The costs of owning a home
So you’ve bought your first property! First of all, congratulations and welcome to the first chapter of your lifetime wealth building. When it’s time to upgrade to a bigger home or increase your investment portfolio, remember that ZAkasi is the No.1 Township Property Portal and we will help you find what you need quickly.
Now that you’ve paid for your property, there are a few more costs that you’ll have to bear in mind. The first is rates, taxes and levies. Each month, the municipality that you reside in will bill you for the existence of services (roads, infrastructure, policing, refuse collection and so forth). Levies apply when your property is a sectional title and the complex or estate also requires upkeep.
Another ongoing cost to factor in is homeowners’ insurance. You will need this in order to get a bond, and it will cover you if the property is damaged or destroyed. Homeowners’ insurance does not cover the contents of the property, and you will need separate insurance (bundles could be available) to cover the contents.
Your insurance cost to for your building will depend on how much risk there is of the building being damaged. Especially if you’ve chosen to also insure the contents, there are a number of things you can do to reduce risk. These include installing an alarm that is linked to a security response company, installing quality locks on doors and windows, maintaining the exterior and property access and keeping the structure in good condition.
Finally, your utilities will be billed as you use them. You will have to pay for electricity (either in prepaid form with vouchers or by monthly bill) and you will have to pay for water as calculated by your water meter. Especially in cities like Cape Town where there is a water crisis, it is good to save on your monthly costs by trying to use as little water and electricity as you can and not wasting any.
All of these costs can be planned for when you are considering purchasing a property, so it is important to speak to the experts.
ZAkasi can help you find the perfect property for your budget!