What to do before buying a home in Ghana, GREDA offers leads
To prevent potential home buyers from encountering unpleasant experiences with the Ghanaian real estate sector, the President of Ghana Real Estate Developers Association (GREDA), Patrick Ebo Bonful, has offered critical leads that could assist potential homes buyers to secure safe homes.
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For him, understanding the real estate terrain would not only prevent home buyers from encountering unpleasant experiences, but it would also ensure that their investments are well protected.
"When purchasing a property, buyers have to exercise caution, and thoroughly research the background of the property to avoid potential risks," he said, adding "Safe and secured home ownership is a critical aspect of ensuring peace of mind for home-owners."
Graphic-GREDA Housing Fair
Mr Bonful was speaking at the opening of the nation’s biggest real estate and housing fair, which was jointly organised by the Graphic Communications Group Limited (GCGL) and GREDA at the GHUD Park at the Accra Mall in Accra today, Thursday, August 1, 2024.
The three-day fair, scheduled to run between 8:00 a.m. and 8 p.m. each day, will offer prospective and existing home owners, investors, real estate developers, financial advisors, interior decorators, regulators and other industry players in the housing sector the opportunity to make purchases, finalise agreements and brainstorm.
The annual event, which climaxes on Saturday, is being held on the theme: “Green Housing: Safe and Secure Home Ownership, Let the buyer beware”. It will focus on homes and buildings built with environmentally sustainable materials and recycled plastics known to be eco-friendly.
Some confirmed participants in the fair are SIC Insurance, Vanguard Assurance, ASHFOAM, DEVTRACO, Waylead, CCAG and Sedan Landbank. Others are Hollard Insurance, STL SUPERLOCK, Broll Ghana, Affordable Luxury Homes, Lakeside Estate, Star Properties, Spotlight Homes, Latex Foam, First National Bank, Azar Chemical Industries Limited, Regimanuel Gray Limited, Cornerstone Developments, Emerald Properties and Swami India Ghana Limited.
Participants are expected to have first-hand knowledge of how to finance homes and properties, financial instruments, funding options from companies selling houses and homes, investment plans and information on insurance-related housing.
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Participants will also be educated on land acquisition, the effective ways of building houses and how to address issues such as flooding and fire outbreaks. The fair is expected to feature everything from housing to finishing a dream home.
Why home buyers must be careful?
Mr Bonful said safe and secured home ownership requires careful consideration, research, and diligence on the part of the buyers, pointing out that by being aware of the potential risks and taking necessary precautions, homeowners can protect themselves from unforeseen issues and ensure positive experience in their new homes.
For the GREDA President, with the passage of the Real Estate Agency Act, 2020, (Act 1047), "It is important to hire a reputable real estate agent who can provide valuable insights and guidance throughout the whole buying process."
That, he explained, obtaining a thorough home inspection can reveal potential issues with the property that may not be immediately apparent to the buyer.
For Mr Bonful, by taking precautions, homeowners can protect themselves from unexpected problems and ensure that their investment is secured.
He also stressed the need for buyers to conduct due diligence and carefully review all aspects of the property before making a purchase, particularly all legal documents covering the title of the property.
These documents he mentioned, included researching the neighbourhood, understanding the market value of the property, and verifying the legality of the property title.
Mr Bonful explained that by "understanding the risks and potential challenges associated with the ownerships, buyers can make informed decisions and reduce the likelihoods of encountering unpleasant surprises in the future."
Challenges with the Real Estate in Ghana
The GREDA President indicated that the real estate industry in the country is going through a tough time, and that "It is our only wish that we could get some bailout from somewhere, particularly from the government".
For him, the government could assist the real estate industry scrapping the five per cent-imposed Value Added Tax (VAT) on the sector, stressing that the five per cent VAT on the sector "is making matters only difficult."