There are no legal restrictions on foreigners buying property in South Africa, although non-residents looking to invest may have to pay as much as 50% of the purchase price up-front as a deposit. They can help you navigate through the laws and legislation to ensure a fast transaction. At the current interest rate the monthly repayment of a bond of R1.8 million will be around. But to give you an idea, on a R1 million bond for a freehold property, with the seller not VAT registered and the purchase being conducted by a natural person, the bond registration cost estimate would be R27 018 (incl. Rall also cautions that if you have existing insurance cover, you must inform your broker of your new address as this can change the risk factors in your policy and alter your premiums. However, your possessions are not covered by this insurance, so it’s a good idea to explore the costs of an additional policy to cover you for theft. Once you have a home, you will want to fill it with beautiful things. Another one of those state/territory fees, though thankfully it's not a biggie. Bank inspection fees are around 0.2 per cent of the valuation, and the mortgage arrangement fee is around 1 to 1.5 per cent of the loan amount. No property transfer will be recognised until this fee is paid to the state. VAT) and the transfer cost estimate would be R31 580 (incl. In the inner city Melbourne suburb of Fitzroy, the average agent commission rate is 1.99%, while in the up and coming rural centre of Bendigo it is 2.44%; and in coastal Lorne, 2%.. If you have bought into a sectional title, the apartment block’s body corporate will have set a levy to pay every month for the general upkeep of the buildings. Depending on what package you opt for, expect to pay anywhere from $500 - $8000 for advertising and marketing in Victoria. When buying a new home, it’s a good idea to assess the security of the other houses in the area and find out about the crime rates from the local police station, and then update your own security accordingly. It is helpful to have a few spare light bulbs ready in case you need to replace old ones as well. Agents’ fees: Rates vary in accordance with the property value and the amount of competition for business from other agents, but generally fall within the 1.5 – 3.5% range. You can work out the fees on properties you’re considering by using ooba’s bond and transfer calculator. This ensures there are no conditions in the title deed that could prevent the transaction proceeding. Your bank will insist that you have homeowners’ insurance in place to cover any structural damage to the property. “Banks may not necessarily gra… Costs of buying a property Here are all the upfront fees and hidden costs that come with buying a house, plus a budgeting spreadsheet to help you calculate them. 1. A professional conveyancer or lawyer does it on a daily basis and knows the pitfalls that come with the territory. Comments section policy: Any attacks on BusinessTech, its journalists, or other readers will result in a ban. Note, these costs are an estimate, and include the bank initiation fee, which other calculators may not include. Van Wyk also noted that VAT at 15% needs to be added to most of these amounts, which push the initial costs to well over R320,000 (including deposit) before even considering the monthly payments that factor. They are also unavoidable. The listed price you see on a sales brochure or website do not tell the full story of how much you will need to pay up when buying a house in South Africa. The costs can be anywhere between R5 000 and R15 000 in the same city, but most companies offer a discount if you move in the week and in the middle of the month, when demand is lower. 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