As an expat, you will most likely find that the real estate market in Ghana might be very different from what you’re used to back home.
Here are a few of such differences you might encounter, especially where Real Estate Agents and Agencies are concerned.
Some agents will charge you a fee for showing you a property. The value of this fee differs from agent to agent. Some might charge you one fee, regardless of the number of properties they show you; or they will charge per property shown. Others will expect you to bear the cost of transportation to the property or between properties.
While this practice is very common, expats should know it is not all gloom since some agents will show you their property at no extra cost.
We indicate on meqasa.com which agents charge viewing fees and which do not. Just click on an agent’s name to view their profile and you’ll see if they charge viewing fees and how much if they do.
You might already be familiar with this, but in order not to be blindsided, an expat should know, in Ghana, agents will usually charge you (the tenant or buyer) a percentage of the total amount involved in the rent or sale.
The usual rate for rentals is 10% of the transaction value. While some agents will take the whole 10% from the tenant, others will take 5% from you and the remainder from the home owner.
In the case of a sale, the usual rate is 5% from the buyer. The commission rates could be lower also, based on negotiation.
As an expat, you should know that after meeting with you, some real estate agents will try to get you to sign some form of agreement with them.
This contract may be anything from an agreement not to close a deal with a different agent on any property shown you by the current agent, to something as extreme as not working with any other agent in your search for a house or apartment.
Please be very certain you know what is contained in the document before signing.
meqasa.com makes efforts to verify agents on the platform, but we still STRONGLY encourage you to exercise appropriate caution, especially, when buying a home.
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Are you aware of any other quirks in the Ghanaian real estate market? Is there a practice that surprised you?
Share them with us in the comments below!
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