Monday, July 29, 2013

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

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.

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Ghana Homes provides luxury high-quality properties in Ghana . We offer state-of-the-art living conditions reflective of the rapid advancements in technology and a growing need for quality housing for both low and high income families. Our group is dedicated to a hassle free living environment in which our client can enjoy all of the benefits of a safe, attractive, and inviting property.

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