Cost involved when owning a home

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calgal90

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I have found a flat I would like to purchase. I am not 100% what the monthly costs like rates and taxes and building insurance etc would be. I am looking for a rough idea of the costs to ensure I budget correctly. Figures are as follows:

Price of flat: R1 049 990
Bond per month @12% with no deposit (not sure what rate I will get but let's go with 12% for now to be safe): R11 600
Levies: R1 200
Rates & water: ???
Building insurance: ???
Life insurance: ???
Anything else: ???

The flat is brand new so I don't anticipate many maintenance costs in the beginning. Also, I am buying directly from the developer so all bond costs and transfer fees are included in the purchase price.

Please help me fill in the blanks with rough amounts :)
 
My quick 2c worth

Rates & water: If a flat this should be included in Levies - Electricity isn't included normally
Building insurance: If a flat this should be included in Levies
Life insurance: Some require some don't but if required make sure it is pure life cover and not a "investment policy and don't use the banks facilities as they are kark in wording and price.
Anything else: Contents insurance.
 
Yeah they always try and push life insurance on you, but you don't need it to get a bond. Especially if you're young/single.
 
Call your current insurer and get a re-quote on your new home and how much car insurance premiums will be.
 
Ballpark figures:
Rates and water: +- R600
Building Insurance: Should be included in the levy
Life Insurance: No idea
Anything else: Electricity: depends a lot on how much you use (I use about R350 - 400 living by myself)
 
Hemi300c said:
My quick 2c worth

Rates & water: If a flat this should be included in Levies - Electricity isn't included normally
Building insurance: If a flat this should be included in Levies
Life insurance: Some require some don't but if required make sure it is pure life cover and not a "investment policy and don't use the banks facilities as they are kark in wording and price.
Anything else: Contents insurance.
Click to expand...

Rates have been separated for a while now. Law was passed in 08 or 09.
 
*rough estimates*

Levies: R1 200
Special levies: ? (probably won't be any yet but get the financials of the complex in any case)
Rates & water: R800 (incl. refuse removal)
Building insurance: R250pm (often you can negotiate a good rate if you pay a lump sum for the year)
Life insurance: R200pm
Anything else:
Household insurance: ?
Furniture: R30k - R40k? (add another R10k for a bed)
Appliances: ? (all depends on what you have already)
Curtains: R10k (custom made with blackout - best investment ever)
Deposit to open an account with Eskom: R10k (that's what shafted me when I purchased, though I'm in a freehold, not sectional title)
Cost to open a municipal account: R1k (this was for a transfer in my case, not sure what it costs for a new place - if anything)
Cleaning costs: R1500 (domestic and cleaning materials - depending on the state of the place when you move in)
 
calgal90 said:
I have found a flat I would like to purchase. I am not 100% what the monthly costs like rates and taxes and building insurance etc would be. I am looking for a rough idea of the costs to ensure I budget correctly. Figures are as follows:

Price of flat: R1 049 990
Bond per month @12% with no deposit (not sure what rate I will get but let's go with 12% for now to be safe): R11 600
Levies: R1 200
Rates & water: ???
Building insurance: ???
Life insurance: ???
Anything else: ???

The flat is brand new so I don't anticipate many maintenance costs in the beginning. Also, I am buying directly from the developer so all bond costs and transfer fees are included in the purchase price.

Please help me fill in the blanks with rough amounts :)
Click to expand...

Are you in |Cape town? Sounds like Buh rein estate's deals I looked at a while back
 
Napalm2880 said:
*rough estimates*

Levies: R1 200
Special levies: ? (probably won't be any yet but get the financials of the complex in any case)
Rates & water: R800 (incl. refuse removal)
Building insurance: R250pm (often you can negotiate a good rate if you pay a lump sum for the year)
Life insurance: R200pm
Anything else:
Household insurance: ?
Furniture: R30k - R40k? (add another R10k for a bed)
Appliances: ? (all depends on what you have already)
Curtains: R10k (custom made with blackout - best investment ever)
Deposit to open an account with Eskom: R10k (that's what shafted me when I purchased, though I'm in a freehold, not sectional title)
Cost to open a municipal account: R1k (this was for a transfer in my case, not sure what it costs for a new place - if anything)
Cleaning costs: R1500 (domestic and cleaning materials - depending on the state of the place when you move in)
Click to expand...

I am renting a place at the moment, so I have all the furniture, curtains and appliances I need.

Does the Eskom account deposit still apply with sectional titles?
 
Pho3nix said:
Noice!
Click to expand...

They have some nice options available now. This particular flat is 2 bedrooms, 1 full bathroom, 1 en-suite with toilet, basin & shower, kitchen lounge and small private garden. This one is ground floor obviously, 1st and 2nd floor options have a small balcony.

Did you end up buying in Buhrein Estate? If not, what made you choose not to if you don't mind me asking?
 
calgal90 said:
They have some nice options available now. This particular flat is 2 bedrooms, 1 full bathroom, 1 en-suite with toilet, basin & shower, kitchen lounge and small private garden. This one is ground floor obviously, 1st and 2nd floor options have a small balcony.

Did you end up buying in Buhrein Estate? If not, what made you choose not to if you don't mind me asking?
Click to expand...

I'm in JHB good sir, think you meant to quote the guy above me :)
 
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