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1 – 10 of over 2000
Article
Publication date: 21 June 2011

Krisha Michele Coppedge

This conducive and concise phenomenon aims to review the illusive victimization homeowners face and to zero in on the underlying factors optimistically stimulating deceptive and…

Abstract

Purpose

This conducive and concise phenomenon aims to review the illusive victimization homeowners face and to zero in on the underlying factors optimistically stimulating deceptive and oppressed sensations homeowners endure in America before, during, and after mortgage foreclosure. The purpose is to accurately discover the behaviors, which lead to the homeowner's decision making from real storytelling of those alleged victimized homeowners.

Design/methodology/approach

The homeowner, an autonomous contributor, who stands to reason has its own non‐prejudiced commentaries, and places the propositions in a binding framework, adapts this preparation.

Findings

Prior to the year of 2000, the real estate market was booming. It was at an all‐time high. The rich, the powerful, the influential, etc. were making top dollars off some innocent and some not so innocent homeowners. Suddenly, American homeowners everywhere found themselves drowning in mortgage foreclosure meltdown (debt) crisis. This crisis, believed to be a consequence of the Commodities Act of 2000, was under the watch of former President Bill Clinton. However, although, this Legislative Act appears to have been inconsiderate, unethical, and immoral for sure the homeowner had a choice in the decision for or against the loan as well. This review's contribution to the book of knowledge finds that from the mortgage foreclosure stories told by homeowners, they are also really held accountable for their responsibility, virtuality, answerability, decision making, and appreciative intelligence in this situation. This newfound knowledge seeks to find the cruciality in one looking before one leaps.

Practical implications

The paper intends to provide stratagems, which are insightful, and of unimaginative thinking to get into the hearts and minds of individuals by helping them to understand the reality of their behaviors. Homeowners should recognize the importance of self‐honesty towards education, credit ratings, and their happiness or unhappiness in terms of the best decision for themselves before signing on that dotted line.

Originality/value

The paper extricates strenuous research for researchers, educators, and those seeking to educate themselves about the potential difficulties of being a homeowner in a mortgage foreclosure situation. The value of this contribution provides the most pertinent information, which is accessible in a conducive, concise and stress‐free digestive format. The originality of this contribution is designed to influence the willingness many of the world's leading banks, bankers, lenders, mortgage brokers, mortgage companies, and most of all the homeowner to change their behavior and to stop the unethical practices relating to the continuing mortgage foreclosure crises today.

Details

Society and Business Review, vol. 6 no. 2
Type: Research Article
ISSN: 1746-5680

Keywords

Article
Publication date: 29 May 2009

A. Olaleye and O.J. Adegoke

The purpose of this paper is to examine the views held of property insurance by homeowners in Ire‐Akari and Ikeja areas of Lagos State in Nigeria. This is with a view to…

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Abstract

Purpose

The purpose of this paper is to examine the views held of property insurance by homeowners in Ire‐Akari and Ikeja areas of Lagos State in Nigeria. This is with a view to establishing the factors that are responsible for lack of insurance culture in these areas in particular and also Nigeria in general.

Design/methodology/approach

Questionnaires were administered on 485 homeowners, selected through systematic random sampling techniques in the two areas studied. The first building along the major street in the areas was selected randomly and every tenth building formed the subsequent unit of investigation. A household head/owner was surveyed in each of the building selected. Data were analysed with the use of frequency distribution, mean and standard deviation (SD) measure and Chi‐square test.

Findings

The results showed that 62.9 per cent of the total respondents agreed that property insurance was essential. However, only 40.3 per cent of the homeowners claimed to have insured their properties against unforeseen occurrences. The study found that homeowners' lack of insurance culture was significantly associated with their educational qualifications (χ2 = 41.387, ρ < 0.01), family size (χ2 = 12.199, ρ < 0.05), level of income (χ2 = 36.585, ρ < 0.01) and level of awareness (χ2 = 27.987, ρ < 0.01). It was also discovered that homeowners' attitude was influenced by the poor service culture of insurance companies and crime in the insurance industry.

Practical implications

The study concluded that the lower the level of income, educational qualification and level of awareness on the part of homeowners, the more the likelihood that they will not insure their properties and vice versa.

Originality/value

The study is one of the few attempts at examining the factors responsible for homeowners' lukewarm attitude to property insurance in an emerging market like Nigeria.

Details

International Journal of Housing Markets and Analysis, vol. 2 no. 2
Type: Research Article
ISSN: 1753-8270

Keywords

Book part
Publication date: 20 August 2018

Ying Thaviphoke and Patrick T. Hester

During the 2004–2009 building boom, building materials in the United States were in short supply, in particular drywall. This shortage arose from the vast demand for repairing and…

Abstract

During the 2004–2009 building boom, building materials in the United States were in short supply, in particular drywall. This shortage arose from the vast demand for repairing and rebuilding houses caused by several large hurricanes, namely, Katrina and Rita.

The situation is complex because there are many stakeholders involved: manufacturers, suppliers, contractors, insurance companies, and homeowners. The problem begins with the suppliers (apart from the natural disasters that exacerbated the issue). The first question that should be asked is Why import drywall from overseas to use in the United States? and What regulations were in place regarding the usage of drywall, and so on. The next item that needs to be looked at is the homeowners. This is a very bad situation for them as they must evacuate their homes. Some of them had to move out and rent an apartment. Some of them sold their houses for less than half of what they paid for them. The problem is What can they do about the defective drywall in their houses? Further, Will they get their money back? If they do, Who is going to pay for it? or Where are they going to stay?, and so on. Since there are an estimated 100,000 homes in more than 20 states that were effected in this situation, this chapter will focus on the homeowners who live in Virginia, as it is the residence of the chapter’s primary author. It is very important to understand the homeowners’ problems and also their options to overcome this problem. Various attempts have been made to solve the situation but the problem is still there. The problem not only involves homeowner compensation but also a need to prevent this situation from happening in the future.

Article
Publication date: 15 December 2022

Tanuj Mathur and Ujjwal Kanti Paul

Home insurance is widely recognised as a tool for mitigating economic risk associated with natural disasters. This study aims to analyse the influence of homeowners’ home…

Abstract

Purpose

Home insurance is widely recognised as a tool for mitigating economic risk associated with natural disasters. This study aims to analyse the influence of homeowners’ home insurance knowledge (both objective and subjective types), perceived benefits (PB) and perceived vulnerability towards disaster loss (PVUL) on their intention to purchase (ITP).

Design/methodology/approach

This research makes use of survey data collected from 394 respondents (the homeowners) residing in various parts of India. The structural equation modelling is used to verify 11 hypotheses proposed in the study.

Findings

The findings indicate that both objective knowledge (OK) and subjective knowledge (SK) of home insurance have significant influence on homeowners’ benefit perception and PVUL. The homeowners’ PB of home insurance negatively affect PVUL. The OK of home insurance has a stronger influence on homeowners’ ITP home insurance than SK while the homeowners benefit perceptions and PVUL significantly affects homeowners’ ITP home insurance. These findings confirms that if homeowners are knowledgeable about home insurance, they perceive the plans as more beneficial and feel less vulnerable about catastrophic events, resulting in positive intentions towards purchasing them.

Originality/value

To the best of the authors’ knowledge, this is the first comprehensive research that assesses the Indian homeowners’ knowledge, PB and PVUL in influencing their ITP home insurance. The finding of this paper will assist both public and private insurance companies in India and similar markets in designing and implementing effective strategies to sell home insurance policies.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 1 August 2016

Sui Pheng Low, Shang Gao and Ling Ling Grace Teo

The building sector is one of the main contributors to carbon dioxide emissions in Singapore. Over 90 per cent of life-cycle carbon emissions are due to the operations phase of…

Abstract

Purpose

The building sector is one of the main contributors to carbon dioxide emissions in Singapore. Over 90 per cent of life-cycle carbon emissions are due to the operations phase of buildings, and 90 to 98 per cent of the building cost is associated with operation, maintenance and personnel costs. Hence, occupants have a major role in achieving environmental sustainability objectives. This study aims to understand the awareness level of potential homeowners and real estate agents concerning environmental sustainability issues in the built environment, to identify the types of green features required by potential homeowners and to understand real estate agents’ perceptions of the types of green features required by the homeowners in a green condominium.

Design/methodology/approach

The features of the Green Mark (GM)-awarded buildings, as well as the benefits derived by homeowners were identified from the literature. A survey of a group of potential homeowners and real estate agents was carried out in Singapore to analyse the gap, if any, between the potential homeowners’ needs and expectations and real estate agents’ perceptions of these needs and expectations with respect to the green features in the homes.

Findings

The results indicate that potential homeowners are more aware of environmental sustainability issues in the built environment than are real estate agents; potential homeowners seem to be more supportive of environmentally sustainable development than the real estate agents are aware of, despite the fact that the price of the apartment remains an important deciding factor; and potential homeowners are more concerned about the ease of maintaining green homes and paying greater attention to green features in the areas most heavily promoted by the government. However, green features do not constitute the main considerations of potential homeowners when making the decision to buy a green home.

Research limitations/implications

To close the gaps identified in the analysis, recommendations are suggested, including having public education and awareness campaigns to emphasize the long-term energy savings of green homes, conducting GM courses for real estate agents and involving real estate agents in the developers’ project consultancy team.

Originality/value

As there has been no prior research in this area, this study serves to provide fresh perspectives on how developers can better select the types of green features to be included in the green homes, so as to meet the potential homeowners’ needs and expectations and, at the same time, balance mandatory GM requirements with such demands. Choosing the right type of green features to incorporate in a residential development for homeowners to utilize increases the owners’ satisfaction level and allows them to reap the intended benefits of green features.

Details

Facilities, vol. 34 no. 11/12
Type: Research Article
ISSN: 0263-2772

Keywords

Article
Publication date: 1 August 2000

Carl R. Gwin and Seow‐Eng Ong

A game‐theoretic model of moral hazard associated with unobservable builder effort is postulated to examine the effectiveness of homeowner warranties and building code enforcement…

Abstract

A game‐theoretic model of moral hazard associated with unobservable builder effort is postulated to examine the effectiveness of homeowner warranties and building code enforcement by local government in assuring desired builders’ effort. Builders have an incentive to claim and charge for high unobservable effort level in constructing homes, but actually exert low effort to earn higher profits. We find that a homeowner warranty increases the unobservable effort of the builder, but cost minimizing behavior by the builder results in an effort choice less than the most efficient level. On the other hand, building code enforcement essentially converts unobservable builder effort to observable effort and efficient effort is indeed possible if enforcement cost is justifiable. However, an overly strict building code may be detrimental to buyers. The conditions under which a buyer would prefer one alternative over the other and where both measures can co‐exist are also examined. The model provides several interesting implications and testable hypotheses. A survey of builders and building codes provides preliminary evidence to support the proposed model.

Details

Journal of Property Investment & Finance, vol. 18 no. 4
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 10 July 2018

Siu Kei Wong, Kuang Kuang Deng and Ka Shing Cheung

This paper aims to examine the effect of housing wealth on household consumption when there are resale and refinancing constraints that prevent housing assets from being cashed…

Abstract

Purpose

This paper aims to examine the effect of housing wealth on household consumption when there are resale and refinancing constraints that prevent housing assets from being cashed out.

Design/methodology/approach

Based on Household Expenditure Survey data in Hong Kong from 1999 to 2010, regression analysis is applied to compare the housing wealth effects of private and subsidized homeowners. Propensity score matching is adopted to ensure that the two groups of homeowners share similar household income. Further regression analysis is conducted to examine private homeowners’ consumption when their recourse mortgages are in negative equity.

Findings

Subsidized homeowners, who are not allowed to resell their units before sharing their capital gain with the government, experienced an insignificant housing wealth effect. While private homeowners experienced a significant housing wealth effect, the effect was weakened in the presence of a resale constraint induced by negative equity. The results remain robust after the application of more rigorous sample selection through propensity score matching.

Research limitations/implications

The analyses are subject to two potential data limitations. One is a relatively small sample size. The other is that data on financial assets and mortgages are unavailable and have to be indirectly controlled through household characteristics. Nevertheless, our estimated marginal propensity to consume out of housing wealth is 0.03 of the annual household consumption for private homeowners, which is within the range of estimates reported in previous literature.

Practical implications

This study shows that the housing wealth effect enjoyed in the private sector does not necessarily apply to the subsidized sector where resale and refinancing constraints exist. This is not to suggest that the constraints be removed. Rather, policymakers should be aware of the tradeoff: while the constraints ensure that government subsidies are used to assist home ownership, not capital gain, they also bring about consumption inequality in a society, especially in a booming housing market.

Originality/value

Our findings extend the literature on the housing wealth effect, which has been exclusively focusing on private homeowners, to subsidized homeowners. This study also adds to the literature on housing welfare by highlighting that the resale constraints of subsidized housing can weaken the housing wealth effect.

Details

International Journal of Housing Markets and Analysis, vol. 11 no. 5
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 16 August 2011

Yung Yau

Proper management and maintenance of building stock are vital to sustainable development of a city for a number of reasons, for example, the close relationship between building…

1357

Abstract

Purpose

Proper management and maintenance of building stock are vital to sustainable development of a city for a number of reasons, for example, the close relationship between building performance and residents' health. However, effective housing management requires active participation of the residents, particularly the homeowners. Yet, homeowners' participation in housing management in Hong Kong is claimed to remain at a low level because of its voluntary nature. This paper aims to empirically explore the determinants of participation behaviour of homeowners in private housing management in the city based on survey findings.

Design/methodology/approach

Founded on the literature reviewed, an analytic model for explaining homeowners' participation behaviour in housing management is developed. The model is then tested by means of logit regression with the data collected from a structured questionnaire survey conducted in summer 2009. A total of 346 respondents from 53 private multi‐storey residential buildings in the western district were surveyed.

Findings

In general, older, better educated and less wealthy homeowners are active participants in building management matters, keeping other things constant. Sense of community is also found to be a significant determinant. Besides, homeowners' approach towards building care is predominantly reactive since they engage in housing management because of their dissatisfaction with building quality. The findings of the research will provide valuable insights to public administrators for formulating better policies on private housing management.

Practical implications

The analysis results pose a positive view towards the effects of the communitarian approach to avoid free‐riding problems in housing management. In order to heighten the participation rate of homeowners in private housing management, local authorities or other public bodies can try to boost homeowners' sense of community within their residential communities.

Originality/value

This study is the first attempt to empirically investigate the determinants of homeowners' participation in the management of high‐rise residential buildings in Hong Kong.

Details

Property Management, vol. 29 no. 4
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 27 July 2020

Zairul Nisham Musa, Wan Nor Azriyati Wan Abd Aziz, Zafirah Al Sadat Zyed, Noor Rosly Hanif, Ainoriza Mohd Aini, Peter Aning Tedong and Abdul Ghani Sarip

In Malaysia, a vertical residential building (VRB) is still facing challenges associated with property management. The lack of experience in property management resulted in the…

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Abstract

Purpose

In Malaysia, a vertical residential building (VRB) is still facing challenges associated with property management. The lack of experience in property management resulted in the management, acting unprofessionally that cause a lot of problems to the homeowners and their properties. The findings demonstrated that maintenance of the facilities and common areas in a VRB is essential to ensure its optimal performance over its life cycle. This has to be carried out efficiently and professionally by the qualified property manager. Unfortunately, not every property manager can perform all the tasks efficiently and professionally. Thus, this leads to an increasing number of complaints by unsatisfied homeowners’ particularly on the maintenance and management of the buildings and facilities. To satisfy the homeowners, the issue of transparency is one of the area concerns that need to be emphasised in the property management system practiced in Malaysia. This case study area of Klang Valley poses as one of the urban areas that has the highest number of vertical buildings, especially the medium cost of VRB. The purpose of this study is to explore the satisfaction level of homeowners towards the management system, maintenance services and facilities provided by the management of the medium cost VRB in the Klang Valley.

Design/methodology/approach

The study adopted a quantitative approach. The survey method was used as an appropriate method for inquiry of the data. Face to face survey was conducted with respondents at a medium-cost residential building in Klang Valley, Malaysia.

Findings

The findings demonstrated that homeowners living in medium-cost VRB in Klang Valley are satisfied and faced issues with the management system, maintenance service and services provided by the management of the medium-cost VRB. The only issue confronted by the homeowners with the medium-cost VRB is the commitment of the management towards their involvement in organising the activities, problem-solving and taking action on residents’ reports or complaints.

Practical implications

The findings suggest that appointing qualified property managers who understand property management has increased the performance of the management team. Most importantly, qualified property managers are equipped with knowledge in managing people, especially to create awareness on a sense of responsibility and belonging.

Originality/value

This study has bridged the research gap on property management of the medium-cost of VRB in Malaysia. This will add value to the management of the medium cost of VRB.

Details

Journal of Facilities Management , vol. 18 no. 3
Type: Research Article
ISSN: 1472-5967

Keywords

Article
Publication date: 7 December 2018

David Wadley, Jung Hoon Han and Peter Elliott

Professionals’ market knowledge and business experience can facilitate transactions of residential property potentially impacted by stigmatised installations, such as large-scale…

Abstract

Purpose

Professionals’ market knowledge and business experience can facilitate transactions of residential property potentially impacted by stigmatised installations, such as large-scale public infrastructure. The purpose of this paper is to explore perceptions and assessments among homeowners, valuers (appraisers) and real estate agents (realtors) regarding infrastructure in general and high voltage overhead transmission lines (HVOTLs) in particular.

Design/methodology/approach

Informed by a literature review, separate surveys in Queensland, Australia, analyse via non-parametric and parametric means informational and perceptual variables concerning HVOTLs among 600 homeowners, 90 valuers and 90 real estate agents.

Findings

The findings reveal statistically significant differences in risk and valuation perceptions of homeowners, valuers and real estate agents relating to the placement of major linear forms of infrastructure.

Research limitations/implications

This study adds to a now-solid body of literature pertaining to property effects of HVOTLs. It extends the analysis among classes of real estate professionals and provides new comparisons for further analysis and commentary.

Practical implications

The results speak to property professionals, land use planning and electricity authorities. Prior research can be triangulated with that obtained here from valuers and real estate agents who act as informants, gatekeepers and confidants in the market place. Various hypotheses address specific points of professional practice.

Social implications

This study shows that property professionals’ disposition to HVOTLs and other large-scale infrastructure is likely to be a good deal more measured than that of homeowners, so that valuers and real estate agents might exercise a mediating influence in placement and installations decisions.

Originality/value

This research raises understanding of differences in market knowledge and perception of essential infrastructure among clients and property agents. As a point of difference, it concentrates on examining empirically what texts refer to as “information asymmetry” in residential real estate markets.

Details

Property Management, vol. 37 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

1 – 10 of over 2000