AFG Blog

3 things to keep in mind when purchasing a property

Budget for all the costs

There are often more costs involved than expected when you are purchasing a property. And you must make sure that you have enough money available to pay all these expenses. These could be expenses like transfer duties, advanced rates & taxes, and rent related to occupation. And if you would like to figure out what your available budget would be for bond repayments then you should take your monthly costs into account after registration.

Consider the financial requirements of the contract

Make sure you have money available to pay your deposit and any other costs. Furthermore, because your deposit and transfer duty must be paid by a specified date, you must ensure that the funds are available promptly.

Details around the occupation

Always find out when you will be allowed to move into the property that’s been purchased. If your contract allows you to take possession before the transfer, it will also contain a deadline for occupational rent payment. This might mean that rent can be paid beforehand and then you might be able to move in. You will be permitted to move into the property on the day of registration if the contract does not specify a date.
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