Real Estate Investor August 2022 | Page 117

backup solutions to suit your pocket – from as little as R900 * per month on your monthly bond repayment . These modular systems can have solar panels added now or later – depending on your requirements .

OFF-PLAN FINANCING EXPLAINED

New-build homes ( also known as buying off-plan ) are appealing to buyers for a number of reasons . For starters , repairs and redecoration costs should be minimal for the first few years and , if the property is built to the correct standards , homeowners can enjoy lower running costs and energy bills .
Other benefits when applying for an off-plan home loan include no transfer duty costs and reduced VAT payable . Transfer duties are only paid when a property changes ownership . However , in the absence of transfer duty ,
you will be required to pay VAT which will still be less on a new build than if you were buying an existing property .
The home loan application process for an off-plan property works in the same way as a standard home loan application process . We can assist by submitting your home loan application to multiple banks , allowing you to compare deals and get the best interest rates on your home loan .
Rhys Deyer Group CEO Ooba Home Loans
SA Real Estate Investor Magazine AUGUST 2022 117