It’s a cool thing to buy a house in South Africa and own a property that is just yours. Interestingly, it doesn’t matter what part of the country you are in, you won’t have to struggle for long before seeing a good house to buy. It doesn’t matter who you are (even if you are a legitimate foreigner), you can buy a house in the country at will.
While prices vary depending on the type of house and its location, the average house price In South Africa is around R 937 000 to around R 1,255,000 for an average medium-sized house in a good part of the country.
What Is The Average Price Of A House In South Africa
The average price for a house in South Africa is around R 937 000 to around R 1,255,000 for an average medium-sized house in a good part of the country.
Definitely, you should be aware that the amount of money you will pay to buy a house in South Africa is majorly dependent on several factors, including the location of the house as well as its size.
Basically, houses in certain parts of the country are much more expensive than some others. For instance, you will likely pay more money to buy a house in a busy town in the capital than in the countryside.
Nevertheless, it is soothing to know that house prices have been reasonably stable here, and over 50 percent of the people living in the country have their own homes. Even foreigners are allowed to buy a house in South Africa without restrictions. If you are a foreigner, you will likely discover that it cost more to buy a house in your own place compared to this place.
While you can always buy a great house in South Africa cheaply, you should be aware of the potential extra fees that add up. For instance, the transaction costs of buying a property here are something you should consider greatly.
Should You Buy A House In South Africa?
If you can, it is a great thing to buy and own your property in the country. There are places in South Africa where you have to keep paying a lot to rent a good place you can call home (particularly in larger cities). It, therefore, makes sense financially if you simply buy a house.
If you are a foreigner from a stronger country like the United States of America (or some other flourishing countries in Europe), you should be at an advantage due to the value of the Rand. So, buying a house in South Africa for profit may be an exciting idea.
However, you should plan very well to avoid losing out eventually. While you will buy your house cheaply, you will have to face capital gains tax, which is pretty on the high side here. So, even if you buy a cheap house that you decided to sell for a profit, you will still likely pay capital gains tax that is over 30 percent on the profits (aside from other forms of expenses).
How To Find Houses For Sale In South Africa
Many times, you have to buy a house in South Africa through real estate agents. You may struggle to get it yourself, but these agents (who are officially registered with the Estate Agency Affairs Board) already have the structure in place.
You can comfortably deal with these agents since the government is regulating them and trying to ensure they continually comply with the code of conduct. You can go online to fetch a listing of housing services and real estate agents in the country anytime you want.
Incredibly, certain real estate agents in South Africa offer specialized services that revolve around selling to foreign buyers or if you need to purchase in a particular place in the country.
To work with an agent to help achieve your aim, you may have to inform several of them regarding what you really want (the area you want to buy your house in as well as the type of house you want). Then, you hope they help you identify which is best for you in accordance with your preferences.
Finally, there are several websites today where properties for sale in South Africa are advertised. You can surf through to have an idea of what you need, as well as know what to pay eventually.
In Conclusion
Although prices vary depending on different factors (such as the type of house and its location), the average house price In South Africa is around R 937 000 to around R 1,255,000 for an average medium-sized house in a good part of the country.
You can also consider building your own house here in accordance with what you want. However, while some experts are in support of building your own house over buying, some will favor buying over taking time to build. It is basically left to you to decide which works best for you.
Land is cheap to buy in South Africa, at least, compared to several other countries. To get good land in a choice part of South Africa, you should also be ready to go through agents. All you need do is to reach out to them and inform them of the type of land you want to buy, and they know what to do next.
However, it is necessary to inform you to not expect any government support for trying to build your own home like in some places. You should also be ready to work with professionals like architects (to design the property) as well as a qualified builder who is duly registered with relevant authorities.
In South Africa, a legitimate architect is expected to be registered with the South African Institute of Architects, while the National Home Builders Registration Council takes care of housebuilders on the other hand. If you are not ready for the stress, you can simply buy your house.