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Before starting your home search, assess your finances by considering:

• Your monthly income and expenses

• The deposit amount (usually 10–20% of the property’s price in South Africa)

• Additional costs like transfer duty, legal fees, and bond registration

• Pre-approval for a home loan to see how much a bank is willing to lend you

A general rule: Your monthly bond repayment should not exceed 30% of your income.

Beyond the purchase price, buyers must budget for:

• Transfer duty (unless buying from a developer)

• Legal and conveyancing fees

• Bond registration fees

• Homeowners’ insurance and ongoing property maintenance

• Possible levies (for sectional title properties)

It’s wise to ask the seller or agent for an estimate of all these costs before finalizing your purchase.

Each option has its benefits:

• Existing homes: Often located in well-established neighborhoods, with bigger yards and mature trees. However, they may require renovations or repairs.

• New developments: Usually offer modern designs, energy efficiency, and no transfer duty, but may be smaller with limited customization.

Consider your budget, lifestyle, and long-term plans when deciding.