Hello and welcome to our blog, in this post we’re going to take you through how to build your dream home with an instalment plan.
Building a home in Ghana has become such a tough ask looking at the economic state of the country. Several real estate companies in the country are also selling properties at gargantuan rates only the rich can afford.
But in all these predicaments there is a way to build your dream home with little stress or hustle and in this post we are going to show you. Just before we get into it let’s try and familiarise ourselves with the term ‘Instalment plan’.
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What is an Instalment Plan?
An instalment plan is a strategic way of funding for goods or in our case projects by dividing the total cost into smaller equal payments.
How to build your dream home with an instalment plan
From the definition of an instalment plan in our case, you will think that is what most people do when building a house right? BIG No, and I am going to explain why.
It is common to see people building their house gradually with what they have but most at times it is without a Material Schedule or a Bill of Quantity and in the end, they will end up getting duped by the contractor or getting stuck without the project reaching the stage they expected it to get to with their budget.
Mr Kingsford Akanah the CEO of Akana Construction explained the ideal way of building a home while staying on top of things as far as the financial side of the project is concerned.
“Give your building plan to the contractor or Construction company and ask them to give you a Material schedule and a Bill of Quantity”.
“For example, let’s say you want to build a 1 story house with 5 flats in total. A Bill of Quantity for a project of such nature will look like;
General Summary Amount
Ground Floor 267,211.55
First Floor 230,946.95
External Work 49,393.00
Grand Total: 681,722.88
Percentage for Materials (70%)
Percentage for Labour (20%)
Percentage for Supervision (10%)
“When you have a Bill of Quantity like this you can plan for each stage of the project by drawing an instalment plan which will allow you to be on top finance-wise irrespective of where you find yourself whether you are in Ghana or in the Diaspora
“When you also have a Bill of Quantity like this one you will have a complete idea of how much the project will cost you when you are done.”
“It also prevents you from getting duped by the contractor”.
For more expert advice like this one together with a free estimate contact Akana Construction.
If you also need a trusted contractor to build your home for you at your own financial pace, then get in touch with Akana Construction.
Office Address: Yousort Street, Accra.
Telephone: 026 259 0263
Email: [email protected]
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