Understanding your rights and responsibilities as a tenant is an important part of living and working in Lagos state. While we encourage every tenant and home owner to read a copy of the full tenancy law of 2011, RE/MAX has highlighted a few interesting laws every tenant should know.

Caution Fee & Service charge

First of all, not all properties are liable to a service charge or caution fee. Speak to your agent about whether the properties you’ve expressed interest in come with these additional expenses.

Your landlord or his agent should give you a separate receipt for the payment of the service charge and/or caution fee. Additionally, as a tenant, you are entitled to a written account at least every six (6) months of how the service charge and/or caution fee has been spent.

Notice Period

Depending on the nature of your tenancy agreement, your landlord is mandated to issue you a notice to evacuate his/her premises prior to forceful eviction for non-compliance, they are:

1. A weeks notice for a tenant at will
2. One (1) months notice for a monthly tenant
3. Three (3) months notice for a quaerterly tenant
4. Three (3) months notice for a half-yearly tenant and 
5. Six (6) months for a yearly tenant

Note that in most cases where an evacuation is ordered by the court, tenants will not be served an evactuation notice by the court but from the landlord. It is the landlords responsibilty to inform his/her tenants of any intent to evict on the property.
Unreasonable Rent Increase 

You can declare an unreasonable rent increase, and your landlord can not evict you until the matter has been settled by the court.

Two Years Rent 

It is illegal and punishable by jail time or fines up to N100,000 to pay or demand more than 1 years rent in Lagos state.

Want more information on tenancy laws in Lagos state? Speak to a REMAX Agent today or drop a comment in the box below, share and forward.

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No one is sure what date President Obama is scheduled to move out of the White House -but one thing is certain, He’s going to have a lot of help doing it wether or not he has adequate time to do so or not.

Hopefully when you move you’ll have enough lead time - and just as much help. But incase you don't, here are a few tips to help maximise what time you do have.

1. Gather your tools
Pick a place to be your packing station so you don't waste time constantly wandering the house, hunting for your marker or the right-sized box. Stock it with plenty of tape, boxes of various sizes, bubble wrap, newspapers and markers.

2. Stick to a strategy
Pack vital things together, in specially marked boxes. This includes what you'll want on your first day, like sheets, electronics chargers, toiletries and a change of clothes. Then pack one room at a time and label boxes by room. It's helpful to colour code rooms, whether with markers or strips of duct tape.

3. Use plenty of trash bags
To avoid confusion, buy them in two colours, one for packing and one for throwing things away. Don't be afraid to pack clothing and linens in the big plastic bags. You can squish them in between boxes to save space.

4. Fill your drawers
If you're using professional movers (and not friends with sensitive backs), pack your dresser drawers full. Otherwise, you're wasting space.

5. Watch your weight
Fill big boxes with lightweight items and small boxes with the heavy stuff. It'll help prevent the boxes from breaking down.

6. Don't get hung up on clothes
Wardrobe boxes make it easy to simply transfer your clothes on hangers rather than bothering with unhanging and folding.

7. If you've got the cash…
Use professional packers. You can hire them to pack your whole home, just a room or a group of time-consuming items, like your extensive collection of fragile ceramic clowns.
All packed up and nowhere to go? Talk to your agent. He or she will be able to help you look for your next home.

You can find an experienced one here

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We know that investing in commercial real estate is viable when done right and could be an investors’ ticket out of the situation of things in the economy. We have compiled some introductory tips from some of our brokers and agents for investing in commercial real estate. 

Understanding your investment goals

With any type of investing, establishing your investment objectives is a critical first step. It’s important to establish your capacity to take on risk and determine what you hope to achieve with your investment. As an investor, are you looking for slow long-term growth or are you willing to take greater risks in the hopes of seeing higher short-term returns?
In the context of commercial real estate investment, as a potential purchaser of a property is it more important to you that your investment provide long-term gain through property value appreciation, or are you looking for a property that will provide a steady income? Understanding what you hope to achieve when investing in commercial real estate will help you make a sound investment and achieve you investing goals.

Choosing the right property
There are a number of different factors to consider when determining whether a property is a good investment or not. As in any type of real estate, location is a key consideration when investing in commercial property. A good location is often critical to attracting tenants that will benefit your property and can go a long way in determining the value of an investment.
To that end, it’s important for investors to also consider the quality of the tenants when investing in commercial real estate. A large concentration of tenants that work in a sector facing poor future prospects, for example, can be detrimental to the value of a property as their ability to pay the rent declines. It is also important to review and understand the terms of any tenant leases.
Investors should also be conscious of the condition of the property when deciding to make an investment in a commercial building. If you’re not planning on doing a major overhaul or repairs on an existing property at the outset, you should factor in the “wearability” of the property – the likelihood and potential costs of future repairs.

Opportunities to look out for
Often newcomers to investing in commercial real estate will overlook certain opportunities that a more seasoned investor would recognize. Investors should look for potential factors that may cause a property to increase in value, beyond the value of the land simply appreciating over time. Are there any new infrastructure projects proposed nearby, such as road constructions renowned schools, shopping malls or banks, which may spur a population increase? What is the timeline for these types of projects?
New investors also frequently overlook great locations that feature older properties, which may involve heavy redevelopment costs upfront but have high potential to attract high-quality tenants down the road. These types of properties can represent good long-term value for investors.

Common Pitfalls to Avoid
The most common pitfall new investor’s fall into is underestimating the true costs associated with a property. Investors must assess if the income reported by the previous landlord is accurate. It is also critical for investors to properly asses the condition of the property and the associated repair costs that may be required. If restoration costs are too high, rent may not be enough to recover the investment price. A trusted commercial real estate agent can provide an accurate assessment of the potential of a property and help newcomers to commercial real estate avoid these common mistakes.

Business Owners: Owning vs leasing
The benefits to owning versus leasing are very specific to the individual or corporation. Every business has different needs and sometimes it is the relative maturity or structure of the business that will dictate whether owning or leasing property is the best choice. Owning real estate may provide greater flexibility to make improvements to the property that will help grow the business and may also provide a vehicle to borrow against in the future. Choosing to buy a property rather than lease is a decision that can only be made on a case by case basis.

Contact your nearby RE/MAX agent to begin your commercial real estate journey!

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