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How do I reduce my energy charge?

“Why is my energy charge high?”.

As a real estate company providing facility management services, the above question is one we hear a lot. Not only have we answered this, we have also gone ahead to answer how you can reduce your energy  charge.

Energy bill

 

In Nigeria,the lack of constant supply of power is one of the  major cause of a high energy charge. In the absence of power supply, the facility managers have to rely on Diesel or Petrol which is a more expensive alternative.

Nonetheless, you can still reduce your energy charge by observing the following:

  1. Using Air Conditioner:
  • Have your appliances serviced and put into efficient operating condition.
  • Turn off appliance when not in use.
  • If you desire a constant cool temperature, you should use a programmable timer and thermostat control. ( Each 1oC reduction of the thermostat will save about 10% on your energy usage)
  • Retain heat or cool air inside your home by using fabric window coverings instead of using the more fashionable shades or blinds. Use a liner for extra weather protection in raining season and as a light cover in dry season.

  • Choose the right equipment – strike the right balance between budget and effectiveness.

 

  1. When using other equipment/appliance

 energy efficiency- energy charge

  • When acquiring new appliances for the house, it is advisable to buy appliances with a good energy rating (i.e. total wattage output). This has a major impact on energy consumption at home.
  • Use energy saver bulb, though more expensive than high wattage bulbs, it lasts longer and saves you cost on energy consumption.
  • Choose energy-efficient refrigerator: Refrigerator is working non-stop and the energy it consumes adds up quickly.
  • Regulate your Heat Water Usage: A continuous working water heater consumes a lot of energy which is not ideal. When you operate your water heater efficiently by regulating thermostat, it reduces energy usage as soon as the water heater cut-off while you can still continue to enjoying hot water in your bathroom until the water temperature reduces.
  • Unplug electric appliances and components when they’re not in use, as they draw power and increase your bill even when not operating.

Our property management team at Fieldco Limited can help you effectively by keeping track of maintenance requests and ensure you stay efficient.

#Fieldcolimited #Retailfacilitiesmanagement

www.fieldcolimited.com

Pelumi OduleyeHow do I reduce my energy charge?
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5 Basic Tips for Investing In Real Estate

If you’re just beginning to invest in real estate, you’ll find that there’s a lot to learn. Investing in Real estate  is more complicated than investing in stocks because of the financial, legal, and extensive due diligence requirements involved. That’s why it’s a good idea to give yourself a solid education before you purchase your first investment property.

However, before you get your advanced degree, it’s a good idea to familiarize yourself with the fundamentals. To that end, here are 5 basic tips for investing in real estate.

1. Location Matters

The old adage that “location matters” is most accurate when it comes to investing in real estate . Before you fork over a down payment and put yourself in a significant amount of debt over a property, ensure that it’s in a good location.

Look for the worst house on the best street. That’s a principle you’ll come across quite a bit as you delve into further real estate investing advice.

You want to invest in the worst house on the best street because it gives you an opportunity to build equity. It’s a property in a great neighborhood (“the best street”) that needs some work (“the worst house”). You can invest some money to fix it up and sell it to someone else who wants a ready-to-move-in house in a fabulous location. Professional real estate investors call this “fixing and flipping.”

2. Look for Wholesale Properties

Investing in real estate is just like investing in the stock market in at least one way: you’re looking for the best deal. If you’re a savvy stock market investor, you probably won’t buy too many stocks at their high if you plan on holding them for a long time. Instead, you’ll follow the Warren Buffet principle of getting greedy when everyone else gets fearful. You’ll buy stocks that are beaten down and make a fortune when they turn around.
That’s what you want to do when it comes to real estate investing. Avoid paying “full price” for properties. Instead, look for so-called wholesale properties that are offered at a steep discount. Sure, they’ll probably need some work. Run the numbers and see if the investment in rehab is worth the ultimate selling price.

As noted at ThinkConveyance: “You can easily invest $20,000 in a property and add twice that much to the selling price. That’s why real estate investing is so attractive to investors who want to maximize their return on investment.”

3. Understand the Tax Benefits
The people who run our government want private investors to provide housing for people. That’s because they know that if private investors don’t provide housing, then the government will be responsible for it.

To that end, Uncle Sam offers significant tax benefits to real estate investors. The most significant benefit, arguably, is the depreciation write-off. When you buy an investment property that includes a building, you get to write off the depreciation of that building as a tax deduction. You’ll have to consult your tax advisor for specifics, but basically you can expect to depreciate a residential building over 27 years and a commercial building over 39 and a half years.

Again, it’s a good idea to consult your tax advisor about specifics.

4. Check Your Credit Report

You’re more than likely going to need to borrow money to buy real estate. That’s why you should check your credit report before you begin investing in real estate.

If you have problems on your credit report that are mistakes, get those resolved as quickly as possible. If you have problems that are legitimate, then you’ll need to work to improve your credit.

Simply put, banks aren’t going to loan money to you for a property that’s not your primary residence as readily as they’ll loan it to you for your own home. That’s why your credit has to be spectacular.

5. Use the “1% Rule”

If you’re planning on buying a property that you’ll rent out one or more tenants, use the “1% Rule” when you decide whether or not the property is worth the price you’ll pay for it.

The 1% Rule simply states that an income producing property must produce 1% of the price you pay for it every month. For example, if you’re looking at buying a property for $150,000, then the monthly rental income should be 150,000 x 1% = $1,500.

Wrapping It Up

Real estate investing offers the potential for fabulous returns. However, people have also bankrupted themselves investing in real estate. Be sure that you know what’s involved before you start.

Pelumi Oduleye5 Basic Tips for Investing In Real Estate
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Land Purchase in Nigeria – A Legal Perspective

Land purchase on your mind, but you are concerned if  you have the right documentation?

In reality, land purchase in Nigeria can be both frustrating and rewarding, but for those who carry out their due diligence and are armed with the right information, it often proves a fruitful venture. To avoid the frustration, this article is for you.

Land Purchase in Nigeria

Generally, title to land, land tenure and the administration of land in Nigeria is governed by the Land Use Act (“LUA”). The LUA was enacted in 1978 and it vests all lands in every state in the state governors who hold such land in trust for the common benefit of Nigerians (except land vested in the Federal Government or any Agency of the Federal Government).

As a potential purchaser looking at land purchase , there are 3 basic steps to take to ensure you purchase a good title:

1 – Investigation of Title to Land:

Generally before you engage in any land purchase, you need proof of ownership from the vendor, to ensure that he is the rightful owner of the said property and that he has can actually assign title to you as a purchaser. Usually, these documents are sufficient to prove title – Certificate of Occupancy, Deed of Assignment or Deed of Conveyance, Registered Title or Court Vesting Order.

After physical siting those documents and/or obtaining copies, as a would be purchaser, you need to be 100% convinced that – the documents are valid, that the vendor is who he says he is, that there are no encumbrances on the property, that the property described is what is being sold and that there are no disputes on the property. Thus, due diligence searches should first and foremost be conducted in the following places:

  • Search at the Lands Registry
  • Corporate Affairs Commission
  • Probate registry,
  • Look out for traditional evidence, court judgments and conduct a physical inspection

For properties located in highbrow areas or to be purchased from influential individuals, investigate the profile of the vendors to ascertain such persons are not wanted by government agencies such as the Economic and Financial Crimes Commission.

However, after all is said and done, there are some property which do not have any documentation. Usually family or communal property in remote areas, who have not perfected their title. Even when a search is conducted, nothing of significance might be revealed. Here, investigation conducted will rely on traditional evidence i.e. – inquiry of traditional leaders, community heads and family heads, etc. This is usually arises and validity is given by the “deemed grant of right of occupancy, where the individual has occupied the land prior to the coming of the Land Use Act of 1978. They could be deemed as customary landowners. So, although the owner might not have a deed of assignment or certificate of occupancy, his ownership of the land cannot be defeated except it is expressly revoked by the state governor.

2 – Transfer of Title:

After your due diligence has been conducted, you are satisfied with the result of your search and ascertained that the vendor has a good title to the land, the next step is the transfer of title from the vendor to the purchaser. One common and vital document in property purchase is the Deed of Assignment which is used in assigning interest in law

The Deed of assignment can be prepared by the purchaser’s solicitor and vetted by the vendor or his solicitor after which the documents would be executed by parties and their witnesses. At this stage any the agreed purchase price would be paid by the Purchaser.

Image Source: wikihow.com

3 – Perfection of Title:

This is a very critical part of land purchase activity. These include application for Governor’s consent, payment of stamp duties and registration of conveyance or assignment at the Lands Registry. This is done in order to ensure compliance with the law and protect the validity of the purchaser’s title to the property.

However, it is important to note that the mere issuance of a Certificates of Occupancy does not and cannot confer title in respect of the land in dispute where no such title either existed or was available to be transferred to anyone.

The purchase of a land is generally a risky business. Buyers need to beware and sceptical about every transaction.

 

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Fieldco Limited

 

Image Source: http://www.google.ng ,  wikihow.com

Pelumi OduleyeLand Purchase in Nigeria – A Legal Perspective
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5 Crucial Things to Look Out For Before Buying a House

Do you know that buying a house is almost like preparing for a wedding?. A Thirty- Minute or One Hour home inspection counts for nothing in a home you’ll spend years or forever living in. It is not enough that you have decided on a house budget, the type of house you want, or the preferred location for your dream home, there are still a few crucial things to look out for before buying a property. Here are a few of them:

1 – Take your eyes off the aesthetics for a minute and focus on the building:

5 crucial things to look out for before you buying a house

You will definitely not be thinking of the fine coloured painting of your home when your sleep is rudely interrupted by the drops of water coming from your leaking roof. Cleverly placed mirrors, strategic lighting, delicious smells, are all tricks sellers use to make their home more appealing. While the beauty and aesthetics of a house is important, sooner or later, it will become unimportant and irrelevant when compared to the functionality of the house.

Hint: A damp wall or ceiling may be a sign of plumbing or foundational issues. Cracks on the wall which could be either active (progressive) or dormant points and structural issues such as foundation soil settlement / movement, thermal movement, permeability of concrete, creeps, corrosion of the building reinforcement, moisture movement, etc. can all affect the functionality of the building.

2 – Don’t just look at it, check if it works:

Try your hands on everything. Turn on every faucet and every light switch, open every window and door, test the toilet flusher, check the water pressure and taste the water if you have to. Check and feel the walls for damp-rising.

5 crucial things to look out for before you buying a house

3 – Look Around the building and its environment:

 Even though we are focusing on purchasing a property, the environment where the property is, is equally important. If you have young children or love to host parties, check that the space around the property suits your preference. It is advised that you take note of the following when scrutinizing the environment of your potential home:

  • Parking space
  • Type/culture of the people living in the area
  • Any strange structures or construction sites.
  • How busy the road is
  • Is it located near a bar? If so, it can become rowdy in the evenings.
  • Drainage
  • Proximity to the bus stop, market or mall
  • The security.

4 – Is the location prone to flood?

Any professional realtor will advise a home seeker to carry out their search for a house during the rainy season. However, there are some tell-tale features to know if an area is prone to flood even during the dry season. These are:

  • Water marks on the fence and external walls of the building
  • Algae on the floor of the premises etc.
  • Damp rising in the internal walls
  • Flaking of the paint on the internal and external walls
  • Cracks on the wall
  • Humid smell in the rooms.

5 – The 5 Senses are not Enough:

A satisfied home inspection is still not enough reason to finally conclude that purchase. Because there’s only so much that you can do with your five senses, it is important that you get professionals to also do a proper check of the house. Also, ensure you request for the Mechanical & Electrical drawings. These drawings show the piping and electrical layout of the facilities in the house in case you have to carry out repairs such as plumbing, electrical, air-conditioning etc.

5 crucial things to look out for before you buying a house

These are the physical things to look out for when thinking of buying a house. Next time we will throw more light on the process and documentation aspects of buying a house.

Image Source: http://bit.ly/2v1xkf1

Fieldco Limited

Pelumi Oduleye5 Crucial Things to Look Out For Before Buying a House
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Emotional Intelligence in Real Estate

To be ‘Emotional or not?’

“In what way?” some may ask, while others might just jump to the conclusion that emotions are an innate component of the human race and therefore not much of a debate to be had in that regard. However when you consider the extent of the power of our emotions and the impact it has on so many facets of life, it might be worth reading on to determine the debate for yourself.

Fieldco Media TeamEmotional Intelligence in Real Estate
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A Maintenance Culture Left to Chance.

If you are one to observe and appreciate architecture or you are perhaps someone that pays attention to detail, it is most likely that at one point or another you have uttered or heard the familiar phrase “we lack maintenance culture” when referencing the state of properties generally in Nigeria.  The world “WE” in the sentence is very appropriate because only few people I know appreciate preventive maintenance.   This may sound like a strong indictment on our real estate but it is a reality that must be discussed with a view to change perspectives and the maintenance culture we have.

Fieldco Media TeamA Maintenance Culture Left to Chance.
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How Conducive Is Your Office Environment?

The average working adult spends a minimum of 8-10 hours in the office daily.  For those of us that are workaholics, this can easily be in excess of 12-14 hours daily and even include weekends.  So, how then does your office space fair in providing a work life balance for your employees?

When we think about the fact that most of our lives is spent more at work than with our families and friends, it is imperative that the health of your employees are properly addressed and catered to effectively.  Doing so increases productivity, as a happy and rested workforce is one that is energized and enthusiastic about working.  It also reduces absenteeism and improves staff retention.

Fieldco Media TeamHow Conducive Is Your Office Environment?
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How To Make Your Home More Attractive.

Whether you are a property owner looking to rent or sell, or you are a tenant or an owner occupier, having a home that is attractive, welcoming and comfortable is very important.

In our line of business we see many homes on a daily basis some of which are appealing and inviting and others not.  So what makes a home the right home to invest in or live in?  Well aside from the obvious such as location, structural build and price, we believe that the aesthetics of a home also play a key role in making that  all very crucial decision.

Fieldco Media TeamHow To Make Your Home More Attractive.
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Sustainability And The Shift Towards Sustainable Real Estate.

PHOTO BY KODIAK GREENWOOD

With the current economic downturn in Nigeria, which has caused many sectors of the economy great strain, but which has also opened up great opportunities for self-reliance, is sustainability set to become the new trend across the different sectors, especially real estate?

Fieldco Media TeamSustainability And The Shift Towards Sustainable Real Estate.
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The Ultra Modern Evolution Of Nigerian Real Estate.

Ultra-Modern architecture stretches the boundaries of architecture as we know it and infuses an innovative, creative and futuristic- almost ‘out of this world’ twist to the basic concept of walls, windows, stairs and doors.  Often bespoke and luxurious structures, ultra-modern architecture certainly gets your attention and leaves you wondering whether it is a piece of art or a building.  It is a sure fire way to raise the stakes in the world of real estate.

Fieldco Media TeamThe Ultra Modern Evolution Of Nigerian Real Estate.
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