ABSTRACT
Investing in the general sense is a movement that people do not repeat very often in their lives, but it affect their lives to a great extent. However, there are some factors that influence investors investment decision. Similar studies related with this subject have been conducted in other countries. But investment-related researches in Oluyole local government area is scarce. Purpose of this study is to examine the effect of the decision factors determined on the investors ‘ decision to buy a home. These factors was determined within the framework of location, neighborhood, structural attributes and price. This is because these factors are often the key factors that influence investors ‘ decisions most. This research will also explain which factors are important and which are not important before buying a home for the investor. In this study, the proposed method of data obtainment is a semi-structured interview and the data obtained from total of twenty interviews to generate the analysis. The results will reveal how factors affects property investors’ purchasing decisions. The result of this research will also provide a rich source of information that can be used by the construction developers and the by future researchers to conduct further researches.
CHAPTER ONE
INTRODUCTION
1.1 Background of The Study
Real estate considered as “property comprising of land and the structures on it, alongside its characteristic assets, for example, harvests, minerals or water; unmovable property of this nature; an attention vested in this (in the same way) a thing of real estate property, (more extensively) structures or residental as a rule. Additionally: the matter of real estate; the profession of purchasing, selling, or leasing land, structures, lodging or housing (Oxford English Dictionary,2011).
Residential property may include either a individual family or multi-family structure that is accessible for no business purposes or occupation. Residentials can be grouped by and how they are associated with neighboring residentials arrangements and land. Different kinds of housing residency can be utilized for the same physical type. For instance, associated dwelling may be claimed by a solitary element and rented out, or owned independently with an understanding covering the connection between units and regular areas and concerns (Residential Property Law and Legal Definition Title 16).
Robinson (1979) defines housing need as: the quantity of housing that is required to provide accommodation of an accepted minimum standard and above for a population given its size, household composition, age distribution, etc. without taking into account the individual household’s ability to pay for the housing assigned to it. It is explain Bramley et al (1995) and Oxley and Smith (1996) that housing is a merit good which is on the basis of need.
Dwelling needs defined as: the quantity of dwelling that is required to ensure lodging of a concurred least standard or more for a populace given its size, family unit composition, age dispersion, etc. without considering the individual family unit’s ability to pay for the dwelling assigned to it. It is clarify Bramley et al (1995) and Oxley and Smith (1996) that dwelling is a essential good which is based on need.
Needs and needs are two separate things as clarify by Levine (1995) that needs are the things imposed upon me freely of my will, while wants are the things ‘we decide for ourselves as a method for expressing who we are.The difference between this two obviously explain that the need generally can be satisfy by the wants. For this reason, regarding to Robinson’s description, the dwelling needs work freely. Peter (2003) clarifies that the subsumption of the definition the need of dwelling can be explained ‘freely of the decisions and decisionmaking capacities of individual family units’. By the same token, Peter summarized the dewelling need as a depersonalized, abstract category.
Theoretical structure on human needs developed to a psychoanalytic culture that draft the human needs by clarifying the human inspiration (Abraham Maslow 1970. As known as Hierarchy of Human Need, in this theorem there are five standard of requirements that human will endeavor to fulfill in their life adventure. The minor level needs should be fulfilled first before further up to the major level.
