ABSTRACT
Building Maintenance has been a neglected area in its technological, managerial and above all economic aspects until recently in Nigeria. The turn towards it has been largely due to the worsening economic situation, resulting in high cost of new construction. The emphasis in this study is to present the need for well managed programmes to extend the lives of built space and at the same time ensure continuous and satisfactory returns for the owner. In the conditions of the market, the returns should not be less than those obtainable from other investment opportunities. It behoves Real estate owners therefore, to put in place Building Maintenance Policy consistent with these philosophy, thus the value of the asset should be preserved as long as possible. In an attempt to present this view, the economic significance of building maintenance is discussed, and it is agreed that an optimum balance of maintenance action need to be sought since over-maintenance and under-maintenance are not economical. The need for the implementation of the right Building Maintenance Policy, important considerations for its formulation and the procedure involved, within the context of the market economics, is the object of the study. It is in this light that the author sees the defination of Building Maintenance as the sequence of action (policy) of preserving the usability of buildings to continually give Building Owners a benefit in the property market within the buildings' life cycle.