How to Buy an Apartment in Ghana and Pay In Installments

Ready to buy your own apartment in Ghana? Learn how you can pay in installments, and find the perfect property for you!

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How to Buy an Apartment in Ghana and Pay In Installments

If you are an expat living in Ghana, you will have to think about buying a house. With the rising cost of real estate in Accra, it is becoming more expensive for foreigners to buy property. The median price for apartments in Accra has doubled since 2013, and the average cost of rentals is up by 37%. If you’re thinking about buying an apartment in Ghana, we’ve got some tips to help you make the process easier. Here are 7 steps on how to buy an apartment in Ghana and pay in installments.

 

Understand the cost of an apartment in Accra

The average price of an apartment in Accra is about $500,000. The median price for apartments is about $250,000. Prices for apartments in Ghana are expected to continue rising over the next year. That means that if you want to buy an apartment in Accra now, you may want to know how much it will cost you today.

 

Figure out how much you can afford to pay monthly

The first step in the process of buying an apartment in Ghana is to figure out how much you can afford to pay monthly. The monthly rent for an apartment in Accra ranges from $500 USD to $1500 USD, with a median price of $650 per month. To make sure you don’t spend more than you can afford, calculate what your monthly income is after taxes and then subtract your estimated monthly expenses (mortgage/rent, utilities, insurance, etc).

 

Find the right apartment in Ghana

The first thing you need to do is find the right place to live. Check out the listings on sites like Craigslist, Expat Essentials and Ghana Property Finder. Read reviews and ask other expats for recommendations.

 

Get a mortgage and finance your apartment

Start by getting a mortgage and financing your apartment. This is the first step in buying an apartment in Ghana. You will need to get a mortgage for about 50% of the actual cost of the property, which is required to secure a loan from a bank. When you are negotiating with the seller, state that you want your financing to be part of the deal. It doesn’t matter if they don’t have any financial involvement with your purchase, but it will help you secure your mortgage in case anything happens with the transaction (like if there is no approval or something goes wrong).

 

Plan for the future by investing in property

The property market in Ghana is booming. The country has one of the fastest growing populations in the world, and there’s a lot of interest in investing. If you don’t want to live in a hotel while you’re living abroad, it’s time to think about buying an apartment in Ghana and paying it off over time.

 

What does it mean to buy an apartment in Ghana?

Buying an apartment in Ghana is similar to buying a house in the States. You will be responsible for paying monthly installments during the course of a mortgage. With this type of purchase, you’ll also have to pay an initial deposit as well as various fees, including stamp duty and land registry.

 

Conclusion

Owning property in Accra is a good investment.

It’s not just the value of your property that rises, but the value of your life and your children’s lives.

You can finance your apartment, take out a mortgage to buy it outright, or buy it in installments.

The process of buying an apartment in Ghana can be quite complicated, so it’s best to get advice from a lawyer and real estate agent.

One thing is for sure: buying an apartment in Ghana is a wise investment for the future.