Buying a house in Ghana should be very easy when you are a renowned real estate agent or experienced real estate buyer. However, if this is your first time trying to buy a house in Ghana, this article should help explain how to do it.

Apart from having the capital, finding the right house in the perfect location might not be easy for any buyer, especially when that buyer doesn’t reside in Ghana. Residents in Ghana might have the advantage of knowing the locations that best suit them.

Identify The Value Of Desired Locations

The most important thing is identifying the value of desired locations and comparing prices to determine whether the price for the house is worth its location in terms of economics and market valuation. As a buying agent, you must know and understand the nitty-gritty and processes involved in acquiring a property.

During these processes, any small mistake or discrepancy might result in the loss of huge sums of money. Also, when you understand your buying rights and the best strategies to bargain with and arrive at your perfect amount, you will save money, time and some change to boot..

The Overview Of Ghana’s Real Estate Market

Deciding whether to buy a furnished apartment, house or unfurnished property is very easy when the money is ready. The problem is not about how fast you can buy a house, but how credible the deal is. Before we delve into all that, we must examine the scenario of the Ghanaian real estate economy. Since 2010, Ghana has been classified as a middle-income country. The economic development in the real estate sector in Ghana has introduced harder and tougher competition.

The demand for private and commercial properties has increased firmly and steadily. This has created new emerging market opportunities for many; especially expatriates and foreigners to invest hugely in the real estate business. Ghana’s expensive locations in Accra is the Airport Residential Area, Cantonments, East Legon and Spintex.

Also, the least expensive houses in Accra are located in Madina, then Abokobi and Kwabenya with prices ranging between GHS245,000 (US$67,000) and $57,000 respectively. In Kumasi, the average price of a house is about $150,000 while in Sekondi-Takoradi, the average price stands at about $200,000. Cape Coast is the cheapest city with an average of GHS 120,000. There are other smaller towns and cities with less prices but at the outskirts of Accra.

As a prospective property buyer, the above information is required for budgeting and choosing your location with their price range in mind.

How To Budget For The House

Before you decide on the type of house, design or the location where you want the house to be, you must first come out with an affordability calculation to be able to reach your house buying affordability goal. You must adhere to the following rule. You shouldn’t look at houses you can’t afford. This will give you unrealistic expectations and might devalue your interest in the ones that you can afford making them less attractive and engaging.

The best strategy is to start looking at properties below your budget and climb up the ladder. In that case, you might recognize why a certain property costs less than the other and why the difference. Now let’s talk about the budget. To design a budget, you must check out the following list.

  1. Figure out your household take-home pay after tax.What is the sum total of all the income-earners at your home or house? What do you bring to the table after tax deductions, expenses and any other utility bill? The value is how much you earn each month.
  2. Make a list of all the expenses you will incur when you own the home you desire. These expenses will vary depending on the type of house you might want to buy and also the maintenance expenses. You should consider the spaces and amenities around the house like garages, balconies, water bills, electricity and flower garden and any other utility bill. These all add up to the cost of maintenance fees. If you don’t have ideas about how to come out with this figure, you can enquire from other household owners.
  3. Figure out how much house you can buy: Financial experts advise that it is not advisable for home seekers to spend more than 36 percent of their gross income especially when they want to go in for the mortgage option. The last thing anyone wants is a 30 year home loan that is too expensive for their budget. It is advisable to set a realistic budget to guide you in determining what houses you can or cannot afford.


Buying a house is no walk in the park but many of the errors people make can be avoided if they did a little due diligence. One easy way to save yourself from a lot of stress associated with house hunting is by dealing with trusted, verified real estate agents and developers.