rental – 9japroperty http://9japroperty.com.ng All you need to know about properties Wed, 28 Sep 2016 11:07:57 +0000 en-US hourly 1 https://wordpress.org/?v=5.4.15 How A Landlord Can Increase Rental Value Through Renovations http://9japroperty.com.ng/landlord-can-increase-rental-value-renovations/?utm_source=rss&utm_medium=rss&utm_campaign=landlord-can-increase-rental-value-renovations http://9japroperty.com.ng/landlord-can-increase-rental-value-renovations/#respond Wed, 28 Sep 2016 11:07:57 +0000 http://9japroperty.com.ng/?p=5032   Rental value is usually a major consideration when a prospecting tenant seeks for a place to move in. Hence it is essential that a landlord ups his game if he is to lease out his property at an acceptable price. This article aims to give useful tips on how a landlord can successfully increase […]

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Rental value is usually a major consideration when a prospecting tenant seeks for a place to move in. Hence it is essential that a landlord ups his game if he is to lease out his property at an acceptable price. This article aims to give useful tips on how a landlord can successfully increase the rental value of his property with his renovations.

Many Nigerian landlord do necessary or systematic renovations on their property once it becomes vacant to attract new tenants who may likely pay more for the property than its worth  just because the landlord has wisely pimped it .

Anytime a landlord wants to make more money on his property who comes up with various plans on how to make the house attractive for prospective tenants, so they won’t raise an eyebrow when he increases the rental value.

That notwithstanding, the question then is; what part  of the house that’s is to be put up for rent the best for renovations and that’s for the landlords who don’t have so much to throw around. Or where is one’s money best spent to increase the value of the home or property? As it is budgets play a big part in a renovation.  Some landlords blow their entire budget on one room and neglect the rest of the apartment.

Unless you have an unlimited budget, here are some helpful do’s and don’ts that should assist you when coming to the renovation decision.

  1. Never proceed with aesthetic renovations when there are structural or plumbing/electrical issues with the home. Yeah! These aren’t sexy fixes but they should always be a priority when doing renovations. Let’s face it; there is nothing worse than redoing your master en suite and then having a roof failure and water damage to the ceiling etc. Invariably, It’s not ideal to start any renovation at all without a solid foundation/structure.
  2.  The biggest mistake made in renovations are the disconnects, an example being granite counter tops installed on 40 year old bathroom cabinets. You may consider this an upgrade but to a potential renter they see this as putting “lipstick on a pig”. If you are trying to rent out the house with just an updated bathroom to prove its worth, good luck. However, no sane person will want to pay so much for poor renovations especially when they have to be completely redone.
  3. On a limited budget? Be smart! – consistent renovations are by far the best bet to increasing the rental value of your residential property and making high returns on investment. In other words, do some mild updating in all of the rooms. You would be surprised how fresh a home looks with new paint, light fixtures/switches. All of these will most certainly add value when the time comes to lease out
  4. Changing a traditional floor plan of a home and creating a more functional one is great if you have plans to increase rent. Tearing a wall out can create that “open concept layout” one desires and it doesn’t have to be expensive.
  5. Timeless design – when renovating, choose styles and fixtures that will remain current, what you like may not be appealing to the masses.
  6. The kitchen is always the most expensive room in the house to renovate, so proceed cautiously! It can make or break the rental value of the property. So choose your layout, design and fixtures with care and hiring a designer for input, wouldn’t be the worst decision one could make.

So remember to always have a plan before starting a renovation. There is nothing worse than a half finished kitchen and no money left in the budget to finish it! Though what is obtainable for most landlords in Nigeria is that they collect money from a tenant in advance with promises that they would pimp up the apartment before they move in.

In all landlords should be wise with their renovations in their bid to increase the rental value of their residential property so as not to shoot themselves in the leg on the long run.

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Council tasks government on public rental housing, urban renewal http://9japroperty.com.ng/council-tasks-government-public-rental-housing-urban-renewal/?utm_source=rss&utm_medium=rss&utm_campaign=council-tasks-government-public-rental-housing-urban-renewal http://9japroperty.com.ng/council-tasks-government-public-rental-housing-urban-renewal/#respond Tue, 06 Sep 2016 10:46:50 +0000 http://9japroperty.com.ng/?p=4944 The government has been called upon once again to cast its eyes more determinedly at the housing sector, especially on mass housing provision for its teeming low-income sector.The council, which made the call, urged the government to invest in a deliberate capacity development drive for professionals, artisans and tradesmen in the built environment as well […]

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The government has been called upon once again to cast its eyes more determinedly at the housing sector, especially on mass housing provision for its teeming low-income sector.The council, which made the call, urged the government to invest in a deliberate capacity development drive for professionals, artisans and tradesmen in the built environment as well as revive or set up sustainable vocational training centres in the industry.

Delegates that attended the National Council on Lands, Housing and Urban Development advised government to conduct a needs assessment to determine the design of houses required by Nigerians as well as the evolvement of new plans and policies for the implementation of social housing and public rental housing.They equally want the authorities to ensure compliance with the provisions for understudies in the expatriate quota guidelines which require that two Nigerians must be attached as understudies to every expatriate with a view to taking over from him within 10 years, after which his expatriate quota will not be renewed.

The council, in a communiqué issued at the end of its annual meeting held in Ilorin, Kwara State recently, equally noted that progress in the sector could only be achieved through the provision of free, unencumbered land for mass housing projects. The body has thus set January 1, 2017 as commencement date for the adoption of Exchange of Letters for the transfer of interest in land between Federal and state governments.

The council also requested the various tiers of government in the country to underwrite the cost of infrastructure through mortgage discount financing in partnership with the Federal Mortgage Bank of Nigeria (FMBN).The communiqué stated: “The relevant bodies should waive registration fees for mass housing projects, to reduce the selling prices of such houses and enhance their mortgage affordability.

Also,government at all levels should embark on sustainable training and capacity building of professionals, artisans and tradesmen in the built environment.“With a view to developing adequate capacity of professionals, artisans and tradesmen in the built environment, all tiers of government should be encouraged to revive or set up sustainable vocational training centres in the industry. Also, the attention of relevant Ministries, Departments and Agencies (MDAs) should be drawn to ensure compliances with the provisions for understudies in the expatriate quota guidelines, which require that two Nigerians must be attached for understudies to every expatriate with a view to taking over from him within 10 years after which his expatriate quota will not be renewed.

Announcing the approval for use of the recently launched Building Efficiency Guide for Nigeria by all relevant stakeholders in the nation’s building industry, the body urged the Federal Government to commit to projects towards up scaling its urban renewal and slum upgrading programmes. The conduct of sensitization and education
programmes at different levels of government on the activities of Shelter-Afrique in order to benefit from its services was also emphasised.

They also advised government on the need for an affordable mix of housing schemes through the public private partnership initiative in the country, while Local governments and corporate bodies, which had withdrawn from the National Housing Fund (NHF) should return to facilitate their access to the fund and home renovation loans.

The communiqué stressed other issues including: A comprehensive physical development plan for the redevelopment of areas devastated by natural and man-made causes in order to improve the livability and sustainability of such areas.The review of the existing urban and regional planning laws to make them more responsive to new threats to urban lives such as crime, climate change and high energy demand.

A follow- up process to a law enforcing compliance with the provisions of the National Building Code by the National Assembly to be domesticated by the Houses of Assembly of the various states; relevant agencies that offer rebates and incentives should be requested to grant incentives for solar panels and solar hot water
systems in residential and commercial building projects;On urban development, the council approved that states and local governments be encouraged to vigorously implement the existing urban and regional planning laws.

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Strongly pro-landlord rental market http://9japroperty.com.ng/strongly-pro-landlord-rental-market-3/?utm_source=rss&utm_medium=rss&utm_campaign=strongly-pro-landlord-rental-market-3 http://9japroperty.com.ng/strongly-pro-landlord-rental-market-3/#respond Wed, 13 Apr 2016 08:59:08 +0000 http://9japroperty.com.ng/?p=4474 Rents: Can landlord and tenant freely agree rents in Nigeria? There are no effective rent controls in Nigeria. Lagos has a “Rent Control of Residential Premises Law” but this is not implemented. Deposits Rents are paid, in advance, for two to three years. Some landlords accept advance payments for only one to 1½ years; however, […]

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Rents: Can landlord and tenant freely agree rents in Nigeria?

There are no effective rent controls in Nigeria. Lagos has a “Rent Control of Residential Premises Law” but this is not implemented.

Deposits

Rents are paid, in advance, for two to three years. Some landlords accept advance payments for only one to 1½ years; however, in that case rents are significantly higher.

What rights do landlords and tenants have in Nigeria, especially as to duration of contract, and eviction?

Contracts last for the duration of the advance payment, typically, one to three years. An option to renew with rent adjustment can be included in the contract. If the tenant pre-terminates a contract, no refunds are made. Subleasing can be included in the contract.

How effective is the
Nigerian legal system?

EVICTION FOR NON-PAYMENT OF RENT

Duration until completion of service of process 32
Duration of trial 126
Duration of enforcement 208
Total Days to Evict Tenant 366
Courts: The Lex Mundi Project

Under the 1997 Recovery of Possession Law of Lagos State and the 1991 Recovery of Possession Edict 1991 of Rivers State, only the court can order the eviction of tenants. The court process is slow and cumbersome. Landlords evict tenants using an assortment of tricks, phony legal cases, intimidation, locking out tenants, and physically throwing them of their property.

Nigeria lagos Strongly pro landlord rental marketThe State of Lagos offers a Citizens Mediation Centre for resolving landlord and tenant issues. If mediation fails, the parties involved can seek redress in court.

Legislation

The Land Use Act of 1978 covers the use and rental of public lands. The State of Lagos has an un-enforced Rent Control of Residential Premises Law and Recovery of Possession Law. The Rivers State likewise has an unimplemented Recovery of Possession Edict.

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Strongly pro-landlord rental market http://9japroperty.com.ng/strongly-pro-landlord-rental-market/?utm_source=rss&utm_medium=rss&utm_campaign=strongly-pro-landlord-rental-market http://9japroperty.com.ng/strongly-pro-landlord-rental-market/#respond Tue, 21 Jul 2015 11:13:18 +0000 http://9japroperty.com.ng/?p=3361 Rents: Can landlord and tenant freely agree rents in Nigeria? There are no effective rent controls in Nigeria. Lagos has a “Rent Control of Residential Premises Law” but this is not implemented. Deposits Rents are paid, in advance, for two to three years. Some landlords accept advance payments for only one to 1½ years; however, […]

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Rents: Can landlord and tenant freely agree rents in Nigeria?

There are no effective rent controls in Nigeria. Lagos has a “Rent Control of Residential Premises Law” but this is not implemented.

Deposits

Rents are paid, in advance, for two to three years. Some landlords accept advance payments for only one to 1½ years; however, in that case rents are significantly higher.
What rights do landlords and tenants have in Nigeria, especially as to duration of contract, and eviction?

Contracts last for the duration of the advance payment, typically, one to three years. An option to renew with rent adjustment can be included in the contract. If the tenant pre-terminates a contract, no refunds are made. Subleasing can be included in the contract.
How effective is the Nigerian legal system?

Under the 1997 Recovery of Possession Law of Lagos State and the 1991 Recovery of Possession Edict 1991 of Rivers State, only the court can order the eviction of tenants. The court process is slow and cumbersome. Landlords evict tenants using an assortment of tricks, phony legal cases, intimidation, locking out tenants, and physically throwing them of their property.

Nigeria lagros propertiesThe State of Lagos offers a Citizens Mediation Centre for resolving landlord and tenant issues. If mediation fails, the parties involved can seek redress in court.

Legislation

The Land Use Act of 1978 covers the use and rental of public lands. The State of Lagos has an un-enforced Rent Control of Residential Premises Law and Recovery of Possession Law. The Rivers State likewise has an unimplemented Recovery of Possession Edict.

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