EFFECT OF PHYSICAL OBSOLESCENCE ON THE RESIDENTIAL PROPERTY VALUES IN TUDUN-WADA AND NASSARAWA AREAS OF KONTAGORA
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
Statement of the Problem
Obsolescence is a serious threat for built property given its immobile, long lasting and capital significance minimizing obsolescence is important for the presentation of the change of physical, economical and societal investment involved. Residential properties are constructed in circumstances of high uncertainty concerning their medium to long term lives. Andre and Vander flier, (2011).
However, the act of construction is a commitment to physical durability and spatial fixity. This, together with the fact that most buildings are durable, means that they have to function in changing political, economic, social and technological conditions. The result is that every building undergoes a process of obsolescence as it exhibits a diminishing capability to meet evolving user expectations through time. In recent decades, the process of building obsolescence has been particularly problematic for residential property, as building life spans have become increasingly transient (Gann, 2000). Technological advances and changing occupier needs have resulted in many residential buildings being demolished after only 20 years life (Khalid, 2003). Furthermore, due to rapid innovation and development, future residential buildings are likely to enjoy even shorter useful life spans. Such a trend is considered to represent a widespread inefficiency in the use of physical resources, the costs of which are borne by property owners, occupiers and non-users. The trend has implications for the way in which residential buildings are designed and managed.
Previous studies of residential property obsolescence have focused almost entirely upon the financial impact for the property owner (Khalid, 2003). However, the limitations of this traditional approach have become increasingly apparent (Pinder and Wilkinson, 2000). Therefore, the research that was discussed in this work suggested that building obsolescence in residential property was examined from the perspective of the building occupants.
1.3 Aim and Objectives
The aim of this study is to examine the effect of physical obsolescence on the residential property values in Tudun-Wada and Nassarawa areas of kontagora.
1.3.1 Objectives
The objectives of this study are to;
- Identify the factors that cause various forms of obsolescence on residential property in Tudun-Wada and Nassarawa areas of Kontagora
- Identify the types of changes that occur in the physical decay on the residential property within the study area.
- Examine the rental values of residential property across the study area.
Assess the impact of the level of obsolescence on residential property value in the study area
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