I have observed that some estates, collect exorbitant service charges from residents, yet deliver poor or nonexistent services. A lot of management companies on estates respond badly and rudely to residents complaints. Staff on these estates seems to forget that their salaries are being paid for by the same residents that they are being rude to. Residents should also learn to make formal complaints to senior members of the service teams. With a written complaint which must be acknowledged at the estate office, you will “hopefully” achieve some result to your complaint
I had to visit a property that the owner had recently built, stayed in for a few months and wants to sell so that he can live in a company house and concentrate on developing a large plot of land in Lekki. The property was opulently furnished with gold plated taps and four poster beds. He insists he wants to sell the house with the furniture and is therefore asking for a sum of money that cannot be realistically justified. I explained to him that he cannot value the property on the basis that he chose to leave his furniture and decorate it to his individual taste. Selling a house like this is harder than selling empty
The minister for Power, has confirmed that power generation is now at around 5,000mw with a promised increase of another 5,000mw by year end! What has happened? I would certainly like to know. We existed on less than 3,000mwfor years; we now have a promised output of triple what we had. Is the privatisation of the industry working so well?
I know of two estates along the Lekki expressway that have not had any power for at least 5 days. Reasons have been laid firmly at the door of PHCN, who claim they are on strike, so cannot deal with any issues
I visited a new medium sized estate of about 200 homes along the Lekki expressway, which is selling its 2-5 bedroom houses off plan and as shell, from N12million. The roads are tarred, the estate is serviced and the completed shells appear fine. Included in the shell are a front and back security door, windows, wiring, plumbing, and plastering the walls. A buyer will need to include all fittings like floor tiles, electrical wall fittings, bath fittings, kitchen fittings, painting etc. For the amount that it is being sold, you can add another 3-5million or more if you want, to have your perfect dream home or as investment. The estate is well laid out and has a management office on site. The first phase is sold out and they are now selling the second phase.
What investors need to make certain is that the legal documentation is air tight and no extra charges outside of agreement requested. Be clear about hand over dates and service charges.
Another building collapsed in Lagos recently. It was an old building but apparently too much pressure had been put on its already weakened foundations. Tougher legislation is being taken to prevent landlords putting up substandard structures, as well as using the property for fit purposes. There is no point putting up a block of residential units and then using part of it as a printing press or for storage of heavy duty machinery. The building will eventually give way to the weight exerted on it.
Until next week!