A Step By Step Guide To Investing In Property

Jun / 06 / 2021

Having heard that building wealth through property investment in Ghana is the best strategy, you may now be interested in increasing your investment portfolio. It is normal to get confused with words and figures from your investment banker, it can be bothersome and frightening. To help you find the right property to invest in, let us take a step-by-step guide.

  1. Have An Investment Plan

It is essential to have an investment plan when investing in any property. First of all, you must start by doing your homework. To determine the kind of investment property you want to purchase, the price range you can afford, and the neighborhood you want to invest in, you also need to determine your expected return on investment. These questions will help pinpoint what exact property you’re looking to invest in. By answering these questions and researching these, it would give you an inkling on which direction to go in and what exactly to invest in. Develop a plan after conducting research. Planning allows you to stay grounded and not get distracted by other designs of a home for which you are not planning to purchase.

  1. Have A Financial Plan

Your next step will be to arrange your finances. Having a financial plan is key and it’s paramount when investing in property. Before shopping for your new rental property, speak to experts in the banking or financial industry for advice. Most people make the mistake of getting into the market for a property before they check how much they can spend. This then comes with the disappointment of having to discard the dream house because of financial constraints or losing the project entirely because of a poor financial plan. Moreover, you can also speak to your bank about payment plans if you do not have the cash to invest. Your bankers will then be able to help you obtain a loan if the property is very attractive to you. As long as you have a stable and reasonably good paying job with a stabilized employment history and a thorough payment plan by your bankers, you shouldn’t have a problem getting a loan.

  1. Now, Getting Your Property For Investment

You’ve got a plan, you have the finances, it’s now time to match a property to your wallet. Finding a rental property by using an agent is usually the quickest and most secure way to find an investment property. Many agents specialize in working with investors and know what makes a good rental property. Also, be sure to share your plans with your agent. This will give them an idea of what property to look for and allow your agent to help you find the best properties that meet your qualifications. Get information such as the tenancy rate and check for pests and building issues (for old properties) before making any negotiations. Insurance is a major consideration when buying an investment property. You want to make sure you are fully protected in case of an emergency.

Having followed these tips, you should be able to invest in property that is assured to produce a great return. Devtraco Plus is always available as well to assist you in finding the appropriate property that suits your preference. You can reach us via this online portal or call 027000004 to speak to our team. Alternatively you may send us an email at sales@devtracoplus.com.

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