- Ghana's real estate industry has been on the rise for the past 10 years and many companies have taken advantage of this to cash in
- It is time for the average person to consider investing in real estate even as a passive income venture
- Contrary to popular beliefs, you do not need to be extravagantly rich to invest in real estate. In fact, the average income-earning Ghanaian can profit from real estate investing
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Many Ghanaians are wary of putting their money into ventures they are not so sure of. Some have lost their hard-earned cash in quick "investment schemes" without doing a proper check on the business or company. Investing in real estate is not a get rich quick scheme. However, it offers very low risk and the proceeds earned over the long run last a lifetime.
If you are a Ghanaian looking to invest in real estate, then you have come to the right place. The types of real estate investment outlined in the article are guaranteed to keep you raking in cash.
Give Out Your Property For Rent
Ghana's housing deficit of about 1.8 million housing units means that more people are looking for accommodation as against very few houses available. If you have a house or an apartment that is not currently in use, you can consider renting it out.
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Most landlords in Ghana take a rent advance of 1 or 2 years. This means that you are guaranteed a lump sum of money from tenants on an annual or biennial basis.
If you don't have a whole house to rent out but just a room, you can consider becoming an Airbnb host. This way, you get to host people in your room from all over the world. This is also a great way to earn some quick money on a more consistent basis.
Invest in a Real Estate Investment Group
Real Estate Investment Groups (REIGs) work like mutual funds. This is when a company typically puts up or buys apartment buildings or other real estate developments and allows people to invest in them through the company.
In this way, the money earned from the apartments or buildings is shared as interest among all the investors.
This is ideal for people who do not want to deal with the headache of becoming landlords themselves. An example of a Real Estate Invest Group in Ghana is the Grit Real Estate Income Group Ghana.
Consider Flipping Houses
Flipping properties is when you buy houses that have the potential of increasing in value and then resell them later at a higher price. You may sometimes come across uncompleted houses for sale in very good neighbourhoods. If you have the money, you can buy such houses, refurbish them and sell them at a very high price.
Instead of buying uncompleted houses, refurbishing, and selling them, some others prefer to buy houses in fast-developing emerging areas and then resell them when the value of the house and entire neighbourhood goes up.
Talking about fast-developing emerging areas, Yen.com.gh wrote an article about the top 3 emerging areas in Ghana where people are rushing to build properties. These places will soon become the most sought-after locations of the near future.
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