You Probably Do Not Change Your Bedsheets Frequently Enough
- 19 October, 2020
- Tips and Advice
How often do you change or wash your sheets? We got you thinking huh? Many of us keep the same…
Buying a house in Ghana should be very easy when you are a renowned real estate agent or experienced real estate buyer. However, if this is your first time trying to buy a house in Ghana, this article should help explain how to do it.
Apart from having the capital, finding the right house in the perfect location might not be easy for any buyer, especially when that buyer doesn’t reside in Ghana. Residents in Ghana might have the advantage of knowing the locations that best suit them.
The most important thing is identifying the value of desired locations and comparing prices to determine whether the price for the house is worth its location in terms of economics and market valuation. As a buying agent, you must know and understand the nitty-gritty and processes involved in acquiring a property.
During these processes, any small mistake or discrepancy might result in the loss of huge sums of money. Also, when you understand your buying rights and the best strategies to bargain with and arrive at your perfect amount, you will save money, time and some change to boot..
Deciding whether to buy a furnished apartment, house or unfurnished property is very easy when the money is ready. The problem is not about how fast you can buy a house, but how credible the deal is. Before we delve into all that, we must examine the scenario of the Ghanaian real estate economy. Since 2010, Ghana has been classified as a middle-income country. The economic development in the real estate sector in Ghana has introduced harder and tougher competition.
The demand for private and commercial properties has increased firmly and steadily. This has created new emerging market opportunities for many; especially expatriates and foreigners to invest hugely in the real estate business. Ghana’s expensive locations in Accra is the Airport Residential Area, Cantonments, East Legon and Spintex.
Also, the least expensive houses in Accra are located in Madina, then Abokobi and Kwabenya with prices ranging between GHS245,000 (US$67,000) and $57,000 respectively. In Kumasi, the average price of a house is about $150,000 while in Sekondi-Takoradi, the average price stands at about $200,000. Cape Coast is the cheapest city with an average of GHS 120,000. There are other smaller towns and cities with less prices but at the outskirts of Accra.
As a prospective property buyer, the above information is required for budgeting and choosing your location with their price range in mind.
Before you decide on the type of house, design or the location where you want the house to be, you must first come out with an affordability calculation to be able to reach your house buying affordability goal. You must adhere to the following rule. You shouldn’t look at houses you can’t afford. This will give you unrealistic expectations and might devalue your interest in the ones that you can afford making them less attractive and engaging.
The best strategy is to start looking at properties below your budget and climb up the ladder. In that case, you might recognize why a certain property costs less than the other and why the difference. Now let’s talk about the budget. To design a budget, you must check out the following list.
Buying a house is no walk in the park but many of the errors people make can be avoided if they did a little due diligence. One easy way to save yourself from a lot of stress associated with house hunting is by dealing with trusted, verified real estate agents and developers.