If you’ve ever considered buying or selling a property in Ghana, you’ve probably encountered a lot of information online. Some of it may be accurate, but there are also several misconceptions that can mislead prospective buyers or sellers. To help you make informed decisions, here are five common real estate myths in Ghana, debunked.
Myth #1: Selling Your Home For Sale by Owner (FSBO) Will Save You Money
One of the biggest misconceptions in the real estate market is that selling your property yourself will save you money. The idea is to avoid paying agent commissions by managing the sale independently. While this may seem appealing at first, the reality is that FSBO often ends up costing you more in the long run.
In Ghana, property valuation can be tricky, and many FSBO sellers either price their homes too high or too low. Overpricing can lead to your property sitting on the market for months without an offer, while underpricing means leaving money on the table. A skilled real estate agent will know the local market, provide accurate pricing strategies, and help you negotiate the best deal.
Moreover, agents bring a network of potential buyers, market knowledge, and experience navigating legal requirements that FSBO sellers may not have. Without a professional’s guidance, you may miss out on key opportunities, making it worthwhile to invest in an experienced agent.
Myth #2: Buyers Get a Better Deal Without an Agent
Some buyers believe that skipping the agent will save them money. In Ghana, this is not the case. The seller typically covers the agent’s commission, so hiring a buyer’s agent will not add any extra cost to your purchase.
A buyer’s agent does much more than show you properties—they provide crucial advice throughout the purchasing process, including help with price negotiation and understanding legal paperwork. In a competitive market like Accra or Kumasi, having an agent on your side can give you access to listings before they’re widely advertised and help you submit a stronger offer.
Myth #3: If You See a Property Online, It’s Still Available
The real estate market in Ghana moves quickly, and while online listings are a great starting point, they’re not always up to date. Major real estate sites may not refresh their listings frequently enough, leaving properties marked as available when they’re already sold or under contract. Some properties may also remain listed online after being taken off the market.
The best way to get accurate and current information is through a licensed real estate agent, who has direct access to the latest property listings and updates. If you see a property you’re interested in online, don’t assume it’s still available; check with an agent who can confirm its status and recommend alternatives if needed.
Myth #4: Online Resources Can Do It All
While online tools are helpful for getting a general sense of the market, they can’t replace the personalized advice and local expertise of an experienced agent. Online property valuations and mortgage calculators often rely on generic data and algorithms, which may not accurately reflect the actual conditions in your area.
For instance, properties in prime locations like East Legon or Airport Residential Area will have unique factors influencing their value, such as amenities, proximity to business hubs, and infrastructure development. These nuances are best understood by a local real estate agent who is familiar with Ghana’s specific market conditions. Trusting an agent’s insight will give you a more realistic view of what your home is worth or what you can afford as a buyer.
Myth #5: Agents Only Care About Making a Sale
The idea that agents are only interested in making a sale is another misconception. In Ghana, a good real estate agent does more than facilitate transactions—they act as guides, advocates, and advisors throughout the process. An agent who is committed to client satisfaction will help you understand the local market, navigate the legal aspects, and secure the best deal.
Agents often have long-term relationships with clients, helping them buy or sell multiple properties over the years. This relationship is built on trust, and a reputable agent will prioritize your best interests to ensure a smooth, satisfactory experience. It’s not just about closing a sale; it’s about building a lasting relationship and providing quality service.
The Bottom Line
Navigating the real estate market in Ghana can be challenging, especially with myths and misconceptions floating around. When it comes to buying or selling a property, it pays to rely on expert guidance from a professional real estate agent. They can help you avoid costly mistakes, give you up-to-date information, and provide personalized advice that fits your unique needs.
If you’re ready to buy or sell a property in Ghana, don’t let these myths hold you back. Reach out to a trusted agent who can guide you every step of the way.
