Wait When The Price Is Lower, And 2 Other Big Homebuying Myths That People Should Unlearn

• There is not much information and resources about the real estate industry in Ghana, which leaves room for speculation and misinformation
• Unfortunately, several people have made grave mistakes because they took decisions based on some real estate myths that have been going around for a long time
• It is vital for people to get their facts straight about the housing sector, especially when buying a house so that they don't regret their decisions later

Today, the internet and social media allow people to access information. But unfortunately, while a lot of the advice and tips found online about the real estate sector may be helpful or well-intended, they may be out-of-date or unsuitable for your circumstances.

In light of this, YEN.com.gh mentions three home-buying misconceptions to avoid and the realities behind them.

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MYTH 1: Wait To Buy A Home When Prices Are Lower

It may look unwise to buy a property considering its high price. However, waiting is also not the best idea. There is no assurance that prices will decrease, and even if they do, it can take a while for them to reach their lowest point.

Rents are rising at some of the quickest rates ever, so the more you wait for the price of a property to drop, the more you end up spending on your rent.

MYTH 2: Never Buy A House Unless It's Your Dream Home

If you wait until you can afford your “forever” home rather than buy a lower-cost “starter” home, you may never buy. In addition, you may miss out on years of equity building and price appreciation that could offset your selling costs when you trade up to your forever home.

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MYTH 3: You Can Only Pay The Amount The Property Seller Is Asking

The asking price is what the seller wishes you to pay, not necessarily the amount you'll end up paying. While it might seem apparent, offers and counteroffers are often used to haggle over house pricing until you and the seller reach an agreement.

Ask your agent for a report for the property you're interested in so you may give a competitive offer or determine whether the asking price is within your price range. For example, the report can detail the costs of comparable properties nearby.

4 Important Questions People Must Ask Before Buying or Renting a Property in Ghana

In an earlier story, YEN.com.gh wrote about essential questions people should ask when acquiring property in Ghana. Before making the significant choice to either buy or rent an apartment, there are several crucial issues to consider.

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Many people may have the funds to purchase a property, but they might not receive the most terrific deal possible because they are ignorant of the real estate market. By posing questions, the buyer may eliminate houses that may not be the most excellent fit for them and make the best choice possible.

Source: YEN.com.gh