Buying a house in Ghana can be a complex and challenging process, but with the right guidance, it can also be a rewarding and exciting experience. In this guide, we will walk you through the steps involved in buying a house in Ghana, from research to securing your property.
Research
Before you start looking for a house, it’s essential to do your research. Here are some factors to consider:
- Location: Location is a critical factor that affects the price and value of a house. Research different areas in Ghana and find out which ones suit your budget and investment objectives.
- Budget: Determine how much you can afford to spend on a house. Consider your income, savings, and other financial obligations.
- Type of property: Decide on the type of property you want to buy. Do you want a detached house, a semi-detached house, or an apartment?
View Properties In Person
Developers are trying to bring the viewing experience closer to you with technology. But it is always advisable to go for an in-person viewing. You get to see other things that could affect the value of the house. It will give you a better appreciation of the infrastructure of the community where the property is located. You also get to inspect the quality and condition of the house and ask the relevant questions.
Conduct Due Diligence (The Search Report)
It is very essential to conduct due diligence on the property and the seller before you make an offer or sign any contract. You need to verify the rightful owners of the property or the land on which the property sits and check for any encumbrances or disputes. To avoid the risk of fraudulent sales, it is advisable to conduct a valid search to ascertain the rightful custodian(s) of the property. In Ghana, the institution mandated to assist with this is the Lands Commission. You can visit their offices or use their online portal to request a land title search. You will need to provide the site plan or indenture of the property and pay a fee for the service.
Seek Legal Advice
Buying a house involves a lot of legal documents and procedures, which can be complicated and confusing for the average buyer. It is therefore recommended that you seek legal advice from a qualified lawyer or solicitor, who can guide you through the process and protect your interests. Some people think that legal advice is expensive, but it should rather be an important action, during due diligence, to avoid wasting money on a fraudulent sale. A fraudulent transaction is more expensive than the cost of legal advice. The legal expert will also handle the property transfer process at the buying stage. They will ensure that all legal requirements are met, and the property’s title is clear. Legal Advisory is considered the most essential step in property acquisition in any country.
Buy
Once you have done your research and due diligence, you are ready to start looking for a house. Here are some tips to help you with the buying process:
Working With An Agent
An agent is a person who acts as an intermediary between the buyer and the seller, and helps with the negotiation, documentation, and closing of the deal. Working with an agent can have some advantages, such as having access to a wider network of properties and sellers, getting professional advice and guidance, and saving time and hassle. However, working with an agent also has some costs, such as paying a commission, which is usually a percentage of the final sale price of the house. The commission rate may vary depending on the agent, the property, and the market, but it is usually between 5% and 10%. You should always agree on the commission rate and terms before you engage an agent, and make sure they are licensed and reputable. You can find agents through referrals, online platforms, or associations like the Ghana Association of Real Estate Brokers.
Dealing Directly with The Seller or Developer
If you prefer to deal directly with the seller or developer, you can avoid paying a commission to an agent and have more control over the negotiation and transaction. However, you will also have to do more work and research on your own and be more careful and vigilant about the details and documents. If you wish to buy from a developer, you will not require the services of an agent, as developers usually have a complete set-up to support you, from legal services/advisory, through technical advisory to after-sales support. You can find developers through their websites, social media, or events like the Ghana Property and Lifestyle Expo.
Discuss The Price Offer and Related Costs
Whether you work with an agent or not, you will need to discuss the price offer and related costs with the seller or developer. The price offer is the amount of money that the seller or developer is willing to accept for the property, and it may or may not be negotiable. You should always do your market research and analysis, and compare the price offer with similar properties in the area.
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