Buying a home in Ghana? What to consider
Home ownership in Ghana is certainly a privilege anyone resident here would want to enjoy. With prices of construction wares skyrocketing by the day, leading to uncontrollable increases in rent and other related expenditures, it is absolutely a matter of necessity to own your own property if you have the ability to. If you’re deciding to buy a house in Ghana, here are a few things you need to ponder upon before settling on your choice of home.
Location: The location of your house is probably the number one thing to consider. Location determines
Distance to your workplace: Most of the new homes springing up in Ghana, other than townhouses which are by far the most expensive accommodation you can find, are located at considerable distances away from the business districts where your office is probably located. Owning a townhome could cost you multiple times the price of a residential estate property located some few miles away from your workplace. You need to know how quickly you could make it daily to and fro work.
Who are going to be your new neighbours? It may also matter to you who is going to locate their house next to yours. Foreigners, local nationals, or whom?
Crime rate in the location: Some areas in the capital cities may be prone to activities of criminals. But some real estate developers have gated communities with good security. Some even have Police Stations located within the community.
Availability of amenities like water and electricity: Ghana remains a developing country. As such not all areas are well-developed or have access to portable water or electricity. But when such amenities are a necessity, you may want to figure out how best to make do in the event that you encounter such circumstances. But you can rest assured that all townhouses in Ghana do not struggle with such challenges and most estate developers are doing well to ensure access to these facilities as a way to get more buyers.
Financial Implications
Homeownerships comes with a lot of responsibility and costs associated with it. The cheapest house in Ghana today could cost the average worker up to half of his income for more than a decade to come. Such a budget requires strict discipline to sustain your homeownership plans and survive with your family. So, if affordability is of importance to you, then you need to know what percentage of your income you’re ready to forgo in order to own a home of your choice. Interestingly, some developers also price their properties in foreign currencies, i.e., the United States dollar, as the local currency continues to depreciate with time. A plus for them but a disadvantage to the buyer, you may want to look for a house that is priced in Cedis unless of course you’re paying outright.
The Contractor
It matters who constructs the house you wish to live in. Purchasing a quality home in Ghana, as elsewhere, will depend on who is behind the construction work. Not all local contractors can be trusted to deliver top quality residential properties. If you’re not well-versed in construction related matters, you may want to hire a trusted consultant to determine if the property you’re considering owing is made of good quality materials that guarantee strength of the building and its ability to last long for your future generations.
All said and done, you have to own a home anyway, and we hope you get lucky in your effort. However, should you need further help, feel free to contact us!
