CategoriesConstruction Marketing Real Estate Uncategorized

Tips for Choosing a Good Rental Property

Changing your apartment can be an exciting adventure but it can also strenuous and time-consuming especially when you are not aware of the factors for determining a good rental property. There are a number of factors to be considered when choosing a rental property, below are some tips to help you make the right choice –
Budget – What is your estimated budget for the property, flat, or office space you want to rent, answering this question will give you a clear vision of what to focus your search on. When searching for a space to rent either for residential or commercial purposes, it is important to calculate the added cost of utilities to ensure that the property of your choice suits your budget. Understanding how much rent and added expenses you can afford will help you to stay within your budget and avoid unwarranted scenarios of a payment default.
Location – Location is another crucial factor to be considered when choosing a rental property, because of the potential value of properties is largely affected by location. In Lagos, the Island v Mainland perception automatically affects the price of a property because of where it is located. The location of a property is very crucial in terms of security, nobody is interested in renting a house or office space in an area where they would be facing threats of armed robbers or miscreants.
Structure – There are different types of building structures on display for rent or purchase but knowing the right type of structure you want will help save a lot of stress and money. If you want to rent a bachelor’s pad, then you should focus on buildings that are designed to match what you want. Also, consider other structures in the environment where you want to rent, if there is a church or mosque around, then you have to be prepared for possible noise pollution.
Social Amenities – Social amenities is a key factor to consider when renting a property, aside from the location and structure of the building, you need to find out if there are accessible road networks to where you want to reside. There should be good roads connecting the rental property to other parts of the city. The rule of thumb is to be ‘be patient and thorough’. The safest bet is to contact a real estate agent to facilitate the process for you, Wemabod Limited offers you a wide array of properties for rent and sale that are affordable and environmentally friendly.

CategoriesReal Estate

COVID-19 and Its Impact on Real Estate in Nigeria

The impact of the COVID19 pandemic can be felt in different sectors of the economy, including the real estate industry. The Fitch Ratings revealed that the pandemic will push the Nigerian economy into recession with GDP contracting by 1%. Coupled with the diminishing oil revenue, non-oil GDP will also fall due to economic disruptions in major cities currently under lockdown.
With major cities on compulsory lockdown, hotels, restaurants, malls, office buildings, luxury spaces are currently vacant. There are a number of considerations regarding Post-COVID: Will employers be convinced to continue the work-from-home system? Will the demand for office space decrease when the coronavirus outbreak is over?
Most people are faced with two major concerns over the COVID-19 pandemic- contracting the virus and the decline in income level. The lockdown has no doubt led to the loss of jobs for many individuals while others are dealing severe salary cuts. People that depend on daily income to meet their obligations are stranded.
Concerning rental housing, experts predict that property owners could face cash crunch as there will be high default on rent. Housing advocates say the ripple effects of the coronavirus outbreak could upend housing in major cities like Abuja, Lagos, Port Harcourt and Kano reducing apartment rents by 50 per cent.
For the Nigerian real estate market, relief support from the government will play a huge role in ensuring steady rents and lowering evictions in the housing industry. While some landlords may lose a significant portion of income to retain some tenants, others may have to engage in rent discounting and rent concessions.
Despite the downturn in the real estate sector due to the COVID-19 crisis, PropTech presents a silver lining that can be maximized by stakeholders to stay active in business. Property Technology or “PropTech” involves the use of technology to create and deliver innovative real estate products and services. Though the technological innovation can still be said to be novel, it is steadily experiencing widespread reception, with more people adopting tech solutions in property transactions.
Based on the products and services offered, it can be structured into different categories which include Property Listings, Investment and Financing the construction of properties, Property and Community Management with integrated tools to help communities and homes manage their properties and Flexible Living options such as Airbnb.
Presently, there are no regulations specifically covering PropTech sector in Nigeria. However, the laws and regulations relating to real estate in Nigeria are still relevant to it.

CategoriesReal Estate Uncategorized

Wemabod Limited:The Flagship Customer-Centric Real Estate Solutions Provider

Executive Summary
The Company, Wemabod Limited was formerly known as Nabani Estates Limited. Incorporated in September 1962 as a wholly owned subsidiary of the defunct National Bank of Nigeria Limited.
Nabani Estates Limited was later sold to Western Nigeria Marketing Board where the name Wemabod was derived. By the incorporation of Odu’a Investment Company Limited, in 1976, Wemabod effectively became a subsidiary of ODUA Group of Companies.
Introduction
WEMABOD Limited  remain one of the institutional investing companies  pooling large sums of financial resources  and investing same in securities, real estate assets and other investments vehicles.
Over the years, Wemabod Limited has created products that are often pocket-friendly as well as being  equally environmentally friendly.
The company is driven to be a first-class customer-focused real estate solution provider geared towards consistent growth and maximizing returns to our investors/shareholders.
WEMABOD LTD. is one of the largest property companies in Nigeria with a wide range of commercial, industrial and residential properties in its portfolio.
Real estate assets in Wemabod Ltd portfolio are located in strategic areas like Ikoyi, Lagos Island, Surulere, Abuja, Portharcourt, Ikoyi, Apapa, Ibadan, Akure etc.
The Market
Real Estate in Nigeria is undeniably a lucrative sector and it is one of the most reliable investment vehicle in the country. The sector  is also noted for its contribution to the nation’s GDP on a consistent basis.
Real Estate practices involve the purchase, ownership, management, rental and/or sale of real estate asset to generate income and capital appreciation.
Nigeria’s rising booming economic activities and population growth is a sure panacea for increase demand for housing and workspaces.
The real estate sector  is the fifth largest contributor to the Nigerian economy.
The burgeoning interest in the Nigerian market is due to the huge demand buoyed by the increasing urban population. Most organizations in Nigeria (both public and private), mix real estate with other forms of investment in their asset portfolio as a means of diversifying their investment portfolio.
That is why Wemabod Limited is strategically positioned to offer real estate investment solutions, thereby helping individuals to achieve their dreams of property ownership , enhancing value for such assets and optimizing capital appreciation.
Comparable to every other business endeavour, the journey of Wemabod Limited in achieving its property development and management objectives has had its own fair share of challenges.
However, the company has always thrived on a philosophy of rising above the storm and continually reinventing itself even as the company recently reposition after a rigorous strategy review exercise conducted by management in conjunction with KPMG professional services. This is more so and critical as the company strives to attain a high degree of professionalism, efficiencies and consistency in its operations whilst continuing to ensure  superior returns to all categories of investors/ shareholders.
For your real Estate advisory services and investment needs please call our Asset Management Team headed by Mr. Bashir Oladunni on cell phone No +234 -8035623968 and Mr. Tope Olaiya on cell phone No +234- 8023710466

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