Updated list: 20/04/2016
For sale in Enugu:
Description: An uncompleted 5bedroom bungalow with all rooms ensuit, living room, kitchen. Fenced with a gate and a security house.
Size of land:Built on land measuring 500m2 and
located at Premier layout independence layout(home of goshen estate).
Asking price: N25m.
Title document: deed of assignment
Contact Ugo @ 07030484315
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Here's a list of properties currently for rent and for sale in Enugu.
Date: 23/10/2014.
FOR RENT:
1) Description: 3bedroom flat tastefully finished with floor tiles, kitchen cabinets and wardrobes.
Rent: N240k per annum
Legal fee: N80k (non-negotiable)
Agency fee: N80k (negotiable)
Location: independence layout, Corridor layout behind lomalinda estate
2) Description: a brand new 4bedroom bungalow tastefully finished
Rent: N800k per annum
Legal fee: 5% of rent
Agency fee: 10% of rent
Location: Opposite RCC estate, trans ekulu
3) Description: 3bedroom flat(not brand new)
Rent: N500k (negotiable)
Legal fee: N80k
Agency fee: 10% of 2yrs rent
Location: Umuoji street, independence layout
4) Description: 3bedroom bungalow within a mini estate(not brand new)
Rent: N450k (negotiable)
Legal fee: N50k
Agency fee: 10% of rent
Discount: N30k renovation write off
Location: Umuoji street, independence layout
5) Description: 2bedroom flat all rooms en suit with kitchen cabinets and wardrobes.
Rent: N320k per annum
Legal fee: N/A
Agency fee: N64k
Location: Monaque off Lomalinda estate, independence layout.
FOR SALE IN ENUGU;
1) Description: a fenced off plot of land
Size: 900m2
Title document: C of O(certificate of occupancy)
Location: Ogbodo by Okiro bus stop
Price: N22.1m (negotiable)
2) Description: a fenced off plot of land
Size: 547m2
Title document: Deed of Lease
Location: Nnaji street, New Haven
Price: N28.6m (negotiable)
3) Description: 3bedroom bungalow, 2 toilets.
Location: Phase 6, trans ekulu
Size of land: 450m2
Title document: Sub-lease from ESHDC
Price: N10m
Agency fee: 5% to the buyer
Condition: buy and renovate(this building isn't brand new)
Payment method:
Cash and carry only
4) Description: 3bedroom bungalow, all rooms en suit with a guest toilet. Provision for water, light and security.
Location: Alulu Nike by Enugu East LGA headquarters just after Nike lake resort hotel, trans ekulu
Size of land: 350m2
Title document: deed of lease
Price: N8.5m
Agency fee: 5% to the buyer
Condition: fairly used house
Payment method:
I) Cash and carry
Ii) Installmental payment
Iii) Lease purchase
5) Description: a brand 3bedroom detached bungalow, all rooms en suit with a guest toilet.
Location: Trans Ekulu
Size of land: fenced 450m2
Title document of the property: Sub lease
from Enugu State housing development corporation.
Price: N19m<negotiable>
Agency fee to buyer: 5% of the price
For more information regarding properties for sale or for rent in Enugu, don't hesitate to get in touch with Fedenni Homes.
For more information on how to MAKE EXTRA INCOME AS A REAL ESTATE AFFILIATE AGENT dont hesitate to click on the link above.
We are here to serve you.
Thursday 23 October 2014
Tuesday 21 October 2014
HOW TO PROTECT YOURSELF AGAINST ABUSIVE LANDLORD
One day, I walked into my office something around noon, after a tedious round of inspections, and found a troubled woman with luggages waiting for me at the reception. My secretary informed that she had been wait for a while before I came in. She appeared very distressed. I asked her in and she then went ahead to explain to me that her landlord had entered her flat and threw out her belongings with the aid of some hired thugs while she was at work. She was alerted to the incident by a good samaritan.
Apparently, the landlord waited for her tenancy to expire and then imposed a rent increase on her without prior notice. Naturally, she protested the increment and insisted on negotiating the increase and urged for time to come to terms with the new condition. After about 7-8weeks without any resolution, the landlord lost his patience, took matters into his own hands and unlawfully ejected the woman from the property.
She was put in a desperate position. That condition lead to her losing a lot of her belongings in the confusion. The actions of the landlord really disoriented her and left her feeling very sad. She was really traumatized.
I offered her my office as a place to store what was left of her belongings while we searched for an alternative accommodation.
This is a common occurrence in the real estate ecosystem of Enugu. It is therefore advisable for both tenants and landlords to know their rights and what is legally expected of them in order avoid unlawful actions. There are rules guiding tenancy. Said rules are enforced by the "rent control and recovery of premises edict" of the laws of the Federal Republic of Nigeria.
Even though I went ahead and found an alternative accommodation for the aggrieved lady, I also encouraged her to pursue legal action against the malicious landlord and she agreed to sue him to court for damages to the tune of N2m. After all, she had a compelling case against her former landlord and was most likely going to win the case.
The cases that she had against the landlord were as follows;
- the landlord neglected to give formal notice of his intention to review rent upwards.
- tenants have the right to reject an increase in rent without negotiation. Tenants also have the right to review rent downwards as landlords have the right to review rent upwards pending on the agreement reached by both parties.
The landlord denied her the right to reach an agreement on either the upward or downward review of rent.
- the landlord did not follow the lawful process of recovery of premises which is as follows-
Here's a brief summary of this process;
1. The landlord was to serve the tenant with a 6mths quit-notice required for yearly tenants.
2. After the 6mths quit-notice expires, the landlord was to serve the tenant with another 7days notice to vacate the premises.
3. If the tenant refuses to pack out, the landlord is to proceed to court and acquire a writ of summons.
4. Both parties will have their day in court and be presented with the opportunity to air their problems.
5. After the court hears both parties, judgment will be delivered.
6. After the judgment, if in favor of the landlord, the court will serve the tenant with an order to pack out.
7. If the tenant then refuses to pack out, the landlord is to apply for a warrant of possession.
8. With the warrant granted, an officer of the court will be mandated by the court to eject said tenant on behalf of the landlord.
9. 6 months imprisonment is the penalty for assaulting or resisting the officer of the court who has come to execute warrant of possession.
This entire process should take at least a couple of weeks.
- the landlord wasn't able to prove that the woman, his tenant, was a bad tenant neither did his tenant owe him any arrears in rent exceeding 3mths.
- the landlord resulted to self-help and hired thugs to break into the tenants rented apartment in her absence, threw out her belongings and changed the locks. That was a serious offense called trespass to land and chattel.
The litigation was in court for several months but as soon as the landlord realized that he was going to lose the case, he decided to settle the matter out of court. He ended up agreeing to a N750k settlement payable to his former tenant which was N1.25m cheaper than the damages that the client sued him for.
In conclusion, I urge both tenants and landlords to know their rights in order to protect themselves from unlawful acts.
Its wise to insist on tenancy agreements. Examine such agreements with the aid of your agent. Be sure to put in clauses in the agreement that will see to the following-
- with respect to the tenant
1. Rent review
2. Rent renewal
3. Rights of the tenants
Note: If you suspect that your landlord intends to evict you unlawfully, consult your agent to apply for an order from the court to avert such action from the landlord.
- with respect to the landlord
1. Within the tenancy agreements, Establish grounds and reasons for recovery of property from tenants in order to avoid acting unlawfully and avoiding tenancy at sufferance.
Thank you for your attention, for more information regarding the rent control and recovery of property edict in Enugu, please feel free to contact Fedenni Homes.
Do have a nice day
Apparently, the landlord waited for her tenancy to expire and then imposed a rent increase on her without prior notice. Naturally, she protested the increment and insisted on negotiating the increase and urged for time to come to terms with the new condition. After about 7-8weeks without any resolution, the landlord lost his patience, took matters into his own hands and unlawfully ejected the woman from the property.
She was put in a desperate position. That condition lead to her losing a lot of her belongings in the confusion. The actions of the landlord really disoriented her and left her feeling very sad. She was really traumatized.
I offered her my office as a place to store what was left of her belongings while we searched for an alternative accommodation.
This is a common occurrence in the real estate ecosystem of Enugu. It is therefore advisable for both tenants and landlords to know their rights and what is legally expected of them in order avoid unlawful actions. There are rules guiding tenancy. Said rules are enforced by the "rent control and recovery of premises edict" of the laws of the Federal Republic of Nigeria.
Even though I went ahead and found an alternative accommodation for the aggrieved lady, I also encouraged her to pursue legal action against the malicious landlord and she agreed to sue him to court for damages to the tune of N2m. After all, she had a compelling case against her former landlord and was most likely going to win the case.
The cases that she had against the landlord were as follows;- the landlord neglected to give formal notice of his intention to review rent upwards.
- tenants have the right to reject an increase in rent without negotiation. Tenants also have the right to review rent downwards as landlords have the right to review rent upwards pending on the agreement reached by both parties.
The landlord denied her the right to reach an agreement on either the upward or downward review of rent.
- the landlord did not follow the lawful process of recovery of premises which is as follows-
Here's a brief summary of this process;
1. The landlord was to serve the tenant with a 6mths quit-notice required for yearly tenants.
2. After the 6mths quit-notice expires, the landlord was to serve the tenant with another 7days notice to vacate the premises.
3. If the tenant refuses to pack out, the landlord is to proceed to court and acquire a writ of summons.
4. Both parties will have their day in court and be presented with the opportunity to air their problems.
5. After the court hears both parties, judgment will be delivered.
6. After the judgment, if in favor of the landlord, the court will serve the tenant with an order to pack out.
7. If the tenant then refuses to pack out, the landlord is to apply for a warrant of possession.
8. With the warrant granted, an officer of the court will be mandated by the court to eject said tenant on behalf of the landlord.
9. 6 months imprisonment is the penalty for assaulting or resisting the officer of the court who has come to execute warrant of possession.
This entire process should take at least a couple of weeks.
- the landlord wasn't able to prove that the woman, his tenant, was a bad tenant neither did his tenant owe him any arrears in rent exceeding 3mths.
- the landlord resulted to self-help and hired thugs to break into the tenants rented apartment in her absence, threw out her belongings and changed the locks. That was a serious offense called trespass to land and chattel.
The litigation was in court for several months but as soon as the landlord realized that he was going to lose the case, he decided to settle the matter out of court. He ended up agreeing to a N750k settlement payable to his former tenant which was N1.25m cheaper than the damages that the client sued him for.
In conclusion, I urge both tenants and landlords to know their rights in order to protect themselves from unlawful acts.
Its wise to insist on tenancy agreements. Examine such agreements with the aid of your agent. Be sure to put in clauses in the agreement that will see to the following-
- with respect to the tenant1. Rent review
2. Rent renewal
3. Rights of the tenants
Note: If you suspect that your landlord intends to evict you unlawfully, consult your agent to apply for an order from the court to avert such action from the landlord.
- with respect to the landlord
1. Within the tenancy agreements, Establish grounds and reasons for recovery of property from tenants in order to avoid acting unlawfully and avoiding tenancy at sufferance.
Thank you for your attention, for more information regarding the rent control and recovery of property edict in Enugu, please feel free to contact Fedenni Homes.
Do have a nice day
Saturday 18 October 2014
Properties available for rent in Enugu:
16/10/2014
Below is a list of properties currently available for rent in Enugu.
Property type: Single rooms.
Recommended for students.
ROOM FOR RENT IN ENUGU:
1) Description: single room
Rent: N60k per annum
Legal fee: N10k
Agency fee: N30k
Utility(light & water bills): N10k
Location: by Dannic hotel, New Haven
2) Description: single room
Rent: N70k
Legal fee: N10k
Agency fee: N20k
Utility(light & water bills): N/A
Location: Umuoji, independence. layout.
3) Description: single room( only you will use the kichen and toilet)
Rent: N120k
Legal fee: N/A
Agency fee: N30k
Utility(light & water bills): N/A
Location: federal housing trans ekulu
4) Description: single room
Rent: N36k
Legal fee: N10k
Agency fee: N10k
Utility(light & water bills): N/A
Location: Ogu oye, Abakpa
5) Description: single room
Rent: N80k
Legal fee: N/A
Agency fee: N30k
Utility(light & water bills): N/A
Location: by fire service, GRA
6) Description: single room
Rent: N60k
Legal fee: N15k
Agency fee: N15k
Utility(light & water bills): N/A
Location: Meniru by Mayor, Agbani Road
If you have a special demand, feel free to make a request by filling out our free form. Click on the link below to fill out the form.
Once we receive your form, we will send you a property bulletin for the property type that you are looking for.
http://form.myjotform.com/form/42683270025551
Below is a list of properties currently available for rent in Enugu.
Property type: Single rooms.
Recommended for students.
ROOM FOR RENT IN ENUGU:
1) Description: single room
Rent: N60k per annum
Legal fee: N10k
Agency fee: N30k
Utility(light & water bills): N10k
Location: by Dannic hotel, New Haven
2) Description: single room
Rent: N70k
Legal fee: N10k
Agency fee: N20k
Utility(light & water bills): N/A
Location: Umuoji, independence. layout.
3) Description: single room( only you will use the kichen and toilet)
Rent: N120k
Legal fee: N/A
Agency fee: N30k
Utility(light & water bills): N/A
Location: federal housing trans ekulu
4) Description: single room
Rent: N36k
Legal fee: N10k
Agency fee: N10k
Utility(light & water bills): N/A
Location: Ogu oye, Abakpa
5) Description: single room
Rent: N80k
Legal fee: N/A
Agency fee: N30k
Utility(light & water bills): N/A
Location: by fire service, GRA
6) Description: single room
Rent: N60k
Legal fee: N15k
Agency fee: N15k
Utility(light & water bills): N/A
Location: Meniru by Mayor, Agbani Road
If you have a special demand, feel free to make a request by filling out our free form. Click on the link below to fill out the form.
Once we receive your form, we will send you a property bulletin for the property type that you are looking for.
http://form.myjotform.com/form/42683270025551
Tuesday 14 October 2014
RENT VS MORTGAGE: WHICH ONE IS BETTER?
Once upon a time, I came across two clients that were both in need of accommodation. For the sake of this story, we will call them Client A and Client B. Both clients coincidentally had been served with quit notices to vacate their then current places of residence and had only less than six months to do so.
Naturally, they both came to me for help to find appropriate homes as I am established realtor operating in Enugu. After the rigorous and time consuming process of house hunting, it boiled down to the 2 following options to consider.
OPTION A:
At the time of this exercise, as fate my have it, an estate developer of low income houses hand just completed construction of an over 150 houses and had offered the houses for sale in Enugu. These house comprised of 1bedroom, 2bedrooms and 3bedrooms detached and semi detached bungalows for sale at a selling price of N7.5m, N9m and N11m respectively.
The developer had an interesting offer that went as follows. For example;
Property For Sale in Enugu:
DESCRIPTION: 3bedroom bungalow, fully detached with all room en suit, floor tiles, security etc.
PRICE: N11m
SIZE OF LAND: 500m2
LOCATION: Premier Layout within Independence layout.
TITLE DOCUMENT OF THE LAND: C of O
PAYMENT OPTIONS:
A. Cash and Carry
B. Bank Mortgage with conditions as follows.
i) Initial deposit of 20% of the selling price which equaled N2.2m
ii) Interest rate: 6% per annum
iii) Balance to be repaid over 30yrs at N25,000.00 per month.
OPTION B:
On the other hand, we came across several other properties for rent in Enugu at the time. One of which caught our eyes because it was tastefully finished, conveniently situated and had all other desired attributes. The offer went something like this;
CHEAP HOUSE FOR RENT IN ENUGU:
DESCRIPTION: 3bedroom bungalow, tastefully finished with all rooms ensuit, a guest toilet, kitchen cabinets and wardrobes, floor tiles, dedicated pre-paid meter, provision for water, great accessibility to major roads and transport routes, fully detached and fenced with a security post etc.
RENT: N750k per year payable 2yrs rent in advance.
LOCATION: G.R.A, Enugu
AGENCY FEE: N150k(10% of rent)
LEGAL FEE: N100k
TOTAL: N1,750,000.00(one million seven hundred and fifty thousand naira)
I presented the two options to both clients. So they had a choice to make.
TO RENT OR TO BUY?
Do I pay a landlord to temporally live in a house that I don't own or do I pay the bank and permanently live in a house that I own?
They finally made their choices, Client A decided to rent while client B decided to buy.
We closed both deals and everybody went their merry way fully satisfied with the deals that they got. It was a job well done for me.
2yrs later, Client A called on me again asking me to help him find alternative accommodation. I questioned him and found out that his landlord had increased his rent from the initial N750k per annum to N850k. The landlord gave him the option to either renew his rent or pack out of his house. This left Client A desperate to find cheaper accommodation because he couldn't afford to pay the new rent. So I went to work for him.
But this also reminded me of Client B so I decided to pay him a visit to find out how he was getting along. Client B was very happy in his home. He explained to me that he was paying a comfortable monthly mortgage to the bank which got cheaper over time. He also asked for my advice too because someone had just offered him N15m to buy his house. If he decides to sell now, he would make N4m profit and still have money to buy another house or maybe even build.
I advised him to wait another year before selling because the value of real estate appreciates over time, he would most definitely get a higher price than N15m the following year.
I bid him farewell and left him to concentrate on his N4m problem.
In the long run, it turned out that Client A was most likely going to pay a higher rent every 2years to reside in a house he didn't own while Client B paid less every year to reside in a house that he owned.
Client B paid less to the bank every year due to the fact that he was paying off his debt little by little so the more frequently he paid, the less he owed over time. He also had the option of re-selling the property because he owned it out right.
His property is currently valued at N16.5m.
Who do you think is better of, Client A or Client B?
Thank you for reading. I hope you enjoyed this story.
Do have a nice day.
If you ever find yourself in need of a cheap house to rent in Enugu or a cheap property to buy in Enugu, don't hesitate to call on Fedenni Homes.
We are at your service.
Naturally, they both came to me for help to find appropriate homes as I am established realtor operating in Enugu. After the rigorous and time consuming process of house hunting, it boiled down to the 2 following options to consider.
OPTION A:At the time of this exercise, as fate my have it, an estate developer of low income houses hand just completed construction of an over 150 houses and had offered the houses for sale in Enugu. These house comprised of 1bedroom, 2bedrooms and 3bedrooms detached and semi detached bungalows for sale at a selling price of N7.5m, N9m and N11m respectively.
The developer had an interesting offer that went as follows. For example;
Property For Sale in Enugu:
DESCRIPTION: 3bedroom bungalow, fully detached with all room en suit, floor tiles, security etc.
PRICE: N11m
SIZE OF LAND: 500m2
LOCATION: Premier Layout within Independence layout.
TITLE DOCUMENT OF THE LAND: C of O
PAYMENT OPTIONS:
A. Cash and Carry
B. Bank Mortgage with conditions as follows.
i) Initial deposit of 20% of the selling price which equaled N2.2m
ii) Interest rate: 6% per annum
iii) Balance to be repaid over 30yrs at N25,000.00 per month.
OPTION B:
On the other hand, we came across several other properties for rent in Enugu at the time. One of which caught our eyes because it was tastefully finished, conveniently situated and had all other desired attributes. The offer went something like this;
CHEAP HOUSE FOR RENT IN ENUGU:
DESCRIPTION: 3bedroom bungalow, tastefully finished with all rooms ensuit, a guest toilet, kitchen cabinets and wardrobes, floor tiles, dedicated pre-paid meter, provision for water, great accessibility to major roads and transport routes, fully detached and fenced with a security post etc.
RENT: N750k per year payable 2yrs rent in advance.
LOCATION: G.R.A, Enugu
AGENCY FEE: N150k(10% of rent)
LEGAL FEE: N100k
TOTAL: N1,750,000.00(one million seven hundred and fifty thousand naira)
I presented the two options to both clients. So they had a choice to make.
TO RENT OR TO BUY?
Do I pay a landlord to temporally live in a house that I don't own or do I pay the bank and permanently live in a house that I own?
They finally made their choices, Client A decided to rent while client B decided to buy.
We closed both deals and everybody went their merry way fully satisfied with the deals that they got. It was a job well done for me.
2yrs later, Client A called on me again asking me to help him find alternative accommodation. I questioned him and found out that his landlord had increased his rent from the initial N750k per annum to N850k. The landlord gave him the option to either renew his rent or pack out of his house. This left Client A desperate to find cheaper accommodation because he couldn't afford to pay the new rent. So I went to work for him.
But this also reminded me of Client B so I decided to pay him a visit to find out how he was getting along. Client B was very happy in his home. He explained to me that he was paying a comfortable monthly mortgage to the bank which got cheaper over time. He also asked for my advice too because someone had just offered him N15m to buy his house. If he decides to sell now, he would make N4m profit and still have money to buy another house or maybe even build.
I advised him to wait another year before selling because the value of real estate appreciates over time, he would most definitely get a higher price than N15m the following year.
I bid him farewell and left him to concentrate on his N4m problem.
In the long run, it turned out that Client A was most likely going to pay a higher rent every 2years to reside in a house he didn't own while Client B paid less every year to reside in a house that he owned.
Client B paid less to the bank every year due to the fact that he was paying off his debt little by little so the more frequently he paid, the less he owed over time. He also had the option of re-selling the property because he owned it out right.
His property is currently valued at N16.5m.
Who do you think is better of, Client A or Client B?
Thank you for reading. I hope you enjoyed this story.
Do have a nice day.
If you ever find yourself in need of a cheap house to rent in Enugu or a cheap property to buy in Enugu, don't hesitate to call on Fedenni Homes.
We are at your service.
Friday 10 October 2014
LIST OF PROPERTIES FOR RENT IN ENUGU 10/10/2014: PROPERTY BULLETIN
We have compiled this week's list of properties available for rent in Enugu.
To Let:
1. Description: A 3 BR BUNGLOW AT TRANS EKULU NEW GRA
Rent: N400T PA BY 1YR,
LEGAL fee: N50K,
AGENCY : N70K
2. Description: A 3 BR FLAT WITH 2 TOILETS ON Ground Floor AT LUMUMBA STREET, NEW HAVEN
Rent: N400T PA BY 2YRS
Agency fee: N100k
Legal fee: N100k
3. Description: 3bdrm flat,RCC estate trans ekulu.
Rent: N500,000.
Legal fee-100,000,
Agency fee- 50,000
4. Description: A LUXURY 4 BR FLAT WITH 24HRS WATER SUPPLY BEHIND ALO ALUMINIUM FACTORY NEAR PRODA JUNCTION, EMENE
Rent: N300K PA BY 2YRS
Agency fee: N100k
Legal fee: N100k
5. Description: A 3 BR FLAT WITH 2 TOILETS AT HILVIEW Trans Ekulu
R N400T PA BY 1YR.
Agency fee: N80k
Legal fee: N80k
For more information, contact fedenni homes 07030484315
Sent from my BlackBerry wireless device from MTN
To Let:
1. Description: A 3 BR BUNGLOW AT TRANS EKULU NEW GRA
Rent: N400T PA BY 1YR,
LEGAL fee: N50K,
AGENCY : N70K
2. Description: A 3 BR FLAT WITH 2 TOILETS ON Ground Floor AT LUMUMBA STREET, NEW HAVEN
Rent: N400T PA BY 2YRS
Agency fee: N100k
Legal fee: N100k
3. Description: 3bdrm flat,RCC estate trans ekulu.
Rent: N500,000.
Legal fee-100,000,
Agency fee- 50,000
4. Description: A LUXURY 4 BR FLAT WITH 24HRS WATER SUPPLY BEHIND ALO ALUMINIUM FACTORY NEAR PRODA JUNCTION, EMENE
Rent: N300K PA BY 2YRS
Agency fee: N100k
Legal fee: N100k
5. Description: A 3 BR FLAT WITH 2 TOILETS AT HILVIEW Trans Ekulu
R N400T PA BY 1YR.
Agency fee: N80k
Legal fee: N80k
For more information, contact fedenni homes 07030484315
Sent from my BlackBerry wireless device from MTN
HOW TO INVEST PROFITABLY IN ENUGU REAL ESTATE
The real estate market in Enugu is in a condition called "the buyers market". Market forces indicate that the supply of properties for sale in Enugu is well above the demand for them. This is supposed to be an advantage for an investor because the condition gives a buyer a lot of bargaining power to acquire properties at very low price. But the opposite is the case. From a business point of view, not a lot of people are investing in Enugu. Enugu State suffers from a stereotype. Its perceived as either a civil service state or a students state. This stereotype is a big deterant for would be investors because they believe there's no profitable real estate business opportunities in the state. Looking at the economic indicators of Enugu State, an investor will most likely say that the state doesn't encourage investment.
Here's a Snap shot of Enugu's Economic indicators:
GDP: $4,396,590,769 (unlike lagos that has a GDP of $33,679,258,023)
Disposable income: N18,000.00
(Derived from the average of the minimum wage of state and civil service - income tax)
Unemployment: 15%
When compared to other states like Lagos, its clear that Lagos will be favored over Enugu by investors.
According to the result of this analysis, its easy to see why investors would shy away from investing in Enugu. But I urge you not to be deterred.
The truth about the matter is that no two states share identical market opportunities and it isn't fair for one to impose the market opportunities found in one state on another state then base an investment decision on that. Enugu State has its own real estate market opportunities and the notion that "money no dey Enugu" is a myth.
When you consider the strengths of Enugu state and its proven track records, you will find that investing in Enugu real estate is very lucrative for investors with a taste for both long-term and short-term investments. You will find that the state's weaknesses can easily be turned into its strengths.
Let's identify the market opportunities in Enugu by first examining its strengths. Enugu is a civil service state and a college city. The people of Enugu have high moral values with roots in the Christian faith. The people of Enugu have an easy going attitude.
A wise investor should see the opportunities these qualities offer.
From an insider's point of view and from my experience as a realtor practicing in Enugu, I will give you a closer look at the market situation.
Opportunity 1: Let's begin with the fact that there are over 4 Universities in Enugu State. Enugu state is a study destination for knowledge hungry youths. Institute of Management and technology (IMT) is one of them and for the purpose of this post, we will use IMT as our statistical sample for this analysis. IMT campus 3 has over 6,000 students registered there. IMT campus 3 has little to no hostels to accommodate these student. There's an alarming shortage of hostel accommodation for the students in Enugu State.
Opportunity 2: Given the high unemployment rate in Enugu, its clear to see that the number of self employed individuals in the state far exceed the number of individuals in the labor market employed by either the civil service and the organized private sector. Self employed individuals need shops and office spaces where they can ply their trade. This has resulted in a high demand for business premises in Enugu. In recent times, the advent of online shops have further increased the demand for shops in Enugu coming from these online retailers seeking to establish a physical presence for their online outfits in the state. The supply of shops and office spaces in Enugu is far below its demand.
Opportunity 3: As a civil service state, majority of the workers in Enugu can't boast of very high income. Many people within that low income bracket can't afford a 3bedroom flat that is renting at N600k per annum. So its no surprise to find vacant but tastefully finished 3bedroom flats and duplexes within the city. The result is an increase in demand in the properties that most people in the lower income bracket can afford which is why you find people cuing up to rent 2bedroom flats and studio apartments in Enugu. There is a scarcity of tenement buildings of this nature in Enugu.
Opportunity 4: Finally, let's consider entertainment and the easy going attitude of the people of Enugu. Enugu is popularly know for its goodlife attitude, "uwa ngbede". A walk along Nza street in Independence layout over the weekend will do more than convince you of this fact. But I'm not going to talk about the hotels and hangout spots that spring up in the city daily(which is also a very lucrative investment option). Instead, I want to focus my attention on a highly visible but very neglected profitable real estate business opportunity in Enugu. There's a high value on marriage in Enugu. For the purpose of this illustration, we will use the Catholic church as a sample for this case study. There are over 50 Catholic church premises scattered all over the town. Each premises plays host to 2 weddings every other saturday during the year totaling a minimum of a 100 weddings celebrated in these churches every week. There's a high demand for event centers that can serve as wedding reception halls for hire in Enugu. For a wedding that will hold in November, one has to book the reception hall in August in order to ensure availability. The market for event centers hall hiring is valued at a minimum of N10m weekly in Enugu. An investor that owns a building with 2 event halls for hire stands to earn a minimum of N450k weekly. There's a big shortage of such event halls for hire in Enugu.
In summary, here's a list of ideal real estate investments to part take in when it comes to Enugu.
1. Tenement buildings comprising of studio apartments and 2bedroom flats.
2. Student hostels.
3. Event center halls for hire.
4. Shopping malls and office plazas.
5. Hybrid real estate option. (For investors with short-term goals)
Going forward 5-7yrs from now, I would add
6. Bonded warehouses (pending on the commencement of the forth coming cargo service infrastructure of the Enugu international airport.
In conclusion, I would like to point out that every state in Nigeria has its own unique business and market opportunities with respect to real estate investment. I hope that this post opened your eyes to such opportunities that are available in the real estate market in Enugu.
For more information, get in touch with us. Our contact details are available in the CONTACT US/ ADVERTISE WITH US page of this blog.
Do have a nice day.
Here's a Snap shot of Enugu's Economic indicators:
GDP: $4,396,590,769 (unlike lagos that has a GDP of $33,679,258,023)
Disposable income: N18,000.00
(Derived from the average of the minimum wage of state and civil service - income tax)
Unemployment: 15%
When compared to other states like Lagos, its clear that Lagos will be favored over Enugu by investors.
According to the result of this analysis, its easy to see why investors would shy away from investing in Enugu. But I urge you not to be deterred.
The truth about the matter is that no two states share identical market opportunities and it isn't fair for one to impose the market opportunities found in one state on another state then base an investment decision on that. Enugu State has its own real estate market opportunities and the notion that "money no dey Enugu" is a myth.
When you consider the strengths of Enugu state and its proven track records, you will find that investing in Enugu real estate is very lucrative for investors with a taste for both long-term and short-term investments. You will find that the state's weaknesses can easily be turned into its strengths.
Let's identify the market opportunities in Enugu by first examining its strengths. Enugu is a civil service state and a college city. The people of Enugu have high moral values with roots in the Christian faith. The people of Enugu have an easy going attitude.
A wise investor should see the opportunities these qualities offer.
From an insider's point of view and from my experience as a realtor practicing in Enugu, I will give you a closer look at the market situation.
Opportunity 1: Let's begin with the fact that there are over 4 Universities in Enugu State. Enugu state is a study destination for knowledge hungry youths. Institute of Management and technology (IMT) is one of them and for the purpose of this post, we will use IMT as our statistical sample for this analysis. IMT campus 3 has over 6,000 students registered there. IMT campus 3 has little to no hostels to accommodate these student. There's an alarming shortage of hostel accommodation for the students in Enugu State.
Opportunity 2: Given the high unemployment rate in Enugu, its clear to see that the number of self employed individuals in the state far exceed the number of individuals in the labor market employed by either the civil service and the organized private sector. Self employed individuals need shops and office spaces where they can ply their trade. This has resulted in a high demand for business premises in Enugu. In recent times, the advent of online shops have further increased the demand for shops in Enugu coming from these online retailers seeking to establish a physical presence for their online outfits in the state. The supply of shops and office spaces in Enugu is far below its demand.
Opportunity 3: As a civil service state, majority of the workers in Enugu can't boast of very high income. Many people within that low income bracket can't afford a 3bedroom flat that is renting at N600k per annum. So its no surprise to find vacant but tastefully finished 3bedroom flats and duplexes within the city. The result is an increase in demand in the properties that most people in the lower income bracket can afford which is why you find people cuing up to rent 2bedroom flats and studio apartments in Enugu. There is a scarcity of tenement buildings of this nature in Enugu.
Opportunity 4: Finally, let's consider entertainment and the easy going attitude of the people of Enugu. Enugu is popularly know for its goodlife attitude, "uwa ngbede". A walk along Nza street in Independence layout over the weekend will do more than convince you of this fact. But I'm not going to talk about the hotels and hangout spots that spring up in the city daily(which is also a very lucrative investment option). Instead, I want to focus my attention on a highly visible but very neglected profitable real estate business opportunity in Enugu. There's a high value on marriage in Enugu. For the purpose of this illustration, we will use the Catholic church as a sample for this case study. There are over 50 Catholic church premises scattered all over the town. Each premises plays host to 2 weddings every other saturday during the year totaling a minimum of a 100 weddings celebrated in these churches every week. There's a high demand for event centers that can serve as wedding reception halls for hire in Enugu. For a wedding that will hold in November, one has to book the reception hall in August in order to ensure availability. The market for event centers hall hiring is valued at a minimum of N10m weekly in Enugu. An investor that owns a building with 2 event halls for hire stands to earn a minimum of N450k weekly. There's a big shortage of such event halls for hire in Enugu.
In summary, here's a list of ideal real estate investments to part take in when it comes to Enugu.
1. Tenement buildings comprising of studio apartments and 2bedroom flats.
2. Student hostels.
3. Event center halls for hire.
4. Shopping malls and office plazas.
5. Hybrid real estate option. (For investors with short-term goals)
Going forward 5-7yrs from now, I would add
6. Bonded warehouses (pending on the commencement of the forth coming cargo service infrastructure of the Enugu international airport.
In conclusion, I would like to point out that every state in Nigeria has its own unique business and market opportunities with respect to real estate investment. I hope that this post opened your eyes to such opportunities that are available in the real estate market in Enugu.
For more information, get in touch with us. Our contact details are available in the CONTACT US/ ADVERTISE WITH US page of this blog.
Do have a nice day.
Friday 3 October 2014
HOW TO PAY AGENCY AND LEGAL FEES AT A CHEAPER RATE
Often a time, I come across prospective tenants who are dealing with problem of paying high professional fees for properties that they want to rent. This circumstance forces the prospect to re-evaluate their strategy or forfeit renting the property entirely. In an attempt to solve this problem, some landlords insist on not using agent to rent out or sell their properties.
High cost of agency and legal fees are a big threat to the real estate market in Enugu.
What is the cause of this problem? We all know its consequences and share the same sentiments towards it. These questions often arises from prospective tenants, "why should I pay such a high agency fee?" Its not like the agent owns the house. Or you hear, "why doesn't the landlord pay his lawyer, why should I bare the cost of legal fees? Why do these professionals deserve such high rewards?
Even though there's a general rule of thumb for setting the professional fees, which usually states that professionals should charge 10% of rent as agency fee while 5% of rent as legal fees, you still find professionals in Enugu setting fees higher than what is recommended by the rule of thumb even though states like Lagos and Abuja mostly adhere to these rules.
In our quest to find a way to solve this problem, we approached industry professionals and legislators to pitch in their point of view in order to help us understand the motives behind such high rates. The responses we got were quite revealing.
THE LEGISLATORS:
Some legislators in Enugu(whose name I won't mention) are against enacting a law similar to the Lagos tenancy law that sets a price ceiling on rent and places restrictions on the conditions for paying agency and legals fees.
For example, in Lagos, it is illegal to compel a prospective tenant to pay 2yrs rent in advance while the landlords have the responsibility of paying their lawyers but in Enugu, it isn't so.
Most of the landlords in Enugu are politician and perceive such a law as a threat to their return on investment. So it didn't come to us as surprise when most of the legislators refused to enact such a law in Enugu. One time, one of the legislators we approached to aid in sponsoring this bill said and I quote "Oga, na now wey I don get money to build house wey una won make we dey collect only one year rent in advance?".
THE LAWYERS:
We approached the lawyers to see if we can convince them to charge lower fees but they refused arguing that they weren't under any obligation to charge only 5% of rent as legal fees stating that professional fees are set at the discretion of the said professional which is totally legal.
THE AGENT:
We approached agent to see if they would charge less. The response we got was mixed.
As an experienced realtor, I must say that there are several factors that affect the price of this professional fee. A better understanding of these factors can help prospective tenants to get a good bargain. The motives of the real estate agents are quite easy to understand, we are motivated by our commissions. The higher the fee the higher the share you receive.
The first factor that affects the agency fee is the property in question. if an agent is representing a property with a low rental price(for example, a one room self con) they are less likely to charge 10% of rent as agency fee because they perceive the commission as too small.
The second factor to consider is the listing agreement that the agent has with the landlord. (Click on the link to read up on types of listing agreement) http://www.fedennihomes.blogspot.de/2014/10/types-of-listing-agreements.html
Listing agreements are contracts between an agent and a landlord which covers the agents effort to find prospective tenants/buyers for the landlords property. These contracts contain items such as price, term of renting/sales and specific responsibilities of the agent.
The final factor that affects the price of the agency fee is the fact that the business is a kind of pyramid scheme which is why you find a chain of agents with their hand out to collect their cut of the commission in the event a deal is successful. Therefore the number of agents in the pyramid determines how high the fee will be. For example, if there are 6 agents in the scheme of things, the fee will most likely be high in order to accommodate the needs of all 6 agents.
So, if you want to pay the least amount humanly possible on agency and legal fees then follow the steps below.
STEP 1:
Find out what type of listing agreement the agent has with the landlord. If the agent has an open listing agreement then chances are that the professional fees will be high because they will be many agents involved.
But if the agent has an exclusive agency agreement then most likely, the professional fees will follow the rule of thumb plus there will be fewer agents involved. The way to identify agents that have these types of agreements are simple. Their banners will be at the gate or in front of the properties being advertised for rent/sale.
Step 2:
Everything is negotiable. Always negotiate. Insist on meeting with whoever is in charge to negotiate for a better bargain. Be it the landlord or the agency that has the power of attorney to rent out or sell the property.
In conclusion, everybody hunts for bargains as it is a fundamental human right. I recommend you go for properties that the agency representing it has put its banners in front of the property because they will offer you more favorable terms. If you aren't fortunate to find any property like that then always remember to negotiate every item thoroughly.
If you are in need of a property to rent or buy in Enugu, please click on the rent below and fill out our make a request form for FREE
http://form.myjotform.com/form/42683270025551
Sent from my BlackBerry wireless device from MTN
TYPES OF LISTING AGREEMENTS
There are five types of listing agreements.
If you want to sell/rent out your property, its normal to retain the services of an estate agent. You will almost always enter into a binding contact with them. Below are the options available under the five the five types of agreement that you can reach with your agent.
1. OPEN LISTING
This type of agreement is widely practiced in Enugu. An open listing is almost like the landlord finding a buyer/tenant himself. A landlord appoints more than one real estate agent to find tenants/buyers for his/her property and offers to pay commission to the first one who brings an acceptable purchase agreement. However, no commission is owed if the seller finds a buyer on his own, without any agent's help. The open listing creates competition between the landlords and agents to find a tenant/buyer. Most agents won't take this type of listing because the landlord can either sell/rent the home alone or withdraw the listing without notice. Thereby the agent loses the cost accrued in advertising the property. Many agents have been noted to accept this type of agreement in Enugu. 60% of real estate agents in Enugu practice open listings. In open listings, agents aren't permitted to use their banners to advertise the property so you most likely won't see an banner at the gate of the property you are being shown.
2. EXCLUSIVE AGENCY LISTING
An exclusive agency listing contracts only one agent to sell/rent out the home. If that agent finds an acceptable tenant/buyer, the landlord must pay a renting/sales commission. Again, as with a open listing, no sales commission is owed if the landlords finds tenant/buyers themselves. If you come across a property that has an estate firms banner at the gate advertising said property for rent in Enugu, then the agenct most likely has an exclusive agency agreement with the landlord.
3. EXCLUSIVE RIGHT TO SELL LISTING
This type of agreement is rarely found in Enugu even though it is the most favorable agreement for agents. But landlords aren't so enthusiastic about entering into such agreements. This type of agreement is similar to the exclusive agency agreement the only difference here is that the landlord must pay the agent a commission for selling/renting out the property in contention whether or not the agent finds a tenant/buyer for the property. If another cooperating agent is involved, the commission is typically split between the agents. The landlord usually has the right to set a deadline for the agent to conclude the transaction. Most times the deadline ranges between 90 to 180-days. If the agent can't deliver within the stipulated deadline, the landlord has the right to either cancel the agreement or renew it for another 90days.
4. MULTIPLE LISTING
This is another rare occurrence in the real estate market in Enugu but its an important marketing tool for agents. The multiple listing service (MLS) is a networking hub for real estate agent. Here's how it works. An Agent sends all their property bulletins to one office and the office distributes listing information to every other agent in the network that has prospective buyers and tenants. www.fedennihomes.blogspot.com is an example of a service like that. If you are an agent operating in Enugu and your are interested in joining our networks please contact us via telephone or email. Our contact information is available in the contact page of our blog.
5. NET LISTING
The net listing is situation where the landlord tells the agent his take home price for the property he wants to sell, the agent can then go ahead and add whatever desired amount of money on the selling price which will represent his profit and commission. This is a widely practiced agreement in Enugu.
Sent from my BlackBerry wireless device from MTN
Wednesday 1 October 2014
Real Estate for rent in Enugu: Property bulletin
Date: 2nd October, 2014
Did you know that Enugu State is the safest city to reside in within the south eastern part of Nigeria?
So if you are considering moving south or if you are on a work transfer in Enugu then I can assure that you are in for a unique experience.
We have put together a brief list of vacant real estate properties ready for renting in Enugu. As part of our tradition, fedenni homes frequently uses this blog to post properties that are available for rent/sale in Enugu.
So if you want to be up to date with information of available properties for rent/sale in Enugu, all you have to do is follow our blog or follow us on twitter @paulokafor2
If you are looking for something in particular which isn't available in the list below then click on the link below and fill out our make a request form for FREE and we will get back to you.
http://form.myjotform.com/form/42683270025551
OPEN AN ACCOUNT HERE
AVAILABLE FOR RENT IN ENUGU:
1)Description: 1room self con with kitchen
Attributes: floor tiles, provision for water, pre-paid EEDC meter, security, located at GRA, good neighborhood with access to majors roads and transport routes, fair finishing.
Rent: N180,000.00 per annum
Agency and legal fees: N30,000.00
Contact form:
http://form.myjotform.com/form/42683270025551
2) Description: 2bedroom apartment
Location: Imole, GRA.
Attributes: floor tiles, provision for water, pre-paid EEDC meter, security, low density neighborhood with access to majors roads and transport routes, fair finishing
Rent: N400,000.00 per annum
Agency and legal fees: N100,000.00
Contact form:
http://form.myjotform.com/form/42683270025551
3) Description: 2bedroom apartment
Location: Market Garden, GRA.
Attributes: floor tiles, provision for water, pre-paid EEDC meter, security, low density neighborhood with access to majors roads and transport routes, fair finishing
Rent: N300,000.00 per annum
Agency and legal fees: N100,000.00
Contact form:
http://form.myjotform.com/form/42683270025551
4)Description: 2bedroom apartment
Location: Ibusa street, Independence layout.
Attributes: floor tiles, provision for water, pre-paid EEDC meter, security, low density neighborhood with access to majors roads and transport routes, wardrobes.
Rent: N400,000.00 per annum pay 2yrs in advance( with option of paying one year rent upfront and a 2months post-dated check to cover the 2nd year rent)
Agency fee: 10% of rent and legal fees: N90,000.00
Contact form:
http://form.myjotform.com/form/42683270025551
5)Description: 2bedroom apartment
Location: Unity layout by Citi park hotel, independence layout.
Attributes: floor tiles, provision for water, pre-paid EEDC meter, security, low density neighborhood with access to majors roads and transport routes, fair finishing
Rent: N450,000.00 per annum
Agency fee: N70,000.00 and
legal fees: N50,000.00
Contact form:
http://form.myjotform.com/form/42683270025551
) Description: 3bedroom apartment
Location: Market Garden, GRA.
Attributes: floor tiles, provision for water, pre-paid EEDC meter, security, low density neighborhood with access to majors roads and transport routes, tastefully finished with kitchen cabinets and wardrobes. Perfect for expatriates.
Rent: N850,000.00 per annum payable 2yrs rent in advance
Agency fee : 10% of rent
legal fees: 5% of rent
Contact form:
http://form.myjotform.com/form/42683270025551
7) Description: 3bedroom apartment
Location: Akpo street, Achara layout.
Attributes: floor tiles in the living room, provision for water, pre-paid EEDC meter, security, high density neighborhood with access to majors roads and transport routes, fair finishing
Rent: N300,000.00 per annum
Agency fee: N60,000.00
legal fees: N120,000.00
Contact form:
http://form.myjotform.com/form/42683270025551
For more information please call us on
Tel: 07030484315
Email: upokafor@gmail.com
Follow us on twitter: @paulokafor2
Stay tuned to our BBM channel for update on the real estate market in Enugu: C0046E2F2
address: Fedenni Homes; Zandas plaza, 4th floor, right wing. 111 Chime avenue, new haven, Enugu.
Office hours: 9am-5pm Monday to Friday
Keep a date with us. Have a nice day
Did you know that Enugu State is the safest city to reside in within the south eastern part of Nigeria?
So if you are considering moving south or if you are on a work transfer in Enugu then I can assure that you are in for a unique experience.
We have put together a brief list of vacant real estate properties ready for renting in Enugu. As part of our tradition, fedenni homes frequently uses this blog to post properties that are available for rent/sale in Enugu.
So if you want to be up to date with information of available properties for rent/sale in Enugu, all you have to do is follow our blog or follow us on twitter @paulokafor2
If you are looking for something in particular which isn't available in the list below then click on the link below and fill out our make a request form for FREE and we will get back to you.
http://form.myjotform.com/form/42683270025551
OPEN AN ACCOUNT HERE
AVAILABLE FOR RENT IN ENUGU:
1)Description: 1room self con with kitchen
Attributes: floor tiles, provision for water, pre-paid EEDC meter, security, located at GRA, good neighborhood with access to majors roads and transport routes, fair finishing.
Rent: N180,000.00 per annum
Agency and legal fees: N30,000.00
Contact form:
http://form.myjotform.com/form/42683270025551
2) Description: 2bedroom apartment
Location: Imole, GRA.
Attributes: floor tiles, provision for water, pre-paid EEDC meter, security, low density neighborhood with access to majors roads and transport routes, fair finishing
Rent: N400,000.00 per annum
Agency and legal fees: N100,000.00
Contact form:
http://form.myjotform.com/form/42683270025551
3) Description: 2bedroom apartment
Location: Market Garden, GRA.
Attributes: floor tiles, provision for water, pre-paid EEDC meter, security, low density neighborhood with access to majors roads and transport routes, fair finishing
Rent: N300,000.00 per annum
Agency and legal fees: N100,000.00
Contact form:
http://form.myjotform.com/form/42683270025551
4)Description: 2bedroom apartment
Location: Ibusa street, Independence layout.
Attributes: floor tiles, provision for water, pre-paid EEDC meter, security, low density neighborhood with access to majors roads and transport routes, wardrobes.
Rent: N400,000.00 per annum pay 2yrs in advance( with option of paying one year rent upfront and a 2months post-dated check to cover the 2nd year rent)
Agency fee: 10% of rent and legal fees: N90,000.00
Contact form:
http://form.myjotform.com/form/42683270025551
5)Description: 2bedroom apartment
Location: Unity layout by Citi park hotel, independence layout.
Attributes: floor tiles, provision for water, pre-paid EEDC meter, security, low density neighborhood with access to majors roads and transport routes, fair finishing
Rent: N450,000.00 per annum
Agency fee: N70,000.00 and
legal fees: N50,000.00
Contact form:
http://form.myjotform.com/form/42683270025551
) Description: 3bedroom apartment
Location: Market Garden, GRA.
Attributes: floor tiles, provision for water, pre-paid EEDC meter, security, low density neighborhood with access to majors roads and transport routes, tastefully finished with kitchen cabinets and wardrobes. Perfect for expatriates.
Rent: N850,000.00 per annum payable 2yrs rent in advance
Agency fee : 10% of rent
legal fees: 5% of rent
Contact form:
http://form.myjotform.com/form/42683270025551
7) Description: 3bedroom apartment
Location: Akpo street, Achara layout.
Attributes: floor tiles in the living room, provision for water, pre-paid EEDC meter, security, high density neighborhood with access to majors roads and transport routes, fair finishing
Rent: N300,000.00 per annum
Agency fee: N60,000.00
legal fees: N120,000.00
Contact form:
http://form.myjotform.com/form/42683270025551
For more information please call us on
Tel: 07030484315
Email: upokafor@gmail.com
Follow us on twitter: @paulokafor2
Stay tuned to our BBM channel for update on the real estate market in Enugu: C0046E2F2
address: Fedenni Homes; Zandas plaza, 4th floor, right wing. 111 Chime avenue, new haven, Enugu.
Office hours: 9am-5pm Monday to Friday
Keep a date with us. Have a nice day
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