Rent-to-own is a popular option in South Africa for people who want to buy a home but don’t have enough money for a traditional mortgage or don’t qualify for a traditional mortgage for other reasons. In a rent-to-own deal, the buyer agrees to rent the property for a certain amount of time. During that time, …
Rent to buy model for buying a house in South Africa Read More »
Yes, but there is a catch. There is the option aimed at first-time buyers of a 105% bond, in which the extra 5% covers additional costs, including the transfer and bond registration costs. This means that, although you won’t have to pay a deposit or transfer and bond registration costs upfront, these costs will be …
If you have a credit score of 600 or higher, you will have a good chance of being approved for a mortgage loan; however, this percentage can change depending on the bank that you work with. A credit score of 680 or higher is considered excellent and will significantly improve your chances of being approved …
What credit score do you need to buy a house in South Africa? Read More »
Rates and taxes are a fee that is charged by the local municipality for the services that are given in connection to the property. Examples of these services include garbage collection. The total amount due is calculated as a percentage of the property’s current market value. Before a property may be transferred, the current owner …
What is the difference between levies and rates? Read More »
NO, If you don’t actually go through with applying for the loan after you’ve inquired about pre-approved offers, it won’t have any impact on your credit score. Pre-approvals are referred to as “soft enquiries”. A pre-approval from a lender/bank indicates that the lender/bank has determined, based on the information in your credit report, that you are a good candidate for receiving credit/loan from that lender; nevertheless, a pre-approval does not guarantee that you will actually be granted the credit. The lending institution requires further details, like your yearly income, for example.
What Is Transfer Duty when buying a house? It’s important to keep in mind that when buying a home, you’ll also need to budget for other costs. For extra costs related to the transaction, such as transfer taxes and bond costs, it is best to set aside 8 to 10% of the purchase price. The …
What are the transfer costs when buying a house? Read More »
Conveyancing fees are calculated based on the purchase price of your home. The fees increase as the bond value increases. Conveyancing costs are one of the costs connected with buying a home in South Africa. These fees are unique from transfer duty, and it is vital to investigate and understand the conveyancing costs when buying and …
How much does a conveyancer charge in South Africa when buying a house? Read More »
The cost of building a house is often given in Rands per square meter of floor space. The higher the total cost, the larger the floor space. Aside from size, location, design, project management, and construction type and quality all impact building costs. The average cost of a building is R8000 per square metre, or …
In South Africa, the buyer pays the transfer fees. Transfer fees are paid to an attorney who has been chosen by the property’s owner or seller to transfer ownership to you as the new owner. Transfer costs will vary based on the selling price of the property. It is however important to note that transfer …
