Owning property can be one of life?s biggest fulfillments. For many individuals, a key element of success is the acquisition of a home or property.
Inasmuch as buying a home may seem a glorious task, it has its tricky characteristic. Lamudi Ghana walks you through seven basic steps you will need to close out a deal.
Set a price limit
Just because you are in search of a home does not mean you have to go beyond your means. The universal agreement is not to spend more than 30% of your income on a home.
Unless you?re buying for investment purposes, such a move will be quite unsustainable according to the United Nations (UN).
More importantly, you want the best value at a rate deemed to be affordable in your estimation so it is important to set a price limit for yourself.
Study the market
Knowledge, it said, is power and you will need a lot of this in respect to the real estate sector in Ghana.
You need to find out as many as possible houses that are available, while keeping in mind the quality vis-a-vis their price.
Your favorite property portal, Lamudi, already provides you with this convenience so it will be to your advantage to surf as much as possible on the Lamudi platform for the various homes on sale.
Lamudi has the added feature of customized search to meet your requirements so take full advantage of this, while studying the various areas and the prices associated.
Check for suitable areas
This may not always be the case, but in most situations, the location of the property will determine its price.
For instance, a self-contained house in East Legon is likely to be more expensive than a house with similar specifications located in Achimota. Proximity to Accra Central Business District also is a key price determinant.
This then takes us back to the issue of affordability, where paying for a home in such prime areas does not affect over 30% of your income. It may be tempting to buy properties in such areas even when it may seem beyond your financial means but the best decision would be to target the most proximal area that provides you with affordable home options.
Keep your cards close to your chest
You may be be buying non-commercial reasons but do not forget that you will be dealing with an individual looking to make as much money from the sale. In most cases, properties are handled by agents who are likely to have more experience and knowledge than you.
As such, do not give anything away, in terms of your emotions and facial communication. Be as confident as possible while letting the other party know your terms of acquisition.
Investigate seller?s reasons for sale
Do not just buy the property because it?s for sale; spend some time finding out reasons why the property is on sale.
Find out the reasons for the seller?s intention of putting the property up for sale. All these will make you more knowledgeable and will help you beat down the price. Find out how long the property has been on the market, why the seller is selling it and how soon he or she needs to get the property off the market.
You do not want to buy a property which has windows, doors, sinks and roofs coming off. Answers to these questions will help you beat down the price.
Beat down the price
House prices are usually quoted when on sale but these are usually very negotiable. Even if not negotiable, you should push to have a price that is fairly lower than the asking price.
After quoting a figure, start to work it up gradually to the point where you can afford. Try to be firm as possible. Buying a home below your personal limit and the price offered is very possible so you have to sound as convincing as possible.
Provide favorable terms for vendor
If you are able to negotiate properly, provide the vendor with very favorable terms of settlement. It helps a great deal if for instance, you offer the house owner ready cash. However, in the current economic situation, this can be difficult. An alternative could be offering a huge lump sum and promising to pay the installments within a relatively short period. These serve as great bargaining chips.