Digital Express: Shoppers GuideFeaturesThe Property Digest

Buying A House Is A Great Experience. Just Watch Out For The Extra Costs

People jump into buying a house, but get disappointed when they can’t raise other costs not covered by the bond By Nyarie Majange Mavhuli Are you considering buying a house in South Africa! House price is not the only cost you should consider. Have you heard the saying “you are better safe than sorry?” If the truth be told there is no guarantee of any safety in life, but knowledge does reduce the risk of uncalculated pains. I have been an estate agent and principal estate agent for years now and I can say nothing breaks my heart than to see people jumping into buying a house but getting disappointed when they can’t raise other costs not covered by the bond. Listed below are some of the costs that may or may be covered by the bond. Bond initiation fees These costs are the fees that the bank charges you forgiving you a loan or bond to buy a house on mortgage.

People jump into buying a house, but get disappointed when they can’t raise other costs not covered by the bond

By Nyarie Majange Mavhuli

Are you considering buying a house in South Africa! House price is not the only cost you should consider.

Have you heard the saying “you are better safe than sorry?”

If the truth be told there is no guarantee of any safety in life, but knowledge does reduce the risk of uncalculated pains.

I have been an estate agent and principal estate agent for years now and I can say nothing breaks my heart than to see people jumping into buying a house but getting disappointed when they can’t raise other costs not covered by the bond.

Listed below are some of the costs that may or may be covered by the bond.

Bond initiation fees

These costs are the fees that the bank charges you forgiving you a loan or bond to buy a house on mortgage. This cost is however normally factored in the loan amount advanced to you on buying a house on mortgage but will be paid with interest as part of the loan repayment.

 

 

Other costs to factor in

Transfer fees costs
These are the attorney’s fees for conveyancing. The lawyers get involved in transferring the title deeds of the property into your name.

Relocations moving costs
Most people never see this cost coming but quite often if it slips in unplanned can cause unnecessary stress to the new homeowner.

These costs could be costs of actual relocation or can be an extra cost of moving children’s schools or creche.

If they don’t move, they might be an added commuting cost to drop them at the old school.

Utilities deposits
When you move into your new house there are utilities services that your house requires such as electricity, water, and refuse. Various municipalities require various deposits for them to offer you services.

Monthly Levies if sectional title
Its all nice and well to move into your new home but have you factored in the monthly levies and municipal rates as well. Some secure estates can charge monthly levies going into thousands of rands per month.

 

 

Security costs at the new premises
What about security costs? You might have liked the house but is the new premises secure enough for your family? Security is a real cost in South Africa.

Repairs and maintenance
You might have got a house at a bargain, and you would want the house spruced up for your taste, but did you consider the repairs and general maintenance costs to turn your recent purchase your dream home.

Hope this helps you as you plan on buying next home in South Africa.

 

Nyarie Majange Mavhuli is the The Principal at Zero Limits Properties t/a Royal Homes Germiston Branch. Cell 0846600059

 

 

Property Investment Under The African Sun, with KellyHills International

 

 

The Sunday Express January 16: The Property Magazine Limited Edition

 

 

This week: The Property Digest Edition: The UK Edition, Plus Sunday Express Subscribers Edition

 

 

Twitter:@realdigitalnews
Facebook: Zimbabwe Digital News


Zimbabwe Digital News

Contact: (+27) 834767918
See News Differently

 

What's your reaction?

Related Posts

No Content Available

Leave A Reply

Please Login to Comment.

Scan the code