Property sales


Posted by: George | 2014/10/08 13:23

What percentage additional cost can you expect when purchasing a houseor property


expert answer

Posted by: Carol Reynolds | 2014/10/11 10:19
There are costs involved in purchasing property. You will need to pay transfer duty which is a property tax payable to Sars, and you will need to pay transfer costs which are the fees payable to the conveyancing attorney who manages the transfer process for you. In addition, if you are registering a bond over the property you will be liable for bond registration costs. Transfer duty amounts to R12 000 on a purchase price of R1 million, and then it increases as a percentage of the purchase price thereafter. Transfer fees on R1 million are around R17 000, so in total for a property that costs R1 million, you will pay R29672. 

Bond registration costs are R 13659 on a bond of R1 million. All costs are payable prior to transfer, so you should include these costs in your budget. 

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user comments

Posted by: Benjamin | 2019/01/02 07:52
Hi, if I may kindly ask; is it possible for one to get two Home Loans at the same time? I have recently started working and would like to build a house for my dad but at the same time would like to purchase a house for myself. I was wondering if there is any possible way to kill these two with one stone as I believe that it will take long for me to qualify for the second loan if I only focus on one first. Please advise on the best possible approach for this. My income before deductions is R25 000, about R18 000 after deductions with roughly R9000 of monthly expenses. Looking forward to you favourable response.
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