Taking the leap? Know what you are getting yourself into
Category Buying
You are ready to put pen to paper and make that offer, but are you aware that there are other costs involved as well when signing that deal?
First time homeowners are not only responsible for their monthly bond repayments, warns Oni Mdumela, Principal Partner of Property to Link.
Prospective buyers are also accountable for the following charges (this is above and beyond your general living and household expenses):
- The deposit (if you are not a first time buyer or you have not qualified for the full amount).
- Bond costs.
- Transfer duties (if applicable).
- Conveyance fees.
- Banking and transaction fees.
- Home Owners Insurance (you need to have cover for both the interior as well as exterior of your property).
- Life insurance (if a bond is in place).
- Water and electricity bill.
- Property rates and taxes.
- Refuse and sanitation fees.
- Levies (if your property is part of a sectional unit title).
- Home Owners Levies (if applicable).
- Moving expenses.
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Author: Machelene Joubert