THE IMPACT OF MAINTENANCE ON RENTAL VALUE OF COMMERCIAL PROPERTIES IN BODIJA, IBADAN (A CASE STUDY OF ARISEKOLA SHOPPING COMPLEX)

CHAPTER ONE

INTRODUCTION

Background of the study

Over the years, there has been increasing abandonment of building projects and infrastructural facilities which has led to the dilapidation, degradation and deterioration of these building structures within the Nigerian contemporary urban metropolis.
Recently there has been a lot of research investigations and analysis of which points unshakeable to the fact that certain features such as client’s perception, cost of maintenance works, unskilled maintenance technicians, inflation rates, effect of taxation on building owners, Government policies, inability to prepare and follow maintenance schedules are direct causes of neglect which leads to dilapidations and deterioration of building structures (onibokun 1997). There are also the remote causes of lack maintenance such as force majeur, cultural problems, state of the economy, the receding global economic meltdown, lack of time and general illiteracy of the occupants of the building or structure and users of the facilities.
However there has also been growth in the significance of building maintenance as a proportion of the output of the construction industry which takes place against a backdrop of mounting pressure on new build activity and a growing awareness of the need to manage the condition of the nation’s building and infrastructure more effectively (chanter 2007).
Though, it is still the case that such maintenance activity takes place in a context that does not create a fully integrated approach to managing building performance and thus the full potential of many commercial properties are never wholly realized.
Basically in virtually all the towns and city centers within the Nigerian, especially in an area such as Bodija in Ibadan, commercial properties are gradually and systematically decaying, dilapidating and deteriorating with reduced or no degree of maintenance programme and activity.

Statement of the problem

There are so many problems associated with the maintenance of commercial properties on the economy. One of the serious problems if finance; government financing as regards to maintenance of buildings (both public and private) is minimal. The grant towards maintenance of infrastructural facilities is on its lowest ebb. Most commercial properties have been neglected by the individual property owners have little or nothing to contribute towards effective maintenance of their buildings, so long as the buildings affords the owner annual income he could not care less for the maintenance and so long the interior of the building conducive for the occupants they could not care for outward appearance or other necessary maintenance activity. Another problem to effective maintenance of the built environment in Nigeria is corruption. Another serious impediment to maintenance in Nigeria is the state of the economy, according to the united research on profitability index as regards to income per capita of nations of the world; Nigeria is rated as fifth poorest country (UN 2010), which implies that the average Nigerian lives below one dollar per day. As a result of this economic hardship shop owners and citizens has little or nothing to contribute in terms of effective maintenance of their abode thus leading to neglected effects visualized in our cities and metropolis.

This study aims to identify the impacts maintenance has on rental value of commercial properties in Bodija, Ibadan. Therefore there is need for effective maintenance of all these commercial properties and also identify the external factors militating against effective maintenance of commercial properties facilities to perform its functional requirement.

Aim and Objectives of the study

The aim of this research work is to discover how maintenance of commercial properties can affect rental value, effectively to help increase the workers output thus increasing labour efficiency and increasing the income of the nation leading to increased income per capita of the populace.
The objectives of this research work are as follows:
(a)                  Have a proper look at the level of maintenance attention that commercial properties within Bodija, Ibadan receive and the effect on rental value.
(b)                 To pin-point the various difficulties and problems that hamper the efficient execution of an effective maintenance management on commercial properties in Nigeria.
(c)                  To examine the causes that lead to the deterioration and dilapidations of commercial properties.

 

Significance of the study

Maintenance of buildings and the general infrastructures has not been given full recognition as an activity of primary importance in Nigeria. Maintenance activities on building and infrastructures in the country are mostly based on expediency, which over a period of time represents a series of ad hoc measures and unrelated compromise between the immediate physical needs and the availability of funds. Thus only about 15% of the total maintenance are remedied. If serious deterioration are not adequately taken care of future generations will be faced with a major capital burden.(Amobi 2003).
It is therefore imperative that maintenance activities should be increased/ intensified in order to ensure that the nation’s stock of buildings( factors of production and accommodation) which are considerable investments are used effectively as possible.

 

Scope and delimitations

This project work covers the entirety of maintenance as regards to commercial properties with requisite effect it has on the rental value with reference to, Bodija, Ibadan Oyo state.

Limitation.

Enough effort has been put to exhaust the scope aforementioned but time and cost constraint relative to the magnitude of maintenance problems are the major forms of limitations for the total achievement of the project objective.

Research questions

This research work aims to answer these questions
(a)                  What is infrastructural and building maintenance?
(b)                 What are the direct effects of lack of maintenance to commercial properties?
(c)                  Does lack of maintenance affect the renal value?

(d)                 What are the direct causes of poor maintenance value in Nigeria?

 

Definition of terms

Definition of maintenance as regards to commercial properties:
Maintenance is a generic term to include planned maintenance, repair and reimbursement and provision of replacement of the structure. The goal of maintenance is to sustain the life of major assets whether building or infrastructure. (According to a training workshop on maintenance of
infrastructures between 28 march- 1st April 2011 in kuala lumpur, Malaysia. Organized by International science, technology and innovation centre for south- south co-operation under the auspices of UNESCO).

British standard(BS 583) (1974) define maintenance as the combination of all technical and associated administrative actions intended to retain an item in, or restore it to, a state in which it can perform its required function. The requirement for maintenance must not be less than those necessary to meet the relevant requirements and ‘maintained’ is defined in factories act 1961 as “maintained in an efficient state, in efficient working order and in good repair”

According to British Standard (BS 3811) maintenance is defined as “works undertaken in order to keep or restore every facility i.e. every part of a building, site and concept to an acceptable standard”. An acceptable standard in building terms is one which sustains the utility and value of the facility.

Chartered institute of building (C.I.O.B) UK (1982) went forward to use this definition on maintenance “works undertaken to keep, restore or improve every facility i.e. every part of the building, its services and surroundings to agreed standards determined by the balance between need and available resources.

Obiegbu M.E. (1998) defined maintenance as a programmed transformation of a building fabric and services, reflecting changes in pattern of use and technology.

Amobi C.O (2006) opined that “maintenance could be defined in engineering terminology as the continuous upkeep, in good condition of a system(s) to achieve operational reliability with maximum design output result, endurance and stability. This definition has been adapted for building maintenance as work undertaken to keep or restore every facility, that is, every part of a site, building and content to acceptable standard. Thus maintenance aims at retaining components, equipment as well as the entire structure at specified level of performance. The acceptable standard inferred must be no less than statutory requirement and one which sustains the facility and the value of the facilities. This may include a degree of improvement over the life of the building as acceptable comfort and amenity standards rise.

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Item Type: Project Material  |  Attribute: 52 pages  |  Chapters: 1-5
Format: MS Word  |  Price: N3,000  |  Delivery: Within 30Mins.
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