Buying property in South Africa is one of the biggest investments you can make and could earn you a fair amount of money. There is also some risk involved and one should be well prepared before jumping in.
First of all, it is important to know your budget. Get an idea of exactly how much you qualify for when taking out a home loan. Remember to include transfer costs and conveyance fees in your budget.
Secondly you should decide on a location. If you are buying the property for your family you should look at the surrounding schools, shops, and safety and security of the area.
If the property was bought as an investment with the idea of selling it later, it will be in your best interest to buy into an area where the market has seen major growth.
Once you found the right property to suit your needs, you can make an offer. The purchase price is not set in stone so you can negotiate to get yourself a better deal. Read all documentation carefully and contact a property lawyer if you are not certain about something.
Thirdly you should have the property inspected. This should be done before your sign the contract because your rights as a buyer are minimal due to a voetstoots clause in sales contracts.
Lastly you should have insurance lined up. Get quotes from different companies and choose one that suits your needs.
Buy property in South Africa
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