Are you torn between the decision to buy or rent? Although home ownership could be a good investment, renting could be a better option depending on several factors. The decision to rent or buy will depend largely on your financial circumstances. Additionally, consider how long you plan on staying in the home you want to occupy. If it is only for a few years, then renting may be a better decision. There is also the responsibility of maintaining a house which you will have to be ready for when you buy a home.

However, a home as an investment instrument can appreciate in value, help owners build equity and make financial gains. If you have no concerns and can meet your obligations when they fall due, then buying will be the best decision you will ever make.

The answer is, yes. When buying a home, you will need a professional to engage the developer and ask all the technical questions that many may gloss over or are unaware of. Choose a broker that understands the real estate market and will represent your best interests. You want to get value out of your intended purchase and a well-versed broker can help you avoid all the pitfalls that most first-time home buyers make.

In most cases, the seller pays the broker fees. Over the years, we have realized that most buyers are uncomfortable with the thought of additional charges coming from broker fees. However, there is no gain in avoiding broker fees, just to accumulate future charges that could have been avoided if a certified professional represented your interests before the purchase was made.

Before closing the deal, you have the option to inspect the property. You could check for wiring, plumbing or maintenance defects, or even conduct advance pre-construction inspections. Always take the opportunity to inspect the property before purchasing. Your broker will advice you on the necessary inspections relevant to your desired property.

As exciting as home ownership is, your first down payment could be discouraging if you are not adequately prepared. For a mortgage, most lenders expect 20% to 40% for a down payment, and this depends on their requirements, as well as the type and duration of the loan. So we advise that you prepare a budget, plan and save towards a down payment before approaching a realtor.

We know researching on mortgages can be time consuming and confusing. But since you are already here, we recommend that you consult our team for advice on the best rates and mortgages in Ghana. Click here to speak to an Airban Homes representative.

We use what is generally referred to as your Debt-To-Income (DTI) ratio. This suggests that you can afford a home if your total debt, including your mortgage, is up to 43% or less of your income before tax. To illustrate, if your monthly income is GHS 8,000, then your total monthly debt, including your new house payment, shouldn’t exceed GHS 3,440 per month.