Head of Business Development and Strategic Initiatives at the First National Bank Ghana, Edward Nyarko, has urged all potential landowners to seek the advice of a professional when purchasing land.
According to him, when it comes to construction or putting a building together, experts are not interested in the money they would make, but the advice they will give that will enable a person have value for money.
Speaking on the topic ‘Ensuring Value for Money in Home Construction’ on the Homeowners show, Mr. Nyarko said a lot of people end up following colleagues to specific locations to buy lands which end up becoming a problem for them.
Mr. Nyarko stated that the right land means accessing a land that is typically at a good location, where good location means it must be accessible to social amenities such as good roads, hospitals, schools, electricity, among, others.
He added that: “Once you identify all these and you are content with the location, you then proceed to get a professional to advice you on the land because these days we have had issues about water courses, and whether the type of soil within the area will help maximise value.
“If the place is a water course area or like some part of Accra that happens to be clayey, it also means that you are going to spend a lot more in your foundation. That doesn’t necessarily mean you can’t build in such areas, but you need to make the right decisions to make sure that if you build, you are getting value. Also, a professional can help you get a brief and the right designs that resonates with your lifestyle.”
He further advised that individuals should not always focus on completed ones, but those also under construction in order to know whether the developer is building right or wrong. He indicated that it is important to engage professionals at all levels in order to enable them give you their view on how to negotiate prices well.
Mr. Nyarko reiterated that First National Bank Ghana gives money in tranches to those who are stuck in a project due to lack of funds. However, in order not to be hit when the price increases, he said arrangements are made with suppliers where the materials are distributed to these people in order to enable them complete their buildings.
