CAUSES AND EFFECTS OF ABANDONED RESIDENTIAL PROPERTIES
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CAUSES AND EFFECTS OF ABANDONED RESIDENTIAL PROPERTIES
Chapter one
INTRODUCTION
1.1 Background of the Study
The ongoing abandonment of residential buildings and construction projects in developing countries is so appalling that Nigeria has remained one of the hardest hit (Ayodele and Alabi, 2011; Kotangora, 1993; Osemenan, 1987).
As a result, the significance of the ongoing abandonment of residential buildings and projects on real estate and its values, as well as the economy, cannot be overstated, as some abandoned buildings and development projects provide basic services that should improve the real estate developed.
An abandoned residential building is one whose occupant has moved out owing to poor upkeep and infrastructure, security, dilapidation, or natural disaster, rendering the building uninhabitable.
Abandonment of residential properties and development projects is defined as isolating the building or ceasing any activities or maintenance work on such a development project within the time frame specified in the contract agreement with no intention of returning to the development (Spelman, 1993).
Similarly, O’Flaherty (1993), in reflecting on property development projects, suggests that it occurs when an owner or developer ceases to offer the necessary maintenance management to a completed property.
However, because real estate development and upkeep are capital-intensive endeavours, they should be thoroughly evaluated to determine their feasibility and viability before proceeding.
However, on multiple times and as previously reported, governments, contractors, and agencies have abandoned ancient buildings and development projects in the middle of their construction and completion.
The causes and effects of these residential building abandonments are not limited to one explanation, but rather span multiple (Ayodele and Alabi, 2011), resulting in a whole declining influence on the values of developed properties nearby. The majority of this abandoned residential building was typically used as a criminal hideout.
Although the location of the abandoned property and demand are both relevant, accessibility and availability of infrastructure in the real property location and surrounding built environment should be far more critical determinants in this study scenario. Values are not intrinsic (Schram, 2012); rather, they are determined by the advantages derived from a trait.
While this has remained true for real properties, it is critical for any real property to have continuous enhanced values, which are thought to be influenced by the presence of the aforementioned infrastructures in the real property location. So, if the required infrastructure is critical in assessing the property prices.
Benin City, the State Capital of Edo State in Nigeria, is known for its numerous abandoned residential buildings as a result of urbanisation, bad infrastructure, and roadways.
Residents in Benin City who live in erosion-prone regions have been forced to evacuate their homes due to flooding and the threat of reptiles. Some school buildings have been abandoned due to neglect by successive governments, and they have become hideouts for criminals and cult members.
1.2 Statement of the Problem
Real estate specialists have expressed worry about the causes and repercussions of residential property abandonment. The study’s goal is to look into the causes and impacts of abandoned residential property on real estate and its values.
The validity of this analysis is based on the assumption that the expected real estate and its prices in Nigeria are declining as a result of the constant abandonment of residential properties.
However, studying this context should assist in establishing and recognising the causes and impacts of building abandonment by individuals, governments, policymakers, educators, and practitioners.
This means that by eradicating these causes, we can anticipate to eradicate these stated impacts while also sustaining real property and its economic value.
1.3 Objectives of the Study
The aims of this investigation are as follows:
1. Determine the causes of abandonment of residential properties in Benin City.
2. To investigate the consequences of abandoned residential properties in Benin City.
3. Identify remedies to the problem of abandoned residential properties in Benin City.
1.4 RESEARCH QUESTIONS.
1. What are the causes of residential property abandonment in Benin City?
2. What are the consequences of abandoning residential properties in Benin City?
3. What are the remedies to Benin City’s abandoned residential properties?
1.6 Significance of the Study
The following are the implications of this study:
1. The study’s findings will educate the general public on the causes and consequences of residential building abandonment in Nigeria, with the goal of minimising building abandonment in Nigeria.
2. The findings of this study will inform the government and policymakers on how to develop and execute policies to lower the rate of residential building abandonment in Nigeria.
3. This research will also serve as a resource base for future academics and researchers interested in conducting additional research in this sector, and if implemented, will go so far as to provide new explanations for the topic.
1.7 Scope and limitations of the study
This study on the causes and effects of abandoned residential properties in Benin City will look into all cases of abandoned residential buildings in Benin City and thoroughly investigate the causes. It will also address the effects of abandoned structures in the impacted area.
Limitations of the study
Financial constraints- Insufficient funds tend to restrict the researcher’s efficiency in accessing relevant resources, literature, or information, as well as in data collecting (internet, questionnaire, and interview).
Time constraints: The researcher will conduct this investigation while also working on other academic projects. This will reduce the amount of time spent on research.
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