The African real estate industry has grown in the last two decades, attracting investors from all over the world. Ghana, in particular, has emerged as one of the continent's most desirable locations for leisure, commerce, and real estate investment. Investments in the Ghanaian real estate market can increase your wealth if you're looking for lucrative strategies to diversify your wealth portfolio.
On the other hand, many real estate investors lose money, but this is due to a lack of a strategic plan. Some people enter the real estate market without first conducting an adequate study or learning from experienced industry investors.
The first rule to attaining capital growth is to invest in your ideas before investing in real estate. Psychology accounts for 80% of your success as an investor; the remaining 20% is determined by your abilities and execution. Here's how you can get your property investment adventure off to a good start:
Set realistic goals
The goal of investing in real estate is to create long term capital growth, which will eventually help to increase your wealth. The first step in any property investment journey is to determine the target and goals you want to achieve. Many inexperienced investors tend to over-visualise during this step; the idea here is to set realistic targets while establishing your goals.
A key consideration to setting your goals is the type of property to purchase, as well as where and when to purchase it. For instance, you could want to invest in a property in a luxury beach resort now for when you and your spouse retire. Buying the property today will also give you a return on investment and allow you to earn money from holiday accommodation or monthly rent. It can be seen as an investment that has the potential to pay for itself in the years to come.
Evaluate your financial situation
Evaluating your financial situation assures that you can genuinely afford an investment property. It will determine how much money you have to spend and how much money you need to borrow from lenders. Some of the biggest mortgage lenders in Ghana include Stanbic Bank, First National Bank, and Access Bank. Taking advantage of the many types of loans accessible in Ghana can assist you in making an informed decision about financing a property. If you do not have the resources to invest in Ghanaian property on your own, consider seeking a business partner who is ready and able to assist.
Don't forget to account for additional costs, such as those associated with repairs, maintenance, and renovations for your new property. Your apartment or house will gain value either directly through property renovations or indirectly through market expansion. Investors have more opportunities to qualify for a second apartment or house mortgage and grow their portfolios when the value of the property of their first investment increases.
Research the Ghanaian real estate market
Investing in real estate in Ghana is more affordable than in other developed countries around the world. Accra, Ghana's capital city, has a high demand for real estate from both foreign businesses and tourists, as well as local buyers. From residential to commercial and industrial property, the individual's market needs span from long-term rentals to short-term stays and lifelong purchases. Because of this demand, property owners are able to make a significant return on investment.
Hiring an expert realtor in Ghana
Once all your documentation is in order and you've decided on the type of property you want to invest in, you may hire an expert realtor in Ghana to help you find the perfect investment property. Akka Kappa Ltd is an agency that is client-centred and constantly brings innovative ideas to provide investors with the best client experience in Ghana.
Our property consultants will give you more information about the property market, the types of properties that will best suit your needs, and the locations you are interested in. We emphasise objectivity in order to provide our clients with the greatest possible returns. Our property professionals aim to provide value and achieve the highest level of customer satisfaction, even when juggling multiple exciting projects.
Protect your assets with insurance
Property insurance is one of the most effective ways to protect your assets. It protects and covers an investor or tenant against unanticipated events such as fire, theft, and earthquakes. There are many property insurance policies available in Ghana, including those for homeowners, tenants, and landlords. Landlord insurance is essential for investors since it offers landlords more protection than home insurance. In the long run, protecting your assets with the appropriate form of insurance will save you money.
Take advantage of government incentives
The Ghanaian government has a number of appealing measures to stimulate private sector investment in the country’s real estate market. For example, the government has established free zones that are designated as priority regions for future development.
Moreover, the government provides significant tax breaks to qualified corporate buyers or investors interested in constructing commercial real estate for their business.
Attracting good tenants
As an investor, your next priority should be to attract and retain high-quality tenants who will be consistent with generating a monthly income through rent. Again, Akka Kappa Ltd can help you find the appropriate tenant who will appreciate your investment.
Are you looking for property investments in Africa?
If you are looking for an investment opportunity in Ghana to diversify your portfolio, get in touch with Akka Kappa’s property consultants today. Not only will we help you find your investment property, but we will also find you the most suitable tenant. Whether it's a residential property or an office building, we have a distinct marketing strategy to maximise the visibility of your assets. Our property consultants will not only make your property look appealing, but we will also save you time by conducting all viewings and screenings of prospective renters.