If you are interested in investing in property in Ghana, the process is not too difficult. But you will need to be aware of all the steps, or you may find yourself running into some unexpected surprises. Here are the five steps to buying a property in Ghana.
1) Choose your location.
2) Decide on what type of property best suits your needs.
3) Find a lawyer who can help you with the purchase.
4) Get an insurance quote.
5) Receive approval from your bank.
Location is a very important consideration when deciding on a property to buy. One of the most important considerations is the state of the property or if it has been abandoned. You may want to be in a particular area for security reasons, so you will need to take that into account when choosing your location. If you have children, you may also want to live close to good schools and other amenities that they may need.
The type of property you choose in Ghana will depend on your needs. For example, do you want to live in the property? If so, then maybe a residential property is what you need. Or are your plans to rent the property out? Then perhaps an apartment or commercial building would be best. It's up to you to decide what type of property best suits your needs.
One of the most important steps in the process of buying property in Ghana is finding a lawyer to help you with the purchase. The lawyer will be able to give you advice on all legal matters with respect to your purchase. This person can also advise you on what type of property best suits your needs, and any other questions you may have about the process.
A local lawyer is best for knowing how things work in Ghana, but attorneys that specialize in international law are also very helpful. You may also want to hire an attorney who speaks both English and Twi or another local language. Selecting a good lawyer is essential, as they will be able to guide you through this process and answer any questions you might have along the way.
One thing you will need to do before purchasing a property in Ghana is get an insurance quote. You don't want to purchase a new property and then find out that you cannot afford the insurance needed to protect it. A popular company for this type of thing is called Saferworld Insurance. Saferworld Insurance has been around for over 10 years, so they are well aware of all the ins and outs of Ghanaian law.
If you have any questions about getting an insurance quote, call Saferworld Insurance today at 0272420224. They're available Monday-Friday from 9am-5pm.
The fifth and final step is to receive approval from your bank. You can't buy a property until you've been approved for a loan or mortgage, so this is the last step before purchasing property in Ghana. To get the best interest rates, apply for a loan as soon as possible. Apply early to ensure that there are no delays during the process, which may result in higher interest rates. You will need to provide information such as notarized copies of all identification and proof of residency and employment history.
The steps above will help you make a successful property purchase in Ghana. Be aware, however, that a property purchase in Ghana is a significant commitment and should not be taken lightly.
