First Time home buyers? Here are some tips

Buying a home in Ghana for the first time can seem like quite a daunting task. Many of us have been regaled with horror stories of the buying process and land disputes in Ghana. However not every story has to end that way and if you are thinking about buying your first home, here are some things to keep in mind.

Save, Save, Save

Buying a home for most people is a capital-intensive decision and is one you need to prepare for. If you are thinking of buying a house in the next 3- 10 years, saving is imperative, and you need to save consistently. Whether you choose to build or buy, you will need an initial payment and so it is best to prepare for this. Remember that every little counts and so if you can save GHS 1000 a month for 10 years, that will be GHS 120,000 which is enough for a down payment on a home.

Research is key

It is important to understand what is on the market and what type of property you want. There are many factors to consider when making this decision; is it a family home? Do certain amenities and features matter to you? Would you prefer a townhouse or apartment? You will also need to consider the location. These factors can affect your budget so make sure you select carefully. At Signum Development, our projects vary in type and location. Our properties range from townhouses and apartments in Tseaddo, Oyarifa and Haatso, to upcoming projects in Teshie and Adenta (You can view our projects here).  You can speak to one of our sales associates here at Signum Development at this stage of your journey.

Once you have narrowed this down, you also need to consider your payment method; a mortgage or cash. As a Ghanaian, irrespective of whether you are a current resident, you can access either a cedi or a dollar loan. You will need to speak to a bank representative to understand the interest rates, processing fees and payment durations. It is best to go through this process as early as possible so you can understand how much the bank is willing to offer you and if or how much you will need to top up. On the other hand, if you would prefer to purchase debt free, paying with cash is an option as most developers offer payment plans. At Signum Development, we pride ourselves on our flexibility, with payment plan durations between 18 and 28 months.

To Build or To Buy

This is the question on most people’s minds after the research phase. Buyers are now turning to developers more often as it can be a hassle-free process. That is what we promise our clients here at Signum Development. Irrespective of the type, price, or size of your home, we provide a hassle-free service. Alternatively, if building your dream home is what you are in the market for, you can speak to one of our sales associates about our project management services (view our portfolio). Let us design and manage the construction process for you. All you need to do is sit back and watch your home become a reality.