You’ve found that dream house. This is it. The buying process can be a little tedious and stressful but at least we can help you with what to expect. If you have enough money to pay cash and the Agency commission, that will speed things up. If not, you need to look carefully at your financing options. A 20% down payment is typical and a payment plan can be agreed upon with the seller, usually spread out over a year. Bayutech Properties have a catalog of Developers with these flexible payment options. Mortgages help make the purchase possible now in exchange for interest if you qualify based on your income. Study the offered rates as they will affect the final, total spend. There are not that many home loan options in Ghana, but still, be sure to speak with various banks to see where you can get the best deal. You will hear a lot of real estate terms during this time and need to educate yourself on what they mean so feel comfortable with all conversations.
For properties on Bayutech Properties, most asking prices can be negotiated and this is the time to develop a steel backbone for getting the lowest purchase price possible. Yes, you saw a price that made you call and go and see the place but don’t be scared to present a counter-offer. Many sellers have properties that have sat on the market for so long that they are willing to be flexible. He/she may not accept your precise offer but come back with another number. It’s a fine balance so don’t push too much lest you lose the house, but some back and forth is normal, especially in Ghana where property sale prices are quite inflated.
Once you come to terms with the seller, you can close the deal. If you worked with a real estate agent, they will also ask for their commission. When you have fully paid the price of the house, the indenture is transferred from the owner to the new buyer who then registers the property as the new homeowner. You have to stay smart and safe during your property search – online and offline – to avoid real estate scams. Don’t make any payments without due diligence and legal paperwork backing everything.