Buying a house is one of the biggest investments anyone can make. However, repossession of property has become an all too common occurrence these days. In Ghana, there are 10 reasons why this might happen.
1. You miss your mortgage payments
2. You can't afford to pay your taxes
3. The value of your house has dropped
4. You can't afford to maintain and repair the property properly
5. Your landlord demands possession for redevelopment purposes
6. Your landlord demands possession for sale and occupation purposes
7. The property is being used for immoral purposes
8. The building is being used by scoundrels or vagrants as a temporary shelter without permission from the owner
9. You illegally sublet the property to someone else
10) The building has been abandoned for 4 years
If you are thinking of buying a property, then it would be wise to take into consideration the 10 reasons for repossession.
If you're concerned about your property, you should take these steps:
1. Seek legal advice from a lawyer
2. Speak to the lender and negotiate a reasonable repayment plan
3. File for bankruptcy
4. Contact your landlord and try to come to an agreement
5. Rent the property out instead of letting it sit empty
6. Sell or rent the property if it's worth more than what you owe on it
7. Give up possession of the property with the right kind of deed
8. Proceed with foreclosure proceedings
Before you invest in a property, make sure you have the following things in order:
1) You have sufficient funds to cover your down payment
2) You have enough money to pay for the monthly installments of your mortgage
3) You can afford taxes and insurance on your home
4) You have enough money to maintain and repair the property
5) If you are buying a commercial property, you know what type of business will be running out of it. This will help determine how much profit you'll make from the building.
6) If you are buying an apartment building, there is an adequate amount of parking space for residents and visitors.
7) There is proper signage that directs visitors around the building.
8) The rental units are up-to-date with safety codes
9) The heating, ventilating and air conditioning (HVAC), plumbing, electrical, and other major systems are in good working order.
Avoiding property repossession starts with avoiding the causes. Here are 10 ways to avoid property repossession in Ghana:
1. You miss your mortgage payments
2. You can't afford to pay your taxes
3. The value of your house has dropped
4. You can't afford to maintain and repair the property properly
5. Your landlord demands possession for redevelopment purposes
6. Your landlord demands possession for sale and occupation purposes
7. The property is being used for immoral purposes
8. The building is being used by scoundrels or vagrants as a temporary shelter without permission from the owner
9. You illegally sublet the property to someone else
10) The building has been abandoned for 4 years
Buying property in Ghana is always a major investment, practically and emotionally. But what if you find yourself in a situation where you owe more money on the property than it is worth? Don't panic. There are a lot of ways to avoid property repossession and save your home.
Whether you're a first-time buyer or you already own property in Ghana, there are things you can do to ensure that you will never have to face the difficult process of property repossession. The following are some of the top 10 ways to avoid repossession and save your home.
