Friday, September 16, 2016

Why Your Involvement In The Construction Process is Key to Successfully Building Your Dream Home

Owner Involvement In The Construction Process: Interference Or Responsibility?

Some builders and owners misconstrue their involvement in the building process as an unnecessary interference which may inhibit or undermine the work of the contractor. Therefore, some builders are reluctant to involve themselves in the building process of their homes. However, the owner’s role during the construction stage of building a dream house is very critical and important. After the hassle of finding a location, conducting a feasibility study, designing architectural drawings, drawing a budget, getting a building permit, etc., a lot of people take a long break relaxing while the construction of their homes is in progress.
  building-construction-in-GhanaSource: zillow

This attitude is very detrimental to the budget, resources and the quality of work to be delivered by the contractor. It is important to understand that the significance of the builder or owner’s role begins the moment the building starts. It implies that the builder or owner will have the most influence over the construction process. In effect, you, as the builder/owner, have certain duties and responsibilities towards the successful development of your home building project.

The following are ways builders/owners can be part of the construction/building process of their homes: This attitude is very detrimental to the budget, resources and the quality of work to be delivered by the contractor. It is important to understand that the significance of the builder or owner’s role begins the moment the building starts. It implies that the builder or owner will have the most influence over the construction process. In effect, you, as the builder/owner, have certain duties and responsibilities towards the successful development of your home building project. The following are ways builders or owners can be part of the construction and building process of their homes:
  Home Construction Loan in Ghana

Receive Progress Reports

It is your duty to have full knowledge and understanding about the progress of the project under construction. You must ensure that the building process is comprehensive and consistent. This means that you must establish lines of communication at all levels of the construction process with the contractor. You must demand from the contractor, if he or she is not forthcoming with one, progress reports on your building. This will ensure that the contractor builds for you exactly what you have planned.

Site Visits

You must frequently visit the construction site. It allows you have first-hand information on the progress of the building project. You must continually inspect and approve of the work of the contractor during the construction process. Monitoring the construction process helps the owner ensure that the contractor is keeping up with the schedule, is within time and is complying with the contract of construction. Also, you are able to ensure that the contractor observes any on-site safety measures or precautions. It helps resolve quickly any unforeseen events that may arise during the building process.
  walled-and-gated-land-in-Ghana

Approval of amendments

Any modification and addition to or subtraction from the initial building plan needs your approval. You must be informed about and be part of any changes made to the construction contract since you are the financier of the project. This means that additional expenses that may arise due to the change will easily be catered for. This will dispel any form of suspicion, unwarranted fears and friction between you and the contractor.
  So You Want to Build a Custom Home? 7 Steps to Create Your Dream HomeSource: zillow.

Consequently, you are not being asked to take over the job of the contractor or frustrate the building process with unreasonable demands. You are only being asked to coordinate with the contractor to ensure that quality work is delivered to you. In conclusion, it is your responsibility as a builder/owner to be involved in the construction process of your home.


Looking to design and build your dream home? visit and select your dream home plan here and contact us for a free consultation.

Should You Employ Land Caretakers to Guard Your Property in Ghana

Engaging The Services Of A Caretaker: A Sweet Dream Or A Nightmare

You probably might have heard about property or land caretakers in Ghana. You may be wondering who they are, what they do, why their services are needed and how important they may be to you. If you are thinking about owning a land in Ghana, then the subject of land caretakers should be of interest to you. Ghana Property land caretakers are individuals hired by landowners to protect, secure and maintain their property in their absence. Hiring a land caretaker is usually based on trust and for this reason, most landowners may hire people they know: friends or relatives. In cases where getting a relative or friend proves difficult, then a caretaker is hired based on recommendations from trusted people. The following are reasons why people engage the services of caretakers:
  Home Construction Loan in Ghana


Financial Problems

Usually, landowners buy lands at a time when they are not financially ready to build or develop the lands. This may be due to the difficulty in accessing funds immediately. As a result, a lot of landowners build gradually. This means that landowners develop their lands as and when they have access to funds; thus, the construction process takes many years hence the need for landowners to often engage live-in caretakers to protect their property and building materials from theft.

Fear of Encroachment

Due to the absence and inability of landowners to cater for their property, the land is left bare, unattended to and uninhabited. This may invite encroachers and, in some cases swindlers, who connive with others to sell the land. To avoid these situations, you will definitely need a land caretaker in Ghana.

Problem of Distance and Time

Most property owners live abroad or do not live in or near the same community where their lands are located. Therefore, these landowners will not have the time to monitor activities on their property. In essence, the advantages of having a caretaker allow you to develop your land gradually based on your financial strength, prevent encroachment, live in peace and prevent theft and vandalism. On the other hand, engaging the services of a caretaker can be a nightmare. You are likely to encounter the following risks:
  Land-Situation-and-Acquisition-in-Ghana


Threat of Theft and or Vandalism

When the relationship between the landowner and the caretaker turns sour due to a dispute and broken trust, the caretaker may take vengeance by stealing the building materials for construction or vandalize the land. In the long run, the landowner suffers a great deal of losses.

Business and Trading Activities

Some caretakers tend to use the land for their personal business activities like trading to generate income for themselves. If there is an uncompleted building, portions of the building are rented out, turned into a stall or a warehouse. All these activities are at the expense of the landowner.

Resale of the Land

In cases where the landowners live abroad and may not be in the country for a long time, sometimes, their lands are resold to others. The consequence of this action is litigation. The battle to reclaim your land at the law court can go on for years wasting your time and resources especially money.
  ghana-housing-shortage


Land Sanitation Challenges and Problems

Due to the absence of a place of convenience, lack of waste disposal systems, water, bathroom, etc., caretakers are forced to use portions of the land as they wish. This means that the land is used for all kinds of practices and activities like using the land as a dumping or refuse grounds for waste. This makes the land dirty and unkempt. In short, buying or owning a land shouldn’t be a sweet dream or nightmare affair. It should be a “ happily ever after” enterprise. That is why we invite you to buy your land from us. Visit our website at www.ghanahomesforsale.com and check out the available lands on sale.

4 Things You Should Consider Before Building Your Dream in Ghana



An adage says that if houses were boxes, nobody would be homeless in a foreign land. This is an undeniable fact since, if that were the case, then travelers would carry their boxes (houses) to their destinations. The question is where does one put one’s box upon one’s arrival? In other words, where would your house be if houses were boxes? The most important consideration you have to make regarding real estate issues is location. Finding a location is a challenging decision to make when you wish to own or rent a house. There are certain things you must take into consideration when deciding on a location for your house.

Planning

The success of everything begins with planning. Therefore, before you build your dream house, you must first plan the location and type of building you would like to erect. Below are some of the issues you must consider in the planning of your building.

Accessibility & Convenience

You would find that most people do not consider issues such as accessibility as they grow older. They ignore or overlook the prospect of the future with regard to their health. The other things you might lose sight of when choosing a location include the health and age of your family members, proximity to your workplace, your children’s school, your church or place of entertainment, a central place for shopping, etc. Whatever the reason may be, it is vital for you to consider location through the lens of accessibility.

Tiny house plan in Ghana source: zillow

Security

Security is very essential. You would not like to live in fear or lose hard earned money to undeserving unscrupulous persons. As a result, you may want to choose a location that is not prone to attacks, theft, kidnapping, diseases, flooding, etc. The cost of choosing an almost incident-free location is cheaper than side-lining security issues. Undermining security can cost you your life or property. It is prudent for you to be conscious of security issues or arrangements in the location you choose to build. This is important because you are assured of freedom from danger or threat.
  Houses in Ghana interiorsource: zillow

Comfort

Your lifestyle should guide you towards finding a location that will give you maximum satisfaction. Everybody has a unique preference for comfort. Comfort could mean luxury, simplicity or the topography of an area. Whatever your preference is, just remember you want to come to a place you are excited about, not a daunting house or vicinity. You want to be close to neighbors you can extend a hand of fellowship to. You want your location to reflect the sophisticated you and boost your So, whether you are planning to build or rent a house, think about accessibility, security, and comfort. They are just the best recipes for your maximum location satisfaction.

Wednesday, September 7, 2016

Mortgage In Ghana Is Hard to Get: Particularly for Workers



Competition in the housing sector is keen with estate developers jostling to out-compete one another while the average Ghanaian worker races to acquire a home for a lifetime.



Home finance experts say a fundamental disparity exists between the properties many Ghanaians are trying to build or buy and those they can actually afford.
Managing Director of Home Direct, Mr. Sammy Amegayibor, said in an interview with the Graphic Business that home applicants needed not to find themselves priced out of the property market if they were prepared to start young with low-priced starter homes.
“This is the surest way, they can acquire a home and have a future guarantee when they retire than go in for a dream house that many years of savings cannot erect and later abandoned for lack of funds”.
If people are building or buying a home, many want it to be their "dream” house from the start, "but often their salary just doesn't support their plans,” says Mr Amegayibor, who doubles as the Executive Secretary of the Ghana Real Estate Developers Association (GREDA).
The rising cost of a mortgage is fuelled by an influx of non-resident Ghanaians and foreigners, who mostly out-compete middle-class Ghanaians who struggle to get their first foot on the property ladder.
“Buying a decent house with a mortgage of GH¢ 150,000.00 when you are 30 or 35, you should be earning a monthly income between GH¢6,000.00 to GH¢6,500.00”, he said.
Barrier to mortgage
A reluctance to take a mortgage or loan is another barrier for many would-be homeowners: what the Ghanaian market has not yet learned to do is to see property itself as a financial asset and a means of saving.
Mortgage repayments may seem expensive, but if taken out against a house within your range, they can be an effective way of saving up valuable property equity for the future.
“Studies have shown that the typical Ghanaian will have a substantial salary increase every two years, and a change in status (such as a new job or a promotion) every five years,” says Mr. Amegayibor.
Based on this premise, customers are able to increase their mortgage repayments as their income increases; and make only a minimum payment in years when income is stagnant.
HFC Bank, the former Home Finance Company Ltd which has been providing mortgages in Ghana since 1991, has even developed a plan to reach out to more mortgage seekers called, “mortgage at your doorstep’ specifically for the home market rather than for non-resident Ghanaians.
Stable currency
Interest rates at HFC Bank and Ghana Home Loans – Ghana’s two leading mortgage providers – are at an average of 30 percent as the currency remains stable.
“There is a lot of potential for mortgage schemes, as there is a fair amount of annual demand for housing in the country,” said Mr. Robert Le Hunt, Managing Director of HFC told the Graphic Business.
“But the emergence of a real mortgage market can only be accomplished with a lowering of interest rates.”
 Long-term funding 
Commercial banks themselves lack the long-term funding to make mortgages viable, while high borrowing costs deter customers.
“The biggest challenges are the current bank deposit structure, which is mostly short-term, and historically high-interest rates, which put monthly payments on long-term loans out of reach for most people,” said Robert Le Hunt.
In the past, the fact that HFC was the only institution allowed to foreclose on properties, with recourse to lengthy court cases, discouraged other institutions from getting involved in the segment.
Without a mortgage, it is standard for property developers in Ghana to charge at least 40 percent of the cost of the house upfront, with the rest due in installments before the keys to the property are handed over. 
For example, Home Direct Limited is one of a number of property developers in Ghana now stretching into the low to mid-range housing sphere.
Customers must pay 40 per cent before allocation of a property – new houses are only built once an order has been placed – then 40 percent payment when the housing is at roofing level, and the final 20 percent before closing. 
But why are Ghanaians not borrowing money? Although the number of companies offering mortgages are still not many in Ghana, it is not lack of available loans that is the problem, Mr. Le Hunt of HFC questioned.
“In some ways, accessibility to mortgage facilities is largely concentrated in the capital Accra, which has made it difficult for people in other regional capitals to access the mortgage facility.
 “We are not taught about borrowing in schools; we do not value housing as equity. Ghanaians would rather save their money and then pay for a house when they can afford it; when they could have been saving and paying for their accommodation at the same time.”
Equity lease
Mortgage companies can also offer equity release on houses, as customers take out long-term loans using their property as collateral.
With the acquisition of a universal banking license, Ghana Home loans is expected to issue mortgage-backed notes denominated in either dollars or cedis and subsequently list the company on the Ghana Alternative Market.
The company as at 2012 had provided financing to over 1,500 households totaling $90m for the acquisition, construction, and improvement of homes across Ghana.

Source: Graphic


Saturday, September 3, 2016

Ghana Needs Funds Dedicated to Affordable Housing Projects


The Ghana Real Estate Developers Association (GREDA) has called for the creation of a fund dedicated to affordable housing projects in the country to make it possible for people to own low-cost homes.

The Government is currently partnering with private developers to put up affordable homes which, according to some industry players, are not really affordable. The indicative per unit cost of a two-bedroom affordable housing apartment is about $29,000 and $57,000 for a three-bedroom apartment.

According to the Secretary to the Executive Council of GREDA, Mr. Sammy Amegayibor, housing prices could go down if a self-revolving scheme is set up purposely for affordable housing projects from which developers and prospective homeowners can borrow at a specified rate.


Speaking on Class 91.3FM on Wednesday, August 31, Mr. Amegayibor said the current approach to affordable housing is wrong since it still creates room for private developers to dictate prices.

“If you want to do affordable housing projects then we need pragmatic measures to actually drive that agenda and put it there. There should be a dedicated fund that developers should go and borrow from. There should be a dedicated mortgage arrangement where people will go and take the mortgage, come and pay back the money to the developer. The developer can pay back the money he borrowed from the bank at that cheap rate, and there is money again for another project. If we don’t do a scheme and continue to do what government is doing now, which is, execute and go, where they have a land, they are building 10,000 houses and the contractor is given money, he gets the job done, he goes away with his profit margin, we can never do affordable housing project”.

Source: classfmonline


Ghana Needs Funds Dedicated to Affordable Housing Projects


The Ghana Real Estate Developers Association (GREDA) has called for the creation of a fund dedicated to affordable housing projects in the country to make it possible for people to own low-cost homes.

The Government is currently partnering with private developers to put up affordable homes which, according to some industry players, are not really affordable. The indicative per unit cost of a two-bedroom affordable housing apartment is about $29,000 and $57,000 for a three-bedroom apartment.

According to the Secretary to the Executive Council of GREDA, Mr. Sammy Amegayibor, housing prices could go down if a self-revolving scheme is set up purposely for affordable housing projects from which developers and prospective homeowners can borrow at a specified rate.


Speaking on Class 91.3FM on Wednesday, August 31, Mr.

Amegayibor said the current approach to affordable housing is wrong since it still creates room for private developers to dictate prices.

“If you want to do affordable housing projects then we need pragmatic measures to actually drive that agenda and put it there. There should be a dedicated fund that developers should go and borrow from. There should be a dedicated mortgage arrangement where people will go and take the mortgage, come and pay back the money to the developer. The developer can pay back the money he borrowed from the bank at that cheap rate, and there is money again for another project. If we don’t do a scheme and continue to do what government is doing now, which is, execute and go, where they have a land, they are building 10,000 houses and the contractor is given money, he gets the job done, he goes away with his profit margin, we can never do affordable housing project”.

Thursday, May 12, 2016

How to Avoid Land Problems in Ghana

Land-Situation-and-Acquisition-in-Ghana.jpgLand Situation and Acquisition in Ghana

Since independence, several citizens of Ghana have encountered a puzzling land administration system. There have been long and expensive procedures entailing several land agencies, which have discouraged many citizens from legally registering their lands in the state institutions. Land concerns have been controlled in a double situation for a long time with traditional laws and regulations functioning alongside the state law.

Approximately 80% of the land is under customary holders while the rest is held by the state. During the colonial period, information on land ownership in Ghana was not comprehensively recorded. Numerous transactions were denied effective certification and land maps were demarcated by physical landmarks, for instance, hills instead of surveyed maps. Since the physical features were not an efficient way of bounding land, litigation over proprietorship and boundaries remained endless.

Land-Situation-and-Acquisition-in-Ghana

Through the Land Registry Act, all transactions were required to be administered through the deed registration system that was put in place from the onset of the 19th century. This involved a system based on documents proving persons’ right to transfer land or property. However, the system has faced a number of challenges as since registrars have not had the power to investigate and reject documents of dubious legitimacy.

Therefore, anyone with a title deed could claim land and sell it to another person. With no clear procedures, there was no vibrant way of determining the real owner of a land. Furthermore, through customary land tenures, individuals have been allocated land orally without proper documentation. This has led to the lands being allocated or sold to multiple owners.

Due to this failed systems, the government has sought to establish different institutions in overseeing the land acquisition and usage in Ghana. For instance, the Land Title Registry provided a compulsory registration of districts but it did not have many achievements.

ghana-land-problems-and-scams-to-avoid

The turning point of the Ghana’s land system was marked by the Lands, Forestry, and Mines Ministry Land Administration Program. The program lay the foundation for reforming land administration in Ghana. The administration was aimed at creating a sustainable and well-functioning land administration system.

The problem of purchasing land in Ghana is not over. Currently, before you purchase any piece of land in Ghana, you must consider several factors. These include carrying out due diligence over the land, involving a searching process with the Lands Commission about the lands ownership, getting a cadastral plan, drafting and signing the transfer agreement and registering the land with the Lands Commission.

Are You Looking to Buy Land in Ghana? Buy it from us!

We have walled and gated plots available for immediate sales at Oyarifa. Click here now for the details.

Here is what we do:

  1. We do our due diligence on the Land
  2. We buy the land, secure it,  wall it, gate it and lock it

Here is what you do:

  1. You buy it from us
  2. You take immediate possession and we process your documents for you - document cost included in the price
This is a new buying experience and the first in Ghana. It's that simple. No More Land Buying Nightmares !!!!

Click on here or the image below to see available plots

walled-and-gated-land-in-Ghana
What has been your land buying experience? Share your story in comment section below.

 

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