Exploring the Connection Between Building Maintenance and Boosting Real Estate Worth

Maintenance and management of facilities are crucial in prolonging the lifespan of properties, whether private, residential, commercial, or industrial, as they play a vital role in preventing buildings from falling into disrepair.

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It is in the best interest of building owners or managers to perform proper maintenance or hire professionals to do so, as a building is a significant asset that can be one of the largest investments anyone can make, and proper maintenance helps preserve its structural integrity, appearance, and functionality.

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When effectively done, maintenance helps retain the value of a building, and unfortunately, buildings do deteriorate over time, a natural process that can be exacerbated by certain factors.

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Building maintenance, an essential aspect of building management, is often neglected or not properly undertaken, leading to deterioration, a consequence that can be mitigated with proper attention.

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Former President Muhammadu Buhari signed the Executive Order 11 into law in 2022, a landmark order that focuses on the maintenance of public buildings and infrastructure, aiming to strengthen and sustain their development and management.

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The Executive Order 11, the first of its kind, establishes a policy framework for maintenance of national infrastructures, expecting Ministries, Departments, and Agencies of government to set up maintenance departments and the office of the Head of Civil Service of the Federation to establish a department of federal public assets maintenance.

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Facilities Management, a multi-disciplinary activity, aims to improve the quality of life and enhance productivity by ensuring effective delivery of support services and logistics, making it closely related to Property Management.

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Proper maintenance culture can help buildings retain their economic life, reduce depreciation costs, and increase productivity and profitability, allowing for more expenditure on new ventures and investments.

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Facility Management ensures sustainability of buildings and infrastructure, saves unnecessary expenditure on repairs, and enhances income, all while focusing on preventive measures to create a conducive working environment that fosters creativity and productivity.

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Maintenance is a critical process that preserves existing buildings, extends their life, and increases their value by improving operational efficiency, reducing maintenance costs, and ensuring tenant satisfaction.

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When maintenance purposes are achieved, it leads to a higher rate of property occupancy and a stronger return on investment, ultimately contributing to national economic development.

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Facility management is essential for enhancing the value of properties and private and public assets, driving development and preserving structures and institutions that work, and ultimately, national economic development.

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The main goal of the maintenance process is to preserve the building in its structural, aesthetic, and functional condition, and it is recommended that Estate Surveyors and Valuers in Nigeria be trained to undertake Property and Facilities Management in line with global best practices and the Code of Professional Ethics.