Introduction
For many Ghanaians living abroad, owning property in Ghana is both a financial goal and a connection to home.
But buying property remotely can be challenging.
How do you inspect the property? Who can you trust? How do you verify documentation? How do you manage the property after purchase?
Here are some important considerations.
Start With Your Objective
Are you buying:
- A family home?
- A retirement property?
- A rental investment?
- Land for future development?
- A holiday home?
- A property for children or relatives?
Your objective should influence the location and type of property you choose.
Don't Buy Based Only on Pictures
A property may look excellent online but appear very different in person.
Where you cannot travel to Ghana, consider arranging an independent inspection through someone you trust or an appropriate professional.
Verify Before Paying
Before making a significant payment, ensure appropriate checks have been carried out on ownership, documentation and the parties involved.
Do not allow pressure to make you bypass due diligence.
Use Qualified Professionals
Depending on the transaction, you may need legal, valuation, surveying, property management or other professional services.
Think About Management
Buying the property is only the beginning.
If you live abroad, who will:
- Collect rent?
- Handle maintenance?
- Inspect the property?
- Deal with tenants?
- Monitor the property?
- Prepare it for short-stay guests?
A proper management arrangement can make remote ownership considerably easier.
Consider Rental Potential
If the property is an investment, research the local rental market rather than assuming that every property will generate strong returns.
Consider demand, location, property type, rental price, vacancy periods and operating costs.
Olive Blocks for the Diaspora
Olive Blocks aims to make it easier for Ghanaians abroad to discover Ghanaian property opportunities and connect with relevant owners, agents, developers and property professionals.
Your distance from Ghana shouldn't prevent you from exploring opportunities — but it should make proper verification even more important.