How Low Income Earners Can Purchase Houses in Ghana Without Breaking The Bank

How Low Income Earners Can Purchase Houses in Ghana Without Breaking The Bank

  • The number one thing on the minds of many low-income earners in Ghana is how they can also be able to afford houses
  • Many have ruled out the possibility of it ever happening whiles some are waiting to buy one with their retirement benefits
  • Buying a house does not have to be a lost cause. No matter one's financial bracket, there is something that can be done

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Many wonder how they can ever afford a home with the little salary they earn at the end of the month, considering that a lot of properties in the country have huge price tags and are also mostly sold in dollars.

A lady shows excitement about moving into her new home
A lady shows excitement about moving into her new home. Photo credit: Getty Images. Source: Getty Images
Source: Getty Images outlines ways by which low-income earners can also be able to buy houses.

Talk to a Financial Expert

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3 Things that Decrease The Value of Houses in Ghana

Financial experts help people to plan their finances and strategize well to meet some financial targets and goals. They will determine how realistic it will be for people to afford certain houses and also the time frame to achieve that goal.

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Go for a Mortgage

As the saying goes, there are so many ways to kill a cat, just as there are different ways of buying a house other than paying outright cash. Mortgages are a great way for people to finance homes without paying bulky sums at a time.

There are a number of banks and mortgage lenders in Ghana who help home buyers to spread payments for a house over a period of 10 to 30 years. This eases the financial burden on buyers when it comes to acquiring property.

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Frequently Asked Questions for First-Time Home Buyers

Consider Rent to Own

Under the "rent to own" scheme, people are allowed to pay rent towards owning a house, just like how people take cars from their owners to be used as a taxi while making monthly payments towards the purchase of the vehicle.

Under rent to own, the amount you pay as rent goes towards the payment of the property, which is 'killing two birds with one stone.'

4 Things That Can Significantly Increase the Value of Your Home

In an earlier article, wrote about 4 things than increase the value of a home. It is the dream of every landlord that their houses appreciate over time and also meet with current changes in the housing sector.


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