MACAULAY OAKS
Construction Real Estate

MACAULAY OAKS

By Omotosho Tobiloba 33 0

MACAULAY OAKS is an amazing gated estate with 50 serviced plots located in Ibeju Lekki, Lagos State.

It offers a variety of amenities such as basketball and football courts, gym house, accessible road network and drainage systems to make life more comfortable for its residents.

Each land provides ample space to build upon creating it as the ideal setting for any project

The area is surrounded by properties such as ITUNU, TIWA, and AMEN ESTATE PHASE 3 which are selling at an average price of 25-30 million naira per plot.

This makes it a great investment opportunity for those looking to purchase land in the region

Our land, which is located in the same area and has similar infrastructure to other properties around us, is currently being sold at a promotional price of N12M for 500 sqm and N7M for 300 sqm.

This offer represents an incredible bargain compared to what you would find elsewhere!

This makes it an excellent opportunity for long-term financial growth and stability.

Investing in land is one of the most secure and profitable ways to invest your money as it always appreciates over time.

If we look back at how much properties such as Lekki, Ikate, Salem was selling for before compared to now, you can see a significant increase in value.

Our land is strategically located in the center of a government-focused and future development area, with new seaports, airports and refineries being built nearby.

We are confident that this will bring more progress to our region as civilization continues to move forward around Ibeju-Lekki and other parts of the country.

Investing now while the prices are low is a smart business decision, especially with the current high inflation rate. You can watch your money multiply; and we would be delighted to help you make wise investments for maximum returns.

You can be confident that you will make a return on investment (ROI) of more than 60%, which is higher than the current or future inflation rate.

The real cost of rental in lagos Nigeria
Construction Real Estate

THE REAL COST OF RENTAL PRICES IN LAGOS NIGERIA.

By Omotosho Tobiloba 36 0

Lagos is one of the fastest growing cities in Africa. Apart from being the hub for entertainment and the likes, it also houses famous actors, musicians, and comedians.

Lagos may be the smallest state in Nigeria based on landmass but it has the highest number of residents.

Since Covid 19, house rentals in Lagos have sky-rocketed about 20%. Due to the effects of this, Landlords have increased their rent over their properties.

Lagos is divided into two sections and it includes Mainland and Island.

The island is considered as the hub for the rich and affluent, hence it is more expensive while there are some places on the mainland, such as Ikeja, Magodo, Ilupeju, that are also expensive.

But one of the biggest surprises renters in Lagos are beginning to learn, is the true cost of renting an apartment. Many times, the cost of the apartment is usually higher than the amount that is it was listed for.

Hence the need for this topic; when looking for an apartment in Lagos, you must factor in some hidden charges. This will help you set up your budget so that there are no surprises when you eventually make your choice.

Here are some hidden charges you should know about rental properties;

  • Agency Fee

This is the fee you pay to the agent who facilitated the renting process for you. The fee is not usually fixed (some collect as much 15% of the total cost of house). But understand that the more expensive the house is, or its location, the more the agent/Agency fee.

  • Agreement fee

This is the fee you pay after you have agreed to rent the apartment space. It is usually created by the owner of the property and it is disbursed at his own digression.

  • Commission

This commission is also created by the owner of the property and it is usually used to settle the agent/agents who helped you secure the space.

  • Damages/ Caution Deposit:

This is money paid to the Landlord for damages that the tenant may incur on the property while living there. If there were no damages made, the money is supposed to be returned, when leaving the apartment.

  • Service Charge

 This is the fee you pay for services rendered in some properties, services rendered varies and it includes, water, power, waste disposal, security, This cost is included in the rent and varies by property.

  • Hidden Costs and Benefits

These are the additional living expenses, costs or benefits a prospective tenant will incur by choosing to live in a specific place in Lagos.

Hidden cost like the cost of commuting from your new house to your work, how close is your kid’s school to the new property? How safe and secure is your new neighbourhood?

These costs can add up and make a significant impact on personal finances in the long run, like factoring them into your choice at the start can save you lots of money and hassle.

Do you have a budget and location in mind or you need help in creating a rental budget? Oakwood Heights Ltd is here to help make your renting in Lagos hassle free, Get in touch with us today!

Land
Construction

DIFFERENCE BETWEEN BANK ASSET AND LAND BANKING

By Omotosho Tobiloba 64 0

An asset is a resource with economic value that an individual or corporation owns or controls with the expectation that it will provide a future benefit. They are classified into current, fixed, financial, and intangible assets.

But today, we shall focus on Bank assets and land assets only.

Bank assets are referred to as Current assets. They are the ones an owner can convert into cash or cash equivalents within a year through sale or account payments. They include, cash, mutual funds, marketable securities, accounts receivables, goods and services, supplies, etc.

While Land assets are considered as Tangible assets. They are the ones you can touch, feel or see. Meaning they are any physical or measurable items an individual owns or company uses for its operations.

Land assets are also known as fixed assets. Fixed assets are assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land and buildings.

Below are some of the advantages of securing land assets;

If you are looking to purchase a property, we can help you choose the right properties, the right location, and at a competitive cost.

Blog Construction

TOP BEST INNOVATIVE REAL ESTATE COMPANIES IN NIGERIA

By 116 0

Getting a home is one of the most expensive purchases you’ll ever make. So, you want to make sure the company you work with is reliable and professional. We’ve compiled a list of the top best Innovative Real estate companies in Nigeria. Whether you’re looking for a house, an office, or a retail space, this list will help you find the perfect fit.

 

Oakwood Heights Limited

  • This is a real estate company known for their reliability, innovation, professionalism and integrity. They work with the clients budget with the mission of providing simple and affordable housing. 

 

  • They provide a number of services including Joint Ventures, Property Development, Agency Services. more services

 

  • They also provide many innovative products like the Oakhome ownership build-up, Oak staff mortgage scheme, Oak flexi.  more products

 

  • This company is a one stop shop for credible and reliable stress-free housing transactions.

 

Contact details

Address: 1b Omorinre Johnson close, Lekki phase 1

Website:  https://oakwoodheights.com.ng/index.php

Email:  oakwoodheights1@gmail.com

Phone: 09064881704

 

DPKay Homes

DPKay Homes is a private real estate development company in  Lagos, Nigeria. Their focus is to bring clarity to, and demystify the process of buying and selling real estate in Nigeria. They have 4 branches across Lagos, 1 in canada and are said to have trained over 1000 independent marketers.

 

Contact details :

Address: Suite 1, Level 4 Dominion Plaza, Lekki Expressway, Agungi Area, Lekki Lagos

Phone number : +234 706 400 1779

 

Dradrock

Dadrock is a real estate company that is into the development and sales of properties in Lagos.

They pride themselves on the core values of innovation, integrity, customer satisfaction, and excellence.

 

Contact details :

Address: House 2 Crescent Cross Estate, Hakeem Dickson Link Road, Elf Bus Stop, Lekki Phase 1, Lagos.

Email: info@dradrockng.com

Phone: +234 (0)802 547 6152

 

Refin homes

Refin homes mission is to create a culture of seamless homeownership and building communities. They are a community of builders set to establish, develop, strengthen and increase economic activities within identified localities.

Some of their products include; Home assurance scheme, Flexi-home owner, Instant Homeowner,  REFin edge etc.  

 

Contact details:

Address: 3/5 Boyle Street Onikan, Lagos.

Phone: +234 1 6327536/7, 09060730073

Email: contactus@refinhomes.com

 

HomeHunt Nigeria

Home hunt is an innovative app that allows an agent/landlord or developer to advertise their properties and also allows a buyer to search, find, view, rent, and lease or buy a property.

Payment is made by the buyer directly into the partner bank (Brent Mortgage bank).  The bank holds the funds in trust for the buyer until the translation is duly completed and verified before releasing the money to the seller, thereby ensuring a stress and fraud free transaction.

 

Property buyers can now buy property from anywhere in the world without worrying about fraudsters because the buyers pay directly to the mortgage bank (Brent Mortgage)

 

Contact details:

Email: HomeHunt.nigeria@gmail.com

Website: www.home-huntapp.com

Phone : 08158359542 

Construction

PROPERTY REDEVELOPMENT: WHAT YOU NEED TO KNOW

By 158 0

Whenever the subject of property redevelopment is raised, some people restrict their definition to demolishing an old building so that a new one can be built. However, redevelopment is restructuring of a current building or complex to make the it fit with present market trends. 

Property redevelopment can occur in different sizes. It can be small or big, or it can be about revitalizing a specific community or site. Let us run through some of the common property redevelopment types you should be aware of. 

Refurbishing existing buildings

An existing building can be improved upon or renovated to enhance the property’s value while tweaking the building to adjust it to present market trends. 

Demolition of current buildings to erect new ones

Whenever a property isn’t of any use again or does not add any value to a community’s real estate, demolishing the current building becomes a viable option. This is not just about demolishing an old building and installing a new building. Rather, the building that is about to be constructed has to align with the changing market trends. 

Redeveloping a contaminated industrial yard

This has to do with instances where a former industrial yard has been vacated for one reason or the other. Such lands are mostly contaminated and cannot be inhabited immediately. The redevelopment would include having the area cleaned up before any new construction can be carried out. That will contribute to an increase in that site’s value. 

 

Every property redevelopment process has to go through three distinct phases. We will highlight the different phases below for your kind understanding. 

Environment site assessment (ESA)

This stage is divided into two, namely ESA Phase 1 and ESA Phase 2. This first phase is basically about identifying the environmental state of the proposed site. This assessment phase is considered a necessity because you may not be able to tell if the place is contaminated with your naked eyes. The second phase assessment is the same thing but more comprehensive than phase 1. 

Developing a response action plan

If any contamination is identified, a Response Action Plan has to be developed. The response action plan or RAP happens to be a carefully orchestrated lineup of activities required to manage the site’s contamination effectively before the project commences fully. Items like site clean-up objectives have to be captured as part of the response action plan. 

Verifying the implementation of the RAP

This is the final stage of any property redevelopment process. In this stage, a verification is carried out to determine if what was drafted in the Response Action Plan is being implemented as planned. The documentation of the actual method used to clean up the contaminated site would also be captured in this document. 

Conclusion

Property redevelopment is a term with diverse definitions. It is a term that can be applied to various real estate reconstruction processes.