THE HIDDEN THE HIDDEN COSTS COSTS THAT RUIN THAT RUIN FIRST-TIME FIRST-TIME BUYERS BUYERS Property Guide Book
Salomé Herbst +27 82 444 1118
salome.herbst@seeff.com
Registered with the PPRA: FFC 1206669
Property Guide Book
THE HIDDEN COSTS THAT RUIN FIRST-TIME BUYERS THE HIDDEN COSTS THAT RUIN FIRST-TIME BUYERS Buying a home is a major milestone, but the purchase price isn’t the only cost you'll face. Hidden upfront fees can add an extra 10% to 15% to the total property price. Before you start viewing houses, here is a quick guide to preparing both your budget and your mindset for the real cost of buying a home.
Step 1: Get Your Finances Ready Check Your Credit Score: A healthy credit score helps you secure lower interest rates. You can get a free credit check and affordability assessment through an ooba Home Loans consultant. Get Pre-Approved: A pre-approval certificate shows sellers you are a qualified buyer with ready financing, making your offer stand out. Shop Around for the Best Rate: Working with a bond originator like ooba gives you access to multiple banks at once. They negotiate on your behalf to secure the best interest rate, saving you time and money.
Step 2: Plan for Upfront and Out-of-Pocket Costs Home Deposit: A cash deposit shows sellers you are serious and can improve your home loan approval chances. Legal and Transfer Fees: Expect to pay fees for property transfer and bond processing fees.
Tip: Request a detailed breakdown from your conveyancing attorney and ask if they can offer a discount on their service fees.
Salomé Herbst +27 82 444 1118
salome.herbst@seeff.com
Registered with the PPRA: FFC 1206669
Property Guide Book
THE HIDDEN COSTS THAT RUIN FIRST-TIME BUYERS THE HIDDEN COSTS THAT RUIN FIRST-TIME BUYERS Utility Setup: Local councils and electricity providers usually require upfront connection deposits for water, rates, and power. Security and Internet: Factor in initial costs for fibre installation, joining the local neighborhood watch, or setting up a security system. Home Insurance: Building insurance needs to be active starting on the exact day the property is transferred into your name. Moving Expenses: Budget for professional movers, boxes, packing supplies, and transit insurance. Immediate Upgrades: Set aside extra cash for deep cleaning, minor repairs, a fresh coat of paint, or quick updates to make the space feel like home.
Calculate Your Costs Avoid guesswork before you start house hunting. Use an online bond and transfer cost calculator to get an accurate estimate of your total upfront expenses.
Salomé Herbst +27 82 444 1118
salome.herbst@seeff.com
Registered with the PPRA: FFC 1206669