Buying your new home in Ghana as first time buyer can be exciting as you feel you are on space capsule to the moon. You will get that feeling to say “goodbye to landlord” trouble, at the same time the process could create analysis paralysis due to the amount of information you consume. No worries. I will walk you through what you need to do.
It is no brainer, one of the most important steps before starting your home-buying journey is to determine your budget. You need to cut your coat according to your size. Sit down with your partner if you are a couple and assess your financial situation by evaluating your income, and your savings. How much do you have in the bank or what asset could you sell to finance your home purchase? Carefully analyzing and understanding your budget will help you narrow down your search and avoid falling in love with properties that are beyond your means. By setting a realistic budget, you can focus on homes that align with your financial capabilities.
Ghana’s real estate market is diverse, offering various options for first-time home buyers. There is primary market and secondary – primary means new developments from developers and secondary are already existing home. You may want to decide what type of market you will like to make your purchase. Obviously, secondary market homes tend to be cheap than newly build homes but also it depend on the location. For example a well maintained old property at Cantonment or Airport residential area will always be pricy irrespective of the market. But also, a newly build house will always command price. Hope you get my gist.
Also, you could buy your home off-plan as early bird home buyer in Ghana. Which means you buy before the developer start developing it. That way you will get it at a discounted price compared to when the project is completed.
Hire Real Estate Agent
Hiring a reliable and experienced real estate agent can significantly simplify the home-buying process. I get it, the commission is what most buyers avoid agents. A reputable agent possesses valuable knowledge about the market and can provide expert guidance throughout your journey. They will have access to a wide range of properties that fit your criteria to choose from and can help you find options that match your preferences. Also, a skilled agent have negotiation skills and can negotiate on your behalf, ensuring that your interests are protected throughout the transaction. You always want to make your interested is taken care of.
When purchasing a home, location plays a vital role in your overall satisfaction and convenience. Ask yourself, where would you like to live? Do you have schooling going kids? Where is your place of work? You may want to consider proximity to your workplace, schools, healthcare facilities, and amenities like shopping centers or recreational areas. Assess the neighborhood’s safety and the availability of essential utilities such as water, electricity, and internet connectivity.
You don’t want to get stuck in a wrong location. Choosing the right location will not only enhance your daily lifestyle but also contribute to the property’s long-term value.
Never underestimate the importance of home inspection. Most home buyers often ignore this only to pay a high price when they move in. Engage a professional home inspector to evaluate the structural integrity, electrical systems, plumbing, and overall condition of the house you intend to buy. Identifying potential issues beforehand can save you from costly repairs in the future. A thorough inspection report will provide you with peace of mind and help you make an informed decision about the property’s true value.
Also, if you conduct inspection well, you could use it when negotiation on price. You could ask for reduction of price because of damages or faults on the property. Or walk away from the deal if the damage is severe, especially foundation issues.
Hire a lawyer
If you are familiar with the legal aspects involved in buying property in Ghana, fine. But I will still recommend you use a lawyer. For example existing home may have some liens or legal issue pending in court. Ensure that all necessary documentation, including land title deeds, building permits, and contracts, are in order. This will protect your purchase and prevent any future disputes.
Unless you are purchasing the property outright which is a common way of financing home purchase in Ghana, exploring financing options is a crucial step in the home-buying process. You may want to call or visit different mortgage lenders branches to compare their interest rates, repayment terms, and eligibility criteria. You can hire a mortgage broker or your real estate agent can help you out. I will advise you to first obtain pre-approval for a mortgage before searching for a home. This pre-approval not only gives you a clear idea of your borrowing capacity but also strengthens your position as a buyer when negotiating with sellers. Understanding your financing options will allow you to make an informed decision that suits your financial strength.
BECOME A HOME OWNER IN A GREENERY & SOLAR-POWERED GATED COMMUNITY @KWABENYA
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Are you looking to buy your dream home or an investment property for cashflow purposes in Ghana? Are you a westerner planning to make Ghana your next home and looking for African homes for sale? Perhaps you may be worried of the hassle to go through to build yours, we have got you covered. Buying a home from a developer is more secured because we have done all the hard work and due diligence on the land and it has pass the process. Your only job is to own it by reserving your home today.
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La Margo Villas Neighbourhood Snapshot
Kwabenya is a residential community located in the Ga East Municipal District of the Greater Accra Region. The area is well connected to major roads and highways, making it easily accessible from other parts of the city. It is an ideal area for real estate investment and an emerging sub-market for those who want to escape excessive noise of Accra. Get in touch with us to reserve your dream home today right here. Read also: The 9 Advantages Of Living In A Gated Community In Accra
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