It is a way of breaking out of the rental trap. It’s very common for tenants to be unable to save a deposit for a mortgage due to paying out a large proportion of their income on monthly rent. Banks and other lenders in Ghana usually ask for between 20% – 40% of the purchase price as a initial payment.
This approach allows buyers to start to buy their new home in Ghana with as little as GHS3,000 and GHS12,000 initial payment (by move-in date) and with interest free monthly payments during the rental period.
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ACCESSIBILITY
MAINTENANCE COSTS
REAL ESTATE TAXES
DOWN PAYMENT
HOME SAVINGS (EQUITY)
LONG-TERM INVESTMENT
PROPERTY APPRECIATION
GREATER FREEDOM
PROPERTY CONTROL
RENTING
Easier
Typically not applicable
No
No, but security deposit may apply.
No
No
Your landlord benefits, not you.
No
No
HOME OWNERSHIP
Not so easier for low income earners
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
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