Property Buyers Q&A

Herewith some questions that Property Buyers might ask.

Question:
We want to buy our first house, where do we start?

Answer:
Qualify yourself first. Find out what your credit rating is, how much you can buy for and decide how much you want to spend on a bond. Take into account other monthly expenses such as insurance, levy, rates & taxes, water & electricity.

You also have to decide on what type of property you want to buy. Do you want to stay in a house, in a complex or estate, sectional title or full title property.

Question:
What is the difference between sectional title and full title ownership.

Answer:
In short, Sectional Title ownership is normally townhouses and flats where they can be free-standing or not but where you do not own the land itself. You basically own a share/section of the common property in the complex, although you might have a private garden you only own the building on the inside of the walls. The whole complex / building has one Erf number at the council.

Full Title ownership are properties such as residential houses and houses or clusters in estates where you own both the land and the building on it, you have your own Erf number although you might still be in a complex / estate setup.

Question:
Where do we start looking for property?

Answer:
Most buyers these days make use of the internet & social media where there are many agents and property platforms advertising the latest stock. Many of the properties that are available are duplicated on the various websites and could even be advertised by different agents & agencies. Bare in mind that once you have been introduced to a property by a specific agent, you cant go back to the property through another agent.

You can also drive around in the area where you want to buy and call agents from their boards. Most show-houses happen on Sundays between 12pm to 5pm.

Question:
Whats costs are we responsible for when buying a property?

Answer:
Unless otherwise specified when maybe purchasing directly from a developer in a new development, you are responsible for all costs related to the transfer of the property as well as the registration of the property and the bond, where there is a bond to be registered.

These costs, including any deposits agreed to in the Offer to Purchase will be billed by the Transferring Attorney. For an idea of bond and registration costs when buying please CLICK HERE.