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.

The 10 Commandments of Building a Home in Ghana

While these rules for building a new home are not carved in stone, they should be taken just as seriously. Following them will make the building process more efficient, less stressful and overall more divine.

1) Obtain building permits.

The purpose of building permits in not to make it harder or more expensive to build a new home in Ghana; rather, it is to ensure the strength and safety of the structure.

2) Allow plenty of time.

Clearing the land title and obtaining a building permit can take as long as 3 months—sometimes longer. Start the process early so you are not rushed.

3) Honor your contract.

Read your contract thoroughly and asking questions to make sure you understand it.

4) Remember your budget and be faithful to it.

It can be all too easy to go over budget during the building process by changing materials and adding features. Changes will not only cost you money, but also valuable time.

5) Put changes in writing.

If you do make any changes during the construction process, be sure that the specifics are put in writing, including the cost.

6) Do Not Compare with Your neighbor’s house.

You should build a home to fit your own lifestyle and needs, not to outdo your neighbor. Overbuilding in a neighborhood can also have a negative impact on your property value.

7) Hire professionals.

Building a new home in Ghana requires expertise of the area, the government and its building laws. Professionals such as Ghana Homes Group can help you every step of the way—from choosing the location, house plans, to clearing the legalities to creating the floor plan.

8) Remember to check references.

Just because a builder claims to be a professional doesn’t necessarily mean that they are. Ask for customer references.

9) Consider security.

Your home should include safety features such as a tall wall, a gate and a security system to protect members of your household.

10) Perform an inspection.

It is always a good idea to walk through the home prior to closing—or better yet, hire a professional home inspector. Take your contract to make sure everything is completed as agreed. If not, you should postpone the closing until the home meets your expectations.

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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The Pros and Cons of Building Your Own Home in Ghana

One of the first of many decisions you will be faced with when building a new home in Ghana is whether to do it yourself or hire a general contractor. There are advantages—as well as disadvantages—of doing either. Here are some things that you will want to consider.

Acting As Your Own General Contractor

Pros

• Potential to save a substantial amount of money.
• Ability to customize your home exactly how you want it, making changes as you go.
• Working at your own pace, without being at the mercy of a contractor’s schedule.

Cons

• Time and labor intensive.
• No warranty on workmanship.
• Taking too much time or building incrementally can sacrifice the quality of building materials, making the home unsafe even before it is completed.
• Can actually be more expensive if you don’t already have the necessary tools or you make costly mistakes.

Hiring A Professional Contractor

Pros

• Familiar with the latest changes to building codes.
• Take care of tedious tasks such as clearing the land title and obtaining permits.
• Have the latest tools and technologies at their disposal.
• May have insight to improve your floor plan or the building process.
• Resolve disputes between suppliers, subcontractors, etc.

Cons

• High cost of labor.
• Can be harder to make changes during the construction process.
• Not all contractors are honest; some might overcharge for materials, or use stolen materials, etc.

Final Decision

Ultimately, your decision will be based on your budget as well as your comfort and experience level with the construction process. Most people find that it is worth it to spend the extra money and hire a general contractor. When you hire a professional you are paying for a lot more than just a house: the ability to anticipate and resolve problems, years of experience and competency.

The quality of the finished product will typically surpass anything that you can do by yourself. Best of all, the responsibility for the entire job lies on the contractor’s shoulders—not yours. If the home doesn’t meet your specifications, you can withhold the final payment until it does. If a problem arises after the completion of the project, the contractor will be responsible during the warranty phase and the Ghana contractor will repair such problems.

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.

Use any of the scoial icons below to share this article.

The Legalities Involved in Buying Land or a Home in Ghana

For many people, owning their own home is a dream come true. If you aren’t careful when buying land, building a home or buying an existing home, however, that dream can quickly turn into a nightmare. There are a number of important legal issues that must be addressed in order to protect yourself and your investment. Before you sign any documents or any money changes hands, you would be well advised to seek professional help from lawyers and real estate professionals such as those employed by Ghana Homes Group. Here’s why.

Prove Ownership

Over the past few years, there have been numerous instances of unauthorized owners selling or leasing property that they don’t have the rights to. In other instances, the property is sold to more than one buyer. Before you purchase any type of property, you need to have the title reviewed by lawyers and cleared by the land registry office. The complex process can take months to complete; longer if you fail to file all of the necessary paperwork.

Transfer Title Correctly

It is also important that upon the purchase of any property the title is transferred correctly to your name. Otherwise, you will not be able to sell the property in the future. It will instead be considered a dead asset.

Obtain Permits

The permit process can be complex as well, especially for those who are unfamiliar with the local laws and regulations. Working with professionals such as the Ghana Homes Group can make the entire building process easier. They will make sure that you have all of the required permits and obtain proof of compliance from inspections. If you cannot prove that you followed the letter of the law, the consequences can be financially devastating. You may be subjected to an expensive fine or, worse yet, the government can demolish your home.

Meet Development Timelines

If you are building a new home, the government also requires that you meet certain timelines. For instance, you will likely need to have the foundation and walls completed within 2 years from the date of land purchase. Real estate professionals will work with the local government offices to make sure that any other infrastructure building timelines are met to protect your investment. The purpose of establishing timelines is to prevent incremental building and questions of rightful land ownership.

If you are planning or in the process of buying a property in Ghana, contact Ghana Homes today and let our lawyers represent you in your Ghana property purchase.

The 6 Deadly Mistakes of Home Buyers in Ghana

Your home should be a fortress of solitude—a place where you and your family are safe and secure. Yet, sometimes people become so focused on realizing the dream of owning their own home that they will do whatever it takes to build a home for the least possible amount of time and money, not realizing what the actual cost of doing so is: the loss of human life. Nothing is worth that. Here are six deadly mistakes that home buyers in Ghana make.

1 - Building Incrementally

With high interest rates and strict lending standards, many Ghanaians build a house incrementally over a long period of time. Not only is the incremental building process more expensive, but it also wastes resources. Often, the property becomes functionally unstable during the building process and is deemed obsolete or unsafe upon completion.

2 - Failing To Obtain Permits

The collapse of a shopping mall in Accra in 2011 brought quite a bit of attention to scarcity of building permits in Ghana. An investigation determined that the mall collapsed because the building’s foundation was not strong enough. The deadly disaster could have been avoided if only the developer had obtained the necessary permits.

3 - Bribing Inspectors

Even those who do obtain permits sometimes try to bribe corrupt building inspectors to pass something off that they know is unsafe. Cutting corners and bribing inspectors is never a good idea.

4 - Not Using The Right Lawyers

One of the most challenging aspects of building or purchasing a home is proving ownership of the land title. Failing to use the right lawyers to secure the land title can result in the government demolishing your home.

5 - Foregoing A Home Inspection

Many buyers forego a home inspection in an effort to save money on an already expensive process. If you are purchasing an existing home, a thorough home inspection is extremely important. This will alert you to any potential problems with the structural components, exterior faults, roofing, plumbing and wiring.

6 - Hiring The Cheapest Contractor

Another mistake that people make is hiring an unskilled contractor simply because of a low price instead of paying a knowledgeable craftsman a fair wage. This often results in sloppy work that, even though it meets the minimum building code requirements, will not hold up well over time and can even become deadly.

Let Ghana Homes build your dreams home at a price you can afford: a custom home that fits your style, on your own land 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.

Use any of the scoial icons below to share this article.