Your blog category

CategoriesBlog Insights
By

How to Buy a House in Ghana | A Complete Guide

How do you go about buying a house in Ghana? What are the steps involved and what are the challenges you may face? We will guide you through the process from research to securing your property. You will also be given some tips and resources to help you make the best decision.

This guide has been broadly outlined into, RESEARCH > BUY > SECURE.

1. RESEARCH

Firstly, you need to have a clear idea of what you are looking for. E.g. Where do you want to live or invest? How much you can afford? Here are some factors to consider:

Location

Location is one of the most important factors that affect the price and value of a house. You need to research the different areas in Ghana and find out which ones suit your budget and investment objective.

Do you want to live in a prime or developing location? Are you investing to generate regular income from renting out your property? Is it to grow your net worth by investing in a property that will appreciate over time? Do you want to save on rent and enjoy value appreciation as well? Finding sincere responses to these questions will help to narrow down your options, on the locations that match your goals. (Tip: You can read more about the top locations to buy a house/property in Accra, Ghana)

View Properties In Person

Developers are trying to bring the viewing experience closer to you with technology. But it is always advisable to go for an in-person viewing. You get to see other things that could affect the value of the house. It will give you a better appreciation of the infrastructure of the community where the property is located. You also get to inspect the quality and condition of the house and ask the relevant questions. You can check out the blog post on the top 10 real estate developers in Ghana; as a guide; if you wish to buy from a developer.

Conduct Due Diligence (The Search Report)

It is very essential to conduct due diligence on the property and the seller before you make an offer or sign any contract. You need to verify the rightful owners of the property or the land on which the property sits and check for any encumbrances or disputes.

To avoid the risk of fraudulent sales, it is advisable to conduct a valid search to ascertain the rightful custodian(s) of the property. In Ghana, the institution mandated to assist with this is the Lands Commission. You can visit their offices or use their online portal to request a land title search. You will need to provide the site plan or indenture of the property and pay a fee for the service.

Seek legal advice

Buying a house involves a lot of legal documents and procedures, which can be complicated and confusing for the average buyer. It is therefore recommended that you seek legal advice from a qualified lawyer or solicitor, who can guide you through the process and protect your interests. Some people think that legal advice is expensive, but it should rather be an important action, during due diligence, to avoid wasting money on a fraudulent sale. A fraudulent transaction is more expensive than the cost of legal advice. The legal expert will also handle the property transfer process at the buying stage. They will ensure that all legal requirements are met, and the property’s title is clear. 

Legal Advisory is considered the most essential step in property acquisition in any country.

2. BUY

Once you have done your research and due diligence, you are ready to buy the house of your choice. At this stage, you have the option of working with an agent or dealing directly with the seller or developer. Here are some tips to help you with the buying process:

Working With An Agent

An agent is a person who acts as an intermediary between the buyer and the seller, and helps with the negotiation, documentation, and closing of the deal. Working with an agent can have some advantages, such as having access to a wider network of properties and sellers, getting professional advice and guidance, and saving time and hassle.

However, working with an agent also has some costs, such as paying a commission, which is usually a percentage of the final sale price of the house. The commission rate may vary depending on the agent, the property, and the market, but it is usually between 5% and 10%. You should always agree on the commission rate and terms before you engage an agent, and make sure they are licensed and reputable. You can find agents through referrals, online platforms, or associations like the Ghana Association of Real Estate Brokers.

Dealing Directly with The Seller or Developer

If you prefer to deal directly with the seller or developer, you can avoid paying a commission to an agent and have more control over the negotiation and transaction. However, you will also have to do more work and research on your own and be more careful and vigilant about the details and documents. If you wish to buy from a developer, you will not require the services of an agent, as developers usually have a complete set-up to support you, from legal services/advisory, through technical advisory to after-sales support. You can find developers through their websites, social media, or events like the Ghana Property and Lifestyle Expo.

Discuss The Price Offer and Related Costs

Whether you work with an agent or not, you will need to discuss the price offer and related costs with the seller or developer. The price offer is the amount of money that the seller or developer is willing to accept for the property, and it may or may not be negotiable. You should always do your market research and analysis, and compare the price offer with similar properties in the same area, to determine if it is fair and reasonable.

You should also consider the related costs that come with buying a house, such as stamp duty, legal fees, registration fees, valuation fees, agency fees, etc. These costs can add up to a significant amount, and you should factor them into your budget and negotiation. If you are buying from a developer, you will usually receive a formal offer, and then you can engage in discussions on payment plans, discounts, options, etc., before you accept the offer.

Choose a Payment Plan

There are several payment plans you can consider when buying a house in Ghana, depending on your financial situation and preference. Some of the common payment plans are:

      1. Bank financing: This is when you borrow money from a bank or a mortgage company to pay for the house, and then repay the loan with interest over some time. This option can help you buy a house that you may not be able to afford otherwise, and also enjoy some tax benefits. However, this option also comes with some challenges, such as high-interest rates, strict eligibility criteria, a long approval process, and collateral requirements. You will also need to have a good credit history and score and provide proof of income and employment. Some of the banks and mortgage companies that offer financing for buying a house in Ghana are First National Bank (formerly GHL Bank), Republic Bank, Stanbic Bank, Absa Bank, and CAL Bank.
      2. Self-financing: This is when you pay for the house with your savings, investments, or income, without borrowing from any external source. This option can help you avoid paying high interest, fees, and charges, and also give you more flexibility and control over the transaction. However, this option also requires you to have a large amount of money available upfront and also to plan and save for a long time. You will also need to have good financial discipline and management and avoid any unnecessary expenses or debts.
      3. Installment payment: This is when you pay for the house in parts or installments, over some time, until you complete the full payment. This option can help you spread the cost of the house over a longer duration, and also reduce the pressure and risk of paying a lump sum. You will need to have a steady and reliable source of income and a binding contract with the seller or developer. (Tip: You can read about the installment payment options being offered by Regimanuel Gray Real Estate Developers)

3. SECURE

The final step in buying a house in Ghana is to secure your property. This means completing the requisite documentation, registering your ownership, and maintaining your property. Here are some tips to help you with this step:

  • Completing House Documentation

Once you’ve agreed on terms and finalized the purchase, it’s time to complete the necessary house documentation. This typically involves obtaining a sale and purchase agreement and an indenture detailing the transfer of property ownership and securing a title deed through the Lands Commission for added security.

  • Estate Management

If you’re purchasing a property within an estate developed by a company, consider becoming a part of the estate management structure. This involvement ensures ongoing support and maintenance services from the developer, enhancing your overall property ownership experience.

Would like to have a swimming pool in your house?

Our subsidiary, Desjoyaux Pools Ghana, has a special offer for all new homeowners at Regimanuel Satellite City (a limited-time offer). You can kindly contact +233 050 141 9091 for further information.

CategoriesBlog
By

Top Locations to Buy a House in Accra, Ghana | A 2024 Guide

Accra is the capital and largest city of Ghana, and a popular destination for property investment. The city offers a variety of properties for those seeking to invest in the real estate market. Depending on your budget and preference, you can find attractive properties in different locations in Accra. Here are some of the top locations for property investment in Accra, Ghana, based on the following criteria:

1. Top Locations near the Central Business District of Accra.
2. Top Locations in the fastest Developing Areas of Accra. (Suburban)

Top Locations near the Central Business District of Accra.

These are the areas that are closer to the city center, where most commercial and administrative activities occur. They are suitable for lucrative property investments with highly-priced properties for short-term investment returns. They are also closer to the Kotoka International Airport, which is the country’s premier international airport. These locations are within a roughly 6km radius of the Kotoka International Airport. The areas are also known for their high-rise residential properties and amenities, such as schools, hospitals, shopping malls, and restaurants. Some of the top locations near the Central Business District are:

Airport Square is 2km from the Airport Residential Area

 

    • Airport Residential Area: This is an affluent area that offers easy access to the Kotoka International Airport and the Airport City. You can find several high-rise buildings, such as Vodafone Head Office, Marina Mall, Holiday Inn, Villagio Residences, The Signature Residences, One Airport Square and many others. The area also has a well-established road network, making it easily accessible from other parts of Accra. The increasing demand for high-end properties in the Airport Residential Area makes it a lucrative investment destination for short-term investment returns. The median price of a house in this area is 171,000 Euros per bedroom.
    • Cantonments: This is one of the oldest and most sought-after neighborhoods in Accra. You can find many expatriates, diplomats, and affluent Ghanaians. The area has several amenities and landmarks, such as the Police Hospital, the Akai Clinic, the Ghana International School, the Morning Star School, and the Goethe Institut. The area also has a low population density and a serene environment, making it ideal for living or working. The median price of a house in this area is 160,000 Euros per bedroom.
    • Labone: This is a residential and commercial area that offers easy access to the beach and the city center. The area has a mix of modern and traditional properties, as well as a variety of amenities, such as banks, restaurants, and shopping malls. Labone is also close to Osu Oxford Street, one of the most popular and lively streets in Accra. The area is a lucrative investment opportunity for anyone looking for a property in a prime location in Accra. The median price of a house in this area is 160,000 Euros per bedroom.

Top Locations in the fastest Developing Areas of Accra.

These are the areas that are located just on the outskirts of the city, where most of the new and upcoming residential and commercial developments are taking place. They are within a 10-12km radius of the Kotoka International Airport. These areas are also known for their affordable and comfortable housing options, as well as their high potential for growth and appreciation. Properties within these areas offer more spacious properties which enhance the living experience. Some of the top locations in developing areas are:

Regimanuel Satellite City is a 1,200-acre mixed-use housing development near East Legon Hills in Accra

 

      • East Legon Hills: This is a new and emerging residential community that offers spacious, comfortable, and energy-efficient properties, such as luxury apartments, townhouses, and estate houses. The area has become one of the most popular locations in Accra, since 2019, with over 41% of house hunters seeking properties in this area. It is a top sought-after location by Ghanaians living abroad, who seek luxurious and spacious properties with bigger compounds for greens and landscaping. The area also has a good road network, making it easily accessible from other parts of Accra.
      • Oyarifa: A fast-growing suburb that offers a variety of properties for sale and rent, ranging from apartments and townhouses to detached and semi-detached houses. Oyarifa links directly to the Aburi Mountains which is also growing to attract more property investments from diasporans. The area is also close to amenities such as schools, hospitals, malls, and recreational facilities, making it an ideal location for families and professionals.
      • Spintex: This is a long stretch of highway that links the Tetteh Quarshie Interchange to the Tema Motorway. The area has several industries, businesses, and residential developments along the road, making it a busy and vibrant neighborhood. Spintex also has several hangouts, grocery shops, and other points of interest, such as the Junction Mall, the Palace Shopping Mall, and Coco Beach. The area is the second most in-demand location in Accra.

Tip: You should also read the Comprehensive Guide on How to Buy a House in Ghana. 

Read More

CategoriesBlog Special Offers
By

How to buy a house with our Installment Payment Plan

The Installment Payment Plan at Regimanuel Satellite City Explained

Our innovative 40-40-20 Payment Plan has been designed to simplify the house-buying process and make it more accessible for you.

Here’s how it works:

1. Complete the Application Form & make a 40% down payment.

A Sale & Purchase Agreement will be signed to begin the construction of your dream house, all it takes is a 40% down payment. The Application Form is available here –

  • When completing the House Purchase Application Form indicate;
      • if you wish to customize any area of your new home. 
      • if you wish to propose a tailored payment plan suitable for our circumstances.
An intersection within Adom Gate at Regimanuel Satellite City, East Legon Hills, Accra.

2. The next 40% payment is at the Lintel Level.

When your house reaches the lintel level, it’s time for the next phase. Settle the second 40%, and witness your home taking shape, becoming more than just bricks and mortar. 

A 3-Bedroom House at Lintel Level – Regimanuel Satellite City

3. Final 20% at handing over & induction into The Home Owners Association.

Finally, as your house nears completion, the remaining 20% is due. This step marks the exciting moment when you receive the keys and documents to your one-of-a-kind abode. You will be introduced to our award-winning Regimanuel Gray Estate Management Team during the handing over.

A 3-Bedroom House close to completion at Regimanuel Satellite City

 

You can contact any of our Sales Team members for assistance:
+233 204341329
+233 509999728
+233 501419091

Alternatively

You can request to arrange a special monthly steady payment plan for your house after your initial 40% deposit. This gives you more flexibility if you wish to avoid lump sum payments.

⭕️ Infrastructure & Amenities at Regimanuel Satellite City

✅️ Electricity – 33kva dedicated Substation, with 11kva redistribution.
✅️ Access to Portable Water – Direct 250mm HDPE connection to the main Ghana Water Company Substation.

In addition, every house gets an overhead water storage tank.

✅️ Road Networks – A 10.5km dual carriageway connects Regimanuel Satellite City to East Legon Hills, Adenta Oyibi Highway & Katamanso. Our Communities also have well-maintained internal roads, a result of the professional estate management services being provided.
✅️ Underground Drainage System – For flood control & the beautification of our streetscapes.
✅️ Greening Project to foster healthy living by improving the air quality in an ecologically friendly environment.
✅️ 24-Hour Robust Community Security for all the 10 Gated Communities.
✅️ Professional Estate Management Services to give your property long-term value.