The Cost Of Buying A Home

Once your home loan has been approved and your offer to purchase has been accepted by the seller, you will need to make provision for a number of costs out of you own funds. Some of these costs are governed by legislation, while others will be specific to your situation. Most of the costs will have to be paid upfront.

Buyers frequently don't know this and may have to rely on money from the sale of an existing property to cover costs. As a rule of thumb, you should allow between 8% and 10% of the amount of your home loan, excluding the deposit. One of the biggest problems is that buyers often cannot get an accurate estimation of costs and the actual costs are often much higher than they estimate for.

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Determining Your Property's Value

Factors that affect the value of your home in today's market

Location

  • Location is the single most important factor in determining the value of your home.

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Checklist For Moving

Before you leave

Give address change to:

  • Post office
  • Charge Accounts, Credit Cards
  • Subscriptions: Notice requires several weeks
  • Friends and Relatives

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Once-off items when buying a home

Budget

Deposit on the house R
Assessment fee R
Bond registration costs R
Transfer duties and fees R
Occupational rent R
Moving costs R
Connection of water and electricity R
Telephone connection and transfer R
New furniture and fittings R
Sundries and contingencies R
Alterations and repairs R
Settling-in costs, e.g. new carpets, curtains, etc. R

Costs on your previous property (e.g. electrical compliances certificate)

R

Total

R

 

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Homesellers Mistakes

Not making the right kind of repairs

Don't be tempted to make improvements prior to listing without consulting our agents. Some upgrades will not yield any real increase in value, while others may increase property value substantially.

Ask for low cost solutions to minor repairs that will yield the best profits.

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