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Owning your dream home is a significant life achievement for everyone. You get the opportunity to transform a house into a real loving home, according to your style and preferences. Additionally, it is an essential step in building a stable financial future. Given that it's one of your major financial commitments, it could also feel a bit overwhelming.
The right timing is key when buying a home. Your choice may also be influenced by your financial status and the length of time you want to stay in the house. The right time to buy a new home is also influenced by changing economic conditions, such as rising home loan lending rates.
Here are a few factors to consider if the timing is right to make your dream home a reality.
If you are a first-time buyer who wants to take the step of owning an asset, chances are that rising housing costs are pricing you out of many areas. As a result, when looking for your dream house, you and others are compelled to think about locations.
With property prices in Ghana attracting international buyers, a new generation of investors is looking for real estate across the whole nation. In contrast to other regions of the world, Ghana's real estate is considered an up-and-coming market that has experienced tremendous development in recent years. The increased demand for both residential and commercial property has encouraged this. Furthermore, the country's Year of the Return campaign, which has increased interest in Ghana since 2019, has allowed many home buyers to profit from the country's competitive real estate market.
When analysing the time factor, additional considerations such as your reasons for your home buying journey may include the following: Do you plan to live in the house when you buy it, or are you buying it as an investment to lease or rent out?
The choice to purchase a home right now depends more on your particular circumstances and financial capacity. There are several reasons you’ll want to buy the perfect house, such as the fulfilment of home ownership and equity creation. The value of your property will gradually increase over time, and once paid for, you will always have a place to call home. It will be possible for you to bequeath it to your children, greatly enhancing their chances of success.
When deciding when to acquire an investment property to lease in Ghana, keep in mind that there is an inflow of foreigners throughout the summer and festive holidays. This expands the pool of people wanting to rent apartments in the nation's most populated locations. The demand for homes increases during this period, driving up market prices in the real estate industry. Areas around central Accra, such as Osu, East Legon, Labone, and Cantonments, are likely to have the biggest price increase margins.
Timing is undoubtedly something that should be taken into account, especially if you’re looking at buying a house with the intention of investing in it. If you're thinking about purchasing a new property, now is the time to make decisions and start searching.
To gain a sense of the trends in your neighborhood, keep an eye on the housing market. You should look at long-term trends in inflation, economic growth, and dollar rates as well as their ups and downs to secure the home you want.
The benefit of investing in real estate in Ghana is that homes and land always increase in value over time. If you buy land now and sell it two years from now, your investment will have paid off.
Due to Ghana's severe housing shortage, real estate will always be in demand. However, paying attention to the time you make a purchase might significantly alter the outcome. Compared to a busy month like December, January is perhaps a better time to buy a house once all relevant departments are back at work.
The process of purchasing a home may first appear intimidating, but it will go much more smoothly if you are aware of what is involved.
It's important to have options when it comes to buying a home. You'll need to sit down and ask yourself a few questions, including what do I want, in order to move closer to purchasing your perfect home. How do I picture my home? What choices are there, and where will it be located? Do I make a purchase or start from scratch?
The house hunt itself is the stage of the home buying process that people often find most enjoyable. Of course, this is also the most challenging step since if you don't find your dream home, the entire procedure will be for nothing.
Knowing the type of home you can afford and getting market information are both beneficial. Decide on the neighborhood you want to live in and what facilities you want to have nearby to help you make the right choice.
Some people are able to buy a property entirely with their savings, but the majority must obtain mortgages in order to do so. Mortgages are loans used to buy real estate when the asset being purchased is used as security and can be obtained in Ghana through banks and other financial entities.
When thinking about getting a loan, be sure of the payment currency you decide to use. In Ghana, mortgage rates are often expressed in dollars. However, if you want to pay in Ghanaian cedis, be prepared to pay more often than not whenever the cedi declines in value.
2022 has seen an increase in home loan rates. Although that's not promising news for prospective homeowners, it doesn't have to be the end of the road. There are several things you can do to get a better lending rate.
Even though property prices have generally increased, certain areas and neighborhoods are still quite reasonable. It would be a wise decision to broaden your search to places you may not have previously thought of. You can also consider other types of housing, such as apartments or townhouses.
Another way to secure low interest rates is to have a good credit score. The precise rate a lender will give you will depend on your income, total debts, credit score, and other financial considerations in addition to the current lending rate. Paying off or lowering higher interest loans, including credit card debt, is one strategy to increase your chances of earning a lower lending rate.
It's the ideal time to find your perfect place if you are looking to move to Ghana. Akka Kappa has a team of professional real estate consultants who will help you find a home that fits your needs. Get in touch today.
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