Real Estate Terminology Guide Lagos Nigeria - Real Estate Terms And Free Tips
| The reality is this . . . every discipline has its own vocabulary, its own jargon. And understanding the specific vocabulary of a discipline will help the beginner make informed decisions. The same apply to real estate investing. When you understand real estate terms, you position yourself to become a seasoned investor. And thereby profit from the Nigeria real estate market. |
It is true that real estate is a business that is worldwide because housing is a worldwide concern. People buy, build, and sell houses everywhere in the world. So, the property business is not peculiar to Nigeria.
However, the use of the English language vary from country to country depending on the peculiar experiences of people living in that country. And so each country has its own set of colloquial that find their way into the English language.
The same applies to real estate terminology. Some property terms are general while other real estate terms are specific.
This real estate dictionary examines these terms and breaks them down step by step.
Enjoy the ride.
The Real Estate Terms
| The list below show common real estate terminology used in Lagos Nigeria. There may be slight variations in these terms in different states of Nigeria but I suspect the variation will be minimal. Nigeria real estate terminology include: 1. Tenement house 2. Semi detached duplex 3. Self Contain Apartment 4. Acquired property 5. Payback period 6. Right Sizing 7. Acquired property 8. Land title 9. Omonile 10. Foundation money 11. Bungalow 12. Townhouse 13. Raft foundation 14. Deed of assignment 15. C of O 16. Commercial real estate 17. Furnished apartment |
19. Terrace duplex
20. Seating room
Let's start explanation of these terms from the beginning of the list.
Terminology 1: Tenement House
A tenement house refers to a house that is built with the rooms facing each other.
The common features of a tenement house include . . .
. . . and back-biting and quarreling is a common feature due to use of the common areas and lack of privacy.
Terminology 2: Semi detached duplex
Semi detached duplex refers to one wing of a duplex that has two wings. This means that the two duplex share a common wall.
For example, a building may comprise two wings of 4 bedroom duplex within a fenced compound, a fenced plot of land. Each wing of this duplex is actually a separate building occupied by a different family.
However, the buildings are built together and have a common wall.
Most times, the fence around the entire premises is split in two at the middle where one wing of the duplex stops and the other begins. So, the two families occupying the two duplexes can actually live as separate families in separate compounds.
Terminology 3: Self Contain Apartment
A self contain apartment is a 1 bedroom flat that consist of . . .
The toilet is often sandwiched together with the bathroom as a two-in-one unit to conserve space and get more flats from the little space available. This means more rent revenue for the property owner.
P.S: Use the links underneath the form below to access definitions of the other real estate terminology listed above. Add terms popular in your area using the form below.
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