Know exactly how much, remember is not only the purchase price that you've got to worry about, is also the transfer fees. But if you know exactly what your limit is, then you do create predictability. You will know by now that I love predictability when it comes to your finances, because it makes my life a little bit easier for you to know exactly what is going to be coming up and what to expect. Nothing is worse than getting surprises when it comes to personal finances, I don't like it and I'm assuming that nobody else likes because you like to plan.
Planning is very important, right? So let's say for instant your limit is R600 000.00 now you can already calculate how much more extra, you need to save for the deposit plus the transfer fees. What I find is that people think they shouldn't pay transfer fees. Yes, you might not pay the transfer duty because the the R600 000.00 house falls under the one million rand thresh hold for you to be tax exempt from paying transfer duty.
But you do pay the transfer fees, so the transfer fees basically, are a fee that you pay to the lawyers for their expertise, paying their service to move the title deed from the seller into your name. So I would like people to get another understanding that this is very important, because without these people, you do not have the qualification to be able to pull off that service. So you do need these people. Unfortunately, it is a costly service, so you do have to pay the lawyers. Luckily those costs are very much regulated.
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