WHAT TO CONSIDER BEFORE YOU GO HOUSE-HUNTING Answering these questions before you hit the pavement (or Google), will save you a lot of time, disappointment and possibly money. START HERE WHAT CAN I AFFORD? Ask your bank or bond originator how much you can borrow, then work out which price bracket you can search in. HOW MUCH WILL I HAVE TO PAY EACH MONTH? Use an online bond calculator to see roughly how much you would have to pay each month based on the property price, interest rate and loan period. HAVE I SAVED ENOUGH FOR A DEPOSIT? TURNKEY OR TLC? Most banks require a deposit of at least 10% of the property price, and don’t forget to add the initiation fee (at least R5 000), transfer duty and the conveyancer’s and bond registration fees. Do you want to move right in and set up your home? Or are you looking for a fixer-upper? Either way, make a list of maintenance issues such as rising damp or cracked walls, floors that need replacing, mouldy ceilings, faulty wiring and plumbing – and don’t forget to check the roof too. WHAT IS NON-NEGOTIABLE? START THE SEARCH! You’re ready. Get in touch with estate agents in the area you’ve pinpointed and start narrowing down your online search to find your dream home. Draw up a list of all your must-haves – such as location, size, parking, number of bedrooms/bathrooms, pool/balcony and security – to make the search a lot easier. TO GET STARTED CALL 011 217 1713 WHAT ARE THE EXTRAS? Your (new) monthly expenses will include rates and taxes, life and home insurance, and security, or levies (for an apartment or townhouse). EMAIL tmabogoane@oldmutual.com VISIT www.oldmutual.co.za/corporate/ home-solutions GOOD If you have some money left over after paying all your monthly expenses, it would be wise to pay it into TO your bond account. Even increasing your monthly repayments by a few hundred rand, will shave years KNOW off the repayment period. The material is not intended as and does not constitute financial or any other advice. The material does not take into account your personal financial circumstances and it is therefore recommended that you speak to an accredited broker or financial adviser to consider all your options and draw up a plan to achieve your financial goals.
