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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