The dream of owning your own home in the vibrant heart of Accra is an exciting one. It represents stability, a sound investment, and a place to build your future. However, for a first-time buyer, the journey can seem filled with complex steps and unfamiliar terms. Don’t worry. The process is more straightforward than you might think, and with the right guidance, you can move confidently from aspiring homeowner to proud property owner.
This guide breaks down the essential steps to purchasing your first property in Ghana, showing you exactly how to turn your dream into a reality.
Step 1: Define Your Financial Roadmap
Before you start browsing listings, the most important first step is to get your finances in order. This will determine your budget and give you the confidence to act when you find the right place.
- Assess Your Budget: Understand what you can comfortably afford. This includes the initial down payment (typically 20-30% of the property value), as well as closing costs like legal fees and stamp duty.
- Get Mortgage Pre-Approval: Speak with a bank or mortgage lender. A pre-approval gives you a clear, realistic price range and shows sellers and developers that you are a serious buyer.
- Explore Payment Plans: Many modern developments, like Liberty Condos Ghana, offer flexible, in-house payment plans. This can be a fantastic way to secure a property off-plan, allowing you to spread payments over the construction period, often with a smaller initial deposit than a traditional mortgage requires.
Step 2: Research and Find Your Perfect Fit
With a budget in hand, the exciting search begins. It’s important to look beyond just the four walls and consider the lifestyle you want.
- Know Your Needs: Are you looking for a 1-bedroom or 2-bedroom space? What amenities are important to you—a gym, a pool, 24/7 security? Condo living offers a “lock-and-leave” convenience and a built-in community that’s ideal for busy professionals and first-time owners.
- Location is Everything: Consider your commute to work, proximity to shops, schools, and healthcare. Research the neighbourhood’s growth potential. A property in a developing area with good infrastructure is a smart long-term investment.
- Verify the Developer: This is a critical step. Look into the developer’s track record. Have they completed past projects on time and to a high standard? A reputable developer like Liberty Condos provides transparency and peace of mind.
Step 3: The Offer and Legal Due Diligence
Once you’ve found a property you love, it’s time to make it yours. This stage is all about ensuring your investment is legally sound.
- Make an Offer: Formally express your interest and agree on a price. For an off-plan property, this involves signing a reservation agreement to take your chosen unit off the market.
- Hire a Reputable Lawyer: Do not skip this step. A real estate lawyer works for you. Their job is to protect your interests, review all documents, and ensure the entire process is legally sound.
- Conduct a Search: Your lawyer will conduct a title search at the Lands Commission. This essential step verifies that the developer has legal ownership of the land and that it is free from any disputes or liens.
Step 4: Securing Financing and Making Payments
With legal checks complete, you can now finalize the purchase contracts and financing.
- Sign the Sale and Purchase Agreement (SPA): This is the main legal contract between you and the developer. Your lawyer will review it thoroughly with you before you sign.
- Formal Mortgage Application: If you are using a mortgage, you will now submit your SPA to the bank to get the final approval for your loan.
- Follow the Payment Schedule: Whether using a mortgage or a developer’s payment plan, you will have a clear schedule of payments. For off-plan projects, these are often tied to construction milestones.
Step 5: The Handover and Final Steps (The Exciting Part!)
As construction nears completion, you’re on the home stretch. For Liberty Condos, this exciting stage will be happening as we approach our move-in date in December 2026.
- Pre-Handover Inspection: You will be invited to inspect your new home to identify any minor fixes needed before you officially take ownership. This is often called “snagging.”
- Final Payments and Handover: Once you are satisfied, you will make your final payments, and the developer will hand over the keys to your new home!
- Title Registration: The final legal step is for your lawyer to register the property in your name at the Lands Commission. This process concludes with you receiving your Title Deed, the ultimate proof of ownership.
Your Journey Starts Here
Buying your first home is one of life’s most rewarding milestones. By following these steps and working with trusted professionals, you can navigate the process with clarity and confidence.
Ready to take the first step? The journey to owning a luxury condo in Accra is clearer than you think. Contact the Liberty Condos Ghana sales team today to learn more about our 1 and 2-bedroom units and our flexible payment plans designed to help you succeed.