Top 8 First-Time Homebuyer Mistakes to Avoid in Accra

Owning your first home in Accra is a huge accomplishment, but the journey can quickly become stressful if you don't know what pitfalls to avoid. 

As an inexperienced buyer, it's easy to make costly mistakes that throw your homeownership dreams off track.

That's why we're highlighting the top 8 first-time homebuyer mistakes to steer clear of when shopping for a property in Accra. Follow these tips and you'll be holding those new keys in no time!

Mistake #1: Not Getting Pre-Approved Early

Picture this - you find your dream home at Lakeside Estate only to discover you can't afford it. Ouch! Skipping the pre-approval process is a surefire way to miss out on that perfect property.

Get pre-approved by a reputable lender as your first step. They'll review your finances to let you know your true price range and mortgage options. With pre-approval, sellers will take your offers much more seriously.

Mistake #2: Underestimating All the Costs Involved

Your monthly mortgage payment is just the start. From closing costs to maintenance, the expenses of homeownership in Accra can add up fast if you're not prepared.

Common homeownership costs in Accra to account for:

• Property taxes

• Homeowner's insurance premiums

• Homeowners association/maintenance fees

• Repairs and upkeep

Mistake #3: Rushing the Home Search Process

Looking for homes is the fun part - until you end up with buyer's remorse by making a hasty, ill-informed purchase. Patience is vital, especially for first-time buyers in a fast-moving market like Accra.

Give yourself ample time to get familiar with different neighborhoods and price your priorities before submitting offers. Being the first to snatch up a new listing isn't always a good thing if that home isn't truly the right fit.

Mistake #4: Skipping the Home Inspection

Agents and some home developers require an upfront fee, but springing for this service can save you big money down the road. An inspector's trained eye will identify structural issues, safety hazards, and other repair needs you'd likely miss.

Don’t want to pay for home inspection? With Lakeside Estate, you don’t have to pay before viewing homes. Schedule a free home viewing at your convenience.

Mistake #5: Emptying Savings on the Down Payment

It's smart to put down at least 20% to avoid frustration purchasing a home. However, draining your entire life's savings isn't a good strategy either.

Lenders want to see you have enough cash reserves to cover several months of housing expenses. A good rule is to keep at least 6 months' worth of mortgage payments, insurance, etc. in savings after closing.

Mistake #6: Fixating on Your "Perfect" Dream Home

You've watched too much HGTV if you think your first home needs to be 100% perfect from the get-go. No first-timer in Accra can likely afford their ultimate dream home right away.

Stay flexible by focusing on finding a solid starter home that checks off your absolute must-haves like good neighborhood, number of beds/baths, renovation potential, etc. Get your foot in the door, build equity, and your next place can get fancier!

Mistake #7: Letting Emotions Overrule Negotiations

Found "the one"? Don't let those rose-colored glasses derail your homebuying judgment. Overpaying out of pure excitement is a big regret waiting to happen. It's easy to get emotionally invested after viewing multiple properties, but you need to stay detached during offer negotiations.

Mistake #8: Not Researching Neighborhoods

Sometimes the home isn't the issue - it's the surrounding area and neighborhood that disappoint new buyers. Thoroughly researching different communities before purchasing is key.

Drive through at various times to check traffic patterns, visit at night to gauge safety/noise levels, and look into school districts, future development plans, homeowners association rules, amenities and more. What might seem perfect online rarely tells the full story.

Buying your first home is exhilarating, stressful and complex - but avoiding these 10 common pitfalls will set you up for success. Have any other questions as an Accra first-time homebuyer? Our team is here to advise!

Call 0204775043 or visit our website to start your first-time homebuyer journey with Lakeside Estate.