I recently published a video about Africa's wealthiest homes. Although you may not see this when looking at mainstream media coverage of the continent, there are many places that have very wealthy residents. While I was in Ghana, I visited a mansion for a house tour like no other! I highly recommend watching the full video above, to see this amazing property for yourself!
In an earlier article, I spoke about why Ghana is such a great place for real estate investment. Ghana, and Africa more generally, is often overlooked by investors. People are often unaware of Africa’s luxury property market, and are unsure about how things work in that part of the world. In this article, I will give you 3 tips on how to invest in Africa’s wealthiest homes.
1. Local Knowledge When Investing In Africa's Wealthiest Homes
When investing outside your home country, it is important to get the right people to advise you. You will be unfamiliar with local laws, customs and any potential scams in the area. There may also be bad actors that specifically pray on foreign investors lack of understanding of the local legal system. Therefore, you need to find trustworthy people with local knowledge to work with.
Find businesses with a proven track record, speak to their previous clients, and ask for feedback about the company from people that have no financial incentive to sell you on the product. Don’t try to cut costs by going for the cheapest option. Build a team of great lawyers, guides, estate agents and property developers that you can trust. Verify everything you are told and seek second opinions where necessary.
2. Start Small When Investing In Africa's Wealthiest Homes
When you first start out in property, it makes sense to start small. It isn’t normally a good idea to make your first property a large HMO with a need for significant refurbishment, for example. This is because you will probably make some mistakes with your first property deal. It is better to make those mistakes with a small deal than a large one. The same is true when investing in Africa’s wealthiest homes.
In Ghana, I was a small investor in a block of flats. This allowed me to: learn how the process works; see the construction happen; and have access to the developers, all without risking that much capital. By starting small, I got an education in Ghana’s real estate market while making some money at the same time!
3. Buy Land And Wait
Don’t wait to buy land, buy land and wait. In certain places in Africa, this saying is particularly true. In the area that the house I toured was built, for example, I was told you could buy land for $5,000 at one point, in a few years it was $50,000, now it's $100,000! Africa is growing, and areas that are underdeveloped can become more developed in relatively short periods of time. The roads to the property have significantly improved, for example, making it a much more attractive place to live.
This goes back to having good local knowledge. You need to be able to spot when an area is on the up and up. Get into an area as it is growing and hold the land for the long term. If you can get in early and have patience, the rewards can be massive!
From Africa's Wealthiest Homes To UK Property
From Africa’s wealthiest homes to UK real estate, property is an excellent investment. Need some help getting started in property? Join me at my next training event!
On the course, you will learn how to:
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Become a property investor using other people’s money so that you can get started straight away
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Utilise the 5 different types of raised finance so that you know exactly what to offer and when
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Find the perfect properties for the BRR strategy
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Recycle your money so that you can ‘rinse and repeat’
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Build a power team you can trust, so that you can save time and money
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And much more!
Tickets are only £1, and you can get yours here. If you are ready to take action, I hope to see you very soon!
