The Ghana Passport Application Process, 2020 (A Step-by-Step Guide)
- 28 October, 2020
- Tips and Advice
A passport is a basic right that every citizen is entitled to. Any Ghanaian citizen can go through the passport…
So you want to know whether or not you’re ready to buy a house? Lucky for you there are a lot of houses for sale in Accra. Now, consider this, do you feel like you are ready to take on more responsibility in life? Because owning property is not just about calling a place yours. There’s a lot of consequential responsibilities associated with owning property. You will have new duties of maintaining and managing your home for a long time. You won’t have the option to simply move away if you are no longer interested in maintaining your home. In fact, home ownership is serious and risky business. It is not necessary for everyone but if you feel like you are at that stage in your life where additional responsibility is more welcome than not, then you’re definitely in the right headspace to own a house.
Note that despite the many responsibilities associated with homeownership, there are also a lot of benefits that arise from owning property. For one thing, you are no longer accountable to a landlord or landlady. You have absolute control over your living space. You can decide to renovate, expand and basically make any permanent changes to your home as and when you please. Let’s not forget all the money you will save from monthly rentals if you own property. A first home can always become a future investment as well. The upsides of owning property are numerous. Finding a house for rent in Accra might be easier but investing in a house for sale in Accra can be a lot more rewarding
A house can be a major financial burden so financial readiness should also be considered when you want to know whether it’s time to own property. For some people, this might be in the form of money that you have saved up for a long period of time, an unexpected inheritance and for many people a mortgage. If you’re going with a mortgage then you have to conduct extensive research in your community to ensure that you have found the best mortgage for your earning level. Use an online mortgage calculator to decide what your premiums might look like and assess your own eligibility for a mortgage before you even approach the banks. In Ghana, you can check here for a list of mortgage providers in the Country.
Another factor to help you decide whether you are ready to buy a home is when you intend to start a family. For many people having a family means finding a place with more space for kids to play around, proximity to good schools and child-friendly neighborhoods. Compared to rented apartments and houses, your personally owned house gives a sense of stability and permanency that many people desire for their families.
Finally, if you’re at a point in your life where you are interested in building equity and owning assets then you might be ready to own your own house. Whether you pay off your house from your savings or through mortgage payments, you will still end up with an immovable property that is solely and completely yours. You can use your owned property as collateral for loans later in life or sell the asset if you ever need cash urgently. Also, if you are the type of person who observes the Ghana real estate market and you know for certain that the prices of property in your community are currently low and likely to rise soon then you might want to consider investing in property at this point in your life.
So there you have it! A few pointers to consider if you are seriously trying to decide whether it’s time to start looking into owning your own property. Good luck with your choice!