Being a landlord is something that many people consider as a way to make an almost entirely passive income, but they often run into problems. The price of buying an apartment to rent it out is prohibitive and finding tenants who are able to pay high rents is getting harder.
There is a solution, however. You could purchase property in a different country and become a long-distance landlord. Depending on the country you choose, this could be very profitable, and Ghana is one of the best places to pick. Read on to find out more.
In some countries you will find there are major restrictions on people from other countries buying property there. There are many reasons for this, most of them economic. In Ghana there are no such restrictions, meaning that if you live abroad and you feel that owning an apartment in Accra or Kumasi or Tamale, for example, would be a good move for you, then that is exactly what you can do.
With less red tape to go through, not only will you find that you can become a property owner in Ghana relatively quickly (subject to the usual checks, of course), but it may even cost less than you might have thought, since the legal fees will be greatly reduced compared to countries that do have many restrictions imposed on potential landlords.
Plenty Of Choice
The property market in Ghana is an exciting one, and it is booming. More and more apartment complexes are being built due to the demand, so when you are ready to find one to buy and then rent out, you will have plenty of choice. Just take a look at the Ghana Property Centre and you will see many potential properties available. This gives you a good idea of how many apartments or even houses you might be able to find when you are ready to buy.
With so much choice, you can take your time choosing the ideal rental. Think about the location, how close it is to the nearest city (or if it is to be in a city, which one it should be), what the work prospects are like, what the roads are like, and how many schools there are. Taking all this into account, plus the price and the look of the apartment, you will be able to find the right one.
Many Potential Tenants
Ghana is a very special place; it has many more freedoms than a lot of other African countries, it is modern, the government is democratic, the education system is exceptional, and the business prospects are immense. It is the kind of country people want to live in.
This means that, if you choose the right apartment, you are sure to easily find tenants to live there. In fact, you might even have a queue of tenants wanting to rent your place from you. Not only does this mean that you can start making money much more quickly, but it also means that, when one tenants leaves, you will find another with no problems, reducing the amount of time you have with an empty apartment.