By Zuko Komisa
Estate Living: Is it worth or are we paying for status?
Making the right decision on the kind of property you wish to acquire requires a lot of consideration.
There is no doubt that living in a gated estate does a fantastic job of projecting an image of a very specific lifestyle, one that many find very appealing.
Many estates try to develop and provide an abundance of greenery, wide open spaces, blue skies, and an exclusive sense of community that most of us yearn to experience.
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Kaya Biz with Gugulethu Mfuphi spoke to Lebogang Lebepe, the Founder & CEO of BizzHouse about things to consider before buying a sectional title or freehold property.
LISTEN TO THE FULL CONVERSATION HERE:
What are your needs?
“Everything is related to an individual, where you are and what is your affordability compared to what you are approved for… Sometimes people look at their financial obligations and forget their financial goals. If you are not careful and consider that aspect you are going to find yourself using your seed capital on your immediate needs.” says Lebepe.
“Pinching your pockets to impress”
“There are different aspects to consider when you are looking at a property, it shouldn’t just be a nice property in the neighbourhood, you need to also look at the management of the property, or block of flat, see how it is run and the maintenance of it.” says Lebepe.
Mind the cost of ownership
“An average 20-year bond, for the first 13 years goes to 85% of your repayments goes towards your interest. When you purchase the property, there are also upfront costs involved, which include transfer fees and bond registration fees. You are not going to recover thosee costs.” says Lebepe.
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