New in Ghana - Purchase or Rent?

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Member since 31 July 2011

IronronMember08 August 2011 20:15:53

My wife and I will be in Ghana between now and two years from now. (I've set myself a goal of arrival in Accra for two years from now, maximum). Is it more lucrative to purchase a home there, or to just rent? I've noticed through expats on this forum, Thank God, that Ghana requires anywhere from six months to two years up front if renting, so why not purchase? Example: Let's say I find a place to rent for $1,000.00 USD per month, and I am required to pay two years up front. Shouldn't that minimum of $24,000.00 be used to purchase instead of rent, and "wasting" your money?

Additionally, I've seen an ad on this site come up before for some new Accra homes starting at $80,000 USD, or $500.00 per month. If this is no exaggeration, does anyone have any idea if these new homes are in a decent area & fairly safe? Anyone know how large a down payment is normally required when purchasing? Is it really 50%?

Thank you all! God Bless!

Ironron (Ron)

hkann Ghana Expert

Member since 10 March 2010

hkannGhana Expert14 August 2011 06:48:09

1182

There are a lot of websites showing houses for sale/rent in Ghana. ghanaweb.com has houses but they seem to be on the site for a long time. google.com.gh has a lot of houses as has businessghana.com and ghanafind.com.
If you are buying a house in Ghana you will need to make sure that the seller of the house is actually the person who owns it. Then you need to make sure all the documentation is in place. Most houses are advertised by agents who ask a fee for showing you property and then expect at least 5% of the selling price as their fee.
Cheap houses can be found but often they are on the outskirts of Ghana which are getting further and further from the centre and then there may be a problem with water supply plus the fact that the road system is terrible so getting into Accra to work can be a trial. Good househunting!

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