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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.

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Steps to Help you Save Money to Buy a House in Ghana

Do a market survey (independently or with an agent) and know how much houses are selling for. Also find out what kind of lease the property has, whether freehold or leasehold. When you find what you are looking for according to your specifications and requirements, contact the seller whether a developer or individual. Ask for a viewing of the property (if readily built) or renderings (if off-plan), purchase price, floor areas, hidden charges, service fees, title processes and procedures and any other questions related to your purchase.

Timing for buying a house in Ghana is of the essence so as to enjoy some level of financial peace. Buying a house is a big deal if you don’t have money or resources to pay for the property. It is therefore a good practice to access your finances and know when you are ready. You can start by accruing an emergency fund for yourself until it reaches between 3 to 6 months of your expenses. Once you have done this, you are assured of financial backup support and you are ready to use readily available funds to move forward with the purchase.

If possible, try to make a plan on saving each month after house/mortgage payments. A sweet spot of 25% of your monthly income looks ideals. You do not want to save all your money or you leave yourself unprepared to face emergencies or fail to embrace new opportunities. Do this by multiplying your income by 0.25 to find your monthly savings amount. You can also decide to start saving with a bank or investment firm, then increase your contribution as you progress. After the above-listed are satisfied, you may make a down payment to reserve a unit or units. The down payment indicates how serious you are to acquire the property. You may decide to take a loan from the bank, a mortgage or use your own cash to finance the purchase of your home/apartment.

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Why You should buy a house in Ghana

There are a lot of Reasons why you will want to buy a property in some specific part of the world. This may include safety reasons, availability of social centers, necessary housing amenities, lifestyle or behavior of citizens, foreign investments and general growth of the country.

For those who seek investment, the GDP of Ghana is quite stable and therefore appears to be a promising African nation of growth and development. Aside this, there is an increasing number of real estate developers which gives you a lot of options and offers to choose from depending on your budget.

There is a boom in the Real Estate industry. The real estate rates in Accra, Tema, Kumasi and other important centres in Ghana are steadily climbing up. Areas like Dzorwulu, Airport Residential Area, East Legon and Spintex are among the top choices to invest in as a buyer.

Safety and Security in Ghana is also quite admirable, making the nation a great place to stay or invest in. This affords you the opportunity to leave your home without worrying about people breaking in and stealing your items which is also quite dependent on the location and the kind of properties you buy.

Other factors that makes Ghana a great place to buy an apartment or townhouse is the proximity to social centres, such as, shopping malls, airports, business districts and other prime centres especially in Accra. There is also an increasing growth in the development of international and private schools in most areas so children do not sit long in traffic.

No matter the factors you are considering, you are sure to find answers to them with our listed properties (

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Are You a First-Time Home buyer in Ghana

As a First-Time Homebuyer, it is advisable to look for developers, agencies or agents that will be completely honest with you and also help by setting up clear expectations for your new home. You should let them know how far your budget is willing to go, what you are willing to sacrifice and what you can afford realistically.

Buying a townhouse or an apartment in Ghana can be quite daunting. But with the help of a good and reputable developer, agency or agent, you could be guided through the process with less risk or difficulty. For anyone considering of owning an apartment or house, this is one of the secured ways to avoid being defrauded.

You should also ask questions about the different areas or locations you would love to own your property or properties in. This is very important because good agents or developers at this point share their knowledge on the pros and cons of owning a home in such locations. Don’t be too much in a hurry to close deals with “too good to be true prices” but have an idea of the prices of property listings on the market and ask for all essential documentations when you are ready to buy your first apartment, house or townhouse. You can check some property listings on our website.

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This is something that most home buyers don’t really think about before buying their home. It is a relative subject and may be subject to the character and personal preference of home buyers, but it is of great importance. Everyone needs some quite time once awhile if not always to think through issues and relax especially at home.

Is the house located at a place where there is mechanical noise from workshops around, is it closer to a night club, a social event center or Lorry Station? This could all be sources of noise that you may not have direct control over.

The noise you hear during the day when people are at work may be different from the noise at night. Be sure to drive by the house during the day and night to be sure.

Is the house in an area where there is always power down and residence have to run their petrol generators?

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As soon as you can, start reading Web sites, newspapers, and magazines that have real estate listings. Make a note of particular homes you are interested in, take pictures and keep them in a place you are most likely to chance on. See how long these properties stay on the market. Also, note any changes in asking prices. This will give you a sense of the housing trends in Ghana or any specific area.


Things to consider when buying a House

Buying a house is a minefield full of “I didn’t know thats.” From choosing the right home to qualifying for the best mortgage, you want to minimize the things you don’t know.

So let’s lower your “didn’t-know” ratio. With a shifting lending landscape, unpredictable interest rates and down payment priorities based on your local market, here’s what you’ll need to know about buying a home this year.

1. What Price Range of houses can i afford?
‘How much house can I afford?’ is the first-time home buyer question Ishbia says he is asked most often. He offers a rule-of-thumb to help. “Instead of telling them about debt-to-income ratios,” Ishbia says he tells first-time buyers to consider three times their income as a starting point. So, if you and your spouse have a combined annual income of $110,000, “most likely $330,000 is your price range, plus or minus a couple of percent,” he says.

2.What’s up with interest rates?
Another change impacting the real estate market is interest rate volatility. Many experts predicted rates to steadily rise throughout 2019, yet so far 30-year mortgage rates aren’t far from where they were a year ago. At this point, it’s not clear where they’re headed over the next 12 months.

3. What credit score do I need?
A credit score of 620 is typically the minimum that mortgage lenders are looking for, Ishbia says, though some lenders will go as low as 580 or below.

4.How much do I need to put down on a house?
“People still think they need 20% down,” Ishbia says. “Three percent down, 5% down are the ways people are buying homes. Ten percent down is the average in the nation right now. You don’t need 20% down to buy a home. It’s the biggest myth out there.” “I think 20% down — especially in a tight market — is going to come into play,” she says. “If somebody else has 10% and you’ve got 20, that’s going to be a factor.” Michels says listing agents will usually advise sellers to go with the buyer who has the most cash on the table. How long does it take to buy from start to finish?
“You know what’s changed in the last three years in mortgages? Speed to closing is more important now than ever,” Ishbia says.

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The growth zone for lots of Businesses. Dzorwulu is a great location for individuals and families that like the quiet life. It is very well located in Accra such that it facilitates easy access to prime locations such as the Accra Mall, Kotoka International Airport, Airport Residential Area, Central Business district, Roman Ridge, Abelemkpe and, Shiashie.

The neighbourhood is teeming with lots of businesses cutting across multiple industries such as Oil and Gas, Consultancy, Entertainment, Retail,   Education, Beauty and Fashion. It also has some really good schools for your children, like Alsyd Academy, Learning Hive and neighboring schools like Lincoln Community School, Roman Ridge School and Association International School, all in a few minutes drive from the new Kwae Close enclave.

This may be the new Neighborhood you need to live in. It is easy to get accommodation especially with the All new KWAE CLOSE development in Dzorwulu by Earlbeam Realty. Your accommodation has already been designed and finished to the highest standard with amenities such as  community swimming pool, gym, and rooftop access, 24hr security, 24hr Back-up power and a well landscaped environment.