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 Should you save or invest your money?

While saving means putting away cash for future use, investment involves purchasing assets which will yield good returns in the future.

Read more

Retirement annuities compared – pick the one for you

When selecting an RA you must know the type of annuity you are investing in. Retirement annuities are divided into two categories: traditional and new generation annuities.

Read more

Recent tax changes – how do they affect you?

In January this year, various amendments to the Taxation Laws Amendment Bill and the Tax Administration Act were announced. While some changes will benefit you, others could be to your disadvantage. Justmoney looks at how some of the recent changes will impact you.

Read more

Claiming from RAF – should you lawyer up?

A claim against the Road Accident Fund (RAF) can take up to five years before settlement. In trying to secure payment faster, should you appoint a lawyer rather than approaching the RAF directly?

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Save R100 when you buy a tracker at Takealot

Price: R289
When: Daily
Where: Online

Pamper yourself and partner for less at Bakwena Day Spa

Price: From R999
When: Until 31 July
Where: Hartbeespoort

Pay only R35 for the new Nandos Boujee Bowl

Price: R35
When: Daily
Where: Nationwide