Buying a home
Choosing the home that is best for you
"Golden Rule" for buying a home
Who qualifies for property finance?
Cost and consideration when buying a property
Immovable property

BUYING A HOME
Buying a home is usually the single biggest family investment you will make in your lifetime. It is not only a major financial commitment but can also be an emotional experience.

CHOOSING THE HOME THAT IS BEST FOR YOU
It will ultimately depend on your personal preference whether you choose a free-standing property, a small-holding or sectional title such as a flat or townhouse. Factors such as security, privacy, space, originality in design and convenience have to be taken into account

"GOLDEN RULE" FOR BUYING A HOME
Location, Location, Location are the three golden rules for buying a home, but issues such as convenience, proximity to work, family, friends, schools, affordability and investment prospects should also be considered.

Crucial however, is ensuring that you secure the correct price. Buying property in the right location and at the right price, will add to the investment value of your home.

Click here to make an enquiry and have relevant agents contact you..
Click here to search our property listing database.
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There are many Bond Origination Companies out there who will assist buyers with their financing needs through the various financial Institutions in South Africa.

Click here for a list of Bond Oiginators registered with Property Classifieds.

The maximum repayment term on residential or sectional title is 30 years. Vacant land is repayable over a maximum of 15 years.

WHO QUALIFIES FOR PROPERTY FINANCE?
Individuals (single or joint) with a regular and reliable source of income of at least R3 500 per month.
Any person whose employer has a group scheme arrangement with any Financial Institution.
A close corporation, trust or company that was formed for the purpose of owning a residential property (the income of the individual (being a member, trustee, or director) is assessed for affordability).

Note that the monthly home loan repayments may not exceed 30% of total monthly income (single or joint).

COSTS AND CONSIDERATION WHEN BUYING A PROPERTY
The Financial Intelligence Centre Act (FICA) calls for all persons entering into financial transactions to disclose all their personal particulars.
Prior to signing an Offer to Purchase where there are clauses in the contract that you do not understand, please refer to an Attorney for legal advice.
In all property transactions the following costs are usually paid for by the Purchaser of the property: Conveyancing Fees which include Transfer Duty, Transfer Fees, Deeds Office Levies, Stamp Duty, Pro-Rata Rates and Taxes, Rates Clearance Certificate Costs.
Coupled to the above, should a Mortgage Bond be required, the Bank will charge the Purchaser (Mortgagor) the following costs: Initiation Fee, Valuation Fee, Administration Fee and the Attorney will charge a fee to register a Mortgage Bond.
The Seller of the property is liable for the following costs unless another arrangement is made: Estate Agents commission, Entomologist Certificate, Electrical Compliance Certificate, Cancellation fees for any bonds registered over the property.
Usually The Seller of the property nominates the Conveyancing Attorney

IMMOVABLE PROPERTY
The term immovable property includes amongst other::

vacant erf or erven;
houses;
flats and townhouses forming part of a sectional title scheme in terms of the Sectional Titles Act 95 of 1986;
houses forming part of a group housing scheme;
flats and townhouses forming part of a share block scheme in terms of the Share Blocks Control Act 59 of 1980; and
accommodation in a housing development scheme as defined in the Housing Development Schemes for Retired Persons Act 65 of 1988.

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