Although bond insurance is not compulsory, it can be considered very necessary. We know that there are many costs that come with owning a home and “yet another insurance” is possibly the last thing you want to consider.
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Most homeowners in South Africa require a home loan to purchase a home they want to live in, and paying interest on that loan is part of life. In this article, we unpack home loan interest and explains what it is, how the amounts that you pay are determined and how you can pay as little interest as possible when you buy a home.
The unfortunate reality is that structural damage can happen to anyone. Such damage can be caused by fire, floods, hail, lightning, and burst geysers or pipes. Although building insurance can feel like a grudge purchase to some, having it prevents homeowners from digging into their life’s savings to pay for structural damage.
One of the costs that potential homeowners must be aware of is building insurance. Building insurance is non-negotiable as lenders want to protect their own interests when awarding a home loan to a purchaser.
Building insurance is exists to cover the physical structure of your home, along with all permanent fittings and fixtures. In addition, it can also cover you for other liabilities such as personal injury on-site.
When it comes to buying and selling property in South Africa, both the buyer and the seller have certain financial obligations. It is crucial to know what these obligations are before pursuing the transfer of property is crucial and will help you prepare for it before you sign a contract.
South Africa’s property sectors are feeling the negative effects of local and global economic growth. This coupled with higher inflation and interest rates than were expected in the first quarter, people are left wondering whether this is a good time to purchase property.
Our independent bond originators in South Africa have been following the market closely and aim to put your mind at ease as we explain how home owners, landlords, and tenants can still benefit from staying in the property market.
When selecting insurance policies, you shouldn’t just be concerned with your premiums. It’s more important to know your excesses, exclusions, and potential payouts. A tailor-made and flexible policy will ensure that you are only paying for the things you need.
There’s a sense of uncertainty out there. Inflation is rising, interest rates have just been increased and share prices have dropped. Predictions of a possible recession are looming. It’s easy for purchasers looking to buy a property to get disheartened, but it’s more important to consider short-term market announcements in the context of long-term economic trends.
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