Ownership costs

The monthly costs that sit beside a bond instalment

A checklist for seeing the continuing expense of ownership, not only the repayment quoted on a loan.

The instalment is only one line

The bond repayment is usually the largest monthly number, which makes the smaller lines easy to overlook. Municipal rates and charges, sectional-title levies, insurance and routine maintenance can materially change the cash left after payday.

For a free-standing property, create an allowance for minor repairs even when the building looks sound. For sectional title, read recent levy statements and ask whether a special levy is being discussed. Insurance requirements vary, so distinguish building cover from household contents cover.

Utilities may also behave differently after a move. A larger garden, pool, security arrangement or longer commute can turn a property choice into a transport and maintenance choice.

Use evidence, then leave margin

Request current figures where possible, but remember they are a snapshot. Rates can be adjusted, levies can rise and maintenance arrives unevenly. A budget should therefore contain both the best available estimate and a margin for movement.