If you're a Ghanaian in the process of buying a plot of land, this blog post is for you. Do note that it's not written from personal experience but from advice given by people who have been through the same process and lived to tell their tales. In short, there are certain things you should know before taking the plunge. I'll be talking about what the good, bad and ugly is when purchasing a plot of land at East Legon Hills in Accra.
The vast land spaces at East Legon Hills gives you the best value for money because it can be a big investment or an investment that can be used over and over again. You'll be getting a piece of land that is about 6,000 sq. meters.
Another advantage is that as long as you pay for your own site you don't have to worry about the boundaries of your land and also, you don't have to buy land from others. Your plot is all yours. You also have a lower investment and lower cost per square meter because you don't have to buy building materials (wood, iron sheets, bricks etc) in bulk. As long as you have a plot of land, you're good to go. You can also build your own home. You'll save on building materials.
1. The first thing you should know is that the prices of plots are all over the place. You can find one that's twice as expensive as another that's 100% cheaper. This should make you somewhat apprehensive. If you're not apprehensive you could end up being taken for a ride. Before you spend your hard-earned cash, make sure you're paying for a good piece of land. If you're unsure about it, wait. Things might change on the last day.
2. Another thing you need to consider is that a plot of land is not necessarily a plot of land. See the definition below:
"Plot of land is generally land of one or two rooms provided for house construction, usually located within a housing area. However, many plots have additional facilities such as sidewalks, grass, trees, a water tap and driveway.
The thing with purchasing a plot of land in the city of Accra is that it comes with its ups and downs. On the upside, there is generally huge demand for these plots, and once you have yours, you'll be in the black and able to afford a lot of things in life.
Purchasing the plot can sometimes be expensive, even though you pay less, because you have to provide a lot of things to make it livable (networking, access to electricity, tiles, etc.). On the downside, you might be liable for payments even if you are a foreigner and do not reside in Ghana.
On the flipside, it is pretty nice to be the landlord for the rest of your life because you'll be the only one paying for the upkeep of the land and ensuring it continues to stand.
Buying land doesn't take place in an ideal setting. That's because the process starts with securing an interest rate, payment schedule and expected amenities for the plot you are buying. It's not like everything is guaranteed and pre-built. You may have to do some homework, negotiate and be involved from the beginning because the prices can vary depending on the area and how close you want your unit to be to a specific school.
The Good
First, you have to know that the plot you are buying is probably the best of its kind in the area. There are many of those types of areas and if you are keen, you can scout for some of them to purchase a few units and rent it out to others who will pay you to secure a long-term lease on it. Think of the incentives you could get as an investor.
