The Executive Director of the Ghana Real Estate Developers Association (GREDA) Samuel Amegayibor, has advised prospective homeowners to opt for mortgages as opposed to piecemeal attempts to construct homes on their own.
According to him, owning a home through a mortgage is the better option of the two, as it affords the homeowner the benefit of immediately possessing and living in their home, unlike piecemeal attempts in constructing one’s home which often takes a very long time to complete.
Speaking on JoyNews’ PM Express, the Business Edition, Samuel Amegayibor said: “If you went for mortgage, it’s a better option than to try and do any piecemeal attempt on your own.
“The reason being that if you take the mortgage, you benefit from the property immediately after the processes have been done with the bank, and then you take possession of the property and then enjoy it over your life time.”
He stated that the mortgage facility is a much better option than an individual building in stages because the latter option is sporadic in nature and dependent on the availability of spare income. In addition to that, it takes a much longer time before one can enjoy the benefits of their labour.
“But if you attempt to do piecemeal development on your own, the reality is that you don’t have the funding and so you’re only building as and when you get the income and sometimes it might be difficult for you to even determine how long it’s going to take you and so you end up building for 20 years and 25 years and then before you say jack, either you are half done with the project and then you’re either heading for retirement or something. You may probably not have completed it,” he said.
Mortgages on the other hand offer immediate ownership of one’s home, with nothing but a sustainable job and a steady income.
“So in actual fact, mortgage for me is the best option. It’s one of the best ways for everybody to own a property. Because you take possession immediately and all you have to do is to find yourself a sustainable job to be able to rake in something at the end of every month and then be the mortgage funder,” he said.
- Four charged for violating restrictions on public gathering at Christ Embassy ‘Pneumatica Night’
- What is the big deal? – Brigitte Dzogbenuku on WGHS refusing to let students fast
- I had sex with a goat, masturbated 6 times a day – Male victim of sexual abuse recounts
- Police secures restraining order against #FixTheCountry protest on May 9
- Mahama Ayariga acquitted, Opuni ordered to open his defence
- #FixTheCountry protestors counter injunction with #NameAndShame campaign on social media
- #FixTheCountry: We’ll use the courts to set aside order against May 9 protest – Economic Fighters League
- Government declares Thursday, May 13, as public holiday to mark Eid-ul-Fitr
- Dominic Ayine questions independence of judiciary
- Methodist Church stands by its objection to GES directive to let Muslim students fast – Bishop of Northern Accra Diocese
Ban on mining in forest reserve and water bodies yielding results – Lands Ministry
NSMQ 2021: 3-man Sandema SHTS team with no supporters, books place in final U/E qualifiers
Sylvester N. T. T Addy (PhD): What to expect now that Ghana’s Plant Variety Protection law has been passed
No prison inmate contracted Covid-19 since the outbreak – Bawumia
Catholic Relief Service partners GWCL, assemblies to solve water shortage in Tamale Metropolis
Punter wins ¢47,000 bet with Betika
God is a woman; my new song highlights power of women – Eno Barony
Childish Gambino sued by rapper over alleged ‘This Is America’ copying claim
GHAMRO wins copyright case against telcos
Federal grand jury indicts four former Minneapolis police officers in George Floyd’s death
Water project to benefit 13 communities takes off at Ketu South
Hassan Tampuli engages contractors to begin dredging of dams in Gushegu Municipality
Missing ‘okada’ rider found dead in the bush
Thousands of cockroaches released in restaurant to settle debt dispute
Muslim worshippers attacked with eggs and stones outside London mosque