A Ghanaian property investor, Joe Anim, has advised persons who are planning to build homes for themselves and their families to be strategic in the construction process.
His advice is aimed at helping potential house owners to cut down costs while still getting the best value for money during this period of economic crisis and beyond.
He observed that people build for minor reasons, for instance, due to old age and therefore a need for a home. “But ideally where to lay one’s head should be the drive,” he said.
According to Joe Anim, the desire to build should not be founded on emotions because often than not such properties tend to be white elephants.
Citing an example to buttress his point, he said someone deciding to “build a five-bedroom because Kwamena has built two…then they just set off” is purely emotional.
He proffered that when building, one needs to “take into consideration two things at the same time; you can build and at the same time generate income from it”.
According to him, the potential homeowner or builder must be deliberate about it so they do not continue to lose funds in a bid to maintain the structures in their pristine state.
“Failure to make it [the property] a source of income could further dwindle you financially. For instance, every year you will have to paint…you will have to change something.”
He also advised persons who build large properties to, at a certain stage of the construction of the project, not continue with their own funds. He suggested that a portion be completed, rented out and the proceeds used to finish the project as part of saving one’s money.