Amazing Property

Victoria Island in Lagos Even before coronavirus struck, property owners and many of the businesses that leased their space were under strain due to high vacancy rate and rents default. Their woes seem to multiply now as jobs and the economic effects of the pandemic have hit incomes of thousands of people. Experts predict that property owners could face cash crunches as renters default and many renters will move in with family and friends or relocate to less expensive locations. Housing advocates say the coronavirus economy could upend housing in major cities like Abuja, Lagos, Port Harcourt and Kano reducing apartment rents that have risen by 50 per cent. They also blamed the overheated rents for the rise in homelessness. For instance, in the outskirts of Lagos, a two-bedroom flat goes between N300, 000 to N350, 000 per annum while a three-bedroom flat is rented between N400, 000 to N500, 000. A self-contained goes between N150, 000 to N250, 000. In the city centre, such as Gbagada an...

Mortgage Forbearance Could Spark More Financial Woes | Realtor Magazine Internet Explorer does not currently support REALTOR® Magazine search. IE users, please download Firefox, Chrome, or Edge. With business closures and job losses due to the coronavirus outbreak, about 2 million borrowers so far have applied for mortgage forbearance programs. But homeowners should fully understand what forbearance means before entering into such an agreement with their lender, financial experts advise. Many homeowners who take forbearance options will be on the hook for making up missed payments in a lump sum at the end of the program. As one homeowner in Chicago realized, taking 90 days of forbearance on his mortgage would have meant he would have to pay three monthly payments at once at the end of the period. In the last month, nearly 17 million Americans have filed for unemployment, as social distancing measures have prevented most businesses from operating as normal. Th...

What is the most effective way to run your home with solar power? Find out what size and type of solar energy solution is right for your household. The type of solar energy system you need will depend a lot on where your home is, how big it is, how many people live there and how you use your electricity. So when considering a switch to solar, it’s important to know what’s available to you and what solar powered system is actually going to work in your home. We spoke with Origin Energy expert Cameron Geason for his tips on how to get the most bang for buck out of your solar energy plan. Can I get solar? There are several factors that come into play, but the main questions pertain to your roof and its exposure to sunlight. “Generally speaking, north or north-west facing homes that are not blocked by trees or shade from other buildings are ideal,” Cameron begins. “While some roof angles work better than others, every roof receives light. So, even if your roof ...

Following the global economic challenges experienced as a result of the COVID-19 pandemic, mortgage and finance expert, Akintayo Oloko, has said that the mortgage/housing sector will require palliatives and support in form of intervention funds, reduced transaction costs, to boost mortgage activity. With the pandemic’s effect on nations, businesses and personal income, the Central Bank of Nigeria (CBN) has come up with a multi-trillion naira stimulus package, reduced interest rate on intervention loans, loan moratorium and permission for loan restructuring as palliative measures, which is commendable. Oloko who has over two decades experience stressed that the mortgage/housing sector requires similar palliative, as there is the possibility that some salaries and self-employed income may also come under pressure. “We should have special fast track for building approvals during this period, reduction in building approval costs to bring down the associated cost of developme...

• Agents adopt online sales method With the economic lockdown in more cities in Nigeria, there are fears among industry watchers that an underground market may emerge for estate agents to promote their properties. The worst hit by economic shutdown due to COVID-1 is home sales. Industry watchers argue that such a market, which is unprofessional, will lead to lower prices due to fewer buyers and a frozen inventory. In fact, the onslaught by the pandemic and lower oil price as well as the weakened economy has generated deteriorating real estate market fundamentals. The Federal Government’s battle against the coronavirus has further grounded the industry to a halt — and since real estate sector is not considered an essential industry — face-to-face sales ended. But members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) didn’t see such bad practice springing up among the professional stock. They say, their firms are complying with the stay ...