The Costs Involved When Buying a House
The information in this article is courtesy of Women24 - The real cost of buying a house
Buying a house is costly and it is best to know about all the cost before you purchase property. Women24 recently published an article that breaks down all the once-off costs involved in buying property.
For the purpose of their article they assumed that the property buyer can afford 20% deposit and keeping with Absa’s latest Average House Price Index, the purchase price of the property is R950 800. Here is a breakdown of the costs involved:
Purchase Price: R950 000
20% Deposit: R190 160
Conveyance Fees & VAT: R11 400
Postage & Petties & VAT: R399
Deed Office Transfer Levy: R500
Electronic Document Generation Fee: R111
Deeds Office Search Fee: R91
Local Council Rate Clearance: R150
Bank and Bond Cost on R760 640
Deeds Office Levy Fee: R500
Initiation Fee: R3612
Attorney Bond Registration Cost: R6612
Postage & Petties & VAT: R285
Electronic Generation Fee: R111
Remember to budget for the move, which can go up to R10 000 for moving furniture in a 100km radius as well as around R200 for the electricity connection fee.
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