Your Guide to Financing Your First Home Purchase

Understanding Your Budget

Buying your first home is exciting, but it's important to know what you can afford. Start by looking at your current finances. List your income and expenses. This will help you see how much you can save each month.

Next, consider your down payment. Most lenders ask for 20% of the home's price. If you can't save that much, don't worry. There are loans with lower down payment options.

Also, keep in mind other costs like closing fees and moving expenses. These can add up quickly, so it's good to plan ahead.

In Ghana, buying with cash is the norm but there are some great loan programs which allow you to more borrowing room than you can typically afford at reasonable interest rates.

Getting Pre-Approved

Once you know your budget and loan options, it's time to get pre-approved. This process involves a lender reviewing your financial information. They will give you a letter stating how much they are willing to lend you.

Having a pre-approval letter shows sellers that you are serious. It can also speed up the buying process.

Don't rush this step. Take your time to find a home that you love and can afford.

Making an Offer

When you find the right home, it's time to make an offer. Your real estate agent will help you with this. They will advise you on a fair price based on the market.

Once you make an offer, the seller can accept, reject, or counter it. Be prepared to negotiate. This is where your pre-approval letter can come in handy.

Remember also at Wings Management, we go into agreement negotiations when we reach 80-85% completion. The reasoning is that, this is where the all important kitchen and bathroom designs go into the unit. We allow your input. So take advantage of this customization opportunity. We take your preferences with 50% down payment at this stage and your place is ready for move-in within 100 days at which point the remaining balance is due. 

If your offer is accepted, you will move into the closing phase. This involves signing lots of paperwork. Your lender will also finalize your loan during this time.

Before closing, it's a good idea to get a home inspection. This can reveal any issues with the property that need fixing.

Once everything is in order, you will sign the final papers and get the keys to your new home. Congratulations, you're now a homeowner!

Moving In

The last step is moving in. Plan your move carefully to avoid stress. Hire movers or ask friends and family for help.

Set up your utilities and change your address. This will make your new house feel like home right away.

Take some time to settle in and enjoy your new space. You've worked hard to get here, so savor the moment.