AN ASSESSMENT OF RESIDENTIAL PROPERTY INVESTMENT AND CHALLENGES ASSOCIATED WITH IT
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
BACKGROUND TO THE STUDY
It is impossible to place an adequate amount of emphasis on the benefits obtained from investing in residential property, nor on the challenges presented by the administration of such an investment.
Therefore, investing in residential property requires a present commitment of funds in order to achieve uncertain future returns; the research will investigate different investments in property, with a primary focus on residential property investment (Chika , 2022).
However, the increase in property value is dependent on the location of the property, its demands and supply, and the uses to which it may be put in the local market place. Real estate is seen as a solid hedge against inflation due to its appreciation potential (Jark , 2021). The cost of building has a propensity to increase at a rate that is higher than the rate of general inflation. Particular attention is paid to the problem of residential property investment in Osun State (using Amorite Estate Osogbo as a case study), and the answer presented here will be favored for use in addressing the other issues brought up in the course of this research (Kuye , 2022).
This study will also focus on various forms of investments that may be made in the real estate market, such as investments in industrial, commercial, and agricultural property, as well as investments in the stock market.
In addition to this, several finance options for such a project need to be thought about.
In addition to its other name, "living spring houses," Amorit Housing Estate is one of the housing estates in Osogbo, Osun State, that offers suitable living quarters for its residents. The Estate is located along Ede road Abere, just across from the state Secretariat in Osogbo, in the state of Osun. It formerly had a total land size of 7.9 hectares and featured a nice land surface that was leveled. On the ring side (west ward) of the Estate, there is an unfinished housing Estate that shares a border with it. On the left side (East ward), there is a huge expanse of land, and the Estate's northern boundary is marked by an express road (Micheal, 2021).
Construction on the Amorit Housing Estate began in the early part of 2007 in Osogbo with the intention of constructing approximately one hundred housing units, each of which would have two and three bedrooms, for the purpose of providing convenience and full accommodation in an effort to alleviate the housing crisis in Osun State. The building of the Estate will take place in two stages, which are referred to as phases one and two respectively. It was the first portion of the project to be finished, and it included about forty-five (45) dwelling units totaling bungalows with two or three bedrooms. These structures were all equipped with sufficient space for leisure, and they made up phase one of the development. On the 24th of April, 2009, Amorit Housing Estate was officially commissioned by Amorit International Limited in partnership with the Federal Ministry of works, housing, and urban development. This occasion was marked by the then Honorable Minister of State for Work, Housing and urban development Chief (Mrs) Grace Ekpewhre (jp), along with the royal father HRM Oba Munirudeen Adesola Lawal (Laminisa) Timi of Ede Land. Amorit International Limited (Mulib , 2022).
The Estate Started the Construction of the Second Phase Immediately After the Completion of the First Phase However, the second of three (3) bedroom bungalows with duplex on request all ensuit with appropriate space was constructed immediately after the completion of the first phase. The housing estate features a pleasant atmosphere and an aesthetically pleasing outlook, as well as a variety of trees and flowers that contribute to the estate's overall attractiveness. The Estate is equipped with a variety of facilities to improve the residents' standard of living. These facilities include a tennis court for playing law, a shopping mall, a swimming pool for the residents to relax in, as well as a constant supply of water and electricity supply and adequate security for the Estate.
In addition to this, Mr. Kayode Oyewole, the assistant of the housing Estate, serves as the director overseeing the administrative work being done there. There are many different departments that contribute to the administrative work of the estate, and some of these departments are as follows: Department of Marketing Department of Accounting Maintenance department and Engineering department
In order to ensure the housing estate is managed effectively.
Last but not least, the procedure for holding a unit in the estate can be obtained by purchasing the application for form #5,000 fees, which are non-refundable, and one can be issued with the application form, which must be completed by the applicants and must be submitted with the applicant's passport (Rogger , 2022).
The following are the many forms of payment acceptable for the reservation of the dwelling unit:·
outright payment ·
Installmental payment.
However, Amorite Housing Estate has really established a home for people of Osun state that is measurably the best.
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