Advice on buying a development property

tsume said:
I initially was looking at development properties for the transfer costs, but have opened up to just the normal buy option (hence why I was looking at places in Eastleigh).
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Closer to work? Why Eastleigh? What's your price bracket
 
tsume said:
With the year coming to an end, I thought about revisiting this thread. The year has gone by, and I haven't bought a property. Seems this is much more difficult adventure then it appears to be when I see people make the move. The area I want to stay in versus the type of place (not too luxurious, but also not a dump) versus what I can afford are in different worlds. I somehow focused some attention on Greenstone & Eastleigh, given their access to the highway. Greenstone has gone way out of my budget, while Eastleigh is in budget but some of the places are very old style. Looked at the new development in Mooderfontein, and although its awesome...it's way too pricey.

So I'm left to think, will I somehow find a property to buy next year or by this time still be left searching again.
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Looked for a little over 3 years. Honestly only in the last 1.5 years was I seriously looking and only bought in October.
If you are seriously looking.. write a list of your wants VS what you def need. Have a number in mind. Look in the papers + web.. and say goodbye to your Sundays :(

It will take some time and most probably the place you eventually pick might not be perfect but it's most probably a starter home and something to build from. Keep that in mind.

Good luck and save.. transfer fee's and the like aren't a joke. Furking levies too.
 
you don't have to own the place you live in

within this context you buy the property you can afford in the best location possible, rent it out and live where you want to live with the proceeds of the rental

staying out of the market is like chasing your tail, if property prices go up by nominal amounts of 3-4% p.a then the additional amount required can outweigh your own efforts in accumulating finance through saving
 
Lupus said:
Closer to work? Why Eastleigh? What's your price bracket
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Yep, closer to work. I work in Sandton, live in Boksburg. The commute takes much out of my day.

I was originally eyeing Greenstone, because the location & it's simple to hit the highway, but prices have sky rocketed. Found out about Eastleigh, which is just below Greenstone & prices more affordable.

Price: 800-900. Think anything more, I wont be able to afford the bond with the rates, levies, insurance on top of all of that. Though honestly, it seems like 2 bedrooms no longer exist at that price.
 
Pho3nix said:
Looked for a little over 3 years. Honestly only in the last 1.5 years was I seriously looking and only bought in October.
If you are seriously looking.. write a list of your wants VS what you def need. Have a number in mind. Look in the papers + web.. and say goodbye to your Sundays :(

It will take some time and most probably the place you eventually pick might not be perfect but it's most probably a starter home and something to build from. Keep that in mind.

Good luck and save.. transfer fee's and the like aren't a joke. Furking levies too.
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Where did you end up buying? Remember some thread you were looking in Randburg.
 
tsume said:
Yep, closer to work. I work in Sandton, live in Boksburg. The commute takes much out of my day.

I was originally eyeing Greenstone, because the location & it's simple to hit the highway, but prices have sky rocketed. Found out about Eastleigh, which is just below Greenstone & prices more affordable.

Price: 800-900. Think anything more, I wont be able to afford the bond with the rates, levies, insurance on top of all of that. Though honestly, it seems like 2 bedrooms no longer exist at that price.
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Ah yeah prices have skyrocketed in the last year :(
 
tsume said:
Where did you end up buying? Remember some thread you were looking in Randburg.
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Ended up slightly further in Weltevreden Park. An extra 10 minutes to my commute but I’m close to the N1 and levies were slightly more reasonable.

Go see the places and negotiate, under offer. The worst they can say is no. Best case you get a bargain.
 
Lupus said:
Ah yeah prices have skyrocketed in the last year :(
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which speaks to my point about chasing tails

the longer you wait the more costly it becomes, the maths with conservative assumptions prove it
 
saturnz said:
which speaks to my point about chasing tails

the longer you wait the more costly it becomes, the maths with conservative assumptions prove it
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This, I put my place on the market in April only managed to sell it in Oct. The places I was looking at back then have gone up 5% in 6 to 7 months.
 
tsume said:
Yeah, I agree. Prices keep going up insanely. So I just need to bite, but only take on what I can afford.
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The earlier you can get into to property the better. I wish I did it sooner.

Finding a property has a lot to do with timing. Saw a property advertised on a Saturday and when I called the Monday they already had 3 offers. So kept on looking. Then 6 weeks later the same property came back up for sale and I called immediately. Turned out the the guy couldn't get sars clearance or something. 2 months later I moved in.
 
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