My First Homebuying Experience: The Consequences of Incomplete Financial Disclosure

My First Homebuying Experience: The Consequences of Incomplete Financial Disclosure

In July 2026, I signed an Offer to Purchase for my first property through Olwami Properties, trusting that I was making an informed financial decision.

Throughout the purchasing process, I repeatedly requested clarity regarding the monthly levies and associated financial obligations, as affordability was a critical consideration.

However, following registration in October 2026, I discovered additional levy components, utility charges, effluent-related costs and fluctuating monthly obligations that had not been fully disclosed to me before I committed to the purchase.

My monthly levy-related costs have since reached R5,048.32, substantially exceeding the amount I understood I would be responsible for when signing the Offer to Purchase.

My greatest concern is that a property was marketed and sold without the full levy, utility and effluent-related costs being obtained, verified and adequately communicated to me as the purchaser.

In my view, this represents a serious oversight in the level of due diligence and professional care expected from an estate agency facilitating such a significant financial transaction.

As a first-time homebuyer, I relied on the information provided to assess the property's affordability. Despite my enquiries, I was not given a complete financial picture before entering into a binding agreement.

The consequences have been devastating. What should have been a milestone of independence and financial security has instead resulted in substantial financial pressure, emotional distress and the difficult prospect of selling a property shortly after purchasing it.

The issue is not merely the existence of additional costs, but the lost opportunity to make a fully informed purchasing decision before becoming legally and financially committed.

I share this experience to highlight the importance of transparency, proper verification of property-related expenses and professional accountability in real estate transactions.

Purchasing a home is one of the most significant financial decisions an individual can make. Buyers should not have to discover the true extent of their recurring financial obligations only after registration.

Unfortunately, this has been my experience with Olwami Properties.