Residential property managment Essay Example | Topics and Well Written Essays - 2500 words

Residential property managment - Essay Example The members of a household, namely owners or their representatives and occupants, together manage a real estate enterprise that makes use of inputs of land, capital, and labour for providing shelter and other services essential for maintaining a household. In the early 1930s UK social housing policy underwent a shift as local authorities abandoned general needs housing and the standards were reduced to make the housing affordable by poor families. Nevertheless, â€Å"by the beginning of World War II, Britain had over a million council units, 10 per cent of the entire housing stock† (Malpass and Maurie. 1999, p38- 43). Present case study has to be viewed in this perspective as the buildings block were built in 1930s, which may require major repair and maintenance cost, at the same time may be exacerbated with tenant issues. The tenants of 10 flats, who are under rent controlled occupancy, have to be shifted to a newer better block two miles away. Decanting these occupants may involve many hurdles as there may be occupants from the very beginning and most of them may be legal heirs to the original owners. Because of long stay in the same locality, may be from birth, majority of them will be unwilling to shift their housing locality to a new environment, and it also involves relocating their professional or commercial activities. It may be noticed that in areas which are typified by poor quality housing estates, many of which were developed before 1945, were using non-traditional forms of construction, and decaying infrastructure. Repair and maintenance of these blocks are costly and vacating these buildings is coupled with mixture of tenures caused by the Right to Buy (RTB) power vested on the tenants, which makes demolition/renewal more expensive. Compensating the home owners at full market value for t he loss of their home is also a heavy burden on the developers.