Hidden Fees to Be Aware of When Purchasing a Home

Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don’t forget there will be other costs associated with your purchase then the price of the property. Here are 5 fees to keep in mind as you begin to budget.


Home inspection

This is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. When buying a home in Ghana, generally, you can expect to pay between GHS 50 ($10) to GHS100 ($20) depending on the real estate agency, the home and the location.


Title services

Title services encompass the transfer of the title from the seller. It involves a thorough search of the property’s records to ensure that no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the home.


Appraisal fee

Before getting a loan, you will likely be required to get an appraisal of the home to determine its estimated value. This will be conducted by a third-party company and the cost can land anywhere between GHS 1,500 ($300) and GHS 5,000 ($1,000), depending on the size of the home.


HOA and Service Fees

Many communities have a homeowners’ association(HOA) that enforces monthly fees. Gated estate and apartment managers also enforce a monthly service/ maintenace fees.  This money is used for general maintenance and updates to areas like pools, community centers, parks, and more.



The taxes each buyer pays at the closing table differ.  Additionally, there may be taxes for the transfer of the home title.  Also, in Ghana, property tax is levied annually by local authorities. It is usually the estimated value of the property, depending on its location. It usually ranges between 1% to 5% of the estimated value of the property.