Achieving financial freedom begins when you stop paying rent – Property investment expert
Legal practitioner and property investment expert Alex K. Osei-Owusu has claimed that becoming a homeowner and avoiding rent payments is key to achieving financial freedom, particularly in Ghana.
He argued that being a tenant essentially makes one an employee of the property owner, and this dynamic plays a significant role in financial difficulties over a lifetime.
In Ghana, many people complain about the huge amount they have to save to pay rent in advance of between one to three years instead of the monthly payments that exist elsewhere in the world.
Mr Osei-Owusu suggested that investing in real estate is crucial to becoming a homeowner and avoiding the tenant lifestyle.
“In our society, as long as you are paying rent, it means you are working for somebody – it’s as simple as that. If you have a landlord and you are paying rent, it means you are, in fact, an employee of your landlord because, at the end of the month, you have to pay him or her,” he explained.
He added, “For financial freedom, for peace of mind, it’s when you are not paying rent. It means that, instead of paying rent, you are conserving that money.”
The expert further elaborated, saying, “When you take a mortgage and pay rent, the rent you’re paying is essentially the cost of the house you’re paying to yourself. At the end of the day, the money you would have paid in rent each month is accumulating to pay for the property you’re buying.”
Mr Osei-Owusu emphasized, “When they say financial freedom, it starts when you are not paying rent, it means you are now working for yourself.”
He was speaking during a two-day exhibition fair under the Ghana-Diaspora Home Purchase Expo 2024, held at the British Council in Accra.
Mr Osei-Owusu led a team of real estate developers, insurance companies, and financial institutions to assist diaspora communities interested in acquiring and investing in property in Ghana.
The exhibition segment was part of the overall event, featuring top Ghanaian real estate firms, banks, and insurance companies who showcased their products and services.