Lockwood is the perfect choice for investors
Lockwood is the perfect investment opportunity for investors in the Lowveld.With 12 blocks already complete, there is limited availability until the next rate increase in July this year.
The prices of these two-bedroom units currently start at R670 000. Lockwood is ideally situated and 10 minutes from the Mbombela CBD (central business district).
Cornelia Basson, partner at Seymore Du Toit & Basson Attorneys, sheds some light on what you should keep in mind when budgeting for a property purchase.
“Conveyancing fees are the first once-off cost item on the list. There will be two separate accounts payable which will fall on the buyer to settle”.
The following are included in the conveyancers’ accounts:
• Transfer duty (a tax payable to the South African Revenue Service) in the event of a transfer where the purchase price exceeds R600 000
• VAT on the transaction if the seller is registered as a VAT vendor
• Postage
• Fee for obtaining a rates clearance certificate from the municipality
• Registrar of deeds registration fee
• Fee for Fica verification
• Diverse disbursements
• Registration fee for services of the conveyancer.
Other once-off costs:
• Deposit on the new house
• Occupational rental
• Municipal deposits
• Deposit for telephone and data lines
• Cost of moving
• Cost of new curtains, blinds and carpets
• Costs of new appliances
• Cost for the installation of satellite TV
• Costs of new security system
• Home-loan initiation fee
• Home-inspection fee
• House repairs or refurbishments
• New furniture costs.
Regular monthly expenses are:
• Bond instalments on your home loan
• Homeowners insurance on your home
• Municipal rates and taxes
• Monthly water and electricity costs
• Monthly levy if you are buying in a sectional title unit
• Pool maintenance
• Is the house situated far away from your place of work or key destination areas? Remember to increase your fuel budget accordingly
• Ongoing maintenance of the property
• Life-insurance premiums.
When you are ready to make an offer on a property, contact your attorney to discuss the offer you want to present to the seller. Your attorney can assist you with drafting your offer to purchase, provide you with an estimation of the conveyancing fees and explain the different cost items you may face.
Go view the properties at Lockwood
today – it is the first step in the right direction.
