“I Am 28 And Make About GH¢7k A Month, Should I Still Be Renting Or Buy A Home”: Realtor Advises

“I Am 28 And Make About GH¢7k A Month, Should I Still Be Renting Or Buy A Home”: Realtor Advises

  • A 28-year-old man is thinking about ways to make sure he never pays rent to a landlord again
  • Raphael Odjerbio, the CEO of Rajo City Realty, advised the man to consider a plan to buy land or an affordable property
  • Odjerbio explained the various ways in which he could sensibly make moves to become a homeowner on his salary
I just turned 28. My sales job gets me about GH¢7,000 monthly, and it has been stable for over a year. I feel it may be time for me to look towards getting my own place. I am targeting age 35 to be fully settled and a homeowner. However, the land and home prices are discouraging me a little. I am also scared of some of the mortgage rates. What's the best course of action for me?

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Housing advise from realtor
A realtor offered advice to a man with a housing dilemma. Source: Getty Images
Source: Getty Images

Raphael Odjerbio, CEO of Rajo City Realty, has his say

Raphael Odjerbio is a Chief Executive Officer with a demonstrated history of working in the real estate and events services industry.

1. Put in place a plan

I would advise people like you to consider having a plan to build. Most people renting spend about a third of their income on accommodation, which is a lot of money to spend on a decent place to lay your head. Some spend more than 50 per cent of their monthly income on rent.

That said, you can't scrap the idea of renting altogether. Rent a property at a reasonable rate but have a plan to acquire land and start building your own home. Because you make GH¢7,000, you could look to buy houses too. There are affordable housing units with mortgage plans. You could pay off the loan in 10 to 15 years. You are likely to pay at most 40 percent of your income.

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2. Use a third-party

If you prefer to build your home, agencies like mine can get land for you, and we make sure whatever land is serviced, though some may not be fully serviced. Very affordable lands in peri-urbanban areas like Dodowa and Tsopoli cost between GH¢10,000 and GH¢30,000. We also partner with mortgage companies in Ghana. Once you walk to us and tell us, we recommend a house for you, and you start paying.

Acquiring a home may be expensive, but ultimately, I would advise that you work towards getting your home so you can break away from that chain of renting a home.

Disclaimer: The advice given in this article is general and is not intended to influence readers' decisions. They should seek their own professional advice that takes into consideration their circumstances before making any decisions.

Email ask.an.expert@yen.com.gh with any issue you may need advice on.

Source: YEN.com.gh

Authors:
Delali Adogla-Bessa avatar

Delali Adogla-Bessa (Current Affairs Editor) Delali Adogla-Bessa is a Current Affairs Editor with YEN.com.gh. Delali previously worked as a freelance journalist in Ghana and has over seven years of experience in media, primarily with Citi FM, Equal Times, Ubuntu Times. Delali also volunteers with the Ghana Institute of Language Literacy and Bible Translation, where he documents efforts to preserve local languages. He graduated from the University of Ghana in 2014 with a BA in Information Studies. Email: delali.adogla-bessa@yen.com.gh.