Making the best of being a Landlord

YOUR RIGHTS AND RESPONSIBILITIES

The accumulation and deployment of passive income has been identified as one of the means through which people build wealth; One sure way of achieving this is particularly investing in property for the purposes of leasing or renting out. This puts you in a position to receive periodic payments from an asset that will also appreciate in value. However, being a landlord has its own set of challenges which can cause problems if left unaddressed. The ability to tackle these challenges will depend on your knowledge or where you stand as a property owner, your rights and responsibilities, So, what are these rights and responsibilities?

RIGHTS

The right to own property in any part of the country subiect to the consent of the federal or state authority, as the case may be.

Right against compulsory acquisition of property by the government or another citizen for private use.

The right to compensation in the event of an acquisition of property for public use.

The rant to issue a notice to quit to a tenant

The right to issue a 7-day notice after a notice to quit has expired.

The right to enter a let property even though while it is occupied by a tenant.

The right to renew or not renew tenancy.

The right not to reimburse a tenant for repairs done while occupying the property.

The right to review rent at the expiration of an existing tenancy.

RESPOSNIBLITIES

The responsibility to not discriminate against potential tenants on the grounds of ethnicity, gender, race, religion and so on.

The duty to keep to the terms and conditions of the tenancy agreement.

The responsibility of keeping the property safe and secure.

The duty of ensuring that the property is vacant, safe, clean, and safe on the day that the tenant moves in.

The duty to make sure the property is free of health hazards of any type.

The duty to allow the tenant space and freedom to enjoy the property without frequent unnecessary visits.

The responsibility to insure the property.

The duty to pay taxes and any other fees that the tenant is not responsible for.

The duty to reimburse the tenants for any repairs they carried out on the structure meant to be carried out by the landlord

Buying your first home? Part 1

Albeit daunting, buying your first home is an exciting journey. Here are some tips to help you make the process a little less stressful and more profitable.

The costs ?

The very first thing you need to do is work out if owning is for you. Can you afford to pay not only the monthly mortgage payments or the instalment payments, but the running costs of a home too ? Do the sums!

Use the right property finders

Gone are the days when a stop at an agents office was the only way to see how much folks were advertising a house for.
There’s a plethora of property search sites out there for research, also remember that Some homes are sold before they appear on the sites, so get pally with a local estate agents to hear as soon as a place hits their books.

Consider resale potential

If you don’t want to live in the property until you die, consider ease of resale.
This may be your true dream home but will it be for others?
If the property has been on the market for quite while, mull over why it hasn’t been shifted. Are people put off by the location, parking or accesibility ?

Thinking of a new home?

As a result of working from home, we have focussed our minds on where and how we live, time has been taken to do renovations and DIY projects all across the country.
That said, it was also a time for any of us to deeply reflect and start to explore the possibility of new spaces, newer and modern living spaces.

New build properties come with the very best in energy efficiencies, quality build materials, and the peace of mind of well managed developments.
if you are looking to renovate your current home, don’t hesitate to get in touch, we’ve renovated over 50 units since lockdown, and can’t wait to see how we can transform your space.
For those who are looking to move entirely we’ve rounded up some of our best new homes located in some of the most sought after areas of Lagos.

Bayview Estate
Ikate Elegushi, Lekki

7 admiralty
Admiralty road, Lekki 1

Tamari
Osborne II, Ikoyi