Architect Nana Akua Birmeh, founder of Archnexus, has advised Ghanaians to build homes they can realistically afford to complete. She stated that many individuals begin ambitious construction projects without properly assessing their financial capacity, leading to numerous unfinished buildings across the country.
Birmeh explained that people often start with grand plans for their dream homes, failing to consider the full cost or their current financial situation. This mismatch between aspiration and affordability frequently results in projects that take years to finish, or are abandoned entirely. She emphasized that homeowners would benefit more from starting with a manageable property and gradually working towards their ideal home.
This issue contributes to Ghana's broader housing challenges and inefficient use of capital in the real estate sector. The prevalence of uncompleted structures represents significant locked-up investment that could otherwise contribute to economic activity. It also highlights a common financial planning gap among prospective homeowners in a rapidly urbanizing nation.
“What we see a lot, and actually that’s quite prevailing, a lot of people start off immediately and want their dream house, which usually they cannot afford,” Architect Birmeh stated on the Joy FM Super Morning Show. She added that such projects often leave owners unable to enjoy what they envisioned, as the homes remain incomplete.
The implications of this trend are significant for both individuals and the national economy. Unfinished buildings can become liabilities, depreciating in value and contributing to urban blight. Decision-makers in the housing finance sector and urban planning must consider strategies to promote more realistic homeownership pathways and better financial literacy among the public.
Architect Birmeh urged Ghanaians to adopt a phased approach to homeownership, similar to practices in other countries. She suggested starting with a property that is financially manageable, enjoying its completion, and then upgrading as financial capacity grows. This strategy allows individuals to build equity and move up the property ladder more sustainably.
The architect noted that a beautiful architectural design does not guarantee its realization if the financial means are insufficient. Many homeowners become fixated on the image of their dream house, neglecting the practical costs involved in construction. This often leads to disappointment and financial strain.
Ghana’s housing market continues to face challenges related to affordability and access to financing. Initiatives like the Republic Bank JoyNews Habitat Fair aim to connect prospective homeowners with suitable financing and housing solutions. Such platforms are crucial for educating the public on sustainable homeownership practices and connecting them with credible service providers.
The advice from Architect Birmeh underscores the importance of prudent financial planning in major life investments. It serves as a critical reminder for individuals to align their housing aspirations with their economic realities. This approach can prevent financial distress and contribute to a more orderly development of Ghana's urban landscape.