Lining everything up for the final stages of the home-buying journey is very similar to preparing for winning a rugby World Cup final.
From saving up for a deposit and searching for your property on portals such as Private Property, to some nail-biting moments after submitting your offer to purchase. Thereafter comes the submission of all documentation for your home loan application, followed by some more tense moments while you wait for the bank's decision on whether or not to approve your application.
Eventually, all your hard work pays off, and like the Springboks, you are on the final stretch to winning the grand prize - a home to call your own.
Before celebrating your win, there are a few things to consider:
Once the sellers have accepted the offer to purchase, the conveyancer will request that you pay the transfer costs. These include the conveyancing fees, transfer duty (applicable on properties over R1 million), and other fees. The conveyancing attorney is required to pay the transfer duty over to SARS in advance. Any delay in making this payment will unnecessarily delay the transfer.
To keep your investment safe you will need home building insurance, which covers incidents that damage your home’s physical structures and permanent fixtures. The risks building insurance can protect you from include damage caused by natural events like floods, wind or lightning or power surges that destroy your garage door motor. Building insurance is advisable for all property owners but if you are financing your home through a bank, it is compulsory. The bank will require proof that you have adequate building insurance cover before signing off on your home loan.
Before you move in, make sure your new home will be a safe and secure place for your family. As a guideline, the security requirements for household contents insurers generally include some or all of the following: • An alarm system linked to a 24-hour control room with an armed response unit. • Burglar bars on all opening and louvre-type windows. • Security gates on all sliding doors. Alternatively, these doors need to have a second lock such as a key operated locking bolt or a locking pin, fitted at 90 degrees to the existing door lock. • Security gates in front of all opening external doors.
Preparing for a move can be a tedious process, but with proper planning and a reputable moving company, this process can be seamless. Your existing household contents insurance policy may include cover to protect your belongings while in transit. If not, you could accept the insurance cover provided by the removal company. Compare costs, options, and benefits, keeping in mind that smaller removal companies don't always offer transit insurance. Once you have finalised the contents you are moving with, update your insurer to let them know of the changes made. In addition to this being good practice, it prevents you from paying more than you need to in monthly premiums.
Last, but not least, be sure to get all the documents from the conveyancers, deeds office and your bank as proof that your bond has been duly transferred and registered. Once these critical steps have been covered, you can confidently celebrate your victory. No doubt our Springbok team along with the coaching, management and medical staff will keep all the steps in mind that will give them the best chance of making history, bringing the Webb Ellis trophy back to South Africa for the fourth time.