Buying a home is a high-stakes game. But many first-time buyers do not realise the significant financial and legal obligations they are bound to once they sign an Offer to Purchase.
Buying a home is a high-stakes game. But many first-time buyers do not realise the significant financial and legal obligations they are bound to once they sign an Offer to Purchase .
“OTPs are legally binding and massively expensive for you as a buyer should you try to back out from the deal after signing. Therefore, you must ensure that you are adequately informed and prepared for the decision you’re about to make. Here is a set of questions with will assist you with the decision-making required,” Smith said.Buying a home is a long-term financial commitment, with the most common bond repayment period being 20 years.
“Long-term affordability is the most important issue to consider,” said Smith. “If a potential buyer cannot afford to finance the purchase of the property at a particular price-point long-term, it would be irresponsible for them to go further.”There are many benefits to putting down a deposit – Typically around 10% of the purchase price.
“Thus, buyers should be aware of the third-party alternatives available when it comes to managing the deposit, such as the service offered by Buyers Trust.” As an example, here are the extra fees on a R1,500,000 freehold home calculated using Ooba’s transfer cost calculator:Post, petties, FICA other fees : R1,400Post, petties, FICA and other fees : R1,400“For more expensive properties. the extra costs involved in buying a home can be more than R100,000,” said Smith.
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