The Ghana Passport Application Process, 2020 (A Step-by-Step Guide)
- 28 October, 2020
- Tips and Advice
A passport is a basic right that every citizen is entitled to. Any Ghanaian citizen can go through the passport…
Real estate is said to be one of the safest and smartest ways of investing, as property appreciates and increases in worth over time. When most people think of being a landlord, what comes to mind is renting out their property to a family or an individual. However, renting out your space to a business is an equally, if not more profitable venture. Currently, there is high demand for commercial property such as shops and offices for rent due to the surge in the Ghanaian business climate. The commercial real estate sector seeks to cater to the property needs of large, middle and small scale industries, making the sector a truly attractive one. This means there’s a huge opportunity for property owners.
Why You Should Convert Your Space
Most owners of commercial property earn considerable returns on their real estate investments. In Ghana, tenants of shops usually pay 5-10 years rent advance. This is advantageous to landlords since they are able to raise huge sums of money at a go. The business landscape in Ghana is also fast expanding, and taking advantage of the increasing demand to make some extra money is just prudent.
For older people at the empty nest stage, converting your home to a commercial property might be a great idea. It affords you the opportunity to earn a healthy income after retirement and also allows you to fill the void in your home after all your children have moved out. You can convert your garage into a shop and your first or ground floor into an office, if you live in a storey house. Also if your property has become too large or has many unused spaces, it might just be time to move into a smaller space and convert your old space into commercial property.
Getting the Most Out of It
In transforming your home into an office, it is best to anticipate the needs of the office environment and adapt or tailor your home to meet those needs. If you have faulty closets and leaky taps, make sure they are fixed. You can also add more washrooms and label them based on gender, having in mind that your home will now accommodate a greater number of people since it has been transformed into commercial space. If you intend to live on the same compound as the businesses that will be renting or buying your space, be sure to let or sell it out to businesses you can accommodate peacefully. Renting your ground floor out to be used as a pub or night club might not be a good idea if you prefer a quiet and tranquil environment.
Because most residential property are often located far away from town, care should be taken when making the decision to convert. You wouldn’t want to have no demand because of poor location. It is best to evaluate the local economy of the area in which your property is situated. If your property is located in bustling areas and town centres like Osu, Dzorwulu or Ridge, converting to commercial property can be the best decision ever as it can bring in a lot of money. If your property boasts features such as a large compound, this can be leveraged in areas where parking space is often hard to find. It can help you get a good price!
Notwithstanding, all forms of real estate investments have the promise of yielding great returns. If your residential property is located in a bustling commercial area, definitely consider converting it to commercial property. Like residential property, be sure to clearly state the terms of the lease and drum up an agreement that will be binding on both parties and be ready to undertake regular maintenance of the space as landlord/landlady of the property. Once you’re all set, post your available office to let listing online to find a property seeker and position yourself to earn the big bucks!