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A real estate investor is an individual who buys or invests capital in a property intending to make profits. It involves foreseeing the management, sale, and rental of the property. If you’re a real estate investor in Ghana, then this article will give you all the information you need to know.
Read Also: Real Estate Investment in Ghana
Choosing the best type of real estate investment to go in demands intensive research particularly considering the country you find yourself in as well as the most lucrative investment. There are basically three most profitable types of real estate developments namely;
With commercial real estate, the main idea is to generate income through renting. Commercial real estate may include properties like hotels, office buildings, retail shops, garages, medical centres, multi-family apartments and lands.
As the name denotes, residential real estates are for residential purposes. Some examples of residential real estate are Standalone houses, Townhouses, Condominiums and multi-family houses. Investors can make revenue by renting out the property or selling it.
Fixer-upper is another type of real estate. Fix-upper is a property that requires renovation and repair. Though not common in Ghana, Fixer-upper can be a very profitable real estate investment because the property is bought at an affordable price. Also, investors benefit from low property taxes. With this type of real estate, you can design the apartment to suit your choice or that of the buyer.
In Ghana, residential rental and commercial properties are the most common. It is however ideal to go in for residential real estate if you are looking forward to venturing into real estate investment in Ghana. This is because housing forms a major part of the lives of people. People are always on the move in search of a comfortable and serene environment to live in. Investing in residential real estate means generating a lot of profits as opposed to commercial real estate.
Mostly in Ghana, tenants pay monthly for their rent while others pay a year or two in advance. Imagine acquiring a property in Accra which has become a major hub for business, you are sure to make huge sums of income. A good profit ranges between 6% to 11%.
As a real estate developer, you must adopt or build on some skills to become successful in this highly profitable and simultaneously risky industry. To be successful you must
People who are thriving in their industry never stop learning. They make mistakes and get back up. Real estate is about identifying, studying and knowing your market, what drives it, and the ability to recognise and seize opportunities. Take online courses if you must, but keep pushing!
Do a background search of where you wish to invest, and the behaviour of your potential clients. Decide whether you want to invest in rentals or sell; townhouses, apartments, standalone houses; or commercial or residential facilities. Find out what works best in your market or niche and in that particular location.
The top real estate investors in Ghana establish great relationships. They understand that no one ever succeeds alone and that they can only secure deals when they’re well connected in the industry. The power of negotiation and persuasion can make people decide to invest in their property, then they give it their best shot. Emotional intelligence and winning people are key.
With the best properties selling fast, many investors may feel the urgent need to buy a number of properties within a period of time, especially first-time investors. However, it is more important to take your time to go in for the best deal at the right time and in the right market by analyzing the prospects from all angles.
Having the eye to see what or how much a property could be worth is key in the real estate industry. Doing what everyone else is doing may cost you in monetary value and in uniqueness. There may be a few extensions or adjustments you could make to make the property a 5 star one and attract millions.
Real estate investors don’t just work hard, they work smart. Be creative in your craft. Do you have some additional skills in architecture, interior designing, landscaping, building technology, and painting? No, you don’t necessarily need degrees in all of them, but you should at least have an idea to spark your creative juices. Think outside the box, even choosing a name for your property, among others could make it a household name.
As a first-time real estate investor you must;
As someone who is new in this field, you must do intensive research on the kind of real estate you would want to venture into. This will guide and inform your decisions.
As an investor, you must have a niche market. This is core to your career as a real estate investor. Identifying a target market allows you to make plans that will be in the interest of your buyers.
Most businesses usually start small and may not be smooth at the beginning. This could be the same for real estate investment. However do not panic, take one step at a time and work assiduously to attain your set goals.
Real estate can be a blossoming career if you put in place efficient marketing strategies and structure. The average salaries of real estate investors in Ghana may range between ₵1, 000.00 to ₵23,000.00 a month (other benefits included) To make more money as an investor you must be versatile and also get a coach who is adept in the area of real estate.
Starting a career as a real estate investor in Ghana can be a strenuous task without the right expertise. Becoming an investor does not necessarily require a formal qualification in that field. Before you take the big step, you must:
The best choice you can make as a real estate investor in Ghana is to choose us at Quao Realty. We are a luxury Real Estate Development and Management Company. We seek to provide our clients with a serene ambience for residential and commercial projects. Our projects include Pristine Gardens, The Essence and 233 Boulevard. Our team is trained and has the expertise to help you grow in terms of finding the best location, management, and sales. Check out our 1 Bedroom Apartment, 1 Bedroom Duplex Apartment, 2 Bedroom Apartment, and 2 Bedroom Duplex Apartment with other exciting features and amenities. We are just a phone call away. Contact us or visit our offices to have the real estate experience of a lifetime.
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