Looking to Invest in Ghana? 3 Things Your Trusted Partner Won't Tell You

There are many sound financial reasons to invest in Ghana real estate. The country is experiencing tremendous economic growth and the real estate market is booming. Investing in Ghana real estate is a great way to diversify your investment portfolio in the event that there is another world economic meltdown or financial crisis. As with any major purchase, acquiring real estate in Ghana should be carefully researched. Even if you have been approached by a seemingly reputable business partner that you trust, there are still things that person may not disclose.

1. Don’t purchase any real estate sight unseen.

Many real estate companies advertise luxury properties on their websites, complete with photos and 360 degree virtual tours. While you may be pressured to quickly purchase a hot property before someone else does, this usually isn’t a good idea. The photos may not be truly representative of the property. Real estate is still a local market, even internationally. The experts at Forbes Magazine recommend that you take the time to visit the country or city that you are considering investing in and stay for a few weeks in a rental home nearby rather than a hotel to truly get a feel for the area.

2. There are potential currency risks when purchasing a home in Ghana.

The international exchange rate can affect the prices of Ghana homes for investors—most of the real estate for sale in Ghana is quoted in American dollars rather than Ghanaian cedi to hedge against depreciation. If you plan on using the property for rental income, there are tax laws to consider as well. Non-residents are charged a flat income tax of 10 percent according to the Global Property Guide, and a 15 percent capital gains tax when you sell real property in Ghana. Since income and capital gains taxes in the other countries vary based on different factors, the tax rate in Ghana may or may not be better for your financial situation—verify tax rates and code with your Ghana real estate lawyer.

3. Some properties may not legally be saleable.

Unfortunately, some companies or people will try to sell you properties that are part of a communal trust, belongs to someone else or do not have a clear property deed and land title. Before signing any documents, be sure that the company you are dealing with has a reliable reputation. Ghana Homes Group employs full-time real estate lawyers that can help you research the land titles and deeds as required by law.

Warning: Be Aware of These 7 Ghana Real Estate Laws

Ghana is a wonderful place to live. It is rich in culture, boasts beautiful beaches, and the people are unbelievable friendly. Not to mention the booming real estate opportunities. Before building a home in Ghana, however, it is important to be aware of the local real estate laws; some are similar to other countries, others are vastly different. The purpose of the laws is to create economically and structurally safe developments throughout the country.

1. Clear Land Title

The first real estate law you should be aware of involves obtaining a clear land title. This can be a difficult and lengthy process. Failure to get a land title, however, can result in forfeiture of the property without monetary compensation. A land lawyer can help you research the land and prove that it is not part of a communal trust or sold to someone else.

2. Financing Requirements

In addition to a clear land title, most financial institutions require that applicants carry a valid life insurance policy to obtain a mortgage or construction loan--thus if you require a loan to build the house.

3. Building Permit

According to a survey from the Physical Planning Department of the Sekondi/Takoradi Metropolis, approximately 36 percent of the buildings in the area were built without permits, despite the legal requirements. The consequences of building without a permit can range from a monetary fine to complete demolition of the home by the government.

4. Emergency Precautions

By law, the home design must include emergency exits in the case of fire or flood. The builder is also required to include structural means in the plans to prevent fires.

5. Excavation Requirements

Environmental factors such as the depth of water tables and sub-soil drainage must be accounted for legally before excavation can begin.

6. Completion Time

The law also requires that builders meet certain timelines. For instance, the foundation and walls typically must be completed within 2 years from the date of land purchase. Timelines prevent incremental building, structural degradation and questions of rightful land ownership.

7. Building Materials

Certain materials can and cannot be used according to building laws in Ghana. This prevents harmful or toxic materials from being used, enhancing the quality of life for Ghanaians. It also ensures long-term structural soundness. A reputable builder such as Ghana Homes can help you select the best materials for your needs.

Do You Need a Builder or a Contractor in Ghana?

Let Ghana Homes build your dreams home at a price you can afford: a custom home that fits your style, on your own land or ours with these three simple steps:

1. Select and finalize a House Plan here (we can customize as needed)
2. Work with Ghana Homes to get a bill of quantity (pricing)
3. Sign a contract to secure price
4. Make the require down payment (or with a pay as you build plan)
5. We begin construction

Contact Ghana Homes today for a personal consultation.

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7 Ideas To Build The Best Kitchen For Your Home In Ghana

There is no exact formula for building a fitted kitchen—it is as much an art as it is a science. The key making it the kitchen of your dreams is to find a balance between form and function to create an inviting space where you want to spend your time. Here are seven ideas to help you do just that.

1. Think about your cooking habits.

There are many different shapes and styles of kitchens. You will want to consider your cooking habits and decide which will best fit your needs. How you intend to use your new kitchen will also determine where to put things such as outlets and light switches.

2. Include plenty of storage space.

Rarely does anyone complain that their kitchen has too much storage space. When designing your kitchen, make sure that there is plenty of built-in storage space in varying sizes, to accommodate everything from coffee cups to bulk-sized bags of rice.

3. And plenty of counter space.

Experts recommend at least 24 inches of counter space on one side of the sink and at least 15 inches of counter space on the side of the refrigerator with the handle. This will make everyday tasks such as washing dishes and putting away groceries much easier and more efficient.

4. Pick appliances before construction begins.

While most appliances come in standard sizes, it is much easier to design the cabinetry around the appliance than to retro-fit it.

5. Keep things in scale.

Oversized appliances will work in a larger kitchen, but a small kitchen demands small appliances. The same holds true for building materials such as floor tiles, countertops and backsplashes.

6. Don’t forget the cabinet hardware.

Wood cabinets are especially susceptible to damage from oil that is found on skin. Installing handles or pulls on cabinets and drawers will keep them looking new and prolong the life. Kitchen hardware also adds dimension and visual interest to the space.

7. Hire a professional to design your kitchen.

Most people are on a tight budget when building a home. If you have a limited amount of money, it is better to spend it to design a functional space with a solid foundation. You can always upgrade the countertop or appliances in the future when you have more money to spend.