Housing: GREDA provide vital leads on what to do when buying a home in Ghana

President of the Ghana Real Estate Developers Association (GREDA), Patrick Ebo Bonful has provided vital leads that will help potential home purchasers get safe residences.

According to him, understanding the real estate market would not only keep property purchasers from having negative experiences, but will also ensure that their investments are effectively secured.

Speaking at the launch of Ghana's largest real estate and housing fair organized by Graphic Communications Group Limited (GCGL) and GREDA at the GHUD Park at the Accra Mall in Accra on Thursday, August 1, 2024, Mr. Bonful cautioned home-owners to be extra vigilant when purchasing a house.

"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" he said.

The three-day fair, which runs from 8:00 a.m. to 8:00 p.m. each day, will allow prospective and existing home owners, investors, real estate developers, financial advisors, interior decorators, regulators, and other housing industry players to make purchases, finalize agreements, and brainstorm.

The annual festival, which culminates on Saturday, is themed: "Green Housing: Safe and Secure Home Ownership, Let the Buyer Beware". 

It will concentrate on homes and buildings constructed using environmentally sustainable materials and recycled polymers recognized to be eco-friendly.

The fair's confirmed participants include SIC Insurance, Vanguard Assurance, ASHFOAM, DEVTRACO, Waylead, CCAG, and Sedan Landbank. Others include Hollard Insurance, STL SUPERLOCK, Broll Ghana, Affordable Luxury Homes, Lakeside Estate, Star Properties, and Spotlight Homes, Estate, Star Properties, Spotlight Homes, Latex Foam, First National Bank, Azar Chemical Industries Limited, Regimanuel Gray Limited, Cornerstone Developments, Emerald Properties, Swami India Ghana Limited.

According to Mr Bonful, participants should have firsthand knowledge of how to finance homes and properties, financial instruments, funding alternatives from companies selling houses and homes, investment plans, and information on insurance-related housing.

Why home buyers must be cautious?

He again noted that safe and secure home ownership involves careful consideration, research, and diligence on the part of the buyers, pointing out that by being aware of potential risks and taking necessary precautions, homeowners can protect themselves from unforeseen issues and ensure a positive experience in their new home.

According to him, with the enactment 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."

He explained that getting a comprehensive house inspection can disclose potential concerns with the property that the buyer may not see right away.

According to Mr Bonful, by adopting safeguards, homeowners can protect themselves from unanticipated difficulties and ensure that their investment is protected.

He also underlined the importance of buyers conducting due diligence and thoroughly reviewing all aspects of the property before completing a purchase, including the legal documents pertaining to the property's title.

These documents, he explained, included studying the neighborhood, determining the property's market value, and checking the legitimacy of the 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 Real Estate in Ghana

The President of GREDA stated that the country's real estate business is struggling and that "it is our only wish that we could get some bailout from somewhere, particularly from the government". According to him, the government might help the real estate market by eliminating the 5% Value Added Tax (VAT) placed on the sector, emphasizing that the 5% VAT "is only making matters worse."

Source: Lead News Online/Graphic Online