Frank Oppong Yeboah, the Manager in charge of Mortgage at Republic Bank, has offered advice to prospective homeowners at the launch of the Republic Bank JoyNews Habitat Fair on August 11. He emphasized the importance of building according to one's income and financial capacity.
Build with Your Income, Not with Debt
Speaking at the launch, Mr Yeboah said incremental housing development offers a more sustainable approach to homeownership. This approach allows individuals to start small and expand their homes as their incomes increase. "You don't just go about taking a loan and developing a four-bedroom, two-storey house," he said. "You can decide to have one bedroom, living and dining, with all the facilities, and then as you progress, or as your income increases, you add on."
Mr Yeboah explained that a homeowner could start with one bedroom and later add a second, third and fourth bedroom until the desired house is completed. He noted that this approach is to help individuals build without stress. "Build with your income. Build with your resources," he said.
Prioritize Immediate Needs over Ambitions
Mr Yeboah also urged individuals to live within their means and prioritize acquiring a home that meets their immediate needs. "We all would love to be living in Cantonments," he said. "We all want to be living in a five-bedroom house. You have one room as your study, and when you are tired of living in your room, you go to another room and rest. You cannot afford it."
He therefore advised individuals to cut their coat according to their size. "You get something for yourself and your family, and that's where you begin," he said. This approach is essential in avoiding the stress that comes with taking on large loans.
Incremental Development is the Way to Go
Mr Yeboah emphasized the importance of incremental housing development. He noted that this approach is more sustainable and allows individuals to build without stress. "The incremental development is to help you build without stress," he said. "Build with your income. Build with your resources."
This approach is essential in helping individuals acquire a home that meets their immediate needs. It also helps individuals to avoid the burden of large loans. As Mr Yeboah noted, "You can't afford to live in a five-bedroom house if you only have one room as your study." Therefore, individuals should prioritize acquiring a home that meets their immediate needs.
What's Next for Ghana's Housing Market?
The advice offered by Mr Yeboah is timely, given the current state of Ghana's housing market. The market is characterized by high demand and limited supply. This has led to an increase in housing prices, making it difficult for individuals to acquire a home. However, with the advice offered by Mr Yeboah, individuals can now acquire a home that meets their immediate needs without taking on large loans.
The incremental approach to housing development is the way to go. It allows individuals to build without stress and ensures that they acquire a home that meets their immediate needs. As Mr Yeboah noted, "You get something for yourself and your family, and that's where you begin." This approach is essential in helping individuals acquire a home that they can afford.
Source: Joy Online
