THE EFFECTS OF PROVISION OF SERVICES AND FACILITIES ON RENTAL VALUES OF RESIDENTIAL PROPERTIES

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THE EFFECTS OF PROVISION OF SERVICES AND FACILITIES ON RENTAL VALUES OF RESIDENTIAL PROPERTIES.

(A CASE STUDY OF ABUJA METROPOLIS)

ABSTRACT

An important indicator of the status of any area is the state of it facilities provision and services. Apart from being a major pointer of environmental quality, facilities provision and services is a critical agent for social-economic development of any residential properties in Abuja. This study employs the use of 20 questionnaires administered to the resident and property developers in the study area. The data was analyzed with simple percentage. The study reveal that the mostly occupied property is flat/bungalow and storey building, most resident has been living in Abuja for 15 years and above, most of the facilities and services are not functioning well and the impact of facilities and enhance rental values of residential property. It was also recommended that there should be commitment from Federal Capital development authority by provisions for modern facilities and services.   Adequate finance should be provided by the government authorities for the provision of adequate facilities and public private infrastructure to enable them carryout project more effectively. 

CHAPTER ONE

1.0   INTRODUCTION

1.1   BACKGROUND OF THE STUDY

Facilities and services contributed 30-50% in the determination of rental values of residential properties. Such facilities and services like provision of wall fence, round the building and installation of burglary, good access road, security and also location of a property as well as been brandished as very important. One of the critical problems counting the properties in Nigeria is the poor maintenance practice.

Despite of the investment in presidential properties, most property owners allows their structures to care for themselves without any sustainable facilities and services. This research work is channeled towards the effect of the provision of services and facilities on the rental values of residential property in Abuja which is the focal point. Residential property consist mainly of tenement bungalow, mansion and duplex.

Though they are prone to defect due to their permanent and highly usage.

Facilities provision and services brings about improved provision of building ensuring the highest and safety standards.

A good provision of services and facilities is also a good mitigation system when properties are not properly provided with facilities and service. It will definitely affect the rental value of such properties.

1.2   STATEMENT OF RESIDENTIAL PROBLEM

There is an increasing demand for residential properties in Abuja for some couple of years now.

This has led to the rise in the rental value of residential properties most residential properties provides with several facilities and services are not properly managed. And also most land and property owners do not provide services that should better the wellbeing of tenement. As a result tenement tend to relocate to those to those properties that offers them the needed satisfaction. The result is that rental value of properties with better facilities tends to rise while those properties without these services are in most cases lead to void situation in most of these properties.  

Maintained tenement of such properties doesn’t enjoy the services or facilities as provided at the initial. On the other side, most investors on residential properties investment have taken facility provision and services with all seriousness, hence it has added up to improve the rental value of the properties.

1.3   AIM AND OBJECTIVES

The aim of this research is to examine the effects of the provision of services and facilities on the rental value of residential properties in Abuja.

To achieve the above aim, the following objectives shall pursue.

1. To identify the types of services and facilities in the study area.
2. To examine the causes of inadequate facilities and services provided in the area.
3. To examine the state of facilities and services provided in Abuja.
4. To examine the impact of facilities provision and services on rental value of residential properties.

1.4   RESEARCH QUESTIONS

        This research work is meant to answer the following questions.

1. What are the types of services and facilities in the study are?
2. What is the state of facilitates and services provided in Abuja? 
3. What are the causes of inadequate facilities and services provided in the study area?
4. What is the impact of facilities provision and services on rental value of residential property

1.5   SIGNIFICANCE OF THE STUDY

It is hoped that upon completion of this research, it shall help in vectors and property developers to know the need for services and facility provision in their residential properties.  

However, the less it would states the benefits of quick capital recommend in residential property.

Problems affecting rental value of residential property in Abuja. this project will serve as reference maintained to students and researches  in their future attempt to study facility management in Abuja. 

1.6   SCOPE AND LIMITATION OF THE STUDY

The scope of this research is delimited to Abuja. the limitation encounter in the process are as follows:

1. Time factor to gather other multiple other class room work and lecture required were a setback to the research.
2. Un-cooperating altitude of some respondents as they were too busy to attend to the researcher.
3. In accessibility of adequate information from research respondents due to illiteracy among them, some found it difficult to understand some question that were asked and other refused totally to answer.
4. Finance was also limiting factors in the course of the research.

1.7   OPERATIONAL DEFINITION OF TERMS

Terms or word has several meaning base on the context and content being used. For this reasons, the following words are key words as used here shall be x-rayed.

Facility: It is a term used to describe financial assistances programs offered by lending institution to help companies requiring capital.

Services: The performing of routine maintenance or repairs.

Rent: Okoh (2001) defined it from real estate perspectives as the amount paid for the use of land and for improvements or for the use of capital goods it is an annual or periodic payment for the use of land or of land and building.

Microsoft Enchanter (2009) described it as a regular payment made by a tenement to an owner or landlord for the right to occupy or use property.

Value: Okoh (2001) described it as the capacity to satisfy wants.

Microsoft enchanter (2009) defined it as amount expressed in money or another medium of exchange that is thought to be a far exchange for something.

Rental value: Olayonwa (2006) defined it as annual amount paid to a lessor by a lessee as compensation for parting with the right of use and occupation of property by the lesser.

Okoh (2001) described it as the monetary amount reasonable expectable for the right to the agreed use of real estate. It may be expressed as an amount per month or other period of time.

Property: Microsoft enchanter (2009) defined it as a piece of land or real estate that is owned by somebody.

Ely (1914) described it as bundus of rights.

Residential property: Buggemun and Fisher (1993) defined it as including singe family houses and multifamily properties such as apartment. It is generally seen as properties that provides residence for individual of families.

Also they are properties that are occupied in order to provide shelter for occupants and services as a habitation for them.

1.8   BACKGROUND OF THE STUDY AREA.

Abuja the capital city of Nigeria was established by late general Murtala Mohammed in 1976 under the    chairmanship of Hon. TA. Aguda and assumed the status of the Federal capital on the 17^th December 1991.

It is located in the central on the country with coordinates of latitude 09⁰ 04 00N and longitude 07⁰ 29” 00C and bounded on the North by Kaduna state, on the west by Niger state, on the south-east by Kogi state. It occupies a land area of 713 square kilometer and has an estimated population of 776, 298 (census, 2006).

Development in Abuja metropolis is phased and each phases is further divided into districts analysis of which are:

Phase 1: This is composed of central area business district

Garki district, Wuse district, Maitama district and Asokoro district.

Phase 2: This is comprised of Kude district, Durumi district,

Gudu district, Utako district, and Jubi district.

Phase 3: This is comprise of Mabuchi district, Katampe district,

Wuye district and Gwarimpa district.

1.9   RESEARCH METHOD/INSTRUMENTS

During the course of the study various instruments were adopted for the purpose of collecting the required data from the respondents they are as follows:

1. Questionnaire: For the purpose of this work, set of instructions questions is assembled to obtain information from the population sample.  
2. Interview: This is a face to face correspondence between the researcher (interviewer) and the population sample (interviewee) who could not be reached by the questionnaire.
3. Observation: The researcher set to study the coverage area to observe its pattern and the level of development.
4. Anecdotal sources: This is the use of already collected analyzed interpreted and stored information related to the subject of matter.

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