Guiding consumers since 2009

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.

Recent Articles

Featured The bank took money from my account – is this allowed?

You’ve just deposited money into your account and suddenly you see a notification from your bank. Money has been deducted from your account to pay the outstanding debt that you have with the bank. Is this allowed?

How much does it cost to draft a will?

Having a Will allows you to determine who inherits your property when you die. If you die intestate, the government will determine how to distribute your assets. Many people die intestate because they don’t know how to draft a will or are intimidated by the costs of drafting one.

Is your home correctly priced for the current market?

The property market is typically in either one of two phases, a buyers’ market or a sellers’ market. According to real estate experts, we are currently in a buyer’s market. For this reason, it is important as a seller to correctly price your house to ensure interested buyers and a valuable sale in the end.

Fuel rewards programme – how to fill up on petrol and points

South Africa’s volatile economy has often meant that factors like the fuel price bear the brunt. This year alone the country’s fuel price has fluctuated by between R1.50 to almost R3, which has put increasing pressure on motorists. That said, many of the bigger South African brands have provided some relief by way of fuel rewards programmes.

Deals

Wax On Wax Off Wednesdays at Rouge Day Spa

Price: From R50
When: Wednesdays
Where: Cape Town

Aarya Restaurant Christmas Lunch Special

Price: R425
When: 25 December 2019
Where: Johannesburg

Da Vinci’s Tantalising Tuesday Pizza Special

Price: Available on request
When: Tuesdays
Where: Cape Town