Will the Average Ghanaian Salaried Worker Ever Get to Buy a House?

Let’s be honest—homeownership in Ghana feels like an impossible dream for the average salaried worker. With property prices skyrocketing, land litigation issues, and salary levels that don’t always match the cost of living, the road to owning a home looks rough. But does that mean it’s impossible? Not necessarily. The key is understanding how, when, and what you need to do to make it happen. Let’s break it down.

How Can a Salaried Worker Buy a House in Ghana?

1. Save Aggressively and Strategically
   
   Saving is non-negotiable. If you’re serious about homeownership, start by setting aside at least 20-30% of your income every month. Open a high-interest savings account or an investment account with a mutual fund or treasury bills to grow your savings over time. Think long-term—this is not money for emergency spending. Consider automating your savings to ensure consistency. Additionally, cut down on unnecessary expenses and prioritize long-term financial stability over short-term gratification.
   
2. Take Advantage of Mortgage Plans
   
   In Ghana, mortgage financing is an option, but let’s be realistic—it requires planning. Most banks and financial institutions offer mortgage loans that demand a down payment of 20-30% of the house price. Monthly repayments could range from GHS 3,000 to GHS 10,000 depending on the property, interest rate, and tenure. Find a plan that aligns with your income and future earning potential. Additionally, compare mortgage providers to identify the best interest rates and repayment terms, and ensure that your employment is stable enough to meet the long-term financial commitment.
   
3. Consider Buying Land and Building Gradually
   
   Instead of chasing already built houses, consider purchasing land in developing areas and building in phases. This approach allows you to spread costs over time, making it easier to manage your finances. Always verify land documents and conduct due diligence to avoid legal troubles. Engage surveyors and legal professionals to ensure that you are purchasing litigation-free land. Additionally, consider using cost-effective building techniques and materials that provide durability while keeping expenses manageable.
   
4. Explore Government Housing Schemes and Affordable Housing Options
   
   The Ghanaian government occasionally rolls out affordable housing projects. These may not be widely available, but keeping an eye on National Housing initiatives and partnering with real estate developers offering flexible payment terms can give you an edge. Some schemes also provide subsidized mortgage rates, making homeownership more attainable. Visit housing fairs and stay updated on government policies regarding real estate development and financing options.
   
5. Side Hustles and Investment Income
   
   Salaries alone may not cut it. Supplement your income with side hustles, passive income, or investments. The more financial streams you have, the better your chances of affording a home without stretching your salary too thin. Consider real estate investment trusts (REITs), stock market investments, or starting a business that generates additional income. A diversified financial portfolio reduces risk and increases financial flexibility.
   

When Should You Consider Buying a House?

1. When You Have a Stable and Growing Income
   
   If your income is unstable or just enough to cover your basic needs, wait. The best time to buy is when you have consistent cash flow, potential for salary growth, and a solid emergency fund. Stability ensures that you can comfortably meet your mortgage payments or construction costs without financial strain.
   
2. When You Have a Good Credit Record
   
   If you plan to use mortgage financing, a good credit history is essential. Pay off debts, avoid unnecessary loans, and build a strong financial profile to increase your chances of loan approval with better interest rates. Creditworthiness also impacts your negotiation power with lenders, making it easier to secure favorable loan terms.
   
3. When You Have Enough for a Down Payment and Initial Costs
   
   Buying a home requires upfront payments—land registration, documentation, initial deposit, and taxes. Make sure you have at least 30-40% of the total cost before making a move. This cushion prevents financial distress and provides leverage in negotiations with sellers and developers.
   

How to Navigate the Process and Make It Happen

• Research and Budget Smartly: Know the areas you can afford. Properties in Accra’s prime locations (East Legon, Cantonments, Airport) may be out of reach, but places like Oyibi, Pokuase, or Kasoa may be within your budget. Additionally, factor in hidden costs such as maintenance fees, utility connections, and property taxes when budgeting.
• Work with a Trusted Real Estate Agent or Lawyer: Ghana’s real estate market is full of scams. Always verify land documents and property details before making payments. Engage professionals who have a strong track record and industry credibility.
• Negotiate and Take Your Time: Sellers often inflate prices expecting negotiation. Take your time, compare options, and don’t rush into deals under pressure. Patience can save you money and help you secure a better deal.
• Leverage Employer-Assisted Housing Schemes: Some companies provide housing assistance for employees. Check with your employer to see if there are any programs that offer support in securing a home.

Alternative Homeownership Strategies

1. Joint Ownership and Co-Investment
   
   If you find it difficult to raise funds alone, consider co-owning property with a trusted friend, family member, or spouse. Pooling resources allows for a larger budget and shared financial responsibility.
   
2. Rent-to-Own Options
   
   Some real estate developers in Ghana now offer rent-to-own schemes, where tenants gradually pay towards ownership while living in the house. This eliminates the need for large upfront payments and provides flexibility in financing.
   
3. Buying Fixer-Uppers
   
   Instead of going for brand-new homes, consider buying older properties that require renovations. These often come at lower prices, allowing you to gradually upgrade the home to your preference.
   

Will You Ever Own a House?

Yes, but only if you plan strategically, stay disciplined with your finances, and explore all available options. Ghana’s real estate market may be challenging, but with the right approach, it’s possible. Start today, be patient, and work towards that goal. Your future home is within reach!