Property ownership has just become cheaper and easier. As from March 1, 2006 property buyers will be saving about R20 000 thanks to the latest amendments in property taxes, announced in the latest budget speech.
The news quickly spread through the media that homes costing less than R500 000 will not carry any transfer duties. The move by the finance minister to make homeownership easier for all is expected to create another boost in the local property market.
Although many South African are still unaware of these changes the fact that buyers can now save around R20 000 when purchasing a new home is expected to spark another boost in property prices. As more buyers enter the property market sellers will be benefit by the rising property prices. Therefore if youâ€™re considering buying a new home â€“ you may need to act quickly, before property prices begin to increase.
The tax benefits are not limited to home less than R500 000. Transfer duties have been lowered for all properties.
If youâ€™d like to enquire about these and other home loan related issues â€“ complete this short form now and a consultant will contact you.