5 reasons to invest in real estates in Lagos, Nigeria

Real estate investing is a profitable business worldwide. The only investment that comes close in profitability and sometimes beats property investing is stocks investing.

So, there's no doubt about it . . ..

 investment in real estate pays big time. And unlike stocks, it's a far more stable commodity to trade in.

Real estate investment Lagos Nigeria is far more profitable than elsewhere because this is an emerging market. And there is little or no government regulation in terms of pricing and property values.

Consequently, you stand a chance of making big money if you invest right.

Here are five reasons why you should give real estate investing serious thought.

5 Reasons Why You Should Get Into  Property Investing

1. Property values appreciate fast

Property prices in Lagos  Nigeria is constantly rising. For example a colleague bought a land in Lekki for 5 million naira. About five years later, the same land was worth 48 million naira+.

Property owners and landlords are constantly increasing prices and rent. Therefore, any money you put in Lagos Nigeria real estate is money well invested.

2. Lagos Nigeria is the commercial nerve centre of Nigeria.

 It is the centre of commerce. Businesses are everywhere . . . and more are coming. More businesses mean better standard of living. And more people ready to buy property.

3. Lagos Nigeria is constantly expanding.

Lagos recently attained the mega city status. This means that property you're buying that appear to be in the suburb, may soon become a property in a commercial neighborhood.

That means more money for you because properties in that area will appreciate in value faster than you imagined.

4. There is a ready market

Property ownership is considered to be the ultimate achievement in African societies. You're not considered to have attained something concrete unless you at least own a house.

This is good news for you the property investor. It means you will always have ready buyers. Cool, right?

5. Money lose value over time.

 If you keep your money in a bank, inflation will eat away its value. Ten years from today, that huge amount you have in your bank account will be worthless.

However, if you invest it in real estate, your investment will take care of your retirement.

Real estate investing is actually a two-edged sword.

It helps you save money

It grows your money

A Word of Caution

Do not jump into property investing. First speak to an investment expert.

A Lagos Nigeria property investment expert will carry out a property appraisal to ascertain the true value of a property before advising you to buy.

In addition, a home inspection expert knows the market. His knowledge and experience can make the difference between being scammed by touts or being blessed with a profitable property.

Spending your money carelessly?

Don't.

Invest it instead. That way you leave a legacy for future generations. And they will love you for it.

Olaitan H Jinad

The 8 Musts of Real estates investment in Nigeria

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.

By 2011, only 37% of Nigerians were house owners. This gap can be bridged by providing relevant and timely information to potential investors and to the general public. Additionally, there is a need to break down the barriers to investing in the sector by simplifying the process. That said, consider these 8 steps as you go about putting your hard earned money in the property market.
1. Research

If you are interested in the property market, there are great platforms to find information you need, including the mass media, online and around you. Talk to locals. Visit Google and relevant Nigerian property sites. Create Google alerts for search terms. This way, you will always be in the loop. You have to understand it before you can get into it. It is important to note that Real Estate information in Nigeria is scarce and thus requires effort on your part, whether you are in the country or abroad.
2. Decide on the specific property market

Depending on your goals, pick a sector that will benefit you more. It could be office, industrial property, retail centres or residential units. For instance, if you want speedy returns, investing in the residential market may not be for you. According to a developer in this BusinessDay article, a shopping mall in Nigeria is sold off before it is even complete while residential units take several years to actually sell out.
3. Identify booming real estate markets

They may not be booming now but owing to infrastructure development and ease of access to central business districts, that may be changing soon. Where a highway is constructed, it eases traffic and the working class tends to move in that direction, making it a worthy cause to build high-rises to rent out to them.
What does this mean? If you have identified residential real estate as your interest, you need to target the middle class. Nearly half of the middle class in Nigeria (people earning an average monthly income of N80,000–N100,000) are purchasing goods or planning to do so to improve their lives as years go by. This indicates a significant consumer boom.
4. Decide on where and how you will get finances

Depending on where you are in life, the source of financing may vary. It could be from friends and family or financial institutions. You could also have the money yourself. When you approach the bank or institution, make sure you know what you are doing. Your plan has to be viable enough to make them give you the money. As stated here last time, the Nigerian government secured a $300 million loan from the World Bank to establish Nigerian Mortgage Refinance Company (NMRC) at the beginning of 2014. Hopefully its effect in terms of liquidity and bank lending is being felt now. You could benefit.
Remember that property in the better parts of Lagos and similar upscale urban areas is as expensive as in some Western markets.
5. Get the details right

Be careful not to enter into deals with untrustworthy people. Talk to industry experts, a lawyer and make sure you get everything ironed out right from the federal government requirements down to the owner’s issues. It is another known fact that property scammers run amok in our big cities; pretending to sell houses whose owners are away, complete with fake title deeds. Beware. Get the advice of relevant professionals such as surveyors who will check out the property and advise you accordingly.
When you get down to the construction, enlist the services of architects and service engineers. Do not do things hurriedly only to incur unnecessary costs. The Knight Frank head in Africa was quoted saying that a building in Nigeria that is about 5 years old will look like a building that is 15 years older in Europe.
If you are a foreign investor at corporate level, the best thing is normally to partner with locals like Actis.
6. Know the Law

You have the right to own property as a Nigerian. All the same, the 1978 Land Use Act gives state governments authority over land within their borders. They in turn avail it to you after an intricate and bureaucratic process. You will then receive a certificate of occupancy to actually use the land i.e. sell it or develop it. Your right can also be denied if you are living in a place that is not your area of origin, which can be very subjective at the very least and can create ethnic tension.
7. Look to the future

There may not be basic infrastructure where your property of interest is currently at, but if it is in the line of the ever expanding urban areas, you can never go wrong. A few years down the line, you may sell it at millions over and above what you buy it for. Do not be too short-sighted.
8. Online Marketing

You cannot afford to ignore the Internet in this day and age. Whether it is having a website or maintaining a social media presence, the Web is one of the affordable ways to get traffic to your venture once it hits the ground running. If you want to attract buyers or sellers, online marketing could be your way to achieve this.

Mistakes can be made in the real estate market in Nigeria as in anywhere else and that is why one needs to practise patience and wise resolve. Remember, Nigeria is a developing market with great potential in sight.

Olaitan H Jinad

Need a healthy green lawn?: Tips

Keep your lawn healthy and looking good by proper cutting, watering, fertilizing and aerating. Good timing and techniques mean less time and effort.

You don't have to slave over your lawn to keep it healthy

• Tip 1: Adjust your cutting height to the time of year (and use a sharp blade)
• 
  
• Tip 2: A few good soakings are better than lots of light sprinklings (but not in the evening)
• 
  
• Tip 3: Mow only the top one-third of the grass blade (and don't rake up the clippings)
• 
  
• Tip 4: Timing is everything when it comes to fertilizers and weed killers
• 
  
• Tip 5: Aerate your lawn to help it "breathe"

Movers' Guide : The cost considerations

The costs of moving from one home to another can be high and expenses often go unseen until the last minute.

Whether you are a first-time home Buyer who has just outlaid costs to cover Estate Agent fees and transfer and bond registration costs or if you are a renter who has paid the deposit and first month’s rent upfront, you will still be faced with the costs involved in moving your belongings.

Whether you are a first-time home Buyer who has just outlaid costs to cover Estate Agent fees and transfer and bond registration costs or if you are a renter who has paid the deposit and first month’s rent upfront, you will still be faced with the costs involved in moving your belongings.

It's important to consider every cost you might encounter when moving, so here is a list of some of the services and items which are important to consider and to save for accordingly:

Deposit

Whether you are buying or renting, you will need to pay a deposit of sorts. For home Buyers, a deposit is the initial cost paid during the home buying process, and as a renter, the deposit secures your rightful place in your new home. This deposit is a prerequisite in the agreement between a tenant and landlord, but the value of the rental deposit may vary from one to two month’s rent, depending on the landlord.

Removals

When moving home, one of the most important factors is often the simplest, and that is how you intend on getting from home A to home B. Whether packing up your belongings and transporting them solo, to hiring professionals to do all the hard work, there will be costs involved.

When doing a DIY move, consider the cost of the following: packing materials (such as boxes, bubble wrap and tape), petrol for numerous return trips, and perhaps the hiring of a suitable vehicle for transportation of furniture and boxed belongings. 

The cost of hiring movers normally differs depending on what services you require, such as packing services, moving your belongings and unpacking, and is also based on the quantity of furniture you have and of course the travelling distance to your new address. Prices can range from as little as R1 000 to R50 000 – so it’s important to get numerous quotes to find a price that suits your moving budget.  You might also consider taking out insurance to cover damage to your goods during your move.

Storage

If, by any chance, you cannot move into your new home immediately, or if you are moving into a temporary home for a short period, it may be necessary to put some of your personal belongings and less essential furniture into storage. Most storage companies offer a competitive rate, which will depend on the size of the container or number of items requiring storage. It’s important to shop around for the best storage quotes which also provide the added service of insuring your belongings.

Minor yet major hidden costs

There are a couple of costs that often go unnoticed until the last day of your move. These include: crockery and food costs for the day of your move, and purchasing or tailoring new blinds or curtains to fit your new window dimensions.  You will also encounter costs for DIY work done to your house, such as repainting and repairing. 

When you move in to your new home, it’s important to get into your new routine as quickly as possible, and that means taking on a lot of admin! From reconnecting your DStv and telephone lines to having your new house fumigated and carpets cleaned; these are all important tasks which will help you make it ‘your’ home, but which can add to the overall cost of moving.

With all these factors taken into consideration, and with your chosen quotes in place, you can now make an estimated moving cost calculation to determine how much you can expect to pay to make the exciting move to your new home.

Olaitan H Jinad

08093081908

To buy or to rent?

Timeline costs for Tenants and Homeowners

Most of us, at some point in our lives, will have to decide whether to buy or rent a home. The decision that is then made is often based on the financial factors involved over a long-term period. Here is an overview of all the costs incurred for both a Homeowner and a Tenant.

Start-up

When entering the property market, those wishing to rent a property will be faced with very low start-up costs compared to the big upfront expenses involved in buying property.

When choosing to buy or rent a home, look at all the financial factors involved over a long-term period for both a Homeowner and a Tenant.

At the start of the first month of renting a property, a tenant will be expected to pay a deposit and the first month’s rent. The deposit is held as surety and can be used by the Homeowner to cover outstanding rental costs or damage caused to the property during the lease term. The value of the deposit is at the discretion of the Homeowner, but usually ranges from 1 to 3 months of the rental amount.

When buying property, the new Homeowner will have to cover some initial costs including a home loan deposit, property registration fees, Bank fees and Estate Agent fees. The value of the deposit is very important for a first-time Homeowner, as it directly impacts the home loan repayment amount, and therefore the monthly instalments due. The greater the deposit saved, the lower your monthly bond repayments will be. The overall start-up fees may seem high at first, but one must take into consideration that these fees are once-off amounts and are the initial costs involved in paying towards your own profitable, long-term investment.

Annual costs

The yearly costs for those who rent and those who own property may vary.

A Tenant is required to pay rent on a monthly basis as stipulated on the lease agreement. The duration of a lease may vary, but will often range between 6 and 12 months. After this time, the Tenant will be required to renew the lease contract, which will likely be subject to an increase in rent. This increase in rent usually varies between 5% and 10% of the rental amount, and is normally implemented based on a 12-month cycle.

In comparison, a Homeowner is required to pay monthly bond repayments. The total repayment amount is based on several factors, such as the property price, deposit amount, duration of the loan, and interest rate offered. The duration of a loan is typically 10, 20 or 30 years, and the value repayable can be affected by fluctuations in the interest rate during this time. Unlike a Tenant's rental payments, the Homeowner’s annual bond costs accumulate equity over time, and are tax deductible, ultimately resulting in a saving.

The Homeowner is directly responsible for paying the levy and utility costs of a home and these include water, rates and electricity. However, when renting, while water and rates costs are usually included in the monthly rental amount, the monthly electricity fee is an additional payment for the Tenant’s account. The inclusion of these costs in the rental price is at the discretion of the Landlord. Additional costs incurred by a Homeowner are those involved in the general maintenance and repair of a property.

Both Tenants and Homeowners have the option to make use of additional services, and these will be at their own cost. Such services include internet and telephone, insurance for household contents and security fees.

When moving on

When a Tenant chooses not to renew the lease contract, the deposit amount may be paid back. This will be at the Landlord’s discretion based on any outstanding rental due or damage to the property that was as a result of the Tenant’s negligence. A Homeowner who decides to sell a property can potentially make a profit from the proceeds of a sale as a home generally appreciates in value over time.

When considering the actual long-term costs of both renting and buying, you will find that rental costs often accumulate and are higher than that the costs involved in home loan repayments. This is because there is never an end to large monthly payments with renting, and the amount will continue to increase as time goes on. However, a home loan will come to an end at which point the Homeowner will no longer have to make large monthly home loan payments, and they will have a valuable asset to their name. This is why renting is only a viable short-term option and buying is a long-term investment option.

When looking at renting or buying as a whole, the costs involved may be an important aspect, but your decision will also largely rest on the security homeownership offers compared to the freedom of renting, and which of these suit your needs.

When choosing to buy or rent a home, look at all the financial factors involved over a long-term period for both a Homeowner and a Tenant.

Choosing the right neighborhood

If you’re buying a new home, the neighborhood you choose can be just as important as the choice of home.

Start by creating a list of what you need in a neighborhood.

So, how do you choose the rightneighborhood?

“Consider the pros and cons of the neighborhood and its surroundings,”. 

“What other factors may be significant? Look at things such as a range in property value, type of property, schools and proximity to employment, comforts and other avenues of life.” 

To create your short-list, it pays to start by asking the right questions:

What type of neighborhood environment do you seek? A downtown, urban vibe? A close-to-town location that blends the aspects of both city and suburban life? A leafy suburban feel? A laid-back, out-in-the-country setting?

What types of shopping, restaurants and businesses would you like nearby? A shopping mall? A favorite eatery or joint? Sports fields and open park land? A movie theater? A wide array of restaurants? Art galleries and museums? A library? Live music venues? This question is related to the one above and will also help you define what matters most to you.

What leisure-time activities do you enjoy? Many of today’s new home communities offer a myriad of community ammenities that can support interests or hobbies you may have. You’ll find community club houses, pools, tennis courts, hiking trails, nature areas and other facilities. Community residents often form clubs based around shared interests and activities — from soccer, movies, games, parenting and more.

What type of commute do you seek? Do you work from home? Do you travel frequently and thus want quick access to the airport? If you commute daily to work, would you prefer to do so by car or mass transit? And how many minutes each way would you ideally prefer to spend traveling to and from work?

Single-family homes and the suburbs go hand in hand

For many people, home calls to mind an image of tree-lined streets with single-family homes with larger yards arrayed along winding sidewalks.

If you want more space and privacy and don’t require quick access to the heart of your city, the suburbs may be the place for you. Don’t fall victim to the misconception of suburbia as neighborhoods filled with homes that are “cookie-cutter” or have no personality. Not true! Today’s new home communities offer a wide arrays of home plans and elevations (the look of the front of your home) that allow you to personalize your home to reflect your individuality.

Many master-planned new home communities also offer a plethora of amenities, such as gyms, sports interests, book clubs and clubs, in which you can take part. If you have kids, plan to start a family or simply find the lifestyle appealing, the suburbs can offer a community experience that meets your needs.

Of course, many of you likely grew up in suburban homes like these. They were the primary style of housing for the majority of the 20th century. Today, there is a far greater variety of housing and neighborhood styles available for you to explore.

Low-maintenance homes and communities

Neighborhoods containing so-called zero-lot line housing can be perfect for many people. If you travel often or are away from your home for extended periods of time — or simply don’t have the time or desire to maintain a large lawn — a zero-lot line home may be ideal for you.

Zero-lot line houses extend close to the edge of their property lines. Less yard space means fewer yard care responsibilities but a larger amount of inside space. Many communities offering this type of housing include yard care and even exterior maintenance, allowing for the so-called “lock and leave” lifestyle where your home is tended to while you travel.

Whether you’re a single person with a demanding job and travel schedule, an empty nester who spends part of the year in another location or a two-income household that would rather spend its time on things other than home and lawn care, a zero-lot line home with some elements of maintenance included may be ideal for you.

Transit-oriented development clusters housing, retail and office space near mass transit

Do you own a car? If so, do you relish making a hefty drive to work? If you answered “no” to either question, a Transit-Oriented development neighborhood (TOD) may be just what you need.

“These neighborhoods are specifically built with public transportation in mind,”  “They surround high-traffic businesses with cost-efficient housing.”

Neighborhoods centered around mass transit options create a compact community that combines business, retail and residential space in one urban area that’s easy to maneuver. Young singles, empty nesters and any buyer that wants to cut the commute and live a simpler, yet urban lifestyle may find transit-oriented communities a great fit.

A popular example of a TOD neighborhood is Surulere, Ketu, Ojota, Oshodi and Ojuelegba, located in Lagos, Nigeria. Recently. Living in a TOD neighborhood like Oshodi could drastically cut down on that traffic-logged travel time.

Multi-Generational Housing

One of the biggest trends in both home and neighborhood design is Multi-generational Housing

A recent Pew Research study found that 59 percent of Nigerian adults are caregivers for an adult relative or friend as a result of massive unemployment. Multi-generational housing may just be the ideal solution for young adults in their 20s who move back in with their parents or those adults who are caregivers. This style of housing offers extra bedrooms or even small apartments or guesthouses to help give each generation its own living space.

“Multi-gen housing accommodates all walks of life and combines several generations into one community,”. “There are many different types of homes with a number of rooms allowing for many different needs.”

Lennar's NEXT GEN Homes, for example, offer the benefit of two separate, yet linked, homes under a single roof, without the look of a duplex home. A second smaller home within a home offers its own garage and front entry, a kitchenette and eating area, with a connection to the main home. The NEXT GEN home offers the best of both worlds — privacy and yet connection — for multiple generations to share a home.

And it’s not just the home. Many larger master-planned new home communities offer neighborhoods for active adults with a quieter feel that also offer access to the amenities of the community as a whole, including clubhouses, pools and tennis courts. Experts predict that this “neighborhood within a neighborhood” concept will grow as more baby boomers enter their active adult and retirement years.

If you anticipate having a parent or child move back in with you — or if you simply want to be surrounded by a variety of age groups — multi-generational housing neighborhoods may be an option for you.

Are urban-infill neighborhoods right for you?

If you’re not ready to head to the suburbs, up-and-coming neighborhoods could be an alternative for you. These new home neighborhoods are located closer to the city or to downtown than many suburbs typically are, yet still provide a feeling of community. Here you can find single-family new homes or townhomes that are often less expensive than homes in the urban core.

These communities are often referred to as urban in-fill communities. An example of this type of community is Ikorodu, Berger, Ikotun, Mowe, Ipaja, the developer and builders are creating a state-of-the-art mixed-use community that will offer a new generation of neighborhoods and a new standard of urban living. With millions of single family homes, apartments and millions square feet of commercial space, 10,000,000+ residents and workers will contribute to a vibrant quality of life.

New homes and new home communities offer something for everyone

By asking the right questions and considering all of your options, you can find the perfect neighborhood suited to you.

Olaitan H Jinad

The value of ''YOUR'' life

A little  boy went to his old grandpa and asked, "What's the value of life?"
‎
The grandpa gave him one stone and said, "Find out the value of this stone, but don't sell it."
‎
The boy took the stone to an Orange Seller and asked him what its cost would be.
‎
The Orange Seller saw the shiny stone and said, "You can take 12 oranges and give me the stone."
‎
The boy apologized and said that the grandpa has asked him not to sell it.
‎
He went ahead and found a vegetable seller. "What could be the value of this stone?" he asked the vegetable seller.
The seller saw the shiny stone and said, "Take one sack of potatoes and give me the stone."
‎
The boy again apologized and said he can't sell it.
Further ahead, he went into a jewelery shop and asked the value of the stone.
‎
The jeweler saw the stone under a lens and said, "I'll give you 50 million for this stone." When the boy shook his head, the jeweler said, "Alright,alright, take 2 gold necklace, but give me the stone."
‎
The boy explained that he can't sell the stone.
Further ahead, the boy saw a precious stone's shop and asked the seller the value of this stone.
‎
When the precious stone's seller saw the big ruby, he lay down a red cloth and put the ruby on it. Then he walked in circles around the ruby and bent down and touched his head in front of the ruby. "From where d‎id you bring this priceless ruby from?" he asked. "Even if I sell the whole world, and my life, I won't be able to purchase this priceless st‎one.‎
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Stunned and confused, the boy returned to the grandpa and told him what had happened. "Now tell me what is the value of life, grandpa?"
‎
Grandpa said, "The answers you got from the Orange Seller, the Vegetable Seller, the Jeweler & the Precious Stone's Seller explain the value of our life...

You may be a precious stone, even priceless, but people will value you based on their financial status, their level of information, their belief in you, their motive behind entertaining you, their ambition, and their risk taking ability.

But don't fear, you will surely find someone who will discern your true value."
‎
Respect yourself.‎
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You are Unique. No one can Replace you.

Renting property safely

Rental fraud happens when would-be tenants are tricked into paying an upfront fee to rent a property. In reality, the property does not exist, has already been rented out, or has been rented to multiple victims at the same time.

In these cases, the victim loses the upfront fee they have paid and is not able to rent the property they thought they had secured with the payment.

Top tips for renting

• Contact the agent safely - When enquiring about a property you have seen on Rightmove always email using the 'Request Details' or 'Email Agent' buttons, or call using the telephone number directly next to or below the property. The buttons will open a Rightmove form and the phone number will make it clear that Rightmove is connecting you. These are two clear signs that you are contacting a bona fide Rightmove advertiser.
• 'This property seems too good to be true?' - It probably is! Beware of property that looks very cheap compared to other similar properties in the local area.
• Ask for copies of tenancy agreements and proof of ownership /  right to rent out - such as title documents, lease agreement, meet with the Landlord etc
• Paying a deposit before seeing the property? - Never pay money until you have visited the property and met the letting agent/landlord. If you are unable to do so, ask someone you trust to do this on your behalf.
• Ensure your deposit is protected - When renting property, ensure you keep a good record of all correspondence betweenyou and the agent such as the ''offer'' , ''counter offers'' , ''payment instructions'' and payment confirmations etc to enable you build a case and also retrace your steps should things go south
• Do not be pressurised into transferring large sums of money - Be especially sceptical if you're asked to transfer any money via a money transfer service like Western Union.
• Making a money transfer? Ensure it's going to the right place - When making an internet banking transfer payment, only the account number and sort code are checked by the banks. Do not assume therefore that the payee name is correct. Also be sure you type the correct numbers; a mistake may result in your money going to the wrong account which may be costly and timely to retrieve.
• Are you comfortable to send your money to this person? - Do not send money to anyone until you are certain the advertiser is genuine. If in any doubt, contact the company you believe you are transferring money to, your bank or Action Fraud for more information.

What your realtor meant when he said:

Balloon payment 
The final payment of the balance due on a partially amortized loan.
Base(in lease terminology)
A face, quoted, dollar amount representing the rate or rent in dollars per square foot per
year and typically referredto as the base rate.

Base rent 
The minimum rent due to the landlord. Typically, it is a fixed amount. This is a face,
quoted, contract amount of periodic rent. The annual base rate is the amount upon which
escalations are calculated.

Basic employment
Employment that is considered to be export-oriented or export-driven, associated with
activities that generate income from the sales of products and services in markets outside
the local economy.

Basis 
The total amount paid for a property, including equity capital and the amount of debt
incurred.

Before-tax investment value 
The sum of the present values of the mortgagor and mortgagee of property.

Break-even point
The stage at which an investment produces an income that is just sufficient to cover
recurring expenditure. For an investment in real property, the point at which gross income
is equal to normal operating expenses, including debt service (the stage at which the next
cash flow becomes positive). Also known as the default point. (Encyclopedia of Real Estate
Terms 2nd Edition, Damien Abbott)

Breakpoint 
The sales threshold over which percentage rent is due. It is calculated by dividing the
annual base rent by the negotiated percentage applied to the tenant’s gross sales.

Business risk 
The uncertainty associated with the possible profit outcomes of a business venture.

Buy/rent threshold
The point at which there is a recognizable shift of expenditure allocations away from owneroccupied housing and to the rental housing market (or vice-versa) as a result of changing
market conditions.

©2001 CCIM Institute. All rights reserved. Version 10/01.
©2002 National Association of REALTORS®. All Rights Reserved.

What your realtor meant when he said:

Absorption
The amount of inventory or units of a specific commercial property type that become
occupied during a specified timeperiod (usually a year) in a given market, typically reported
as the absorption rate.

Accumulated cost recovery 
Total cost recovery deductions taken throughout the holding period of a property.

Active income 
Income from salary, wages, tips, commissions, and activities in which the taxpayer
materially participates. Also see passive income.

Add-on factor
The ratio of rentable to useable square feet. Also known as the load factor and the
rentable-to-useable ratio. Also see efficiency percentage. Formula:
Add-on factor =Rentable square feet / Useable square feet 

Add value
Fourth stage of four-stage transaction management process pertaining to a transaction
manager’s planning, effort, and continual contact with key decision-makers, investors, and
users, as well as contact with ancillary professionals. This ongoing process allows for
feedback, establishes a network for problem solving, provides a means to offer additional
services to the client, and enhances the transaction manager’s preparedness for the next
assignment.

Adjusted basis
The original cost basis of a property plus capital improvements, less total accumulated cost
recovery deductions, and partial sales taken during the holding period.

ADS
See annual debt service.

Agglomeration economies
Cost reductions or savings that come about from efficiency gains associated with the
concentration or clustering of firms/producers or economic activities and the formation of a
localized production network.

Amortization 
The repayment of loan principal through equal payments over a designated period of time
consisting of both principal and interest.

Annual debt service (ADS)
The total amount of principal and interest to be paid each year to satisfy the obligations of a
loan contract.

Annual percentage rate (APR)
The true annual interest rate payable for a loanin one year taking account of all charges
made to the borrower, including compound interest, discount points, commitment fees,
mortgage insurance premiums. It also takes into account the time at which the principal is
repaid (especially when payments of principal are made in installments throughout the year,
but interest is charged at the beginning of the year), but not the actual expenses incurred
by the lender in making the loan and recharged to the borrower. (Encyclopedia of Real
Estate Terms 2nd Edition, Damien Abbott)

Annuity
Regular fixed payments or receipts over a designated period of time.

Appreciation
An investment’s increase in value.

Appreciation potential 
The possibility or probability thata real estate investment will increase in value during the
holding period.

Assessed value
The value of real property established by the tax assessor for the purpose of levying real
estate taxes.

Average annual effective rate
The average annual effective rent divided by the square footage.

Average annual effective rent 
The tenant’s total effective rent divided by the lease term.

Averaging method 
A simple technique used to forecast next period's/year's vacancy rate by averaging previous
years' vacancy rates; especially effective where vacancy rates have remained relatively flat
or show little variability over time.

©2001 CCIM Institute. All rights reserved. Version 10/01. 
©2002 National Association of REALTORS®. All Rights Reserved. 

5 factors that affect prices of real estate properties for sale or rent in Lekki, Lagos

Below are four factors that affect the prices of houses and land for sale or rent in Lekki, Lagos. These four factors are the reasons why there are differences in the prices of houses and land for sale or rent in Lekki, Lagos.


1) The amount and quality of infrastructural facility in an area in Lekki: The extent or level of infrastructural facility in an area in Lekki, Lagos is the number one factor that determines the value of it's real estate properties for sale or rent. The more infrastructural facility an area can boast of, the more it adds to it's real estate value. This facilities includes good roads and drainage, 24hrs security, 24hrs water supply, 24hrs power etc.Lets use nicon town town and lekki phase 1 as a case study. Lekki phase 1 shares a boundary with Victoria island and a bridge linking it with Ikoyi through the lekki ikoyi link bridge, but the value of its real estate properties for sale or rent is below that of Nicon Town because Nicon Town possess a lot of infrastructural facilities that lekki phase 1 can only dream of. Lets also look at ikota villa and crown estate as a case study. Crown estate is like five minutes drive away from ikota villa and despite this huge differences in distance, the value of crown estate's real estate for sale or rent is at per with that of ikota villa estate because of the huge deficiency of infrastructure.
Same also goes for real estate properties for sale or rent along chevron drive. The value of land for sale in estate along chevron drive like Carlton gate estate and northern foreshore estate is above that of chevyview estate which is located also along chevron drive because Carlton gate estate and northern foreshore estate boasts of a better infrastructural facility than chevyview.


2) Distance: Distance is the second most important factor affecting prises of land and houses for sale or rent in Lekki, Lagos real estate market. A lot of real estate buyers don't know this, they believe the price of properties for sale or rent are the same all over lekki and wonder why there is disparities in prices from location to location. The truth is, the further you drive away from major urban areas in Lekki (Lekki Phase 1 and V/I) and heading towards the direction of Epe, the cheaper properties for sale or rent becomes. This is so because a lot of buyers prefer buying properties in areas that are closer to urbanised areas which helped push the prices of properties in those areas up because of the huge demand. e.g 1000sqm in Lekki phase 1 goes for 130 to 140 million naira but when you drive further down to lets say carlton gate and VGC, you will buy the same size of land for 110 million naira.


3) Nature and Condition of property: A land located in swampy area will be more cheaper than a dry land if they are located in the same area. So also, a new or refurbished house will be more expensive than a run down or old house that is located in the same area.


4) Tittle of Property: The more tittles (documents) a house or land acquires, the more it adds to it's real properties for sale. e.g, a land with c of o or governors consent is more expensive than a land that has only gazette or allocation.


5) Name of Neighborhood: The name or reputation of an area in lekki also adds to it's value. some areas are reputed to be an enclave of the high and mighty in society like nicon town which in turn adds to its real estate price for sale or rent. This particular factor is not as strong as those listed above but has to some extent an influence on the value of properties in lekki.

HOTTEST OCTOBER PROPERTIES

                                                                                                                    

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RELOCATION MANAGERS PROPERTIES LISTINGS FOR OCTOBER 2015

HOT LEKKI PHASE 1 LETTINGS (DEAL PROPERTIES!)

1. Well finished fully serviced 1 bedroom flat at Omorinre Johnson Street in Lekki Phase 1 @1.5M P.A S.C 300K Exclusive of Diesel
2. Well finished fully serviced 2 bedroom flat at Omorinre Johnson Street in Lekki Phase 1 @1.6M P.A S.C 400K Exclusive of Diesel
3. Serviced 1 room BQ at Omorinre Johnson Street, Lekki 1 @ 500K S.C 100K
4. PRICE SLASH 35sqm office space off Fola Osibo @ Lekki Phase 1 @ 1Million P.A
5. PRICE SLASH 50sqm office space Off Fola Osibo @ Lekki Phase 1 @ 1.2M P.A
6. PRICE SLASH Kitchen space of 25sqm off Fola Osibo @ Lekki Phase 1 @500K P.A
7. PRICE SLASH 1 Bedroom furnished pent+terrace@Lekki 1 off Fola Osibo @1.6M P.A.    
8. First floor 100sqm office space off Adebayo Doherty@ Lekki Phase 1 @ 3Million P.A
9. Ground Floor 100sqm office space off Fola Osibo @ Lekki Phase 1 @ 3Million P.A

10.  Newly built 5 bedroom detached house with 2 rooms BQ, fully fitted, split A.C and 3.5KVA inverter off Ayinde Akinmade street, Lekki Phase 1 @ 8M Naira P. A.

11. Serviced Block of 8 units of 2 bedroom & 2units of 3 bedroom Flat with pool at Lekki 1 @ 2.5 Million P.A for the 2 bedrooms and 3Million Naira for the 3 bedroom
12. New 2 units of 2 bedroom pent houses and 4 units of 4 bedroom terrace with 1 room BQ each, pool @ A series Lekki 1 @ 4M and 6M P.A respectively

LETTINGS LEKKI-AXIS

1.     Well finished 3 bedroom @ Chevy View Estate@2M P.A.

2.     Well finished 3 bedroom serviced flat at Cromwell Court in Chevron @ 2.5m P.A

3.      Fully serviced 3 bedroom flats, all rooms ensuite, with AC, fitted kitchen,@ Agungi, Behind Dominos Plaza. Rent:2M, SC:500K, Caution deposit: 150K.

4.      Brand new and well finished 2units of 3 bedroom flat 2 units in a compound @ Ilasan behind Word Oil Lekki @ 1.3M P.A

5.      2 units of tastefully finished, fully fitted 3 bedroom flats, all rooms ensuite, ample parking space @ Ilasan, Lekki. Rent: 1.5M, Caution:50K.

6.      5 bedroom duplex with BQ @ Chevy View Estate @ 4.5M (1yr rent) 4M (2yrs rent)

LETTINGS ONIRU/ VICTORIA ISLAND

1. Fully Serviced 4 bedroom terrace house with 2BQ,fitted A.C’s , pool, gym, gen and garden off Palace way Oniru estate V.I@ 5M P.A (1yr Acceptable) S.C 2.5Million P.A
2. Brand new 12units of 3bedroom flat with BQ, pool, gym @Oniru @4Million P.A Each
3. 4 bedroom terrace house with BQ @ Dideolu Estate oniru @ 3.5Million P.A
4. Serviced 4bedroom terrace house with 2 rooms BQ @Dideolu Estate oniru @ 5M P.A
5. Newly Built Serviced Block Of 8 Units Of 3 Bedroom flat Plus BQ, Pool, fitted A.C’s, Gen & Back Up Gen, off Palace Way Oniru @5.5Million Naira P.A S.Charge 2.5M P.A
6. Fully serviced 3 bedroom luxury apartments off ihuntayi Oniru. Gym, Pool@6M P.A
7. 5 bedroom terrace house with 2BQ off Palace Way Oniru with pool, gym @ 6M P.A
8. 5 Bedroom detached Duplex With BQ At Oniru @ 7.5M Per Annum
9. 11 Units Of 3 Bedroom Flats With Pool,BQ,Gen@Oniru @5.5M Service Charge 1.5M.
10. Luxury 5 Bedroom Terrace House With Gen Treated Water, Pool @ 4.5M P.A
11. 7 Bedroom Detached Duplex With BQ @ Palace Road Oniru @ 9M
12. Luxury 3 and 4 bedroom apartments Plus BQ, Lift, pool, gym, lounge off Adeola Odeku Street, V.I @ $80,000 and $90,000 respectively Service Charge 3Million P.A
13. 14 units of 4 bedroom terrace apartment with pool, gym, gen @ Teslim Elias street Victoria Island @ 5Million P.A S.C 2Million P.A

IKOYI LETTINGS

        1.            Well finished and equisitely built 3 Bedroom flat with BQ, swimming pool, gym, Sauna @ South West Ikoyi @ 5M P.A S.C 2.5Million P.A

        2.            Well finished 3 Bedroom flat with BQ, swimming pool, gym @ South West Ikoyi @ 4M P.A S.C 2Million P.A

        3.            4bedroom luxurious fully serviced penthouse, BQ, Fitted Kitchen, lawn tennis court, Gym, Gen, Security, Pool, Bar, A.C’s @Bela Vista, Banana Island. PRICE-$130,000 P.A

        4.             Waterfront Luxury 3 bedroom serviced flat with BQ, lawn tennis court, Gym, Gen, Security, Pool, Bar, A.C’s @ Bela Vista Banana Island, Ikoyi. PRICE-$90,000 P.A    

        5.            Fully serviced water view Block of 6 units of 3 bedroom flat with BQ, Pool, gym on Nassarawa Street, Banana Island. Rent:$65,000 and Service Charge 2.5Million P.A

        6.            New 6 units of 3bedroom flats+BQ,pool,gym@Banana Island @$60,000 & S.C 2.5M

        7.            4bedroom terrace+BQ,Gym,Gen,Pool,A.C’s@Banana@$60,000P.A  S.C@3M P.A

        8.            Fully serviced 3 bedroom apartment with BQ, fully fitted kitchen, pool, gym, security & gen@ Eko Str. Parkview estate Ikoyi@6.5M Naira P.A S.C-2.2M

        9.            Fully serviced 3 bedroom apartment with BQ, fully fitted kitchen, pool, security & gen off Tony Eromosele Street, Parkview estate Ikoyi@5M Naira P.A S.C- 1.5M P.A

    10.            Exquisitely finished &Fully serviced 6 units of 3 bedroom flats with BQ, Pool, gym, A.c's, off Tony Eromosele, Parkview @ $60,000 Service Charge 2.5Million P.A

    11.            Fully furnished and fully Serviced 4 Bedroom Town House Plus Bq, Pool, Gym, Fitted Kitchen off Layi ajayi Bembe Str. Parkview estate @7.5M Naira P.A S.C 2M Naira P.A

    12.            3 bedroom luxury and exquisitely furnished apartment with BQ, swimming pool, gym, fully serviced at Mosley Ikoyi @ $70,000 S.C 2.6M

    13.            Luxurious blocks Of 3Bedroom Apartment Plus BQ, Pool, Gym, 24 Hours Light, Cctv, Squash court, Fitted A.C's, Dedicated Lifts @Glover road Ikoyi @$ 65,000 P.A

    14.            Luxurious blocks Of 3Bedroom Apartment Plus BQ, Pool, Gym, 24 Hours Light, Cctv, Squash court, Fitted A.C's, Dedicated Lifts @Gerrald Ikoyi @$75,000 P.A

    15.            Newly built & luxurious High rise blocks Of 3Bedroom Apartment, BQ, Pool, Gym, Squash court ,Fitted A.C's, Dedicated Lifts@ Alexander road Ikoyi @$100,000 P.A

    16.            Luxurious 3 Bedroom flat Plus BQ, Pool, Gym, club house, Squash court, Lawn Tennis,CCTV,Fitted A.C's,Dedicated Lifts @Admiralty Towers Gerrard@$65,000 P.A

    17.            Luxurious 3 Bedroom flat Plus BQ, Pool, Gym, club house, Squash court, Lawn Tennis, 24 Hours Light,Fitted A.C's, Dedicated Lifts @Trenchard Gerrard Ikoyi @$65,000 P.A

    18.            30 units of 3 bedroom  apartments with 1 room BQ, Pool, Security, Fitted Kitchen, 24 Hours Light, CCTV, Fitted A.C's, Dedicated Lifts off Glover Road Ikoyi @$60,000 P.A

SHORT-LET PROPERTIES

1. 1 Bedroom Fully Furnished Short Let Apartment @ Lekki Phase 1 @ 150k Per Week
2. One Room Self Contained Short Let Apartment @ Lekki 1 @ 120k Per Week
3. 1 Bedroom Fully Furnished Short Let With Pool & Gym Off Admiralty Rd. Lekki 1 @ 40k/Day
4. 2 Bedroom Fully Furnished Short Let With Pool & Gym Off Admiralty Rd. Lekki 1 @ 50k/Day
5. 1 Bedroom Fully Furnished Short Let With Pool & Gym Off Four Points Oniru @ 35k/Day
6. 3 Bedroom Fully Furnished Short Let With Pool & Gym Off Four Point Oniru @ 85k/Day
7. 3 Bedroom Fully Furnished Terrace Duplex @ Oniru Palace Way @ 60k/Day
8. 3 bedroom fully furnished maisonette in 1004 estate, Victoria Island @ 45k/day
9. 4 bedroom fully furnished detached house around Eko Hotel V.I @ 85k/day
10. 3 bedroom fully furnished flat at Louis Solomon, Victoria Island @ 1Million Per Month
11. 2 bedroom fully furnished flat at Danmole, Victoria Island @ 800k Per Month
12. 2 bedroom fully furnished flat at Oniru, Victoria Island @ 65k Per Day
13. 1 Bedroom Fully Furnished Short Let With Pool & Gym @Osborne Phase 1 Ikoyi @ 35k/Day
14. 1 Bedroom Fully Furnished Short Let @ Dolphin Estate Ikoyi @ 30k/Day
15. 2 Bedroom Fully Furnished Short Let With Pool & Gym @ Cameron Road Ikoyi @ 55k/Day
16. 3 Bedroom Fully Furnished Short Let With Pool & Gym@Parkview Estate Ikoyi @ 300k/Week
17. 2 Bedroom Fully Furnished Short Let With Pool & Gym@Parkview Estate Ikoyi @ 50k/day
18. 3 Bedroom Fully Furnished flat With Pool & Gym@Banana Island  Estate Ikoyi @ 160k/day
19. 3 Bedroom Fully Furnished flat With Pool & Gym@Club Road Ikoyi @ 100k/day
20. 3 Bedroom Fully Furnished flat With Pool & Gym@ Milverton Road Ikoyi @ 160k/day
21. 3 Bedroom Fully Furnished flat With Pool & Gym@ Cameron Road Ikoyi @ 160k/day

PROPERTIES FOR SALE

IKOYI PROPERTIES FOR SALE

1.         Pent House 4 bedroom flat @ Bella Vista Banana Island @ $2.5 Millon Dollars.

2.         Brand new modern state of the heart 2 units of 5 bedroom house with BQ, swimming pool, fully fitted kitchen at Banana Island Ikoyi @700Million Naira

3.         3 bedroom luxury and exquisitely furnished apartment with BQ, swimming pool, gym, fully serviced at Wemabod Towers Mosley Ikoyi @ 180MILLION NAIRA 

4.         3 bedroom waterfront apartments @ banana Island Ikoyi @ 140Million

ONIRU PROPERTIES SALES

1.         Newly Built Serviced 3 Bedroom Apartment Plus 1 Room BQ, Swimming Pool, A.C’s,Gen And Back Up Gen,At Simeon Akinlolu Street Oniru @ 65 Million Naira

2.         Newly built 10 units of 5 bedroom detached houses in a mini estate with swimming pool, lawn tennis and play ground on palace way Oniru @ 100Million

3.         Newly built 4 units of 4 bedroom terrace duplex with 1 room BQ each off Palace way Oniru @ 100Million Naira Each

4.         4 units of Brand New 4 bedroom terraces with BQ at Ogunyemi road off palace road oniru for @70M EACH.

LEKKI PHASE 1 SALES

1.         Brand new 3 bedroom flat in Lekki Phase 1 @ 70Million

2.         Fenced land measuring 500sqm at Block 75 Plot 16 off Fola Osibo with C of O and all levies paid up to date @ 85Million

3.         10 acres of Land @ Lekki Phase 1 Right Hand Side @ 4Billion Naira

4.         3 Bedroom serviced flat in prime water estate Lekki 1 @ 45Million Naira.

5.         4 bedroom terrace apartment with pool, gym in a mini estate in  Lekki Phase 1@85M

6.         5 bedroom detached duplex with BQ off Oladimeji Alo Street Lekki 1 for sale 130M.

7.         5 bedroom detached house with 2BQ, Pool@Oladimeji Alo street Lekki 1 @120M.

8.         Newly built 5 bedroom detached house with BQ off Omorinre Johnson Street@130M

9.         Newly built and well finished  2 units 5bedroom detached house with 2 rooms BQ, pool, off Ayinde Akinmade Street, Lekki 1 @170M

10.     Newly built and well finished  2 units 5bedroom detached house with 2 rooms BQ, off Chief Collins Street, Lekki 1 @160M each

11.     Block of 6 units of Luxury 3 bedroom flats with 1 room BQ each, swimming pool off Fola Osibo Street, Lekki Phase 1 @ 360Million

12.     Block of  Luxury 4 units of 3 bedroom flats & 1 unit of 2bedroom pent house flat with 1 room BQ each, swimming pool @ Lekki Phase 1 Right Hand Side @ 450Million

LEKKI AXIS SALES

1.           4units of 4bedroom Town houses plus BQ each @ Chevy View Estate Lekki @ 50M

2.           5 bedroom detached house with BQ @ Friends Colony Estate Agungi @ 65M

3.           6 bedroom well finished detached duplex with BQ, for sale @chevy view estate 60M.

4.           5 bedroom detached duplex for sale at chevy view estate going for 70M.

5.           6 bedroom duplex for sale at chevy view estate 60M

6.           7 bedroom duplex for sale at chevy view estate with bq going for 85M.

7.           5 bedroom duplex for sale at chevy view estate with bq going for 75M.

8.            6 units of 3 bed room flats each for sale and rent at chevy view estate going for 33M

9.            5 bed room duplex with treated water for sale at chevy view estate 65M.

10.       3 sets of terraces with water treatment plant fully fitted at chevy view estate 60M.

11.       Well finished 4 bedroom duplex at chevy view estate going for 48M.

12.        5 bedroom duplex with bq for sale at chevy view estate going for 70M.

13.       2 units of 4 bedroom semi detached house @ Ocean Bay estate Ikota @ 40Million

14.       Fully detached 5 bedroom duplex with bq for sale @ Agungi going for 60M.

15.       3 sets of detached duplex with nice fittings & fitted kitchens in Agungi @53M each.

16.       Fully detached 5 bedroom duplex with BQ at Eddie Eleje street agungi going for 60M.

17.       5 bedroom duplex with BQ at agungi going for 55M.

18.       10 units of 3 bed room flats each for sale at agungi going for 30M each with BQ.

19.       3 bed room terraces with bq and treated water for sale at Agungi 45M.

20.       Brand new fully detached 3 bed room and four bed room duplex fully fitted with treated water and jacuzzi fully fitted kitchen fully ensuite for sale 40M.

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