The real estate market in Ghana is booming. Whether you are a local looking to upsize your abode or a foreign investor building for the first time in Ghana, here are 9 tips to make the process easier.
1. Consider the location. The urban areas of Accra, Takoradi and Kumasi are very desirable places to own a home, which also makes them the most expensive. You can save a substantial amount of money if you are willing to live in the outskirts of large cities.
2. Allow yourself plenty of time. Clearing a land title for transfer or to obtaining a building permit can take 3 months or longer. Start the process early so you are not rushed.
3. Hire professionals. New construction in Ghana requires in-depth knowledge of the building laws and local industry. Professionals such as Ghana Homes Group can help you every step of the way—from clearing the land title to choosing a floor plan and more.
4. Read the contract. Before you sign any real estate documents, read over them carefully so that you know what is and is not included in the contract.
5. Require proof of compliance. There are a number of reputable contractors in Ghana; unfortunately, there are also some dishonest developers who may try to cut costs by cutting corners. Always require proof of compliance at each stage of construction, up to and including the Certificate of Occupancy. This will ensure that your home will not be subject to demolition by the government.
6. Be flexible. In any real estate transaction, you will inevitably encounter a few hurdles. Remain flexible and be prepared to negotiate with the seller of an existing home. Similarly, new construction is an imperfect science that may require compromise due to unforeseen circumstances such as the weather or availability of materials.
7. Put changes in writing. Any changes that are made during construction should be put in writing and include the agreed upon cost.
8. Don’t sacrifice too much. While it is important to make changes as needed, you should not sacrifice features in your home that are truly must-haves. Know where to draw the line.
9. Perform a walk-through inspection. Every home buyer should walk-through the property prior to closing. Take your contract and make sure everything is as agreed upon. If not, you have the right to postpone the closing until the necessary items are remedied.
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