stage of the design, construction or supervision,” Fashola said.

Earlier in his welcome address, the President, NIStructE, Mr. Oreoluwa Fadayomi, said the theme for the conference was chosen in order to discuss issues relating to the failure of engineering structures like buildings, roads, bridges, drains, culverts and dams.

 PUNCH.

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How Cooperative Societies Started In Nigeria http://9japroperty.com.ng/cooperative-societies-started-nigeria/?utm_source=rss&utm_medium=rss&utm_campaign=cooperative-societies-started-nigeria http://9japroperty.com.ng/cooperative-societies-started-nigeria/#respond Wed, 26 Oct 2016 07:45:02 +0000 http://9japroperty.com.ng/?p=5287 A lot of questions have been asked about how Cooperative Societies started in Nigeria, and based on my experience of running cooperative societies successfully for many years till date, I wrote this series of articles to share information on it with you, my esteemed visitor. This article will enlighten you on how cooperative societies in Nigeria started. […]

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A lot of questions have been asked about how Cooperative Societies started in Nigeria, and based on my experience of running cooperative societies successfully for many years till date, I wrote this series of articles to share information on it with you, my esteemed visitor.

This article will enlighten you on how cooperative societies in Nigeria started.

According to the International Cooperative Alliance (ICA), it’s an autonomous association of persons united voluntarily to meet their economic, social and cultural needs and aspirations, through jointly owned and democratically controlled enterprise.

Cooperative in spirit and practices has been in Nigeria before the advent of modern cooperatives.

Modern Cooperative

Modern co-operative movement began in England in 1844 in the days of industrial revolution.

It was borne out of human suffering and degradation at a time when workers all over Europe lived in great misery.

It was in this year that the first recognized cooperative society (Rochdale Equitable Pioneers) was registered.

It was in the year 1884 by a group of 28 factory workers in Manchester, United Kingdom.

Traditional Cooperative

Traditional society institutions commonly known in English as the “contribution society” but variously termed “Adashi” by the Hausas, “Dashi” by the Nupes, “Asun” by the Ishans, “Osusu” by the Ogojas, “Ajo” by the Yorubas, and “Isusu” or “Etoto” by the Ibos and Ibiobios are ageless institutions which are our own versions of the cooperative thrift and credit societies.

Origin Of Modern Cooperative Societies In Nigeria 

Mr C.F. Strickland was appointed by the British Government in 1933 to head a panel which was given terms of reference thus: “To study in details the culture of the people, and the geographical and economic conditions of the country with a view to recommending the types of cooperatives most suited to Nigerians.”

The findings of the panel and its recommendations had resulted in the cooperative society’s ordinance of 1935 resulting in subsequent establishment of cooperative societies of all types.

Introduction of Prime Asset Housing Cooperative Multi-purpose Society Limited

For better understanding of how it can benefit you, as a case study, I am introducing you to Prime Asset Housing Cooperative Multi-purpose Society Limited (www.primecooperative.org).

It’s a project initiated by Realty Point Limited and registered with the Ministry of Agric and Cooperative, Lagos State and runs independently of the company.

The objective is to help members buy land, own a house, invest profitably in real estate and other opportunities.

The society offer entrepreneurial and other life enhancing training to members at their monthly meetings.

Also providing landed properties for members at affordable price and opportunities to borrow for growth of their individual business operation.

Finally, also investing members’ monthly contributions regularly and sharing 50% of surplus annually as dividend.

Partners
For optimal delivery of services to their members, they partner with reputable individuals & organizations particularly:

• Banks & other Finance outfits.
• Developers
• Mortgage Institutions
• Building material manufacturers and supplier
• Professionals in the building industry
• Related government establishments and agencies.

Cooperative Membership Fee
Each intending member of the cooperative is expected to pay a one –time non-refundable as membership fee.

This is to be used to fund the administrative activities of the co-operative society.

Annual accounts are subject to external audit of both Government Supervisory Authorities and Private Self-appointed External Auditors.

Currently, the co-operative is involved in housing provision, credit issuance (for business or personal uses), savings and other investments for the benefits of members and pre-qualified non-members.

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Why Building Projects Are Abandoned In Nigeria http://9japroperty.com.ng/building-projects-abandoned-nigeria/?utm_source=rss&utm_medium=rss&utm_campaign=building-projects-abandoned-nigeria http://9japroperty.com.ng/building-projects-abandoned-nigeria/#respond Fri, 21 Oct 2016 06:08:16 +0000 http://9japroperty.com.ng/?p=5248 In today’s Nigeria, the landscape is littered with abandoned building projects, roads, rails, ports and other infrastructural projects at all levels of governance from local government through the state government to the federal territory. It is quite unfortunate that many of building and infrastructural projects in Nigeria are out-rightly abandoned even at conception. When we […]

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In today’s Nigeria, the landscape is littered with abandoned building projects, roads, rails, ports and other infrastructural projects at all levels of governance from local government through the state government to the federal territory.

It is quite unfortunate that many of building and infrastructural projects in Nigeria are out-rightly abandoned even at conception.

When we talk of abandonment, we mean to say buildings or projects that are left unoccupied, vandalized, boarded-up or deteriorated.

“Abandonment” can also mean an owner ceasing to provide maintenance and operating services to a building, or the loss of an owner’s legal right to a building, or the demolition of same.”

An abandoned construction project can also be an uncompleted project in a time frame of a contract. Hence, there is urgent need to look inward and examine critical factors militating against project completion and occupation in accordance with its conception.

Abandoned building projects may not be limited to buildings alone; roads,industrial structures, bridges, factories, dams, electricity, communication projects and so on are equally on the list.

Some reasons for failed construction projects are: incorrect estimation; lack of available skilled personnel; inadequate planning; poor risk management; misunderstanding of the work requirement; poor quality control by regulatory agencies; corruption and communication gap among the personnel.

Other factors are cost; the developer and the contractors; inability of clients to engage contractors or designers capability to do the work; failure on the part of contractors to obtain vital inputs such as materials, manpower and machines. The ripple effect of all of the aforementioned is that all activities becomes totally suspended and the project consequently becomes abandoned.

Invariably, in the true sense of it, a project is never considered abandoned, rather the project must have been suspended as a result of the proprietor lacking funds to continue in the main time.

Inconsistent government policies, lack of accountability, high level of corruption, incompetent contractors, non-availability of building materials, lack of utilities or infrastructural facilities, wrong location and so on has been advanced as remote causes of abandonment of building project

The above reasons invariably lead to waste of resources in the form of capital, materials, human power, promotion of illegal activities, adverse effect on community, aesthetics and so on; the menace abandoned building projects cause to the society is enormous

Hence, there is a need for construction firms to inculcate operational, strategic, personal, technological, marketing and environmental strategies in order to cushion the effect of financial predicament associated with building projects

It is indeed pathetic that several construction projects which would have impacted positively on the economic and overall social development of the nation litters the corners and open spaces of the country. This significantly affects the housing area by reducing its beauty in addition to creation of social problems, spread of disease and threat to the environment as highlighted earlier.

In view of these, the following recommendations have been put forward by industry professionals to possibly put a stop to this ugly trend;

1. Only new projects, which can be completed with the available resources, should be initiated.
2. The selection processes and consultancy should be characterized by accountability, transparency, honesty and integrity.
3. The use of political undertone rather than economic advantage in sitting of projects should be discouraged.
4. Corruption at the level of Government and other stakeholders in the housing sector should be curbed through Due process, Economic and Financial Crime Control (EFCC), Budget Monitoring and Price Intelligence Unit (BMPIU) and other Crime Control Agencies.
5. The need to set up a National Construction Industrial Bank is overdue.

With this in place and well executed, the incidence of abandoned projects littering our entire landscape will be a thing of the past.

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Basic steps in building a house http://9japroperty.com.ng/basic-steps-building-house/?utm_source=rss&utm_medium=rss&utm_campaign=basic-steps-building-house http://9japroperty.com.ng/basic-steps-building-house/#respond Fri, 21 Oct 2016 05:41:01 +0000 http://9japroperty.com.ng/?p=5244 This became necessary due to recent mails I received asking for advise on basic steps in building a house that once can effectively follow. It is for those who are not really sure of what steps to follow when planning for their house. Understanding the basic steps in building a house will aid your knowledge […]

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This became necessary due to recent mails I received asking for advise on basic steps in building a house that once can effectively follow. It is for those who are not really sure of what steps to follow when planning for their house.

Understanding the basic steps in building a house will aid your knowledge more and always make you come out with better result. It does not matter whether it is your first or second house.

The steps discussed here is not arranged in any sequential order, although great care was taken at ensuring that the following will help you understand the scheme of things in housing construction.

1. Acquiring a Plot
Your house must be built on something and that something is usually land, so the first step that sets things in motion is acquiring a plot on which to erect your structure. With the right real estate company(buying from omo onile is not always advisable), you can acquire a plot of land in your desired geographical location and get all documents leading to proof of ownership of the land. Once this is done, you are set for the second step.

2. Building plan
Once the land is in your kitty and all the necessary documentation done, next in the steps in building a house is to get the service of an architect to draw the plan of the structure (house) you plan to build.
After your taste and the requested facilities and rooms you wish your house to contain has been discussed with your architect, your architect gets the plan designed to fit and meet with the building standards of the authorities in line with the location of the plot. There are regulations regarding what can be built, where and how, the Architect is the best person to help you through the maze and marry your dream with what is possible and legal. Before a standard house is erected, involving an architect will be a very good thing to do.

3.Consulting With a Building Professional/Quantity surveyor
Once the Architect is done with the drawings as required before he presents it for building plan approval or after he must have done so, you will need the services of a Quantity Surveyor to come up with the Bill of Quantities (BoQ).

That is the determination of what building a house will cost you. Ordinarily, it is a very good thing to have this and you will be required to even produce it for verification if you are seeking financing in funding the construction of your house.

But if you are not required to present it probably because you are funding your structure out of pocket, then this could help(motivate) or hinder(de-motivate) you depending on how your handle challenges.

Reason been that most of the time, your BoQ will be more than what you were thinking your structure will cost. Workmen, contractors, etc. even have it almost as standard practice to tell client what they think the client will want to hear in terms of what the construction will cost or what any stage of the construction will cost.

One reason this is carried out, is to avoid losing business in case the client gets discouraged on knowing the near actual cost and concludes that he has no means of raising such a sum and as such backs out. Either procrastination sets in or there is a total cancellation of the project.

The other it is carried out, is because they they know that when someone wants to do a thing most of the time, what is required is to overcome the inertia that keep people from starting.

Usually, once they start, the desire to complete it fires all other areas of their being, financial provision inclusive. Therefore, they (BoQ) do that to help you overcome your inertia and start, so you cannot stop when the real cost begins to show up because you would have gathered enough momentum.

Well-groomed professionals abound for consultancy with respect to the amount and quantity of various materials you will need all through the stages of building process.

4. Getting a Builder/Site Inspector
This person is sometimes called Contractor, Site Supervisor, or Foreman. Whatever he/she is called, the job is to help ensure that what you have on your plan is what is constructed on ground at not more than the estimated cost except where there are reasons why you must deviate from your plan a little or the cost because of price movement in the market between the time you drew your plan and got your BoQ and when you moved to the site.

5. Labour
Securing the services of labourers/masons, carpenters, electrician(s), plumber(s), etc. is essential in achieving your desired project. Without them, the actual implementation cannot be possible.

6. Water supply
Water is one building material required in huge quantities during a building project and it is sometimes over looked, because the general belief is that water (dirty one especially) can be found in most places and therefore getting water to use for your building project should not be a problem.

The challenge with that is that the quality of water used for your building project can affect the integrity of your structure.

During the stages of building a house, water is needed in large quantity to mix materials. If this is not provided adequately, it can result in huge unwarranted cost at the end of the day.

To address this issue, drilling a borehole, digging a well or making provision for water supply to your site via a water board pipe or commercial water tanker will solve the problem a great deal.

7. Purchase of building materials
You need to have an answer to how you intend to procure your building materials. This is one aspect of your building project with huge potentials of derailing the whole exercise cost wise if not put in check.

If you are a green horn and this is your first house construction, we will suggest you brace up and learn fast. You only need to know the material types, their specifications, and the places (markets) where they can be found.

With the knowledge of these three things, you are good to go. Better if you have the support of an honest handyman to help you. Most times, old hands and experts know how to ensure they get what they want at the prevailing market price without doing the legwork.

‘Debo Adejana

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