What are the hidden costs of buying a house?

The home loan is not the only expense you will incur when purchasing a property.

There are a number of additional costs. The main ones that you need to be aware of are the bond registration and transfer costs.

The transfer fee is paid to the conveyancing attorney who transfers the bond from the original property owner to you, while the bond registration fee is paid to the bond attorney who registers the bond in your name.

You will also pay transfer duty (a tax), though only on properties worth more than R1 000 000.

You can use our Transfer Cost Calculator to determine what you will pay for transfer and bond registration.

Other additional costs you need to be aware of include moving costs, insurance, repairs and maintenance, rates and levies, and utility installation.