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SIXTY AND STEADY – WEMABOD LIMITED CELEBRATES THE 60TH ANNIVERSARY OF ITS ESTABLISHMENT. (Press release)

Wemabod Limited announced its 60th-anniversary celebration as one of Nigeria’s oldest but very solid property development and management companies.

The company which has emerged as one of the longest-standing real estate solution providers over the last sixty years is set to raise a glass on this momentous Diamond Jubilee celebration. Read more “SIXTY AND STEADY – WEMABOD LIMITED CELEBRATES THE 60TH ANNIVERSARY OF ITS ESTABLISHMENT. (Press release)”

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Insecurity: A major concern for house owners and real estate investors in Nigeria.

Nigeria is one can of the developing countries of the world located in West Africa and has become a big opportunity and enterprise for real estate investments. The level of real estate investments in Nigeria over the years has experienced a tremendous increase resulting into high per capital earnings and investment returns for both the Government and individuals/investors. Read more “Insecurity: A major concern for house owners and real estate investors in Nigeria.”

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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. Read more “Wemabod Limited:The Flagship Customer-Centric Real Estate Solutions Provider”

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Why Rainy Season is the Best time House-hunting in Lagos

There is a saying, ‘when it rains, it pours’, this saying aptly capture the city of aquatic splendor, Lagos. When it rains in Lagos, roads and drainages in different parts of city become flooded, vehicles get stuck, and traffic builds up. Poor drainage in one of the major reasons rain has become a constant menace in Lagos, due to the fact that it is a low-lying area surrounded by a sea of water.
A report by UN-HABITAT’s report, ‘The State of African Cities 2010: Governance, Inequality and Urban Land Markets’, revealed that more than 25 per cent of Africa’s population, of about one billion people, who live within 100 km from the coast will be at risk from sea level rise and coastal flooding over the coming decades due to climate change. Areas such as Lekki, Ajah, Ikoyi, Victoria Island, and Lagos Island are more vulnerable to flooding because they are really close to the Atlantic Ocean.
Real estate agents have also confirmed that rainy season is the best time for house hunting or purchase because it reveals the flaws of the property. It is also important to inspect the area to determine if it becomes flooded during the rainy season or not. It will also help you to know the level of flooding in the area where you plan to live.
• House hunting during the rainy season helps you to find out if the roof of house is leaking or if there are defects in the ceiling. It also helps you to know if quality construction materials used in building the property.
• House hunting during the rainy season helps you as a tenant or investor to know if there is usually power outage whenever it rains. It is a common scenario for lights out to occur whenever it is raining but if the power outage lasts for up to 24 hours then that is a red flag to consider.
• House hunting during the rainy season enables you to find out if the environment is safe and conducive. Flooding often leads to blocked drainages and gutters in some areas which can result in the breeding of mosquitos and other insects within your vicinity. Foul odours can also create a nuisance which will be unhealthy for occupants of the building.
It is advised to always engage a competent professional, preferably a realtor or building surveyor to check out the property for clues and other defects before making any commitment on price.

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Ways to Make Money Investing in Real Estate

Investing is one of the most profitable business ventures that is bound to garner long term wealth. But it is important to note that investing in real estate is not a get-rich-quick scheme, rather, it is a long term venture. The real estate industry in Nigeria is highly profitable with different ways of earning money –
Real Estate Appreciation – This is one of the ways you can make profit on your real estate investment. This often occurs when there’s a change in the real estate market which leads to an increase in the value of your property. For example, owning a property and selling it five years later. There is a probability that you would be selling for a price higher than you bought it because of the change in the market value. The likelihood of the environment developing over the years will also increase the value of your property.
Cash Flow Income – This type of real estate investment is popular, it involves buying real estate property, such as an apartment or building, and having it up for rent. It ensures there is inflow of income through the rents paid by the tenants for a specific amount of time. Cash flow incomes are also generated from office buildings, apartment buildings, rental houses etc.
Real Estate Related Income – This is type of investments is often undertaken by ‘specialists’ in the real estate industry, such as brokers who make money through commissions from buying and selling of properties. Also, real estate management companies get a percentage of the rent in exchange for managing the daily operations of a property. For instance, a hotel management company earns a particular percentage of the hotel’s sales for taking care of the daily operations including facilities management such as hiring utility staff, laundry, security services amongst others.
Overall, becoming a real estate investor involves having a plan to help you manage your goals and expectations in the real estate industry. Knowing your maths as a real estate investor is crucial, one of the pitfalls in the business is assuming. Real estate is a numbers’ game, and the fastest way to fail is not knowing it. It will also requires a lot of patience, a real estate venture is not something to do on a whim. Most real estate investments are life-long pursuit to help you take control of your financial future.

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Knowing your Rights as a Tenant

The rift between tenants and landlords often boils down to the two parties not being aware of their rights. Knowing your rights as a tenant is crucial because it is the first step towards protecting yourself and ensuring you don’t fall victim to frivolous demands from landlords. According to the Tenancy Law in Nigeria, below are some laws you should be aware of as a tenant –
Right to a Written Agreement
Every tenant has the right to an agreement. Agreements, on the other hand, can be oral or written. However, it is advised that agreements between both parties should be written, hence, any altercations would be easily dealt with, and it comes in handy as references. The tenant is expected to go through the agreements thoroughly before signing.
Tenancy agreements are to contain in details the names of a landlord and his tenant; as parties to the Agreement. The duration of the tenancy, the rent payable and the date at which such rent would become payable should be stated. Before signing any agreement, a prospective tenant is advised to seek the service of a solicitor to break down any unclear terms in the Tenancy Agreement.
Right to Issuance of Receipt of Payment
The receipt of payment is an acknowledgment from a Landlord or an Agent that a rent payment has been made by a tenant. It must have the name of the landlord and the tenant, including the amount paid and the date of such payment. The receipt should clearly state the duration that such payment will cover and the signature of the receiver must also be on the receipt. It is an actionable offense to refuse to issue a receipt for rent paid and received. It is your right as a tenant to be issued a receipt upon payment of rent.
Right to a Valid Quit Notice
A tenant cannot be thrown out of his apartment unless there is a strict compliance by the landlord with relevant Recovery of Premises Law. Recovery of Premises Law states that a valid “quit notice” of a landlord’s intention to terminate/quit the tenancy of the tenant must be written and served to the tenant. The amount of time given to the tenant, whether weekly, monthly, yearly, depends on his rent. A valid “Quit Notice” must have the name of the landlord, the name of the tenant, the address of the property occupied by the tenant, the duration given to the tenant included.

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