Buying a property anywhere can be overwhelming and challenging, you are burdened with many decisions such as the price of the house, location, size of the house like number of rooms, style of the house, and wondering about the seller’s incentive to sell. It is more tiresome to get a good house in Ghana at a choice location that will increase the value of the house. It is also difficult due to the complex legal documents that could make some buyers become easy preys to swindlers. If you are a first-time buyer, brace yourself as we take you to guide you on how to get a good house for sale at Spintex in Accra.
Factors To Consider Before Buying A House For Sale At Spintex
Looking for a suitable property in Ghana can be daunting, and talk less of getting a good house for sale at Spintex which is one of the choice locations in Ghana. This article will show you the ways to get a good property and make an informed decision.
Location as a Factor to Consider When Looking for Suitable House for Sale at Spintex
- Location: One of the most important factors to consider before buying a house in Ghana is location. As a buyer, you want to find a location that will drive up the value of your house over the years and a location that provides access to the locations where your family often visit, for example, work place, school, malls, recreation centers, church, friends and other family members. You also need to find a place your family or renters will feel safe and comfortable. I bet your next question is why Spintex? Spintex is a suburb in Greater Accra Region, it is a colorful and vibrant area in Accra. It is about 5km and a 10-minute drive from Kotoka International Airport.
- It houses some of the best hotels such as La Casa Baatsona Apts, and Selwilliam Hotel. It is also close to Tema Harbor which makes Spintex a great commercial hub yet it is not a noisy or rowdy location. A lot of foreigners love staying at Spintex because it is close to most manufacturing companies and yet it is a very calm environment with lots of recreation centers.
The Size of the House for Sale
- Size: Some buyers do not take size into consideration but it is important especially if you are buying a home for your family. You should consider the size of the house for sale at Spintex, building design, infrastructure, and the number of rooms. You should decide if you are looking for a 4-bedroom house for sale at Spintex or a studio apartment for sale. Do you need a large space to entertain friends? Do you need a sizable lot to possibly add another building such as an office, store, or a second house? Are you more invested in a big lawn or a lengthy driveway? These are some key questions a buyer should consider before buying a house.
Duration as a Key Factor to Consider Before Buying a House
- Duration: Are you buying the house for sale to turn it into your forever home or are you planning to resell after the value of the house appreciates? This is a very crucial factor as this will determine how much money or work you are willing to invest in the house.
Choosing a Real Estate Agent
- Real Estate Agent: It is important you choose a Real Estate Agent you can completely trust to work in your best interest. Look out for an agent who is not too busy to communicate with you, and who is knowledgeable about the location you want to buy the house for instance it is important to get an agent that understands the real estate market in Spintex since you are on the lookout for a house for sale at Spintex. Does your agent have a long list of potential clients? Also, confirm your agent is professionally licensed and has positive reviews.
You will be working with your agent for weeks or months, hence it is important the person’s personality matches yours. You do not want to work with an arrogant or disrespectful agent who is always too busy to communicate with you.
Your agent should be patient and willing to take time to search for your dream house and explain some of the processes to you that is why you should employ an agent from a reputable agency as OWNHM Exclusive Real Estate. The worse mistake a buyer can make is to buy a house and regret it later because he/she was rushed by the real estate agent. To be sure you have the right Real Estate Agent, you should ask these questions;
- How many years’ experience do you have?
- Do you have a network of prospective buyers?
- Do you have good relationships with your clients?
- Are you motivated by only money?
- What are your values?
Budget or How Much Money a Buyer is willing to spend?
- Budget: This is the most important factor to consider before buying a house for sale at Spintex. It is of utmost importance to know exactly how much you are willing to invest to buy a house. Are you willing to go over your budget if you find what you want? Are you taking out a mortgage to pay for the house or you have saved enough money for outright payment? If you are taking a mortgage, then your debt to income ratio must be considered. Are you waiting for money from the sales an existing house to purchase a bigger one? Are there things you are willing to compromise in order to stay within your budget?
These are some of the factors to consider before setting out to look at houses for sale at Spintex.
The Top 3 Ways To Identify A Good House For Sale
The complicated property registration process in Ghana makes house hunting to be a tedious business. Sadly, since much of the lands in Ghana are owned by families and clans, a lot of buyers fall victim to swindlers and end up losing their deposit. It is very crucial to conduct your due diligence by looking out for the following:
Verify the Identity of the Seller
- Verification: In order not to become a victim to fraudsters or swindlers, you should work with your real estate agent to verify or confirm the identity of the rightful owner of the house for sale at Spintex. Is the property jointly owned or owned by an individual? Was it an inheritance from a parent or guardian? Does the owner have the legal right to sell the property? Although your agent is working for your best interest, it is advisable that the buyer is involved and meets with the rightful owner of the house. You could also verify the owner’s identity by checking at Land’s Commission in Accra.
Seller’s Motivation to Sell
- Seller’s Motivation: After verifying the identity of the seller, you must conduct due diligence by understanding the seller’s motivation to sell the property. Is the seller motivated by money or wants to do away with the property due to a family dispute? Is the house for sale a disputed property? Is there a legal preliminary injunction on the property? Is the property under dispute by family members? Has it been marked for demolition by the government due to the location? This is one of the reasons buyers are encouraged to employ the services of real estate agents or developers. The agents or developers are better equipped to absorb the complexity of buying a house in Spintex. Developers can help you get your ideal property in suitable estates in Spintex.
Verification of Legal Documents
- Verifying the Documents: After you have confirmed the identity of the owner or owners as well as their motivation, then you should verify the legal documents of the house for sale at Spintex. First, you should have researched to know the legal documents, well if you did not research, keep reading this article. Below are the legal documents to look out for;
- Site Plan
- A Registered Title of Deed
- Deed of Conveyance
- Letter of Administration
- Vesting Assent
- Lease Agreement
- Finally, Property Tax.
Buyers are usually advised to employ the services of a lawyer who will authenticate these legal documents and ensure they are certified true copies. Most buyers who do not want to pay the cost of retaining a lawyer end up getting duped. Although, the services of a lawyer may be expensive but it is worth every penny considering the amount of money you are about to invest in a property.
Final Thoughts
Investing in real estate in Ghana, especially in locations such as Spintex is a dream to so many people including foreigners because Spintex is one of the leading commercial hubs in Ghana with great recreation centers such as Palace Mall, Pizza Hut and schools like American International School – Elementary Campus . It is also a great way to earn passive income as well as diversifying your assets but if not properly done could lead to a loss of funds.
As exciting as it may be to get a new house, it is one decision that should not be taken lightly. Buying a house is not the same as shopping for a new shoe where you can get a refund or an exchange if you do not like it. People have lost millions because they made hasty decisions or did not want to spend money investigating or verifying the house for sale at Spintex before diving all in to make payment. It is crucial then as a buyer you take steps to mitigate the risk of losing your money. Most times, you do not have the time or knowledge to carry out these investigations, please employ the services of licensed professionals such as real estate agents such as OWNHM Exclusive Real Estate to protect your interest.
OWNHM is the premier destination for exceptionally exclusive real estate!
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