Before building a home or commercial property there are some important things you need to take note of. Here they are:
- Land title: Before you start building on land, make sure you have the land title. Failure to acquire a land title means you do not get any monetary compensation when you have to forfeit the land. Make sure before you buy land you research to ensure that the land is not part of a communal trust. In other cases, the land belongs to another, so make sure to cover all grounds before making a purchase.
- Financing: If you will be seeking a loan from a financial institution to begin construction works, note that they may require the following from you:
- A clear land title
- A valid life insurance
- A clear business and payment plan
- Good credit history
- Building permit: It is a legal requirement to have a building permit before you begin building. The consequence of putting up a structure without a permit range from monetary fines to the demolition of the property.
- Emergency precautions: Every home design, by law is to to have emergency exits in the event of fire or flood. Your builder is to include in the design, structural means to prevent fire.
- Completion: According to our research, builders by law are to certain timelines. The foundation and walls must be completed within two years from the date of getting the permit to build.
Guest Post: Ohui Kwao