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Problem And Prospects Of Conversion Of Residential Buildings To Commercial Uses
[A CASE STUDY OF BODE THOMAS STREET IN SURULERE LOCAL GOVERNMENT AREA, LAGOS.]
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1.7 DEFINITION OF TERMS
i. Residential Property – This is a properties that provides permanent housing for individuals, families and household. It is basically used for accommodation. It include cottages, tenements blocks of flats, bungalow, duplexes and mansions (Lawal 1997).
ii. Commercial Property – This is a property that is for commercial purpose. A commercial understanding is one conducted with a view to then realization of profits, not merely for the fun of it. (Okunola et al, 2004)
iii. Rental value – The rental value of a property is the annual rent with may reasonably be expected to be obtained in the open market. For example, if the tenant undertook to pay rent for a particular property, it is known as rack rental value (Deane et al 1982).
iv. Value – This means the worth of something in terms of money or other goods for which it can be exchanged. It is also the power a commodity has to command other commodity in exchange for itself.
v. Property – In a wide legal sense, property means anything that is the subject matter of ownership (Olajide S. and Ismail B. 2003)
vi. Rent – A periodical payment, usually in money, although it may be in kind or services made by a tenant to a landlord for the use of land, house etc.
vii. Industrial Properties – In this category area every class of properties primarily used for the production of goods e.g. factories and warehouses, location in relation to transport system, availability of labour, market and raw materials are important factors (Ojo S.A 1991).
viii. Recreational Properties – These include amusement part, relaxation and open space, tourist centre, hostel, game, reserve, club and museum etc (Rushmore , S. 1978).
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