Real Estate Club, KNUST

21/02/2019

Great and beautiful minds at work! Congratulations to all the participants.

https://mobile.ghanaweb.com/GhanaHomePage/entertainment/KNUST-Students-Win-Housing-Innovation-Challenge-725204

Six members of the GHL Bank Real Estate Club from the Kwame...

26/09/2017

410 likes! Great! Let's hit 500 now people :-) C'mon :-)

19/09/2017

Awesome meet-up on the 16th September, 2017 on the theme, "Idea for all brains"
Make your idea turn into food on your table.
Join us for our meet-ups and other programmes on campus to bring your idea to count.

10/09/2017

18/07/2017

News Today. Have A Read.
https://www.ghanaweb.com/GhanaHomePage/business/GH-225-000-needed-to-reclaim-a-hectare-of-galamsey-lands-560071

Some GH¢S225,000 would be required to reclaim a hectare of the swaths...

10/07/2017

It's early morning. We're done bouncing ideas off each other ...Got to hurry to the campus now. Freshen up quick, Get going!

07/07/2017

Congratulations to the Class of 2017 !!!

20/04/2017

THE PROSPECTS OF THE NEW KUMASI MALL IN THE REPUBLIC OF MALLS

The Kumasi Mall is an 18,500 square metre shopping centre located on the Lake Road near Asokwa, in Ghana's second biggest city of Kumasi,in the Ashanti Region of Ghana.

The shopping mall has an expandable mechanism of about 10,000 square meter for future architectural and structural development. The two popular shopping destination tenants are ShopRite and Game. There are even more surprises with about the mall's 61shops/restaurants as well as the latest, hi-tech, 5-screen cinema complex.
The tenant - mix in the mall is expected to include other major south African retailers such as Edgar and popular, local Ghanaian brands.

Kumasi, the second largest city in Ghana has about 2 million people residing there. This is against Accra's 2.3 million people.
Kumasi Shopping Mall is one of the much awaited one-stop, imposing, open Business and leisure centre in Ghana. The new mall, apart from its economic considerations, is also a response to the eager calls of the people in Kumasi to have a feel of the very popular and patronized Accra Mall.

The shopping mall was designed to suit the Kumasi market. It is expected to house many, new local tenants in order to suit the needs of the people across all level of society.

The Shopping Mall also symbolizes the growth, taste and growing purchasing power of the emerging middle class in the region. The rise in the mall culture in Africa is a positive indication of the growth of the middle class.
The increasing local spending in the country, the boom in the expat workers in recent years and the fledging tourism culture have led to the construction of Malls in Ghana.

The new Kumasi Mall will yield the expected dividend as Accra Mall and many of the major cities in Ghana will have Malls in coming years. This is because developers have now turn their attentions to the benefits of retail properties.
While we wish the Kumasi mall well in its operation, we wish to remind its management to take security of customers as a prime concern. The Accra and Weija Malls had a difficult task dealing with their security challenges initially. The Kumasi Mall should dare to be different!

TSIFODZE KWADZO ERNEST
[email protected]
0247876669

07/02/2017

CALL FOR MEMBERSHIP! CALL FOR MEMBERSHIP!!

The National Real Estate Club (NREC) was founded to fill a void on the Universities in Ghana campuses
by increasing awareness of career development and investment opportunities in
the real estate industry.

The club also aims at
providing tremendous resources and networking opportunities for students who share a common interest in Real Estate wanting to learn more about the industry and those perceiving the club from purely knowledge building perspective.

The club also looks forward to spreading awareness vis-à-vis
the emerging opportunities and trends
available in the real estate sector. Various
teams are involved in Experiential Learning
Projects (ELPs)-from consulting projects with
real estate companies to any ordinary projects
like marketing and closing sales leads.

The Club is entirely student-managed and
financially operates through the support of its members and stakeholders of the club;
GHANA HOME LOANS.

We have chapters in the following institutions:
*UG: Lois 0501208405*
*UPSA: Larry 0207321280*
*KNUST: Bright 0503492183*
*ASHESI: Alex 0261812997*
*UCC: Enoch 0241603589*
*GIJ:Ibrahim 0269329167*

*Please contact the representatives from your University for more information*

*NATIONAL REAL ESTATE CLUB (NREC)...... Redefining real estate frontiers*

25/01/2017

2017 Real Estate Club summit held by Ghana Home Loans

09/01/2017

05/01/2017

We are so glad to be with you in 2017😁😍..God bless us all as we journey through. This year is a year filled with opportunities..let's make the most of it.

06/11/2016

10 THINGS TO CONSIDER FOR RENTING WITH A ROMMATE

Living alone certainly has its perks, but sometimes it's just difficult to afford it.

Having a roommate often gets a bad reputation, but it can also make a nicer, more spacious place affordable if there are two (or more) people on the lease.

If you've signed on to live with a roommate, here are 10 tips for harmonious cohabitation.

1. Set the ground rules

Whether you have known your roommate for your entire life or you’re just meeting each other, it's important to set down some ground rules for your living arrangement at the very beginning. Everyone has different needs and wants from their home life, and it's important that you respect each other's desires as much as possible.

2. Know his schedule and respect it

Discuss what kind of schedule you each keep. Try to be mindful of his sleep and work schedule when you want to bust out the guitar or watch a movie with surround sound. You shouldn't have to walk on eggshells when you're at home, but just be courteous as much as you can, and hopefully he will return the favor.

3. Know who will pay for what

The most potentially contentious part of living with someone else is figuring out who pays for what in rent, bills, and others. It's important to establish these payments as soon as possible so that one person doesn't get completely burdened and resentful.

Once you determine how much each person will pay, it's important to establish how you will pay.

If it’s one payment for the unit, then establish who will pay the landlord. Also make sure that roommates are exchanging money in a timely manner so that one person doesn't have a huge dip in his or her bank account.

When it comes to bills, either determine that they will all be in one person's name and then split the bill, or have each roommate responsible for a different utility.

The earlier you establish the routines for everyday life, the happier the home.

4. Don't use her/his things without asking

Even if you're incredibly close and you have known each other for years, you should still give your roommate the courtesy of asking if you can borrow her hair dryer or clothes or laundry soap.

Assuming that whatever is hers is yours is a huge mistake when it comes to living with someone else. You might come from a family where sharing is just part of life, but this practice might be completely offensive to your roommate. It's always best to ask - just in case.

5. Set a chore schedule

There's nothing worse than a roommate who piles dirty dishes in the sink and watches someone else clean them.

To avoid being that roommate, establish a loose chore schedule to follow. Maybe it's always your job to take out the garbage, and your roommate's responsibility to empty the dishwasher.

Do whatever makes sense for both of you, and just generally be sure to clean up after yourself. It'll make for a happier household in the long run.

6. Be courteous about company

It's only natural that you should want to invite your friends over to hang out or watch a movie, but you should always check with your roommate first. This is even true if you share a lot of mutual friends.

You definitely want to avoid having your roommate come home to a house full of people when all she wants to do is curl up and read a book. If your roommate isn't keen on you having people over that often, be sure to come to a compromise and promise that you'll keep it down so that she’s not disturbed in her room.

7. Keep it down while he sleeps

This goes without saying, but be sure to be quiet while your roommate is sleeping. If you're a night owl, but your roommate is an early riser, be mindful of his sleep schedule, and be respectful while having friends over or playing loud music or games.

Common courtesy is, once again, the name of the game when it comes to roommates.

8. Be friendly

You may be the perfect roommate on paper: You take out the trash, you do the dishes, you're quiet when you need to be quiet. But being a really great roommate also involves having a good relationship with the person you share your home with.

When your roommate comes home and has had a bad day, offer to listen to his or her complaints and open up a bottle of wine. When you know she’s had a stressful week, offer to cook her dinner. Your home should be your safe space, and the person you live with should only contribute to that feeling.

9. Communicate if/when you’re coming home

When you live with someone, it's always a good idea to check in with that person when you know you won't be coming home, or if you'll be coming home particularly late.

Not only is it good to be accountable, but if you were ever hurt or in danger, your roommate would know immediately that something wasn't right and could notify your family if you were in any trouble.

10. Spend time together

Though you and your roommate aren't technically family, you are a unit living together in one home. It's important for the harmony of the household that you get along so you can open up the lines of communication if you ever have a conflict.

Suggest that you and your roommate have a scheduled time to watch Football together, or team up to make dinner one evening. Even though you may have separate lives and different interests, there's nothing like being together.

Tsifodze Kwadzo Ernest

30/09/2016

5 Things You Need to Know About Real Estate Disclosures

It’s standard practice in real estate to give a home a fresh coat of paint before putting it on the market. Nine out of 10 times, the intention is to show the property at its best. But every so often, the seller paints the house in hopes of covering something up.

In most parts of the country, sellers (and agents) are required to document any known defects - whether current or past - to potential buyers. But some sellers don’t play by the rules and will try to get one past a buyer.

Whether you're a listing a home for sale or in the market to purchase, here are five things you should know about real estate disclosures.

What is a disclosure?

Disclosure statements, which can come in a variety of forms, are the buyer's opportunity to learn as much as they can about the property and the seller's experience in it.

Potential seller disclosures range from knowledge of leaky windows to work done without the benefit of a permit, to information about a major construction or development project nearby.

Not only do disclosure documents serve to inform buyers, but they can also protect the sellers from future legal action. It is the seller's chance to reveal anything that can negatively affect the value, usefulness or enjoyment of the property.

How does a seller make a disclosure?

Disclosure laws vary from country to country, even down to the city level.

Disclosure typically comes in the form of boilerplate documents (put together by the local or state real estate association), where the seller answers a series of yes/no questions about their home and their experience there.

Additionally, sellers must present any documented communication (between neighbors, previous owners, the seller or the agents) about a substantial defect or item that could have an adverse impact on value.

Depending on where you live, sellers can be on the hook for what they disclose (or fail to) for up to 10 years. Sellers should err on the side of caution. If you know it, put it out there. If you try to hide something, it can come back to haunt you in the form of an expensive lawsuit.

What do sellers disclose to potential buyers?

Previous improvements, renovations or upgrades done by sellers are typical disclosures, as well as whether work was done with or without permits.

Buyers should cross check the seller's disclosures with the city building permit and zoning reports. Work completed without a permit, or approval by the municipality, may not have been performed to code, which could result in a fire or health hazard.

Other standard disclosures include the neighborhood nuisances, any history of property line disputes, and defects or malfunctions with major systems or appliances. Disclosure documents often ask sellers if they are involved in bankruptcy proceedings, if there any liens on the property, and so on.

Is a disclosure the same as an inspection?

Disclosure is something given to the buyer by the seller documenting their knowledge of the property. It is not the same thing as an independent inspection by a third party. An examination may reveal defects that the seller may not have been aware of.

The buyer should always do a full property inspection, before moving forward with the purchase. The inspector checks all systems and components from the roof to the basement. Often, in the interest of the ultimate in full disclosure, a seller hires a property inspector before going on the market and supplies the written report to the buyer.

When does the buyer receive disclosure statements?

In most markets, disclosure documents are provided to buyers once the seller has accepted their offer. In addition to their inspections or loan contingency, the buyer has an opportunity to review the seller's disclosures. If the buyer discovers something negative about the property through disclosure, she can usually back out.

In some markets, sellers provide these disclosures to the customers before an offer. Smart sellers let buyers know everything they need to know up front. It’s smart because it saves everyone time, hassle and expense by preventing deals from falling apart once they're in escrow.

Buyers must sign off on all disclosures and reports. So it's important to review them carefully and ask questions if you need to. Full disclosure upfront is the way to go. Providing full disclosure can help a seller. By laying their cards out, sellers can give buyers a sense of comfort or peace of mind, making their home more desirable than a competing one.

TSIFODZE ERNEST

19/09/2016

What Do Condo Fees Cover? A Lot More Than You Think | https://t.co/ZCUhSRWzeo

If you've ever looked into buying a condo, you've noted that you'll be required to pay monthly condo fees. So what does that money cover? The post What Do Condo Fees Cover? A Lot More Than You Think appeared first on Real Estate News and Advice - realtor.com.

11/09/2016

What is legal and not legal. Your rights as a tenant.

Getting an eviction notice may seem like the end of the world at first, but renters do have tenant rights that can help resolve the issue or change the landlord’s decision.

Unfortunately, not every eviction is avoidable: Landlords have rights, too, and obligations to uphold the value of the property and the safety of all other tenants.

Here’s a look at what’s legal and what’s not when it comes to the eviction process.

Lawful reasons for eviction

When you first moved in, you (hopefully) signed a lease agreement with the landlord. At a minimum, the lease should contain the payment terms and effective lease dates. Most likely, it also contains a broad list of prohibited acts that could lead to an eviction, such as:

1.Failure to pay rent on time
2.Criminal activity or drug use
3.Assaulting or threatening other residents
4.Damage to the unit or common areas
5.Failure to abide by property guidelines or restrictions
6.Subletting without written permission
7.Having a pet
8.Exceeding the number of approved tenants
9.Smoking in the unit

Your agreement may also include opportunities to correct the problems if they come up.

Unlawful reasons for eviction

Your landlord cannot evict you just because he “feels like it.” Your lease is a binding legal document, and it’s only legal to evict you if you have broken the terms of the agreement.

Discrimination is forbidden in the housing industry, and the Fair Housing Act strictly forbids any housing decision based on race, color, national origin, religion, s*x, disability or the presence of children. If you believe that discrimination has anything to do with why you’re being evicted, you should report the landlord to your state’s housing department immediately.

A landlord also cannot evict a tenant, or refuse to rent to them in the first place, based on a tenant’s disability.A landlord must agree to make reasonable accommodations for the renter, including a wheelchair accessible housing unit or common areas designed to accommodate disabilities.

Proper eviction procedures

Time.

Sticking a note on your door saying “Get Out” does not count as legal eviction protocol. Proper notice must be given, usually 30 or 60 days before the eviction date. In some states, a three-day eviction notice may be allowed if the tenant has committed an egregious act, such as assault or domestic violence, or failed to pay rent.

Details.

An eviction notice does not always have to state the reason for the eviction, but some may require this. The eviction notice must properly identify the tenant, the unit in question, the contact person responsible for the unit — usually the landlord — and that person’s address. If the eviction has to do with non-payment of rent, the notice must include a valid address where rent may be sent.
Process.
Under the Constitution Of Ghana, you’re entitled to due process of the law if you lose a fundamental right, including public or private housing. Telling a tenant verbally, giving the message to a mutual friend, or assuming he knows it’s time to leave will not cut it under the law. The tenant must be served the notice in person, sent the notice in the mail, or presented with the notice on the front door of the unit.

How to keep your home

It’s not impossible to remedy the problem or appeal an illegal eviction. In most cases, there is a way to fix the issue and avoid losing your housing.

Pay your rent.

If the eviction is based on unpaid rent, the landlord must give you an opportunity to pay the entire outstanding balance on or before the final eviction date, which should be clearly stated in the eviction notice.
Fix or pay for damage. If the eviction is based on damage to the property, many jurisdictions allow the tenant to immediately repair or pay for the damage.

Appeal an illegal eviction.

For residents of private housing units, an appeal is probably not available, but you may be able to pursue civil legal action if the landlord doesn’t follow your state’s proper eviction procedures. If you live in public housing, it might be possible to appeal an eviction, particularly if you think you’re being evicted illegally. In many states, pro bono fair housing lawyers are available to help renters defend against unlawful evictions and remain in their homes.

Talk to a lawyer.

If you have questions about your situation, you can consult a landlord/tenant lawyer.

Tsifodze Kwadzo Ernest

04/08/2016

Is paying rent in advance a good idea?

Thinking about handing over a stack of money to secure an apartment or get a rent discount? Be sure you know what you're getting into.

In some instances a landlord might offer, or you might propose, paying rent in advance. This could be done to secure a particular property that is on the rental market, or to get a discount on rent.

Paying in advance could be a good idea depending on the circumstances, but be sure you know what you’re getting into — especially if you’re paying a significant amount like a full year’s rent upfront.

Paying ahead to secure a unit
If you are vying to rent a particular property and you believe the competition is fierce, you might think offering to pay a large amount of rent upfront could help seal the deal. Or the landlord might encourage you to do this to get the place. It could be a good idea if the rental is a great place for you at the right price. However, you do want to be careful of a few issues.

First, as with any rental property, watch out for fraud. Sometimes scammers try to rent a property they don’t own. It might be done fully online, or they might meet you at the property, gain access somehow, pretend they’re the landlord, and take your security deposit. They could also push you into providing upfront rent for the place to secure it. Unfortunately, if they are a fraudster, you’ll never see a dime of your money again.

To protect yourself, research the landlord and the property, and talk to a real estate agent about any concerns. Go meet the landlord at their office if possible, never wire money, and watch out if the deal seems too good to be true.

Even if the landlord is reputable, if they ask for extra rent upfront, try to verify that they’re not going into foreclosure. If they do lose the property, you’re pretty well protected under many states’ laws if you’ve paid rent.

Paying ahead to get discounted rent
If you are already living in the property and the option comes up to pay advance rent, it should come with a sweetener like reduced rent or some other benefit to you. You are taking a risk by paying upfront. What if the place burns down, or there is a flood, or you have to move out? Do you want to fight with a landlord over getting your money returned? It’s not worth it in most cases.

Sometimes it may make sense if there is a benefit sweetener to you. You’ll have to determine whether or not it is the right incentive for you to jump on it. A 10-percent discount might make paying a full year in advance a good option, but only if you are sure the landlord is stable and you’ll be able to get your full year of residency. A smaller discount might not be worth the risk.

Overall, these pay-in-advance options are infrequently available, but if one comes up and it’s a good arrangement with low risk, it might be to your benefit to open up that checkbook and make the deal.

TSIFODZE KWADZO ERNEST

31/07/2016

Pros And Cons Of A Second Mortgage

Homeowners are always thrilled when their home’s value goes up, and many take this growth opportunity as a chance to take out a second mortgage.

A second mortgage - often called a home equity loan - is an additional mortgage that you have on your home. This additional mortgage essentially allows you to have access to the equity of your property, and, just like your mortgage, your home is used as collateral.

Additionally, a Second Mortgage is type of mortgage where the borrower offers the property for a second time as security while the first lender still has a mortgage secured on the property. In effect, the new lender takes a second charge on the property since the original charge is with the first lender.

Since property values are on the rise, these mortgages might be something to consider, but how do you know if it's the right move for you and your family? Here are some pros and cons of taking out a second mortgage.

Pros

Quick access to cash with favorable interest rates. The biggest pro to taking out a second mortgage is the ability to access cash at a great rate (especially in comparison to most credit cards). Taking out a second mortgage could help you with a variety of expenses, such as small business startup costs or tuition for your college-bound kid. This can be a great option for those who have a smaller savings account, or for those who don't want to dip too much into savings for large purchases.
Ability to take on home improvement projects. Whether the renovation bug has bitten you, or your home is in dire need of some updating, a second mortgage is a great way to get money to quickly tackle a bunch of renovations all at once. Not only will you get your projects done fast, but you'll also further increase the equity of your home. So go ahead and pick out those subway tiles and the perfect quartz countertops.

Cons

Fees associated with taking out a second mortgage. While you may be getting a large amount of money with your second mortgage, this does not come without a cost. Appraisal fees, application costs and closing costs associated with a second mortgage can get hefty, which is something to think over if you are considering taking one out. An alternative to a home equity loan is a home equity line of credit, or HELOC. Just like a home equity loan, your home is used as collateral for a HELOC. But you'll get a credit line, similar to a credit card, rather than the lump sum payment you'd get with a home equity loan. The interest rates are typically higher with a HELOC, but it does not require closing costs.
Risking your home. Though interest rates on second mortgages are typically lower than credit cards, those lower rates come with a higher risk. When you take out a second mortgage you are risking your home, which means that if you can't pay the loan back, then your lender can foreclose. To mitigate the risk of losing such an important asset, be sure to really analyze how much money you have available to you each month before you take out a second mortgage.
Frivolous spending can lead to more debt. When you take out a second mortgage, there are few restrictions on what you can spend the money on. While this money can be extremely helpful in many ways, it can also be harmful if you choose to spend money on nonessentials, because it leads to more debt. Before you take out the loan, thoroughly consider what exactly you need the money for, and if the purchases are worth the risk. In other words, buying a closet filled with designer shoes may not be the best use of a second mortgage.

Second mortgages can come with potential risk, but if you make sure that you’re using the funds appropriately, they can be a great way to put your equity to good use. Always be sure to consult with a financial adviser to see if a second mortgage is appropriate for you.

Currently, second mortgages are not popular in the Ghanaian market. This is simply because mortgage activities are small and the country is yet to witness increased home ownership through mortgages. Once intense competition arises, mortgage lenders will have no choice but to create products to suit most Ghanaian consumers. Additionally, providing a second mortgage is risky to the second lender because it would clearly only be repaid after the first lender has been repaid in full.

TSIFODZE KWADZO ERNEST

22/07/2016

The Legal Benefits Of Using A Licensed Real Estate Agent If the Real Estate Bill Should Be Passed In Ghana.

Are there legal benefits to using a licensed real estate agent?

The short answer is yes. Licensed real estate agents have legal obligations - formally called "fiduciary duties" - to their clients that are commonly referred to by the acronym OLDCAR.

O = Obedience

If you give an agent who is representing you an instruction with any financial implications (more about what constitutes "representation" below), they are obligated to follow it, even if they strongly disagree - as long as it's legal and doesn't contradict a contractual agreement.

L = Loyalty

Your agent is obliged to put your interests above those of anyone else involved in the deal - including themselves.

D = Disclosure

If your agent knows any fact that's "material" to the sale, they are obligated to share that fact with you. And while they're not obligated, they're also motivated to find out as many of those material facts as possible.

C = Confidentiality

Your agent must protect your confidentiality. That means they can't share any information about you or your situation (without your permission) with any other party to the deal.

A = Accounting

Your agent is responsible for keeping track of funds in play in the deal.

R = Reasonable care

This one is a bit sticky. An agent is obligated to use "reasonable" care and diligence while handling your affairs. Though exactly what reasonable care means in any specific transaction often ends up being decided by a judge in court.

Who is (and isn't ) your agent

This is an important distinction. The fiduciary duties above only apply to a real estate agent who's working for you. That means you either have a verbal or written agreement with them.

Often, you'll run into a situation where you end up interacting, perhaps a lot, with an agent who is part of the deal, but who isn't formally representing you. They'll most likely be nice, professional, and helpful.

But if they're the seller’s agent, they're obligated to the seller, not you, and the legal obligations they have to the other party don't apply to their interactions with you.

Whose side are you on?

The agent’s legal obligations also depend on whether you're a buyer or a seller. You should know that these obligations are in direct competition.

For instance, if you're a buyer and you have an agent representing you, their duty to you is to keep quiet regarding any information about you that the seller might not like (confidentiality).

The seller's agent, on the other hand, has a duty to their client to find out everything about you they can (disclosure).

For another example, if you're dealing with an agent who isn’t officially representing you, they're not bound by loyalty. In other words, they don't have to do anything you tell them or ask them to do.

Holding agents to their legal obligations

Of course, in the real world, there are sometimes issues with how these legal obligations play out.

Every agent has a real interest in maintaining good relationships with other agents. Sometimes, unfortunately, agents can get too friendly. If things get too cozy, they might casually or carelessly disclose information to one another that they shouldn’t.

Extreme cases of over-sharing might even involve collusion. That's when two agents get together on the side and work to structure the deal so it benefits both of them (or someone on the outside with a hidden future interest in the property) - above the interests of either of their clients.

If you think something's off with the information and service you're getting from your agent, or if you feel things are too cozy between your own agent and the other party's agent, you can complain to the company where either of them works, or go up the ladder and make your complaint to the local affiliate of their professional organization.

Your first and best option is to get a different agent. You can usually do this by informing your agent in writing that you no longer wish to be represented by them (and if you feel their behavior has been unethical, you can copy their employer or their professional association).

Be aware, though, that if you've signed an agreement of representation with the agent, you may still have liabilities, including a liability to pay them a commission, if the original agreement had a procuring clause.

So while it's important to know where you stand and your agent's legal obligations, there are genuine legal benefits to working with a licensed real estate agent.

Furthermore, in a transaction where one party has an agent and the other doesn't, the party with the agent has a bit of an edge - part of which is that many people don't understand the agent is only working for one of the parties, not for the benefit of both.

Currently the situation in Ghana Is not appropriate. That is to say the nature of the market is not very vibrant, and alot of unprofessional crooks are operating the market.

This must be corrected. The only way is through the passing of the Real Estate Bill. This will ensure credibility and sound operations in the Real Estate market.

It is very necessary for various stakeholders to help ensure the passing of the Real Estate Bill so that all this benefits can be realized.

TSIFODZE KWADZO ERNEST