Medicine is one of the noblest professions in the world and it is generally assumed that doctors and health workers are very well paid. And yet, there are incessant strike actions in Ghana nearly every year, highlighting the poor conditions of service that Ghana’s physicians and health workers in public hospitals and clinics endure.
From working crazy hours non-stop to risking their lives due to a lack of equipment or access to functioning equipment, doctors really need alternative income sources to hedge against their poor conditions of service and keep their dream of saving lives burning strong.
That’s where real estate comes in. As clearly stated by KevinMD, real estate is the investment vehicle of the wealthy and yet, most healthcare workers don’t take advantage of the opportunity.
Real estate in this case however is not just about owning a home, but an investment to protect physicians in the future. Just like pension and other emergency funds, real estate is an area medical practitioners in Ghana and abroad should seriously consider.
The reasons to consider investing in real estate are numerous, but here are a few.
- Real estate is always in demand or put simply, people will always need a place to live. This means steady, regular income for you.
- The value of real estate doesn’t fluctuate compared to other investment options like stocks for instance.
- Smart real estate investments always appreciate in value, rarely ever dipping
- It’s just better to own a piece of real estate than to rent;
- For doctors and health workers especially, it softens the frustrations from poor conditions of working.
- It’s also a good asset (land especially) to have just in case you decide to build your own hospitals.
Has real estate piqued your interests yet dear doctor? The next question you might have is, “how can i possibly manage a real estate investment with my busy schedule?”
Great question. Here’s how.
Just like any homeseeker, the first step to acquiring property is research. You need to figure out:
- the type of property to invest in (apartment, detached or semi-detached, within a gated community etc)
- The best location of the property (Osu versus Chorkor for instance)
- The size of the property (number of rooms, size of the rooms, square footage, size of your front yard etc)
- Condition of the property (do you want it as advertised, would you rather build, or do you want to remodel the property as you see fit?)
- Most importantly, whether the property is free of litigation and other troubles.
You need to figure out how much you’re willing to spend on:
- Acquiring the property
- renovation/remodelling the property.
Doing this will help you plan your finances and most importantly, anticipate how much you’ll be making.
Talk to the Pros
As a physician most likely working 36 straight hours and more, there won’t be time to manage your investment properties or even do most of the steps listed. This is where the need for the services of professionals comes into play. You should talk to property brokers or better still, property developers who have been in the business for a better understanding of the market and advice on the best properties to consider.
You need to speak to a stellar team with experience dealing with investors, managing properties and engineering high ROIs.
What Properties Can You Start Investing in Today?
The best time to buy a home is always five years ago, the next best time is now! To invest now, you have a few options to choose from in Ghana. You can go the presale route (which is cheaper) or buy a completed home.
There are a number of different developments across the country you can definitely consider. Visit this page on real estate developers in Ghana to filter through the top available options.
Guest post by Richmond Setrana.