- It is the dream of every Ghanaian to buy or build their own house someday. This dream is what propels a lot of people to work hard
- Buying a property is not something you can stand up and do on a whim just because you have the means to do so
- There are a number of factors to consider before you commit a lot of money to something as important as purchasing a home
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A lot of people are making plans to land their dream homes sometime in the future. Many celebrities flaunt their mansions and property as a sign of their wealth and success in life. Yet, after many people have toiled hard and are now in a position to afford a home, they make rookie mistakes that land them in more debt or trouble.
Yen.com.gh has taken the time to outline some mistakes many people make when buying a home so that you will avoid them when you are ready to splurge cash on that property.
Don't Buy a House You Cannot Afford
This might seem straightforward but it will shock you what some people are capable of doing just to prove a point. Some take loans to buy houses from loan sharks, relatives or friends when they have no means to pay them back.
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Apart from buying the house, you must also determine whether you are in a position to afford additional fees such as property taxes and the cost associated with maintaining the house.
Make a List of Important Things
Before you buy a house, make a list of essential things such as the number of bedrooms (especially when you have or plan on having kids), proximity to social amenities such as shopping malls, easy commute to and from work etc. Do not buy a house just because it is cheap.
Failing to know beforehand what to look for in a house before a purchase has made a lot of people buy houses they have no business with.
Being too Selective
As much as it is important to have a list of non-negotiables when buying a house, it does not pay to be too picky. As mentioned earlier, only look for properties within your budget. It is always important to start looking at properties that are below your budget before coming up. This will give you a clear and realistic picture of the real estate market.
Not Working with a Real Estate Agent
One of the biggest mistakes anyone can make especially when they are buying a house for the first time is to not engage the services of a real estate agent. They understand the market better and can give you informed opinions on which areas will best suit your budget and preferences.
Some agents can also advise you on terrible house choices and why some neighbourhoods will not be beneficial to you in the long run.
Talking about agents, in an earlier article, Yen.com.gh wrote about 4 reasons why you should not rent a place without an agent. Real estate agents are very knowledgeable about the various areas and can better advise you on what to do or where to look.
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