CHAPTER
ONE
1.0
INTRODUCTION
Until recently,
property management as an area of real estate practice was considered as simple
of rent collection and attendance to minor repair works in building. Landlords
or their appointed surveyor in most cases, were involved in this regard.
However, the national
economy coupled with the resultant effect of increasing cost of building
material and souring cost of capital caused a shift of attention to corporate
management in landed properties, the risk involved in real estate development has
inevitably increased. Consequently, additions to existing stock of properties
have reduced strongly. In conforming to the attributes of capital appreciation,
rents and value on properties rise with multiple years rent now being demanded.
For new lettings, the
market forces if supply and demand are easily reflected in rents and other
considerations. However, requires professional experience to negotiate
comparative terms with “sitting tenants”, besides, vacant possession is not
easily obtained as it involves intricate legal procedure.
For these and other
related reasons property owners and developers are beginning to appreciate the
important roles estate surveyor could pay ion realizing their investment
objectives of profit maximization while extending the economic life of their
properties.
1.1
STATEMENT OF PROBLEM
Inadequate management
of most private residential estate has load most of them being in a state o
obsolescence. This inadequate property management is largely due to non
discount attitude among Nigerians towards maintenance culture. The owners of
most private residential estate have the full responsibility I entrusting their
properties into the hands of efficient property manager in other to enjoy
profitable returns which will allow the occupant a peaceful stay in the
property. But in most cases, it is affected by the interview of those who need
to be trained.
Alhaji Oseni Olanrewaju
estate which is private residential estate use for developing place have been
facing little management problem in view of the state of the economy.
The problems which are
connected with private residential estate management include nature of electricity,
water supply, effect of inflation on rent, service charge administration and
maintenance culture.
1.2
AIMS AND OBJECTIVES OF THE STUDY
The aim of this
dissertation is to certifiably examine the management procedure associated with
private residential estate with or view to identify the management problems and
prefer solution.
The following
objectives were pursued to achieve the aim:
i.
To
determine the various hips of residential properties with the estate.
ii.
To
examine the state and condition of the state
iii.
To
analyze the management procedure in the management of Alhaji Oseni Olanrewaju
estate.
iv.
To
identify problems of private residential estate management.
v.
To
suggest ways that would enhance better management of the estate.
1.3
SIGNIFICANT OF THE STUDY
The significant of the
study is to analyze management and maintenance procedure of a private
residential estate. It also provides an essential body of knowledge that will
encourage further research on ht4e topic. It also serves as a valuable material
to the general public to stop the non-chalet attribute towards management and
maintenance of landed properties. Also the study maintenance of existing
physical facilities is part of the overall process of national development.
1.4
SCOPE OF THE STUDY
There are various types
of properties as we have various types of land uses and will of the property
types desire efficient management for the purpose of this research findings,
shall be based on private residential estate notably Alhaji Oseni Olanrewaju
estate.
1.5
LIMITATION OF STUDY
Limitations of study are those problems that limit
the scope of coverage and quality of the output such as:
1. Financial constraint
2. Unwilling attitude of the tenants to
reveal vital information concerning the estate.
3. Scarcities of relevant textbooks on the
topic really limit my literature review on the concept of management.
4. Time is another factor fact served as
constraint in this course of the research work.
1.6
THE STUDY AREA
Ilorin is the capital f
of Nigeria;
was founded by a hunter called
Ojo-Isekuse who migrated from .
His descendant live up till today in a village called Gambia in Likponrin. He was later
followed by Emila (elci). According to local history, the name was derived from an important stone
used for shaping Kaives and cutlass. The stone can be found today outside a
compound called “Ile Bamidele”.
Emila (ela) who was
followed by a Kanisi man called Solaegu and settled at Okesuna at the out
sketch of town was later joined by
Olufade a low rarer, who migrated to
fromIresa in the Western state. Then came Afonja from old Oyo (Oyo Ile) these
were followed by Alfa Alimi (Shehu ALimi) Sarkin Gambari, Surkin Gobis and a
shehu Alimi called Abdulsalam who became the first emir of later succeeded by his brother Mallam
Shittu.
Ilorin was an area of 4, 164 square miles and
a population of over 30, 000.
People: The inhabitants of are Yoruba, Nupe, Fulani, Gobie and
Huasa
Economic
activities: These includes
farming, petty trading, cloth weaving, (Aso Oke) and plot making, others
includes carpentry, tailoring, bricklayer mechanic etc.
Industrial
establishment: The industries
in
include global soap and detergent, coca-cola, 7up bottling company,
informational tobacco company, Kamwill Nigeria Limited, Shelter setter limited
etc. is
an essential cattle route of the South of the country. is a large sprawling nature town.
Trade
and commerce: It is a nodal
centre of trade because of its geographical position. The North to South
railway line and the truck and trunk a road linking the Southern states pass
through .
Dry seasonal and other feeder roads, connecting
with the other towns in are properly maintained, is an essential cattle route to the
South of the country.
Festivals: Because the greater numbers of people
are Muslim, the important festivals are those associated with Islamic religion.
These include id-elfitri (lesser helvan), id-el-abir (bigger beirams), Maolud
Nabiyy (the birth of the noble prophet Muhammad).
Communication:
is well served with modern communication facilities and postal facilities.
Institutions:
town has many primary and post primary institutions owned by the government and
by individuals. And four (4) higher institutions namely, of ,
Kwara State Polytechnic, Kwara State University (KWASU) and Kwara state college
of education. All in .
CONSTRUCTION
DETAILS
The
property consists of 21 numbers of 4 and 3 bed room bungalows of the same
prototype.
Floor: The floor is concrete have core floor
finished with sound screed.
Wall:
It is of hallow
rendered and painted both inside and outside with emulsion paint.
Door:
The door sued is of
flush doors, metal glaze door and the window are of louvers type. There is a burglary
for security and mosquito net.
Roof: The roof is made of aluminum roofing
sheet nail to timber tresses with asbestos.
Service: Electricity is connected to the
premises with a transformer serving the whole estate and water form water
corporation and there is a well to serve as supplement.
Dimension: The length of the estate is 250 meters
and depth 160 meters, fenced and with hollow blocks and render.
Age: The age of building is thirty two (32)
years old i.e. from December 1980 to 2013.
Accessibility: There is a tarred road from the main
road to the estate but less been eroded.
Waste
disposal: This is done by
an individual i.e. some tenant make use of receptacle provided by the state
government outside the estate and some tenant burn their refuse within the
estate.
Types
of foundation: Strip
foundation is adopted for the construction of whole block.
1.7
DEFINITION OF TERMS
Premium: This is a lamp sum of money paid by the
tenant (lesser) is the landlord (lessor) in consideration for a reduced rent.
Outgoing: This is the term used in describe the annual
incurred by the landlord or tenant in order to keep the property in state so as
to command its open market value. It can also be defined as the total amount of
money spent annually by lessor in order to make it property habitable.
Estate: Can be defined as the landlord property,
residential or industrial district planned as a unit.
Private: Can be defined as the property
that belongs to an individual.
Real
property: This can be
defined as the right ogf use of physical land or building and the total of all
tangible benefit o ownership.
Lease: This may be described as a contract
giving the exclusive right of possession and use of landed property (IES) for a
fixed or determinable period of time to an individual, organization or group of
people.
Maintenance: This is defined as work embarked upon
in order to restore a building and all facilities therein, in a currently
acceptable standard.
Service
charge: is a compulsory
deposit made by all categories of occupiers of a property in multiple
occupations, in addition to rent for the discharged of those obligations which
would be taken by each of such occupiers.
Rent: it can be described as the periodic
payment made by the tenant to the landlord for the use of property.
Management: Can be defined as the act or skill of
directing human activities and physical resources towards the aim of achieving
pre-determine or desire goals.
Landed
Property: This can be
defined as the immoveable properties but can be seen, touched and acquired e.g.
building of different types if pattern example are bungalow, mansion, duplex,
semi detach, bungalow etc.