Mortgage or Build a Home in Ghana
The typical Ghanaian household is often faced with three choices in the acquisition of shelter. These are to rent, build or mortgage a home. In well developed countries, the mortgage industry has proved to be the most capable and superior financier of the housing needs of the population.
Owning a house in Ghana is many a households’ prime target. The trajectory towards attainment of this investment target is akin to the “Life Cycle Hypothesis” theory. At very early stages of Ghanaian’s working lives, many households rent apartments. As incomes increase above the basic consumption needs, investment opportunities in the housing industry become prime objectives.
Ghanaian households are faced with the choice of either mortgaging a home or building one. These choices are however dependent on income levels and access to land. Not to overlook land litigation as a frustration most Ghanaian’s don’t want to go through. This is one critical factor that undermines ‘own-building’ in Ghana.
Real estate developers in recent times has also boosted the supply of houses to meet the housing stock deficit in the country. View some listings. Although these houses are provided on a mortgage basis to households and individuals, patronage is often skewed in favor of high-income earners due to high cost of buying or mortgaging. Clearly, the high cost of housing is caused by price of land, cost of access to utilities such as roads, water and electricity on such lands, building costs etc. Aside this there are some affordable apartments you can consider.
It is always advisable to check your financial capabilities and cash flow to make a better decision. You can also arrange a meeting with your preferred mortgage back in Ghana, so you have a fair understand of how it works, and the rates involved. The options are available, but the decision is always your to make.