Hidden Home Costs
Be Aware Of All Costs
Don't get caught unaware when you begin your buying journey. Understand that there are costs during the process which you should include in your budget. Being aware of these costs from the early stages allows you to be proactive in your saving approach. We share three costs that you should be aware of and provide ways to help you save for them.
Three Hidden Costs When Buying A Home
1. Transfer Duty
A tax payable for the transferring of the property into your name.
This amount is calculated and based on the purchase price.
Homes under R1 million have no transfer duties.
2. Bond Registration Costs
If you are taking out a bond to finance your home purchase, you will need to register it with the deeds office. This process incurs legal and administrative costs.
3. Utilities
A continious and often overlooked expense after moving in are utilities (water, electricity etc.) as well as maintenance and repairs.
Create a seperate savings account to ensure that these expenses can always be covered on a monthly basis.
If You Are Looking To Buy
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Ingwe Property Group
34 glenugie road
Pinetown
Durban, KwaZulu-Natal 4001
South Africa
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25 Jul 2023
Author Ingwe Property Group