Buying a home in Cape Town

1. Know what you can afford, before you fall in love

Banks usually allow a bond repayment of around 30% of your gross household income. Get pre-approved through a bond originator or your bank before you start viewing: sellers take a pre-approved buyer far more seriously, and you will know your real ceiling.

A deposit of 10% or more usually earns a better interest rate. On top of the price, budget for transfer duty, attorney fees and bond registration: on a R3.5 million home that is roughly R200 000 or more. Try the bond calculator.

2. Choose the area, then the house

• Daily life: the commute at 7:30, schools and their catchment, shops, the walk to the beach or mountain.
• Running costs: rates, levies (and any special levy), insurance, security, and backup power and water.
• Freehold, sectional title or estate: sectional title and estates come with levies and rules (pets, renting out, building). Read them before you offer.
• Direction: new developments, rezoning and infrastructure that will change the area in five years.

Our area guides cover each suburb we work in.

3. View with your eyes open

• Damp, roof and gutters, the age of the geyser, the electrical board and any solar or inverter installation.
• Ask whether alterations have approved building plans; unapproved work becomes your problem after transfer.
• Ask for the seller's Mandatory Disclosure Form, required under the Property Practitioners Act, listing known defects.

4. Make an offer that holds

An offer to purchase becomes a binding agreement once both sides sign it. A good offer is clear about:

• The price, the deposit and when it is paid.
• Suspensive conditions, such as bond approval by a date, or the sale of your current home.
• Occupation date and occupational rent if you move in before or after transfer.
• What stays: fixtures, curtains, the pool robot, the solar system.

Most homes are sold voetstoots (as they stand), but that doesn't protect a seller who hides a defect they knew about.

5. From accepted offer to keys

The bond is approved, the transfer attorney (appointed by the seller) collects documents, compliance certificates are issued, and the transfer is registered at the Deeds Office. Allow about two to three months. Your agent should keep you posted at every step.

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