Personal Finance: Sarah Nicholson, Commercial Manager At Justmoney
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Municipal rates, taxes,
Every month you will need to pay for your water and electricity, plus rates and refuse removal. “Ask the current owners for copies of their monthly bills to get an idea of which costs are incurred,” advises Nicholson. She recommends installing a prepaid meter to improve control of your electricity spending.
Maintenance matters
Owning a home requires regular check-ups and repairs before small nuisances, such as leaks or cracks, turn into major headaches. Installing a good security system is likely to be a key priority to keep you and your possessions safe. Costs can be factored against lower insurance premiums.
Monthly and special levies
If you’re living in a sectional title estate, you may also be required to pay monthly levies for the upkeep and management of the communal property. The body corporate could implement a special levy over and above this for an expensive project such as installing a lift or repainting the entire building. This could impact on your finances considerably if the project takes a long time to implement.
Every month you will need to pay for your water and electricity, plus rates and refuse removal. “Ask the current owners for copies of their monthly bills to get an idea of which costs are incurred,” advises Nicholson. She recommends installing a prepaid meter to improve control of your electricity spending.
Maintenance matters
Owning a home requires regular check-ups and repairs before small nuisances, such as leaks or cracks, turn into major headaches. Installing a good security system is likely to be a key priority to keep you and your possessions safe. Costs can be factored against lower insurance premiums.
Monthly and special levies
If you’re living in a sectional title estate, you may also be required to pay monthly levies for the upkeep and management of the communal property. The body corporate could implement a special levy over and above this for an expensive project such as installing a lift or repainting the entire building. This could impact on your finances considerably if the project takes a long time to implement.
