What should I focus on during the first three months of homeownership?

During the first three months of homeownership, it is important to understand your responsibilities, manage your costs and become familiar with your rights as a homeowner.

What municipal accounts am I responsible for as a homeowner?

Homeowners are responsible for municipal rates and taxes, as well as charges for services such as water, electricity, sanitation and refuse removal where applicable.

Do I need to pay levies if I live in a complex?

Yes. If your property is located within a complex or sectional title scheme, you may be required to pay levies to the body corporate or managing agent.

What security measures should I consider after moving into a new home?

New homeowners should consider changing locks, reviewing existing security arrangements and installing a security system with armed response if appropriate.

Why is it important to keep homeownership documents safe?

Important documents such as title deeds, sale agreements, municipal documentation and records of repairs should be stored safely for future reference and administrative purposes.

How can I manage my homeownership costs effectively?

Creating a monthly budget, prioritising home loan repayments, planning for maintenance costs and setting aside funds for emergencies can help homeowners manage their expenses effectively.

Why should I have a maintenance plan for my home?

A maintenance plan helps homeowners identify and prepare for repairs and upkeep of features such as roofs, doors, windows and other areas that require regular attention.

Should I keep an emergency fund as a homeowner?

Yes. Unexpected events such as plumbing leaks, burst pipes or property damage can occur, so it is advisable to keep savings available for emergencies and review your insurance cover regularly.

When can I occupy my new property?

Occupation typically takes place on the date of registration, although buyers and sellers may agree to an earlier occupation date, which could include occupational rent arrangements.

Can I rent out or renovate my property after purchasing it?

Yes. Depending on the applicable rules and regulations, homeowners may choose to rent out their property, renovate it, decorate it or undertake maintenance improvements after taking ownership.

Home ownership – your first three months

The three things you need to consider when owning a home

In the first three months, you will be familiarising yourself with your home, your neighbourhood and all the other aspects of moving to a new place. Here are a few things you need to think about.

Responsibilities

Taking care of your new home.

Costs

The costs you will need to pay when you own a home.

Rights

It is important to understand your rights as a homeowner.

What you need to know

Responsibilities of owning a home
Municipal accounts

As a homeowner, you need to pay municipal rates and taxes for the property you own. If you haven’t already done this, check with your municipality that the municipal accounts for the property are in your name. Your municipal account should include provision for payment of property rates, sanitation and refuse as well as electricity and water consumption (if supplied by the municipality).

Managing agents

If your home is in a complex, you will also need to pay levies. Get acquainted with the managing agent and the body corporate of the complex.

Security

Change the locks when you move in, you don’t know who has copies of your house keys. Fitting a security system with armed response is a good idea if you don’t already have one.

Documentation

Put all the documents related to your house in a safe place. This will be your deeds, sale documents, municipality agreements also keep a record of any repairs you do.
Managing your costs
Home loan repayments

Buying a new home is a big financial commitment, and the most important thing is to make your home loan repayments. So, draw up a monthly budget to help you understand and manage your expenses, so you can always make your repayments on time.

Maintenance plan

Your new home is an investment that needs to be taken care of. Draw up a maintenance plan. Check everything and plan for things that will eventually need maintenance like wooden doors or windows and your roof.

Be prepared

A burst pipe or leak in the roof could happen any time so keep some money aside for such unexpected occurrences. Double check what kind of damages your insurance policy will cover.

Budget

Make a list of all your monthly costs such as: electricity, water, rates and taxes, insurance, security, your home loan repayments, perhaps a gardener or a helper and your monthly maintenance savings. Be sure to understand your budget and always have some reserve for sudden emergencies or occurrences.
Homeowners rights
Occupation

Usually takes place from the date of registration. You can occupy earlier if you come to an agreement with the seller where occupational rent will be payable.

Renting out your property

If you bought your home as an investment, you could rent your home out and get extra monthly income towards your bond.

Build or renovate

Your home is now yours! So perhaps you want to decorate or change it? More importantly you may want to do any maintenance first.

Moving into your new home is both exciting and daunting. But by doing your budget and planning your maintenance it will be the beginning of a happy new period in your life.