Are you looking to get into property investing, or are you considering purchasing an investment property? Most certainly, it's not an easy decision to make because one needs to be well-versed before plunging in with your hard-earned money. This article will highlight some real estate marketing tips; Ghanaian investors should consider before committing to this investment venture.
Investing in real estate in Ghana can be an excellent long-term strategy for growing and preserving wealth. Various property training courses, conferences and the likes claim that property can make you rich without spending a lot of money or cash because of the high ROI. However, you're not prepped for the potential risks or the hard work involved. In addition, these courses, training or conferences do not come cheap. You are charged a hefty fee during the entire training process. These schemes are nearly all "get rich quick" projects; they aren't real investments. You must beware of con-entrepreneurs and motivational speakers who try to sell inexpensive training and mentoring programs using aggressive sales techniques.
Over the last few years, the real estate sector has proliferated. Ghanaians, travellers, and expatriates interested in investing there have much to gain from this property. Ascertain who owns the land and make sure you are buying it from the right owner. Several buyers have acquired this land, and they are not the bonafide owners. A land valuation will be necessary as well as a review of the title at the government office. These activities are charged at the buyer's expense.
Additionally, you will be required to review the documents personally and participate in all aspects of the purchase. Before you make any payments, you should engage an independent lawyer to review the documents.
Investment property always promises a high yield between 8%-11%, in Accra Ghana, despite all odds. In an area apartment of 75 square feet, a rent of US$1.750 per month would give a gross rental yield of 11%. US$2,200 is the average price of a square foot of the residential property. Ghana's property transactions cost can be relatively high, but in comparison with other countries in the region, buying and selling a property is not unreasonable.
The yield is an important consideration when considering an investment property. Depending on the developer, a rental yield can be guaranteed for one year or more, and investors use this data to determine their buy-to-let income. Investing is more than simply looking at rental yields, and investors must consider a variety of other factors and impacts rather than just focusing entirely on that number. Investing in return on investment is more important than the yield. Examining the details of what is being offered to you is vital. Is your future being overstated? Is there a contract for the yield? After two years, what happens? Does this seem reasonable or realistic? There's a good chance it's not real if it seems too good to be true.
Since every market differs, you should research what the typical yields and rents are in your area. The yield, however, should be viewed as a tool to gauge ongoing performance. It is essential also to consider Return on Investment (ROI) and whether there is an apparent high demand for rental units. High rent yields are often used as a marketing trick to cover up other problems. If you decide to invest in a property, always investigate the entire opportunity and be cannily aware that there are some risks involved
There is often a presumption that assured Sellers would include rent in the property price of new-builds. Still, it is important to realize these often are not transparent and can manipulate the property value. Make sure you ask the relevant question about the property's value, which are advertised with these incentives. In valuations, developers are sometimes considered investor-led, which reduces mortgage providers and causes challenges. You may be able to find a similar arrangement with an independent provider.
Cheaper property isn't necessarily the best choice. Can the price be kept down by cutting costs? Contractors with the lowest bid often have a higher risk of problems. Make sure the development you deliver is of the highest quality. Check the track record of the company and do your due diligence. Is this one of many other high-quality developments, exploring your options if they have other developments? Look for reviews and recommendations from trusted sources.
Preparation is key to surviving an unexpected event. Make sure you have enough money in your investment fund for any unexpected costs. Include these expenses in your yield and return. It is important to keep in mind that all investments have some risk, albeit some more than others. Performing due diligence is essential. You can use some online resources to find out your investment strategy, which developers to work with, and what houses are worth. Ensure you purchase a property that fits your investment strategy, not one that provides the training or property you are being sold. Investigate and educate yourself.
To maximize the returns on investment when investing in properties, you need to choose experienced property developers. Examine their portfolio and visit their built-out developments or ongoing construction projects.
Devtraco Plus is an industry-leading real estate developer that has successfully created a unique niche for its exclusive premium quality housing units in prime areas of Accra, Ghana. From the well-known echelons of the Devtraco brand, our company promises nothing but excellence in delivery and service. Our developments have distinctive design characteristics, are tastefully finished with modern finishes, and are built with materials that show our commitment to quality. We offer suites, studios, 1-2-3 bedroom apartments, and 5 bedroom townhouses in Accra, Ghana. Our next generation of signature homes is now available in Ghana!