BarRing any unforseeable circumstances, indications are high that Nigerians may hold on to their money in purchase of property. This , according to Babatunde Olesin, independent property developer, is as a result of cash crunch and the menace of flood that has ravaged some parts of the country.
Speaking at a function organised by one Non-Governmental Organisation (NGO) to address people displaced by flood, Olesin said the areas that are prone to flooding will no longer be attractive to buyers no matter how low the prices are.
According to him, flooding affects people in a multitude of ways. “People suffer stress on multiple fronts, not just as flooding occurs, but also in the anticipatory period preceding a flood and during the cleanup and recovery phase. Flooding can damage properties, destroy homes, create financial burden and cause emotional hardship. Coping with floods also can bring together communities, fostering camaraderie and goodwill.
“Floods damage property. Flood waters damage land by eroding shore lines and stripping soils, as well as taking out whatever natural vegetation may be in the path of the flowing water. Floods also damage personal property, such as vehicles and homes, creating hazardous living conditions if water is not cleaned up immediately. Flood waters carry with them many health and injury risks, including diseases and hazards such as sharp glass or metals. Flooding also may contaminate water supplies, wreck drainage systems and damage farm crops.
But in outright disagreement, Mr. Chikelu Obinwa, who is real estate agent said that prices of property especially in Nigeria will remain stable considering the fact that some people who have not gotten their homes could be as serious as looking for one even in flood prone areas.
According to him, until you are sheltered, you cannot rest because shelter rank third in priority of needs going by Maslow’s Theory. “If you need something, no one would convince you of the time or season you should look for it. It is normal with everybody,”he said.
However, a flood can damage the foundation of your home, which causes other problems, including the risk that windows or doors will break. A flood can damage drywall and cause mold to form on walls and framing. Framing can also swell from the flood water and needs to be dried and cleaned after waters have receded. Insulation has to be checked to see if it’s wet. A home’s plywood needs to be dried out. Electrical outlets and switches are typically damaged, and the wiring of your home may be affected.