The Manager in charge of Mortgage at Republic Bank, Frank Oppong Yeboah, has advised prospective homeowners to build according to their income and financial capacity rather than taking on large loans to construct expensive houses at once.

Speaking at the launch of the Republic Bank JoyNews Habitat Fair on August 11, Mr Yeboah said incremental housing development offers a more sustainable approach to homeownership, allowing individuals to start small and expand their homes as their incomes increase.

“You don't just go about taking a loan and developing a four-bedroom, two-storey house,” Yeboah said. “You can decide to have one bedroom, living and dining, with all the facilities, and then as you progress, or as your income increases, you add on.”

He explained that a homeowner could start with one bedroom and later add a second, third and fourth bedroom until the desired house is completed.

“The incremental development is to help you build without stress. Build with your income. Build with your resources,” he said.

Mr Yeboah noted that although many people aspire to live in large, luxurious homes, their financial circumstances may not immediately support such ambitions.

“We all would love to be living in Cantonments. We all want to be living in a five-bedroom house. You have one room as your study, and when you are tired of living in your room, you go to another room and rest. You cannot afford it,” he said.

He therefore urged individuals to live within their means and prioritise acquiring a home that meets their immediate needs.

“So you cut your coat according to your size. You get something for yourself and your family, and that's where you begin,” he said.