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    Home»Property»Can you afford to buy or can you afford not to buy?
    Property

    Can you afford to buy or can you afford not to buy?

    The Free StaterBy The Free StaterFebruary 5, 2021No Comments3 Mins Read
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    We have previously talked about the fact that it is as cheap to buy as it is to rent – end of story. But you still need to know what you are doing.

    Being a tenant means that you are not responsible for looking after the property you are renting.

    As a tenant your agreement with your landlord is to:

    • Pay your full rental, on time at the beginning of the month in advance.
    • Pay for the services that you use, namely water and electricity.
    • Keep your home neat and clean and free of insect or rodent infestation.
    • Repair anything that you break.
    • Behave in a manner that does not interfere with the peace of other residents.

    That’s about all. How difficult is that?

    When you buy your own property, some of your responsibilities include:

    • Paying your bond instalments on time, before the interest calculation date — to avoid being charged interest.
    • Paying your rates and taxes each month on time. You need to register as an owner with the municipality.
    • Pay for the services that you use such as water and electricity.
    • If you own a sectional title scheme, pay your levy each month on time in advance.
    • Keep your home neat and clean and free of insect or rodent infestation.
    • Repair your home inside and out for a house and inside for a sectional title unit.
    • Behave in a manner that does not interfere with the peace of other residents.

    When you buy you are responsible for looking after your own home.

    Nobody is going to do it for you.

    You need to organise and pay for the insurance on your home.

    However, insurance for the building is included in a sectional title levy.

    When you own a house you are able to make any changes and additions.

    But that is subject to complying with the national building regulations and getting approved plans from the plans department at the municipality.

    If you own a flat or townhouse the same applies but because you are a part owner of the common property, anything outside your unit you firstly need to get agreement from all the owners and then get approval from the municipality.

    If you fail to get the municipal or body corporate approval, don’t be surprised when you fail to do the transfers when you sell the property.

    It may not happen now but it is coming in terms of the new Spatial Planning and Land Use Management Act, also known as SPLUMA, which requires you to have an approved set of plans before any transfer can take place.

    If you don’t have approved plans because they don’t conform with the laws, you cannot get your plans approved.

    You will have to demolish what you have illegally built.

    Be warned.

    Especially with sectional title schemes, don’t be surprised if the other owners don’t approve the changes that you have made and make you demolish what you have illegally built.

    • Mike Spencer is the founder and owner of Platinum Global. He is also a professional associated property valuer and consultant with work across the country as well as Eastern Europe and Australia.

    body corporate home levies municipality property property matters real estate tenant
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