Buying a house can cost more than you expect

By Staff Writer

By Xolile Bhengu and Simpiwe Piliso First time home buyers must beware of the hype of buying into new developments and extra costs that can be incurred.

In the last decade developers are said to have added more than 2,2million homes in established residential areas in South Africa.

This is the equivalent of 4400 middle-class suburbs – which have come at a growth rate that has helped to stretch the country’s power supply to the limit.

Property experts say buyers should ask for electricity compliance certificates from developers, which some may not have.

Chas Everitt said new homeowners might find themselves paying thousands of rands for the compliance certificates if one was not issued to them.

The company also said prospective buyers must be careful not to buy to the maximum value that they qualify for from a bank, as there is a real danger of further interest rate hikes this year that would affect the initial price of the properties that they had purchased.

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