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Owning a property is probably the greatest investment that you can make in life. Besides the fact that the real estate increase in value with time, it is also a very safe way to invest your money as you can always and easily track the value of your property in the market. Now, if you are looking to build a property, update or renovate it, or you just want to add some eco-friendly features to your home, there are high odds that you will not have all the cash that you need for the project upfront. And since home construction can be expensive, a construction loan is a great way to get the money you need for the project. So, what are the steps to getting a home construction loan in Ghana? Find out below!
Property taxes in Ghana, popularly known as property rate, paid on immovable property, is collected annually under the auspices of the Ghana IRS. The Domestic Tax Revenue Service charged with assessing and collection of property related taxes determines how much is to be paid by Ghanaian property owners.
Land is a valuable asset, which appreciates or increases in term of price, as time goes on. It is therefore very important that, when you are able to acquire a land, it is registered appropriately and accordingly with the land agencies involved to avoid future land disputes and forfeiture.
Blocks and Bricks are both building materials, which can be used for the same purposes. However, the two have varied differences and similarities in terms of price, durability, choices, convenience, and their advantages over each other. In Ghana, the most common building material used is cement, which is employed right from the start to the finish of a construction work; i.e., in producing blocks.
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Property in the form of land or buildings is referred to as real estate. It has become a profitable investment worldwide since real estate mostly appreciates in value over time.
Luxury real estate is high-end properties usually developed for high- profile/ high income / high worth people worldwide. Due to their massive resources and high-level income stream, most of them desire to live an elegant lifestyle, requiring high class buildings with high grade furnishings in a prime location. They mostly buy or own several homes and real estates in different countries across the world.
Land litigation remains one of the major problems in Ghana. Lately, issues regarding land have been on the increase, and have made most of the headlines. There have been a lot of demolishing exercises carried out; land guards selling and reselling lands to people; flooding, and tidal waves invading lands in areas such as Glefe, a community near Dansoman, and all suburbs in Accra in the Greater Accra Region.
If acquiring mortgage loan is a challenging and an exasperating option for many average Ghanaians, the interest rates that come with it is proven to be a catastrophic burden to all. In Ghana, many people have decried the rates at which interests are being charged by financial institutions and mortgage brokers, describing them as outrageous!
In Ghana, a standard single room must be approximately 14 by 14 feet and comprise a toilet, a bathroom, a kitchen, and in some rare cases, a porch.
Cement is the most commonly used building material in Ghana. Many commodities, goods, and services including petroleum products, have seen price hikes over the years with cement not being an exception. The price of cement within the last three years has been increased by almost 120%, causing controversies.
Accra (Ghana) – When filmmaker Leslie Amponsah was shown round a squalid and waterlogged property up for rent in a suburb of Accra, Ghana, she was quoted a monthly rate that was barely affordable, even on a decent income, and was told that the landlord wanted two years up front. The estate agent would also be charging a 10% commission, she was reminded, and was already being paid a fee for every viewing.