Common Real Estate Myths People Believe in and Why They Are Not True

Common Real Estate Myths People Believe in and Why They Are Not True

  • The real estate sector is still growing in Ghana and has been shrouded in a lot of mysteries and myths due to a lack of adequate information
  • These long-held myths have made people commit a number of grave mistakes which could have been easily avoided with the right knowledge
  • It is important to debunk some of these myths so that people can freely take real estate decisions without fear of failure or making mistakes

Many people are afraid to make some decisions regarding real estate, especially when buying a house because of the fear of losing their money or investments. This usually results from long-held erroneous beliefs regarding the real estate sector in Ghana.

A man stares at a mysterious-looking structure
A man stares at a mysterious-looking structure. Photo credit: Getty Images. Source: Getty Images
Source: Getty Images

In this article, highlights some of these wrong real estate beliefs and shows why they are not right and should be discarded.

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Myth: You Don't Need an Agent to Buy a Property

Many people believe that agents are just in the market to rip people off. Many feel that it is unfair to pay someone a percentage of the price of the house just because they showed one where a house for sale is located.

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The Truth: It is nearly impossible to buy or rent a house in Ghana without the help of agents. They are the direct link and connection between people looking for a house to buy and those selling one.

Myth: Buying a New Home Means Fewer Future Repairs

New things often last longer and require less maintenance than old things. In the same way, buying a new house means that you don't have to worry about spending so much on maintenance in future.

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The Truth: Many real estate companies nowadays are in a hurry to put up houses within a short time for profit. This means that some fittings are usually not fixed properly or in some instances, fewer quality materials are used in the building of the house.

Myth: One Should Never Offer Full Price

Many believe that they will be cheating themselves when they offer the full price for a property because the owners may have been willing to take a lower price if offered.

The Truth: Many sellers may feel offended, even insulted when offered prices lower than what their properties are going for. Asking for a lower price should still be within a reasonable range and not far lower than what the owner is offering.

Also, some properties are hotcakes and many are willing to pay quickly to secure the house. When one offers a low amount, the owner may be tempted to discontinue the transaction with the customer.

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US Government Seizes $3.5 Million Mansion of Former Gambian President Yahya Jammeh Over Corruption Allegations

In an earlier article, wrote about how the US government has seized the house of ex-president Yahya Jammeh in Maryland over corruption allegations.

The house is valued at $3.5 million and will be sold by the American government. The proceeds will be used to better the lives of the Gambian people.

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