Monday, March 18, 2013

9 Questions To Ask Yourself When Buying Or Building A Home In Ghana

9 Questions To Ask Yourself When Buying Or Building A Home In Ghana

The purchase of a home is the biggest investment that most people make in their lifetime. Whether you are purchasing a home for your own use or as an investment property, you don’t want your investment to lose value over time. While the real estate in Ghana is currently booming and the outlook for the next few years is healthy, there is always a possibility that the bubble will burst and prices will drop. You can protect your investment, however, by asking yourself these 9 questions when buying or building a home in Ghana.

1. What neighborhood is best? Even though homes in urban areas such as Accra or Tema tend to be more expensive currently, the prices will likely remain stable as the city’s infrastructure is already in place. New construction prices in rural areas are typically inflated by the developer to recover the costs of putting in roads, running power to properties, etc. Once the infrastructure is in place, the prices of these homes will likely drop.

2. How much space do I need? Take both your current needs and your future needs into account. You don’t want to outgrow your home and have to start your search all over again in a declining market.
3. Does the floor plan work for different lifestyles? The more versatile the home, the more potential buyers.

4. What features are must-haves? Don’t invest too heavily in unnecessary, luxury features.

5. How much can I afford? The worst mistake buyers or investors can make is over-extending themselves financially. Experts recommend that you limit your search to homes priced 5 to 10 percent less than what you qualify for.

6. What will the resale value be? Don’t build or buy the largest, most expensive home on the street. This will decrease the resale value and make it harder to sell. Homes in a median price range are more desirable, especially in an economic downturn.

7. What is the quality of construction? The better the quality, the better the value will hold.

8. Does the home have a competitive advantage? When comparing properties, choose the one that holds an advantage of some sort. It may have energy efficient features, be handicap accessible, close to public transportation, etc.

9. Does it have curb appeal? Ghana Homes that are in good condition and make a good first impression have better resale value.

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