Executive Secretary of Ghana Real Estates Developers Association (GREDA) has advised prospective homeowners to consider the state of roads leading to the site where they intend to build or buy a house, before making the final decision.
According to Samuel Amegayibor, this is important to avoid other extraneous costs.
“People have bought land from locations that they have built the most beautiful houses, but they’re spending so much money replacing their shock absorbers,” he explained.
Mr. Amegayibor was on Joy FM’s Super Morning Show Thursday. Ahead of the second mini-clinic of the JoyNews- Ecobank Habitat Fair slated for 18th and 19th September at the West Hills Mall, discussion on the show centred on whether prospective homeowners should buy or build it.
He further stated that there are three main factors one has to consider when deciding to Buy or Build.
“The first one is cost. The second one is cost. The third one is cost,” he said.
Expounding on why cost is the only factor, he said, “whatever you do, that results into the decision and the implementation of whatever decision you take, each level is a cost. There is cost of time, there is cost of funds, and then there is cost for the inputs. Each of them would cost you.”
Aside from cost being the major factor, he said there are some important questions one has to ask before making a conclusive decision.
“Do you want to have some control over the project or what you do? The level of control that you decide to have is a determining factor. Do you want to have control over the specs or the choice of material? Is a factor. Then your cash flow or your terms of payment or where your funds are coming from,” he said.
Another important factor he said, is the availability of land, as well as its location.
“Availability of land alone can decide for you whether you want to build or you want to buy. Because there are certain locations that to buy is not possible. You’d have to build. And in other places, you’d have a choice of to build or to buy. But there are other places where you don’t have a choice than to buy.”
“Sometimes, those factors alone would cost you to want to buy. Because you cannot live in isolation. You cannot build the most beautiful house and find yourself not having neighbours, not having the basic amenities,” he noted.
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