RESIDENTIAL PROPERTY INVESTMENT AND ASSOCIATED PROBLEMS
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RESIDENTIAL PROPERTY INVESTMENT AND ASSOCIATED PROBLEMS
ABSTRACT
This dissertation is a model that investigates residential property investment in Osun State and the challenges that come with it. The dissertation’s major goal is to investigate the methods of meeting the additional dwelling unit need in Osun State, specifically in Osogbo. The questionnaire method, which was used to acquire necessary information, was the methodology used in obtaining information.
This project effort was based on residential property investment in Osun State, for which various literature, fresh ideas, and findings were studied. A research topic-related body of knowledge was added to the existing body of information. This research work’s study theme was easy, and it was carried out with the assistance of aments housing estate Osogbo.
Following data processing, the obtained information was also presented in a bar chart. The dissertation’s conclusions were also described in clean language to eliminate any doubts,
and valuable recommendations were made for the government, private developers (both individuals and corporate groups). The financial institution was also advised on how they may perhaps assist in the provision of dwelling units.
CHAPITRE ONE
INTRODUCTION
1.0 BACKGROUND OF THE STUDY
The advantages of investing in residential property cannot be overstated, nor can the difficulties encountered in managing such an investment.
Thus, residential property investment entails making a current financial commitment in order to gain uncertain future returns. The study will investigate various property investments, with a focus on residential property investment.
However, property value appreciation is dependent on the location of the property, its demand and supply, and the uses to which it can be put in the local market place.
Because of its appreciation potential, real estate is seen as an excellent inflation hedge. Construction costs have a propensity to rise faster than ordinary inflation.
The subject of residential property investment in Osun State (a case study of Amorite Estate Osogbo) is addressed specifically, and a solution will be proposed for all of the concerns found in this study.
This research will also cover various sorts of investments available in the property market, such as industrial, commercial, and agricultural property investments, as well as stock market investments.
The various methods of funding such a project must also be explored.
Amorit Housing Estate, popularly known as “living spring homes,” is one of the housing estates in Osogbo, Osun State that provides appropriate housing. The Estate is located along Ede Road Abere, opposite the State Secretariat in Osogbo, Osun State,
and has a total land size of 7.9 hectares with a well-leveled surface. The Estate is bounded on the ring side (west ward) by an unfinished housing estate, on the left side (east ward) by a huge expanse of land, and on the north by an express route.
Amorit dwelling Estate began building in Osogbo in early 2007, with the goal of supplying around 100 dwelling units consisting of two (2) and three (3) bedrooms.
bedrooms for convenience and full accomodation to alleviate Osun State’s housing shortage. The estate’s construction is separated into two phases, phase one and phase two. The first phase consisted of two (2) and three (3) bedroom bungalows of over forty-five (45) housing units, and the buildings were all designed with ample space for recreation.
Amorit Housing Estate was officially commissioned on April 24, 2009 by Amorit International Limited in collaboration with the Federal Ministry of Works, Housing, and Urban Development, with royal father HRM Oba Munirudeen Adesola Lawal (Laminisa) Timi of Ede Land and the then Honourable Minister of State for Work, Housing, and Urban Development Chief (Mrs) Grace Ekpewhre (jp).
However, immediately following the completion of the first phase, the Estate began building on the second phase, a three (3) bedroom bungalow with duplex on request, all ensuit with appropriate space. The housing estate provides a suitable setting with an aesthetic perspective, with various flowers and trees for beautifying.
The Estate has a variety of facilities to improve the inhabitants’ level of living, including a tennis court, a shopping centre, a swimming pool for relaxation, a steady supply of water and power, and enough security for the Estate.
Furthermore, the administration work is overseen by the director in the person of Mr. Kayode Oyewole, the housing Estate’s assistant. The estate’s administrative work is supported by a number of departments, which include:
Marketing division
Accounting division
The maintenance division and
Department of Engineering
For proper housing estate administration.
Finally, the process for obtaining a unit in the estate can be obtained by purchasing an application for form #5,000, which is non-refundable, and being issued with the application form, which must be completed by the applicants and submitted with the applicant’s passport.
The following are the modes of payment for housing unit allocation:
complete payment
Payment in installments
However, Amorite Housing Estate has truly developed the ideal house for the people of Osun state.
GOALS AND OBJECTIVES
Using Amorite Estate Osogbo as a case study, this paper aims to analyse and examine residential property investment in Osun state and its associated challenges.
The following aims must be adopted in order to attain the goal.
To investigate potential options for meeting increasing housing investment in the state.
To assess the viability of a residential property investment and the attainment of the desired income.
Identifying the risks (issues) associated with residential property investment, as well as providing solutions and recommendations for the problems discovered.
STATEMENT OF THE PROBLEM
It has been observed that the available residential accommodation in the state is grossly insufficient to accommodate the state’s population of approximately 3.2 million people. This highlights the need of public-private partnerships in the supply of residential homes for people.
The income and risk associated with housing providing as an investment are inextricably linked. However, the researcher believes it is important to investigate the viability of residential investment in the state, as well as the dangers and challenges associated with residential property investment in the state.
Various elements influencing the realisation of the desired revenue from residential property investment will be investigated in order to enlighten interested investors and participants in the state’s provision of residential housing.
1.4 JUSTIFICATION FOR THE STUDY
At this time, there are numerous needs for this study, which can be summarised as follows:
The dissertation is required in the state as a young state desiring for quick development, particularly in the residential aspect, particularly in the state capital (Osogbo), in order to make dwelling units available for individuals moving into the state.
The study is also necessary in the sense that it will act as a guide for others who may be interested in investing in real estate to know where they may find problems and how to cope with them.
This research will also broaden the knowledge of prospective investors and introduce them to potential sources of funding for their venture.
1.5 SCOPE OF THE STUDY
The subject of this paper is confined to the challenges linked with Amorite estate and development and will address residential property investment in Osun state. Nonetheless, efforts will be made to consider various types of real estate investment in Osun state.
THE METHODOLOGY OF RESEARCH
The numerous approaches that would be used to collect the relevant data for the study would be kept. The following are the many methods that will be used:
SAMPLING METHODS
Sample stratification
Sampling in a systematic manner
DATA ANALYSIS
Distribution of frequencies
DATA EXPRESSION
Frequency and histogram
Bar conversation
LIMITATIONS ON THE STUDY
The following are the study’s assumed limitations:
In order to produce the data required at the proper moment, the organisation or business must have an adequate records keeping system.
The financial side of carrying out the work.
There is little time between studying and preparing for the second semester exams.
THE STUDY LAYOUT
This research paper will include the following chapters, each with the proper headers to be illustrated further:
Introduction, background of the study, aims and objectives of the investigation, statement of difficulties, justification of the study, scope of the study, research technique, limitations to the study, and layout of the study comprise Chapter One.
The second chapter includes a review of the literature, a conceptual framework, and new concepts contributed to the current body of knowledge.
The third chapter discusses the methods for reaching the study’s goal, as well as the data gathering and analysis procedures. It will also identify the data that is necessary, as well as the method of data collection, processing, and presentation.
The fourth chapter is concerned with the presentation and analysis of data and information gathered in the study region.
Chapter five will include a summary of findings, recommendations, proposed remedy, and conclusion.
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