The process of buying a house in South Africa can be broken down into 12 steps which we will explain in this article.
Many potential homeowners aren’t aware of what exactly happens once their bond has been approved. Generally speaking, it takes approximately three months after the bond approval for it to be registered.
The following steps describe the 12 steps that are usually taken when buying a home:
The above-mentioned steps highlight the legal and technical process of buying a house in South Africa.
However, there are a few other aspects that you should consider after you have signed your offer to purchase and even once your bond has been approved.
The idea of officially owning your first home is very exciting and understandably so and you may feel the urge to start making it your own.
However, it’s advisable to hold back on your burning desire to make any renovations to the property – minor or major – until the transfer has gone through completely and the property is registered in your name.
Although it’s not extremely common, there are circumstances which cause the transfer to not go through later on in the process. If this happens, you will not be allowed to claim back any costs incurred on repairs or renovations to the property.
Although you may be itching to start spending money on decorating your new home or, giving your room the makeover you have always dreamed of, it’s better to save all you can, while you can.
The three-month waiting period seems like an eternity when all you want to do is make your house a home, but it can be a financial blessing in disguise.
Use this time to save as much money as you can for your very first bond repayment. When you pay more than you are required to each month, you can significantly reduce the total bond repayment amount – a wise, long-term financial strategy.
Our conveyancing attorneys in Johannesburg and Cape Town understand how exciting it is to make an offer to purchase on your very first home.
The process of buying a house in South Africa can be complicated, however, our conveyancing attorneys can assist in making it easier to understand.
If you would like more information about how our conveyancing or transferring attorneys can assist you with your first home purchase, please contact us.
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