Have you been planning to buy an apartment in Ghana? Homeownership is one of the greatest investments you can ever make in life. For the past few years, the Ghanaian real estate market has experienced tremendous growth thanks to a booming economy and politically stable environment in sub-Saharan Africa. Whether you are looking to buy an apartment in Ghana to serve as your permanent residence or you want to have a nice apartment to stay in when you come for a vacation in Ghana, there are plenty of housing developments with the latest amenities to choose from.
The home buying process can be stressful and challenging if you don’t know where to start. For you to successfully buy an apartment in Ghana, the following are the key things that you need to know.
This is a very common question many prospective homebuyers in Ghana ask. The truth of the matter is, that both Ghanaian citizens and foreigners can own real estate properties in Ghana. However, it’s important to understand the different classifications of land in Ghana as there are certain types that can’t be privately owned.
Now that we understand that both locals and foreigners have a right to own a property in Ghana, let’s now have a look at the different ways a prospective homebuyer can buy an apartment in Ghana.
a) Buying directly from the owner- This is where you approach an apartment owner who is willing to sell their apartment and negotiate without the involvement of any third party.
b) Buying through a real estate agent- Real estate agents have information and details of apartments that are on sale in different parts of Ghana. When you approach a real estate agent, they will connect you to an apartment seller. It’s important to select a realtor who has a proven track record and a good reputation. You will also need to pay an agency fee when you engage a real estate agent.
c) Buying from a real estate company- These are real estate developers who buy a piece of land and build apartments for sale. When buying an apartment in Ghana from a real estate company, it’s important to conduct your due diligence and ensure that the land where the property sits has a genuine title deed fully owned by the company. You should also ensure that the materials used to construct the apartments and amenities are up to the standards so that you don’t compromise on quality. A thorough background check can help you identify the genuine real estate companies in Ghana that sell apartments.
The process of buying an apartment in Ghana will vary depending on the method you choose to make the purchase. However, all due process must be followed until the ownership of the property is transferred including the title documents. A real estate attorney can help you handle this process if you are a first-time homebuyer in Ghana.
To get the best deal, there are certain factors that you need to put in mind when making your purchase. They include;
a) Your preferred location
b) Budget since there are different types of apartments with different price values
c) Your preferred payment plan or mortgage type
d) The reason why you want to buy an apartment in Ghana and when is the most appropriate time to buy