Buying a home is a thrilling milestone, but it comes with more financial commitment than many first-time buyers anticipate. Speaking on Hot 1027 Business with Jeremy Maggs and MoneyWeb, Natasha Champion from Ooba Home Loans unpacked the lesser-known costs that can catch new homeowners off guard.

According to Champion, being pre-approved for a home loan is just the beginning. While this confirms your affordability for monthly bond payments, it does not account for several other upfront and ongoing expenses.

First up is the cost of moving.

Depending on your home size and whether your move is local or cross-province, you could spend anywhere between R1,500 and R15,000.

Then, there are sectional title levies.

Often underestimated, these cover communal expenses like security and maintenance. Buyers are encouraged to scrutinize the body corporate’s financials before committing, as unexpected special levies can surface if a complex is financially unstable or planning major upgrades.

Utility connections also carry a cost.

For freehold homeowners, setting up water and electricity accounts could require deposits of R1,000 to R3,000 — an often-overlooked line item.

And don’t forget insurance.

Building insurance is mandatory (and typically included in levies for sectional titles), but mortgage protection cover is also worth considering to ensure your bond is settled in case of death.

Buying property is a long-term investment — and while it’s deeply rewarding, it pays to plan meticulously.

Read More: Credit Tips for Parents and How it Changes with Age

In Closing

To learn more — including the fifth hidden cost Natasha says you mustn’t ignore — listen to the full interview from Hot 1027 Business below. It might just save you from a costly surprise!