How to Avoid Any Mistakes when buying a house in Accra

30 October
2019

Houses for Sale in Ghana Accra.

Every single year, people make decisions about purchasing a house in Ghana. Whether it is for themselves, for family, or for friends, people need to have a safe haven. However, there are some common mistakes which they make when buying a house for the first time. Since it is a first-time experience, there are some common mistakes which unintentionally occur.

Following are these mistakes and how you can avoid them when you are looking for houses for sale in Accra.

1. Not Understanding your Budget

You will only waste your time if you don’t know your own budget. Let’s say that you are looking for a house in Accra and you don’t know how much you can afford. In such a situation, you cannot afford an expensive house or a cheap house below your expectations. For most of the first-time buyers, the objective is to purchase a house and obtain a loan with a suitable payment on a monthly basis. Sometimes, it is better to aim low.

You can avoid this mistake by setting your budget beforehand. It will help you from not embarrassing yourself when you go to the market. It is similar to going on shopping without knowing how much money you have. A mortgage calculator can be quite helpful in setting a budget according to the market conditions.
If you need to search houses for sale in Accra, Ghana, you must start at least a month before making the final decision. This much time would be enough for you to analyze your capability and how much can you spend.

2. Obtaining only a Single Quote

In general, buying a mortgage is like buying an expensive item such as car or jewelry. Rates of mortgage are different among lenders. Other than just mortgage rates, other fees are also different for different lenders. That is why it is important for you to visit several mortgage lenders and get to know their rates.
Applying to only a single mortgage lender is like buying groceries from a single shop without visiting other shops. It is possible that some other shops might be offering the same vegetables at a cheaper price. Similarly, in order to avoid this mistake, you have to visit a number of mortgage lenders. It will help you in finding the right source and cost.

3. Emptying all of your Savings

If you are thinking about buying a second-hand house, it will need repair. There are numerous components of the house which might need retouch and you might have to invest some money in repairing them. It is very difficult to cope up with the breaking things of your house. Although you might think that it is not that much of a trouble, it can irritate you quickly when you have to replace several things in a single month. Just imagine trying to fix the main door of your house right after buying it. Wouldn’t it irritate you? It is like buying your dream car and fixing its engine the next day.
You can avoid this mistake by saving enough money and making a down payment. Additionally, you can plan about these additional costs while making a budget about the house. For instance, when you look for houses for sale in Accra, Ghana, you should understand the prices. Once you know the prices, you can make a plan which includes these additional costs as well. It will help you in ensuring that even if you have to repair some parts of the house, you have the necessary money for it.

4. Underestimating the House Ownership Costs

After you purchase a house, you will notice that monthly bills keep on stacking up. It can be quite surprising for you if you are not ready for these payments. For instance, there is an oil bill, cable bill, and there is also a gas bill. Paying these bills can be quite difficult and it can pressurize you. Even though renters pay these bills as well, these costs become higher after you purchase a house. For instance, once you cross a river by swimming, walking to a destination will be more than just a little difficult. It will not be difficult for a person who crosses the river by a boat. Buyers are the swimmers in this example.

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In order to avoid this mistake, you have to collaborate with a real estate agent. You can ask him about the insurance costs and property taxes in Accra. For instance, you can also ask about the utility bills and prepare for a budget. This way, you can be ready for the extra costs and make sure that your budget can cover these costs.
One of the most important things when you are looking for houses for sale in Accra, Ghana, is that you have accurate information. This way, you can plan about the odds and be ready for them.

5. Miscalculating costs of Renovation and Repair

When you buy a house for the first time, you might find it surprising to come across higher renovation and repair costs. Actually, you can make two common mistakes: You can get an estimate from a contractor and it can be quite low. Second, they can make you believe that renovations will be easier, cheaper, and faster. Either way, you will suffer because you will not be able to prepare yourself. For instance, what if you bring only $5 to the market and realize that the new cake costs $10?

It will be more than just a little surprising.
You can avoid this mistake by doubling the costs of renovation and repair. It will help you in getting a real picture of how much you must pay for the costs of repair and renovation. You can even contact the local carpenters and other workers to know the prices. It will also be effective in letting you know about the real costs.
Overall, these tips will help you when you are looking for houses for sales in Accra, Ghana.

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