The Hidden Costs of Buying a House
Buying a house is a considerable investment that will change your life, but there’s more to budgeting for your dream home than you might think. Here are seven hidden costs of buying a house in the Western Cape:
1. Moving Expenses
Don’t forget that the further you stay from your destination, the higher the moving costs will be. Moving from Gauteng, for example, will be more expensive than moving down the road.
2. Bond Registration
Set aside at least 10% of the property purchase price to cover expenses like bond registration. These fees will go to the registering bond attorneys and depend on the loan size, so the higher the loan, the higher the costs.
3. Property Transfer Fees
You have to pay these fees to the transferring attorneys, which they will then pay to SARS to transfer the property to your name. You can use this nifty transfer cost calculator to help guide you.
4. Utility Setup
If you’re buying a freehold property, you’ll have to register for your water and electricity connection and your telephone and internet lines, so keep those costs in mind.
5. Maintenance
Before moving your furniture to the house, you might want to do some cleaning and general maintenance. Therefore, you should budget for cleaning materials or a cleaning service.
6. Insurance
Homeowners’ insurance covers any structural damage to the property but doesn’t cover your possessions. You might want to explore the costs of an additional policy to cover you for theft. If you have existing insurance cover, remember to inform your broker of your new address, as this changes the risk factors in your policy and may alter your premiums.
7. Furniture and Décor
Whether you’re buying your place furnished or not, you’ll want to set aside some budget for furniture and accessories, especially if you’re moving to a larger house with more rooms to furnish.
Find Your Dream Home in the Western Cape
With Tyson Properties, finding your dream home in the Western Cape has never been easier! Contact us today.
