Houses For Sale In Ghana: How Long Does It Really Take To Buy a House?

The decision to purchase a home in Ghana is significant, so you might want to take your time. Depending on the market and the location, purchasing a home can take time. The process of purchasing a home in Ghana is challenging and necessitates prior knowledge of the home sale closing procedure.

If you are a cash buyer as opposed to a traditional and financed buyer, the home purchasing procedure might be swift and simple. But some things can affect how quickly a contract can be closed. You can save money by paying in cash, and you never know when you'll need a place to live.

How fast can a home purchase be made with cash?

The length of time varies depending on a number of factors. A cash sale can often be completed in four to ten business days. But even if a buyer pays cash for a house, the transaction will still need title insurance and appraisal.

Depending on how many errors the title insurance underwriters find, the title process could take anything from a few days to many months. This time limit also implies that the buyer can move swiftly and that the property has no other liens than the mortgage.

After the inspections are finished, you should discuss the preparation of the closing agreements with your lawyer. At this time, you'll also hire an escrow business to take care of the money transfer. If all goes according to plan, this stage will take an additional week.

It takes a minimum of two weeks to complete a cash transaction. If you need a mortgage, it will take at least 30 days for the deal to finalize.

How long does it take to buy a house in Ghana?

You're prepared to purchase a home, but you're unsure of how long the process will take. While every transaction is unique and can differ in a variety of ways, buying a home in Ghana is generally a fairly simple process.

There are essentially two different time frames that you need to consider. 

1. The first time frame is the period of time it takes for your offer to be approved once you've found a house you adore. This may take a week or a year, depending on where you live, what you're searching for, and how many other buyers you're up against. 

It really is up to you. However, if you are serious about buying and well-prepared, I would say it could take you up to a month or two to discover the ideal house. Before actually deciding what you want and discovering the one, most buyers visit about 5–10 houses in Ghana before making a decision to buy.

2. What happens after your offer is accepted falls under the second time frame. From the time your offer is accepted until the day you close on the house, it usually takes 5 to 6 weeks. That covers the duration of the inspection, all negotiations, the time it takes the lender to complete the transaction and the title business to complete their work.

It may as well include the time it takes for the appraisal to be completed. So really, if you find something right away, plan for approximately 2 months, but often, the full process—from hiring a broker to closing on a home—takes about 3 to 4 months.

There are unique situations that could extend or decrease that time range. Cash-only investors can frequently finish a purchase in two to three weeks. The time frame could be extended if you purchase a foreclosed property or participate in a short sale.

Related: Step By Step Guide On How To Apply For A Mortgage in Ghana

The stages of buying a house in Ghana

1. Look at multiple properties

Before you commit to buying a home, it is important to look at as many properties as possible. This way, you can get a feel for what is available in your desired area, and you can avoid being swayed by one property that you may be interested in.

2. Meet the required down payment

If your plan is to go into for a mortgage then you should as well prepare towards the downpayment on any mortgage loan. In Ghana, in most banks they offer about 5%–30% of the purchase price as a down payment.

3. Get pre-approved for a mortgage

Before you even begin the home buying process, it is important to get a pre-approved mortgage for when you are ready to buy a home in Ghana. The process can be a little complicated. You can start by researching what you want. This can be done by talking to friends, family, or professionals. 

You should also take some time to look at homes that are similar to the one you want. This will help you get a better idea of what you are looking for and how much money you will need to spend. Once you have an idea of what you want, you should start looking for homes. 

4. Search for a licenced agent

When you are looking for a home, the process can be overwhelming. There are so many choices and it can be difficult to know where to start. One of the best ways to find the home you’re looking for is to work with a top agent in your area.

An agent can help you find the perfect home. They will take care of all the details so you can focus on what’s important. An agent can also help you negotiate a good price. If you are interested in finding a home, it’s important to get the right agent. 

During this time, you must take the necessary steps to look for an experienced agent in Ghana. Select a buyer who is knowledgeable about the market and has experience purchasing homes in the area you are considering.

Negotiation on sale price

After researching a few homes, buyers will start to negotiate the best deal possible. This can involve talking to the seller, inspecting the property, and getting a home loan. You may be tempted to buy a house just because you can afford the listed price, but make sure you really negotiate well before making an offer.

Sign contract documents

After you have signed the offer, your agent will have it prepared and submitted to the seller's agent. Fantastic if the seller accepts your offer. However, they frequently make what is known as a counteroffer in response. At this stage you now have the choice of accepting their response or offering one of your own.

Close on your new house

Closing on a home sale is the final stage of the home buying process. This is when the buyer and seller come to an agreement on the sale price and all the details of the sale. It can be a very exciting time, as you finally get to take ownership of your new home.

There are a few important steps to take during the closing process, and knowing them can help make the process go smoothly. Make sure to have all the necessary documents ready, and be on the lookout for any last-minute glitches. Once the closing is complete, you'll be able to enjoy your new home!

Conclusion 

When it comes to home buying in Ghana, there is no one-size-fits-all answer. Every seller is different and thus, the time it will take to buy your home will also vary. Generally speaking, if you are buying in a stable market, you can expect the process to be smooth and quick. 

However, if the market is hot and there are a lot of houses for sale, it could take up to a year. Additionally, if you are buying in a less desirable area or if there are a lot of competing offers, it could take even longer.