5 Things To Know After Buying a House in Ghana

Owning a home in Ghana may be one of the greatest achievements of your life, but also one of the most expensive investments you ever become involved in. However, the biggest question is what comes after buying a house in Ghana.

Preparing yourself for utility setup fees, managing home repairs and maintenance, and resetting your budget are just some of the money-saving tips that every new homeowner in Ghana should know.

Hurray! you've got so many tools in your financial toolbox to muscle the expenses associated with owning a home in Ghana. Let’s cover five things to know after buying a house in Ghana!

1. Factor utility bills into your budget

Renting a home and owning a home are two separate entities which come with different costs. If you did your research on the costs of being a homeowner, you probably already know how much utility bills will constitute your monthly budget. Some of the utility costs will typically include; Power (electricity), Water, Sewage, and Trash collection. 

What might catch you off guard, however, is that many of these utilities come impromptu. For instance, the more you consume electricity in Ghana the more you pay, unlike other utility services like waste collection where the monthly payments remain static for a specific period of time before they are reviewed.

You can save more money as a homeowner by reducing your utility bills, and by controlling the amount of energy you consume as a household.

2. Take home repairs and improvement seriously 

If you are moving into a new home it might take time for you to start doing major and minor repairs on the property. Nonetheless, it will be in your best interest to start saving for future repairs and maintenance because defects are bound to happen on a future date.

Proper home maintenance is critical once you become a homeowner. Maintenance does not only ensure a safe and comfortable living environment, but it also helps improve your property value, which means your property appreciates in value once you decide to sell.

So having a home maintenance fund established can be a lifesaver when you face unexpected damages and need urgent repairs.

3. Learn DIY and use affordable tools 

One of the most rewarding aspects of new homeownership is completing your own minor DIY repair and or home improvement projects. Not only would it cut costs, but you will also have fun doing things you never thought you could do yourself (DIY).

For example, you can decide to stop hiring contractors to paint your home by doing it yourself by following basic steps online. This will save you some money for more technical projects. 

Instead of spending some Ghc5000 to employ a contractor to paint your home in Accra, you can actually do it yourself by spending only Ghc1500. All you need is a mental shift from relying on contractors to DIY. 

4. Update your monthly budget based on expenses

As we explained earlier, you'll have to budget for repairs and homeowners insurance. However, with rent prices soaring, you might be saving money even if you are living on your own property. It is important to update your budget every month depending on your expenses.

If you’ve never set a budget before, you don’t need to worry about maintaining a tedious spreadsheet. A lot of people stick with the simple, 50-30-20 budget their whole lives and it serves them just fine. 

5. Dispose of old staff to make your new home spacious 

One of the biggest mistakes new homeowners make is bringing too much stuff from their old place to the new place. Sometimes they will carry chairs, old TV stands, and even a whole dining room set into the new house thinking they'll find space for that but they always end up with the same junk of waste and disused old furniture.

This made it much harder to settle into the new home, both physically and psychologically. How can your new home be filled with unused stuff where every corner is full of stacked old chairs and that half-broken TV stand?

It’s not too late, we recommend disposing of your old stuff to make your new home clean and spacious. We sincerely hope these five tips will guide your journey of moving into your new home.