Most Recent Buying Articles
BRACE FOR EVEN HIGHER REPAYMENTS ON YOUR HOME LOAN
Debt holders face higher repayments following the latest announcement by the Monetary Policy Committee (MPC). The repo rate climbs by another 75 basis points to 5.5%, leaving the prime lending rate at 9%. Unsurprised by this announcement, Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett says that he is interested to see whether this latest hike will affect activity wi
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RE/MAX NATIONAL HOUSING REPORT Q2 2022
Surprising uptake in Housing Market Activity During a period of global economic uncertainty and a cycle of interest rate hikes, the South African housing market performed surprisingly well during the second quarter of 2022, growing by as much 50% QoQ within certain sales metrics; and, for almost every month this year, the RE/MAX of Southern Africa network also beat its own recording-breaking sa
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PROPERTY TRANSFER COSTS IN SOUTH AFRICA
It is very exciting buying a home, whether it’s your first or your next. However, buying a property and signing the Offer To Purchase can also be stressful. To avoid causing any unnecessary additional stress, it’s important to know what costs you’ll incur when you buy a house, above and beyond its asking price. As a rule of thumb, you should allow for between 8% and 10% of the pu
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6 COMMON QUESTIONS ASKED BY FIRST-TIME HOME BUYERS
Buying your first home can be both exhilarating and terrifying at the same time. If you are feeling overwhelmed, know that you are not alone. Navigating the world of property and property finance for the first time can be overwhelming. The best way to overcome this is by asking all the right questions. To help make the home buying process easier for first-time buyers, we’ve answered 6 of
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WHAT IS THE COOLING-OFF PERIOD WHEN BUYING A HOME?
When buying a property, you have to be 100% sure of your decision because once the offer to purchase is signed by both the purchaser and the seller, it becomes a legally binding document. But, what if you change your mind or realise it was not the right decision? Is it possible to cancel the contract? Well, in certain very limited circumstances where the cooling off period is applicable, yes&helli
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BEFORE YOU FIX YOUR HOME LOAN’S INTEREST RATE…
When interest rates begin to climb after a period of stability, many homeowners understandably begin to consider fixing their interest rates, and fast. However, this might not always end up saving them money in the long run. Carl Coetzee, chief executive of BetterBond, says there is not a simple answer when it comes to evaluating the benefits of a fixed interest rate compared to a variable inte
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HOW LONG IS AN OTP VALID IN SOUTH AFRICA?
Buying a new house is all so exciting. Once you’ve found the dream home and have submitted the Offer To Purchase (OTP), it becomes a bit of an anxiety-inducing waiting game to see if the seller will accept your offer or if you will need to start the hunt all over again. But, exactly how long is an OTP valid and what can and can’t be stipulated therein? But first, what is the OTP?
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INTEREST RATE HIKING CYCLE CONTINUES
The cycle of interest rate hikes continues following the latest announcement by the Monetary Policy Committee (MPC). The repo rate climbs by 50 basis points to 4.75%, leaving the prime lending rate at 8.25%. Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett, says that this decision was predictable and in line with other statements provided by the MPC. “My hope is that
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RE/MAX SA CONVENTION 2023
Southern Africa’s largest real estate franchise, RE/MAX, has recently announced that it will hold its first national convention since the pandemic. This two-day convention will take place in Sun City, Johannesburg, on 15-17 February 2023. This convention promises to be the biggest one yet, as the brand has seen exceptional growth since the pandemic hit over two years ago. “We’
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CREDIT SCORE TIPS FOR FIRST TIME HOME BUYERS
If you are buying your first home, chances are you need a home loan. Having the right credit score is your first step towards securing the funds you need. Your score could affect anything from credit approval and the principal amount you qualify for, to the interest rate on the mortgage. The higher the credit score the better, but what is it and what affects it? Let’s have a look at these qu
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RE/MAX ANNUAL COATS & CANS DRIVE
It can feel overwhelming to think how you might be able to help those in need when issues of hunger, unemployment, and homelessness continue to grow each year. But, each small contribution can go a long way towards improving the lives of those living within Southern Africa. “As a way of giving back to our local communities, we will be running our annual Coats & Cans drive where people
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RE/MAX NATIONAL HOUSING REPORT Q1 2022
Rising Interest Rates Impact Housing Market Activity Following a season of unprecedented sales volumes, activity within the South African Housing market has begun to subside, most likely as a result of the interest rate hiking cycle that started in November last year. According to Lightstone Property data, a total of 36,685 bond registrations were recorded at the Deeds Office over the perio
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