Whatshot

2026
All
September
2025
All
November
All
2024
All
June
All
April
All
2023
All
March
All
2022
All
2021
All
2020
All
March
All
February
All
2019
All
December
All
November
All
October
All
September
All
August
All
July
All
June
All
May
All
April
All
March
All
February
All
2018
All
December
All
November
All
October
All
September
All
August
All
July
All
June
All
May
All
April
All
March
All
February
All
2017
All
December
All
November
All
October
All
September
All
August
All
July
All
June
All
May
All
April
All
March
All
February
All
January
All
2016
All
December
All
November
All
October
All
September
All
August
All
July
All
June
All
May
All
April
All
March
All
February
All
January
All
2015
All
December
All
November
All
October
All
September
All
August
All
July
All
June
All
May
All
DHS
April
All
March
All
February
All
January
All
2014
All
December
All
November
All
October
All
September
All
August
All
July
All
June
All
KZN
May
All
April
All
March
All
February
All
January
All
2013
All
December
All
November
All
October
All
September
All
August
All
July
All
June
All
May
All
April
All
March
All
February
All
January
All
2012
All
December
All
November
All
October
All
September
All
August
All
July
All

How to go from renting to owning

How to go from renting to owning

Author: Pranil Maharaj
Date: 2016-10-14
Making the switch fromrenting a hometo owning one can be daunting. Here are a few budget hacks to help you make a smooth transition.

Do you think you're ready to go from renting your home to purchasing one Have you considered the extra costs that come withhomeownership

Before you start thinking about what new furniture, appliances or even curtains you might need, you should try to establish what additional monthly costs you will face as a new homeowner.

Buying your own home has many advantages and is a great decision. However, there are a few things to consider and budget for, to make sure it works out well.

* A bigger home means that you'll need to budget more for managing and maintaining your property. This includes basic DIY projects and general maintenance.

* It's a good idea to plan for higher water and electricity bills.

* As a homeowner you will now be responsible for paying rates, so this should be factored into your budget.

* If you're moving into a complex or estate, you will need to budget for a monthly levy or homeowner's association fee which will increase annually. If you're moving out of a complex into a freehold home, you will need to budget for things that were taken care of by the body corporate before - such as garden and pool maintenance.

* Homeowners insurance is important to include in your budget, as this will ensure that you aren't paying into the bond, if your home was destroyed in any kind of disaster.

* Bond insurance should be taken out, as this will ensure that in the event of your death, your family would not lose the home.

* It's a good idea to put money aside every month into a home savings account, to help pay for any renovations or emergencies at a later stage.

With all costs considered and budgeted for, you're less likely to struggle with monthly expenses and can thoroughly enjoy owning your first home.