For many Ghanaians living in the United Kingdom, buying property is a significant milestone and a way to secure long-term financial stability. However, the UK real estate landscape can be complex, especially for those new to the system or unfamiliar with the legal and structural nuances. A Ghanaian living in the UK recently shared six vital lessons that serve as an important guide for members of the diaspora looking to invest wisely in the property market. These insights, drawn from personal experience, highlight common pitfalls and how to avoid them.
1. Avoid Leasehold Properties – Opt for Freehold Instead
One of the most important distinctions in UK property ownership is between leasehold and freehold. A leasehold means you own the property but not the land it sits on, and you must pay ground rent to the freeholder, along with service charges and other fees. Leaseholds can also come with restrictions on renovations or subletting. Freehold ownership, on the other hand, gives you full control of the property and the land it occupies. For long-term peace of mind and full ownership rights, a freehold is a far better option.
2. Be Cautious About Ground Floor Flats in London
While ground floor flats may seem convenient, especially for those with accessibility needs, they come with notable drawbacks in urban areas like London. These include increased security risks, limited privacy, and often higher exposure to noise and pollution. They may also be harder to resell or rent out, making them a less attractive investment in the long term.
3. New Builds Often Lose Value in the First Five Years
Many buyers are drawn to the appeal of a brand-new property, but new builds often depreciate quickly—usually aligning with the value of older, surrounding properties within the first five years. This means you could end up overpaying initially and see a drop in resale value shortly after purchase. For diasporans seeking long-term investment growth, it may be wiser to consider established properties in sought-after locations.
4. Two-Bedroom Apartments Have Better Resale Potential
When considering what type of property to buy, two-bedroom apartments are typically a safer investment than one-bedroom units. They appeal to a wider range of tenants and buyers—young professionals, couples, or small families—and are generally easier to sell or rent. This versatility makes them a more practical and financially sound choice.
5. Always Read the Contract – Especially Around Airbnb Restrictions
One of the most common traps buyers fall into is not reading the full contract before signing. Some properties come with strict clauses that prohibit short-term lets like Airbnb, which could significantly affect your rental income plans. Understanding every clause—particularly those that limit usage—is critical to avoiding future disputes or penalties.
6. Use an Independent Lawyer, Not the Seller’s Lawyer
Finally, always appoint your own solicitor or conveyancer rather than relying on the company’s recommended lawyer. While the developer or seller may suggest a legal representative, such lawyers may not fully represent your interests. An independent lawyer ensures that your rights are protected, and any red flags are thoroughly investigated before contracts are signed
Investing in property in the UK can be a rewarding experience, but it also requires caution, research, and professional guidance. These six lessons provide a valuable roadmap for Ghanaian diasporans seeking to navigate the property market successfully. By avoiding these common missteps, buyers can protect their investments and build a secure future for themselves.
Source ; Joycelyn Marigold – Property Express News
