Real Estate Investor Magazine South Africa April/May 2019 | Page 35

FICA
verification,
identity
documents,
Marriage
Certificate
or ANC Contract and
in some instances, also a
Personal Assets & Liabilities
Statement.
TRANSACTION
COSTS: You will need
to ensure that you have
cash funds available for the
various transaction costs
that need to be paid in addition to a deposit
which may be required. These costs include
transfer duty based on a sliding scale with the first
10
R900,000 being exempt plus bond registration costs and the
transfer and bond attorneys' fees. These fees usually need to be
paid upon signature of the bond and transfer documentation.
Megan Schultz, an achiever agent with Seeff Welgedacht
recommends that you do your homework and make a fair offer
because sellers are not impressed with chancers.
Broaden your search horizons. There are a lot of up and coming
areas in Cape Town, so keep your eye on the market to see
where a suburb is and where it is heading. Kenridge in the
Northern Suburbs of Cape Town is a good example, the suburb
is developed around one of the top primary schools, yet the
properties are old and still fairly inexpensive. Many are buying
up the old houses for affordable prices and fixing them up. I
think they will be worth quite a lot more in 10-15 years' time
once most of the properties have been upgraded.
SA Real Estate Investor Magazine APRIL/MAY 2019
33