Apart from the purchase price – what are the other financial implications involved when buying property?
Bond cost
Where financing is required through a building society, bank or even seller to by property, bond cost are payable to an attorney for registering the mortgage bond. Is calculated on total amount of bond and include stamp duty, registration fee and VAT.
Transfer fees
Calculated on the purchase price and payable to the attorneys for transferring the property into the name of the purchaser, i.e. transfer duty, stamps and conveyance fees.
Security Assessment fee (valuation fee)
Fee charged by the bank for conducting an assessment of the property.
Office registration fees
Fees charged by Deeds Office of registering the bond and transfer deed in buyer’s name.
Transfer duty
Duty on the value of the property acquired is payable to the Receiver of Revenue.
Renovations
Most of the time buyers are not totally satisfied with the condition of the property that they buy and want to do changes and renovations to their taste, which could have a big financial impact on their investment.
Other inevitable costs
The normal and inevitable expenses such as water, electricity, TV, telephone connections, new blinds/curtains, garden, rates and taxes , insurance, maintenance etc., must also be taken into consideration.