Thursday, October 4, 2012

AN UNCERTAIN PROPERTY MARKET


 Monday

There are so many views on the property market. I was speaking to a property professional, who is of the opinion that the market has remained the same as last year; another says it is picking up. I personally believe that it is all a risk and you just have to take the plunge whenever you feel comfortable to do so

Banks should inject some mortgage incentives into the property market and reduce the high interest rates which are being charged at the moment, the conditions that also come with them are unrealistic. This high pay back rate is precisely the reason why so many people fail to take out mortgages or to make their existing repayments.

Tuesday

I was surprised to see a block of flats in Ikoyi back on the market after I had been told earlier this year that it had been taken by a corporate client. Apparently the client promised to take all the 6 units if the landlord carried out some remedial works to the apartments before they moved in. The landlord proceeded with the works, and then the clients decided they did not want the apartments anymore! After a prolonged battle with the clients, the landlord had to put the properties back on the market. Landlords should never proceed with extra works requested by clients unless a commitment has been made in writing and a deposit paid.

Wednesday

I have noticed some developers exclude boys quarters in their properties and instead build an extra room within the house, which is referred to as ‘the maids room’ or provide nothing at all. This can be quite limiting if you have staff as there is the lack of privacy on both sides as well as having to install extra security in the house because you have a stranger living with you. It helps when you have a BQ outside the house as drivers etc may need to use the bathroom or sleep over if they have been working late or you travel.

Thursday

On the Lekki Expressway, the VGC roundabout has opened up and the entrance into Ikota Shopping centre has been removed, creating a bottleneck of traffic. People going to Ikota now have to go all the way to Ajah roundabout, which for some strange reason is always gridlocked, and turn to come back all the way to Ikota, wasting so much time. Residents in VGC who need to go to shop in Ikota, which is a few yards away from their gate, have to take a trip to Ajah first. The road works by LCC has caused misery to the lives of residents for years. Some parts of the road have improved, but it is safe to say that the works remain uncoordinated. As for the toll gates, that is a chapter for another day!

Friday

The whole week was spent showing a client a number of properties which did not quite meet their requirements. We finally found one that they said they liked, but was next door to a MFM church! Of course they backtracked very quickly. We found another one which they loved and wanted to make payments immediately, only for the landlord to ring back and say someone had just paid 2 years rent in cash for it. Of course it was disappointing for all of us. This is the market we work with and you never know what is going to happen. It could sometimes take one day or three months to find your ideal property. The search continues!

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