Property News, Tips and Advice

They say if something is expensive but worth it, you will find a way to get it. And property in regard to land and buildings is one thing that is worth your investment in the long term.

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Let me start with an adage that goes thus, ‘those who had their palm kernel cracked for them by the gods do not know what it takes to crack a palm kernel’. House hunting in Nigeria is definitely a herculean task. Folks that inherited houses or have not lived outside their parent’s abode and their enclave will not appreciate the challenges of renting an apartment, accommodation in Nigeria. It is a truism that house demand in Nigeria far exceeds its supply. It often happens that the house you reject for some reason is swiftly snapped up by another prospective tenant. A lot of times you see an apartment, fall in love with it, agree with the ‘agent’ or landlord on rent etc only for you to come back and discover that someone else offered a higher amount and paid in a jiffy. It’s a harrowing experience!

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This competition has now closed. Find out who the winners are here

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The advent of the internet has revolutionized and enhanced human activity. One of the beneficiaries of this is the real estate industry. Prior to now, real estate experts did not have a choice on where and how to advertise their business. Same applied to prospective property buyers or those wishing to rent properties. Both sides relied on either the print or electronic media to either advertise (sell their properties) or to buy. All of that has changed.

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The Lagos State Government enacted a Tenancy Law a while ago. Tenants in the State saw this as a step in the right direction. From all indications, it appears the frenzy has fizzled out and it is business as usual again. This made me to pen an article titled, "is the Lagos Tenancy Law a Paper-Tiger?". Nigeria is no doubt awash with laws, we are not lacking in them. We should endeavor to make the laws enforceable.

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We wrote a while ago that the Ogun State government recently introduced a scheme tagged, "Ogun State Homeowners Charter"  which is aimed at regularizing Property Titles in Ogun State. The exercise was initially billed to end on February 28 but has been extended to March 31st, 2014. Reports indicate that quite a good number of property owners in Ogun State availed themselves this rare opportunity to sort out their Property Titles. Typical of events in   Nigeria, people were said to be initially skeptical about the program but when they realized it was for real, there was a mad rush to benefit from the scheme.

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This is a sequel to the first leg of my essay with the same title. I am poised to flesh out the earlier article by adding more tips that will aid you to protect yourself, your loved ones and your properties/investments. A lot of times, common sense goes a long way in enhancing security and safety. Problem is, common sense is not very common. Granted there are times when security breaches are inevitable but we need to take steps not to make it an easy ride for intruders, men of the underworld.

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A bit of Psychology and good negotiating skill is a sine qua non for getting a good deal not just from a real estate agent but in every endeavour in life. It is normal for a business person to want to sell his product at the best price possible. This should not be an excuse for greediness. On the other hand, a buyer will also like to buy a product at the best price possible, of course not at the expense of quality. Negotiation, or more aptly, bargaining is an art and we need to learn the rudiments. This is secret behind one person getting a deal probably 20% less than what another person may have paid for the same thing.

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The Insurance sector is no doubt a multi billion dollar industry. Simply put, insurance is a protection, an indemnity against future loss (Wordweb).

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The Economic and Financial Crimes Commission (EFCC) on 4/3/2014, secured a court order for the forfeiture of Brifina Hotel located at plot 1106 Cadastral Zone BO2, Durumi District, Abuja. The EFCC was able to establish that the property was bought with stolen pension funds embezzled by an erstwhile Director in the Pension department of the Office of the Head of Service, one Dr. Sani Shuaibu Teidi. According to the EFCC, Dr. Teidi denied ownership of the said property but the original owner averred that the property was sold to Dr. Teidi for N339 million. EFCC's investigation confirmed that the property was acquired by Dr. Teidi using one of his front companies - Badawulu Ventures. Dr. Teidi is currently facing a 22-count charge bordering on obtaining money by false pretence, conspiring to commit fraud, concealing the origin of stolen pension funds totalling about N18.3 billion amongst others.

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