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A Comparative Analysis Of Rental Variation In Residential And Commercial Properties In Nigeria
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1.6 SCOPE OF THE STUDY
The
study covers a period of three years (2002 to 2004) and it is
restricted to selected properties (Residential and commercial)
comprising blocks of flat and tenements in Ogui New Layout and G.R.A,
Enugu.
1.7 LIMITATIONS OF THE STUDY
Expectedly, this work met with
some hindrances during the stage of data collection. The issue of rent
passing on a property (residential or commercial) is usually regarded as
classified information, which is not easily disclosed to people
particularly researchers. This was largely suspected to be the reason
why some Estate surveyors, property owners, tenants, Estate firms,
property companies and even Estate agents who were approached through
oral interviews, discussions and visitations found it rather difficult
to reveal essential information despite every explanation that the
exercise is strictly for academic purposes, a good number of them, still
nursed the fear that it may be for property rating and taxation
purposes.
There was also the problem of logistics occasioned by the
society. The researcher worked with a very light budget throughout the
period of study as the frequent and repeated visits to relevant persons
and offices entailed quite some money. Moreover, also recall that some
of the interview respondents were not co-operative as they kept on
playing to the gallery as a means of avoiding supplying the required
information. On a general note however, the researcher ensured that
these bottle – necks never affected the findings of this study since the
success far outweighed the hindrances as enumerated.
1.8 OVERVIEW OF STUDY
Chapter
one treats the introduction of the project work. Chapter two deals with
literature review, chapter three treats the research methodology,
chapter four is on data presentation, analysis and interpretation and
chapter five deals with findings recommendation and conclusion.
1.9 DEFINITION OF RELEVANT TERMS
RENT:
The universal dictionary of the English language (1971) defined rent as
the regular payment made for the use of land or buildings that belongs
to someone else. The Economist defined rent as “the revenue from land
resources that is equal to the value of its marginal services rendered
in a productive process†(Richfield, 1974).
In summary therefore, the
word rent is that fixed periodic payment made by a tenant to his
landlord for the exclusive possession and use of leased property.
PROPERTIES:
According to the High Court, the Court of Appeal and the Supreme Court,
property is the right to possession, enjoyment and disposition of all
rights and things subject to ownership.
Property is therefore a legal
right expressing the relationship between a person, the owner and his
possession of the thing owned.
A RESIDENTIAL PROPERTY: according to
Kilpatrick (1999) is a land use in which housing predominates, as
opposed to industrial and commercial areas. Housing may vary
significantly between, and through, residential areas. These include
single-family housing, multi-family residential, or mobile homes.
COMMERCIAL
PROPERTY: According to Malys (2012), this refers to buildings or land
intended to generate a profit, either from capital gain or rental
income. It includes office buildings, industrial property, medical
centers, hotels, malls, retail stores, farm land, multifamily housing
buildings, warehouses, and garages. In many states, residential property
containing more than a certain number of units qualifies as commercial
property for borrowing and tax purposes.
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