Q&A: What Should I Consider when Investing in Real Estate?

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Real estate investing is one of the safest investments anyone can ever make. One can invest in real estate by buying a property, renting it out and becoming a landlord. Another way of investing is by identifying real estate investment group; such groups are identify companies that build properties and invest in them. Real estate investment groups make returns when people buy or rent the properties. The question therefore is how one can identify the right property to invest in to make returns. Follow these simple tips when investing in a property:

 

 

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  1.       Establish why you want to invest – Before making an investment whether you are in Ghana or overseas, it is important to establish why you investing in property. Is it for personal use? Would you want to rent it out for a number of years and later move into it? Or it’s just for profit purposes? That should inform the kind of property you decide to invest in. Do you have the money to pay upfront for the property or you require a loan. A financial plan is important at this stage.

 

  1.       Select a developer with a proven track record – There are several real estate companies in Ghana.  A number of them have been in the business for some time and have a proven record. Others are relatively new but trustworthy. To get information about a developer, visit their website and subsequently their office to speak to them. You can also ask other real estate agents for recommendation on the most trustworthy developer before investing.

 

  1.       Select the right property manager – This tip is particularly important to people investing in properties that they wish to rent out. Select someone to manage the property for you if you do not have the time to do it by yourself. Remember to choose a manger who is trustworthy.

 

  1.        You may need a middleman –  If you are overseas but still wish to invest in a property in Ghana ensure you select someone you can trust. Family members may not always be the most trustworthy. Select someone who has the knowledge, skill and experience to transact the business on your behalf.

 

  1.       Choose the right property – This is the most important decision you need to make. A  good property will also determine its value. It is always said that the value of a property is determined by the location. Select a property in a good location for instance; you can consider a property in Cantonments, Osu, East Legon, Airport, Dzorwulu or Roman Ridge.
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