The amount by which the value of your property improves over time is referred to as appreciation.

Appreciation can occur for a variety of reasons, including inflation, increasing job possibilities in your local property market, and general property growth in your area. Home upgrades can increase the appreciating value.

It can also be a useful tool for a homeowner or investor looking to boost the value of their home with a few home modifications. Not all home upgrades will increase the value of your home, but studies have shown that additions to kitchens and bathrooms are a wise investment.

This is the inverse of depreciation, which is a loss over time.

A balloon payment is a big payment made at the end of a balloon loan, such as a mortgage, commercial loan, or other amortized debt.

A balloon loan usually has a brief term, and only a fraction of the original sum is repaid during the course of the loan. The remaining sum is due as a final repayment at the conclusion of the term.

A series of fixed payments are made on installment loans without a balloon option to reduce the loan’s balance.

Borrowers who choose balloon payments might lower their fixed monthly payment in return for a higher payment at the end of the loan’s term.

Generally speaking, these loans are advantageous for applicants with excellent credit and a sizable salary.

Lenders use a credit score, also known as a credit rating, which is a three-digit figure, to determine whether or not you qualify for credit, such as a loan or credit card.

Most lenders and service providers utilize the data in your credit report as a significant factor in creating their own credit risk score. This could influence the result of your credit application, together with your employment history, assessments of your income and affordability, and the type of credit you’re seeking for.

Your credit score is determined by a system that compares your debt to that of other borrowers, how effectively or poorly you pay your bills, and how much debt you have. In essence, it informs you

A forced sale is the sale of a property that was used as security of a loan to repay the creditor when the borrower can no longer pay back the loan.

Rates and taxes can be explained as a charge raised by the local municipality for the services provided in relation to the property such as refuse collection.

The amount charged is a percentage of the market value of the property. It is mandatory that, prior to registration of transfer, a rates clearance certificate is obtained from the local municipality. The municipality issues figures that include all amounts owing in respect of rates and taxes for the two-year period preceding the date of application and the estimated amount for municipal services in advance.

Levies, on the other hand, are payable by sectional title unit homeowners or homeowners that typically reside within an estate.
The managing agents for the scheme or estate will recover levies from each

During this time there are more Buyers than houses because the demand for property is greater than the supply.

Sellers are sometimes confronted with an uneasy situation where more than one buyer is interested in their property.
Has the Seller accepted an offer subject to suspensive conditions.

Do the terms of the agreement allow for continued marketing and a competing offer to be taken?

If yes, the Seller can take a competing offer, which allows for the Competing Buyer to fulfil their suspensive conditions. Once done, notice has to be given to the initial Buyer to fulfil or waive their suspensive conditions within the timeframe specified, failing which, the Seller has the option to proceed with the Competing Buyer.