What would you do if you found yourself in such a dilemma? Many people who find themselves with more than one residential property often grapple with making the decision as to whether to sell one of them or rent it out.

Renting out as an option

You may view renting out as simply making money off the property while still having ownership of it, probably because the rent from your tenant is either paying your mortgage or providing you with a steady flow of monthly cash if your house is already paid for.

However, it’s not that simple. Being a landlord comes with its own responsibilities.

So what if you decide to rent out? What are your responsibilities?

• Mortgage payment(if applicable)
• Property tax
• Homeowner insurance
• Homeowner association dues (if applicable)
• Property management company (if applicable)
• House maintenance

it is your responsibility as landlord to do major repairs and wear and tear on the property, like tiling, painting etc. except for major damage, which is generally borne by the tenant.

The truth of the matter is that there are challenges to being a landlord. These challenges can be quite emotionally, financially and physically draining, like handling difficult tenants and their complaints, maintenance problems, and possibly having to evict tenants. You need to weigh the emotional and financial cost of being a landlord against the potential for making profit.

To help you make the best decision as to whether to rent out or to sell, you need to know what it will cost you every month to own that property. You also have to examine what the rental value is every month and calculate whether this amount can cover the mortgage payment, taxes, insurance and any management fees. Remember, you want a breakeven or better still, a positive cashflow .  Any extra cash from the rent can be used for maintenance, repairs, or to pay down the mortgage.

How about Selling?

Some have found themselves in need of significant bulk money in which case selling might seem more appealing to them. However there are a few things to consider before taking this option.

• Do you have significant equity?
• Are you going to make a profit from the sale?
• Will you re-invest the money from the sale?

If you have significant equity, you are better off selling. It actually may be a relatively lower risk to choose to sell, provided your plan is to turn a profit or make a wise investment with the proceeds from the sale.

So what do you want to do?

Written by: Daphne Amarkai Quayson 

Sales & Marketing Officer, Emerald properties

This article was first published in the June 16, 2016 edition of the Business Finder Newspaper.

Have you stayed in the same house for a long time? Are you tired and bored with your house because you keep seeing the same wall colours and furniture all the time? Are you looking to bring the spark back into your home but you fear it will be too expensive?

Here are 5 simple ways you could revamp your home to give it a new look without spending too much:

1. De-clutter : Get rid of all the things you have not used in a long time. Are you still keeping those plastic baskets you got as a gift from that engagement ceremony even though you never use them? How about those shoes you never wear because they have become too tight? Or the cookbooks, old wedding invitations and order of service from funerals you have piled up but will never use again? Or the clothes that you or your children haven’t worn in years because you have either outgrown them or they are worn out? Why not give them out to others, sell or throw them away? Human as we are, we have the tendency to hang on to old things for sentimental reasons thereby creating clutter. In my opinion, if you have not used it in six months, you do not need it. Get rid of it.

2. Re arrange the furniture: If you cannot afford to buy new furniture, do not worry, Move the old furniture around in the hall, change their positions to give your hall a different look. Why not get rid of that room divider that is taking up so much space and replace with a small television stand, a cupboard or a table for the television and its related appliances? Or better still why not hang the flat screen television on the wall? You could also change the fabric of the cushion cover or drape the old chairs with new decorative coverings to give it a new look.

3. Give your home a good paint work: Did you know that certain colours can determine your mood? Yes, some colours could dampen your mood whilst others can lift your spirits. Make good use of the internet to find the best indoor colours. The customer service persons at the paint companies also come in handy with their palettes that have an array of colours to choose from. Carefully choose some fresh colours for the hall.  Go for bright and refreshing indoor colours that will bring a smile to your face each time you step into your home and choose a calming colour for the bedroom. And do not forget to paint the ceiling. It will surprise you what a difference that will make in your home.

4. Floral arrangements: In Ghana most people grow flowers in their homes if you do, bring some fresh flowers from your garden. Get a simple cup or a vase and make your own floral arrangement. More often than not, The simplest arrangements are the most beautiful ones.

5.Change your door handles and knobs: the gold, brass or silver colours of the door handles and kitchen cabinet handles may have faded by now. Invest a little money into buying new ones to replace them, and see the difference it makes.

These suggestions will leave your home looking new, spacious and different. Go ahead and breath life into your old home.

Writer: Daphne Amarkai Quayson.

Sales and marketing officer, Emerald Properties.

This article was first published in the June 9th  2016 edition of the Business Finder Newspaper.

While driving through Accra recently, I saw dozens of building construction going up in the city centre. I could not help but notice how dependent we have become on steel and concrete for building. Even the scaffolding used for construction was all made of steel. I found myself wondering if an alternative to steel exists. I therefore decided to do a little research into that and here are a few facts I gathered:

Did you know that developing countries like Ghana have the highest demand for Steel reinforced concrete? According to Future Cities Laboratory in Singapore, developing countries use close to 90 per cent of the cement and 80 per cent of the steel consumed by the global construction sector. However, such countries often do not have the means to produce the steel to meet that demand.  Out of 54 African nations, for instance, only two are producing steel (South Africa and Egypt). This puts developing countries at the mercy of a global market dominated by developed countries. Could there be an alternative that could rescue us from this exploitative relationship with the developed world?

Bamboo as an alternative

Could bamboo really replace steel reinforcement?

Bamboo has potential in the future to become an ideal replacement in places where steel cannot easily be produced. Research suggests that bamboo might have some advantages over steel which could make it a good alternative for construction. According to scientists, Bamboo has greater tensil strength than steel.Ultimate tensile strength is measured by the maximum stress that a material can withstand while being stretched or pulled before breaking.

Below are some more facts about bamboo:

1. It is the fastest growing plant in the world, with recorded growth rates of up to one meter per day for some species.
2. It has existed for hundreds of years in Asia, Latin America and parts of Africa (including Ghana), all of which have different climate. Evidence that it is very resilient.
3. It is highly versatile and thrives in the poorest of soils.
4. It is environmentally friendly
5. It is cheaper than steel because it is locally sourced and grows rapidly

That being the case, you may be wondering why a country like Ghana, which has an abundance of bamboo, is yet to find a way to utilize it to our advantage? Well, ironically, many of the countries that would benefit from bamboo reinforcement also lack the resources to develop it as a viable alternative to the steel on which they currently rely.

Besides, bamboo has its own limitations.

Contraction and expansion is one such limitation, caused by both temperature changes and water absorption.  This grass is also susceptible to structural weakness caused by fungus and simple biodegradation.

From the look of things, the advantages far outnumber the disadvantages. Additionally, when well treated, bamboo is protected from above mentioned limitations, albeit at a cost (monetary).

If these demerits are well mitigated, this could ‘change the game’ in construction. We could reduce import fees on construction costs considerably, thereby providing affordable housing that is really affordable.

Written by: Daphne Amarkai Quayson

Sales & Marketing Officer, Emerald properties

Credits: Africa Renewal online, Arch daily architectural website.