Buying a house....

Recallza

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Joined
Jun 22, 2018
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491
Probably would have been easier...





Just got confirmation it has been lodged today so 8 working days max means by end of July it'll be in our names.

Currently renting till end Sept so have to organise new tenants in here asap or I'm still responsible for rent until then. I have to arrange occupational rent for the seller to pay until they are ready to move out, and I don't know when that will be yet...

Fun times! I'm sure it'll work out though :)
Asked your landlord if you can terminate your lease early?
 

Honey Badger

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Apr 30, 2010
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20,055
Probably would have been easier...





Just got confirmation it has been lodged today so 8 working days max means by end of July it'll be in our names.

Currently renting till end Sept so have to organise new tenants in here asap or I'm still responsible for rent until then. I have to arrange occupational rent for the seller to pay until they are ready to move out, and I don't know when that will be yet...

Fun times! I'm sure it'll work out though :)
What do you mean you don't know yet. It's stated in the OTP when he has to be out and if they don''t have a place the amount of the occupational rent they'd have to pay is on there as well. Unless you have a really schit agent
 
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Asked your landlord if you can terminate your lease early?
Yip, isn't a problem the agent just needs to get another tenant in.

What do you mean you don't know yet. It's stated in the OTP when he has to be out and if they don''t have a place the amount of the occupational rent they'd have to pay is on there as well. Unless you have a really schit agent
OTP says latest end Sept, we didn't put in occupational rent on, thought we would get a bit more warning as to when it would be transferred than 2 weeks... Lawyers are drawing up an addendum so not too much of a disaster.
 

falcon786

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Jan 29, 2011
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Just been through this in the past few months and I wish I could say it was over as it's been registered in my name on Monday but now apparrrently I need to go into an FNB branch to authorize debit order and no idea what I need to do at municipality or how I'll receive the municipal bill?

House is currently on post paid,should I change to prepaid?Dealing with municipality sending them monthly readings etc would be a schlep to me personally.
 

walterl

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Oct 19, 2006
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1,336
Reading through this I'm so glad we bought our house in 2007. Got prime -2 and in 8 years time (hopefully less) this will be paid off.
Also bought in 2007, also got prime -2, also hoping to pay it off in less than the remaining 8 years
 

Tman*

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Jul 18, 2012
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My neighbor just dropped his asking price by half a mil, I rate its the perfect time to go bargain hunting.
 

binloud

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Nov 21, 2018
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Yeah I think so too, just got a house on a great deal well below asking, agent dropped his comm to 3% got prime less 1.25 all this and I am a first time buyer.
 

itsme2

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Sep 25, 2018
Messages
313
I think it's a foolish decision to buy property as your primary residence. You'll get a lot more by renting. Rather buy to rent if you really feel the need. SA economy is too unstable, and property rights are not honoured nor are protected. There are plenty of worksheets showing the actual cost of buying vs renting, and if you do the maths yourself, you'll see that the better choice is to rent. You'll get more for your money, you'll be flexible, and you can still save and invest, but rather in offshore markets. Think about it this way (since you mentioned marriage), who tells you that diamonds are forever? Who tells you that you NEED to own a home?
 

gamer16

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Nov 3, 2013
Messages
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I think it's a foolish decision to buy property as your primary residence. You'll get a lot more by renting. Rather buy to rent if you really feel the need. SA economy is too unstable, and property rights are not honoured nor are protected. There are plenty of worksheets showing the actual cost of buying vs renting, and if you do the maths yourself, you'll see that the better choice is to rent. You'll get more for your money, you'll be flexible, and you can still save and invest, but rather in offshore markets. Think about it this way (since you mentioned marriage), who tells you that diamonds are forever? Who tells you that you NEED to own a home?
Do remind me to remind you never to become a salesmen.
 

Mike Hoxbig

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Joined
Apr 25, 2010
Messages
34,801
Just been through this in the past few months and I wish I could say it was over as it's been registered in my name on Monday but now apparrrently I need to go into an FNB branch to authorize debit order and no idea what I need to do at municipality or how I'll receive the municipal bill?

House is currently on post paid,should I change to prepaid?Dealing with municipality sending them monthly readings etc would be a schlep to me personally.
Irrespective of your prepaid or postpaid, you still need an account with them for rates & taxes.

I just asked the transferring attorney to assist with it. They put me in touch with someone who claimed my refund from the previous place, and opened an account for the new place. Cost about R900 IIRC. Worked out cheaper and more convenient than taking a day off work to go and sit at the municipality myself.

Even after that, I still had issues to get my statements emailed to me. Had to register for eServices on the CoJ site and set my preferred option to email, and eventually I'm getting emailed statements about a year later...
 

itsme2

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Sep 25, 2018
Messages
313
Do remind me to remind you never to become a salesmen.
Go do the maths before you make quick comments. You can rent a 6 bar house for 25k these days. Go run the numbers (properly), then lets talk.
In fact, these days if one MUST own their house, then it's cheaper to build.
 

gamer16

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Go do the maths before you make quick comments. You can rent a 6 bar house for 25k these days. Go run the numbers (properly), then lets talk.
In fact, these days if one MUST own their house, then it's cheaper to build.
Your math may be right but if we only used math to make our life choices you'll end up living in a box with Rosie Palm and her five sisters.
 

Messugga

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Sep 4, 2007
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Go do the maths before you make quick comments. You can rent a 6 bar house for 25k these days. Go run the numbers (properly), then lets talk.
In fact, these days if one MUST own their house, then it's cheaper to build.
Lol where do you find these houses for that little?
 

itsme2

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Sep 25, 2018
Messages
313
Your math may be right but if we only used math to make our life choices you'll end up living in a box with Rosie Palm and her five sisters.
I'm not here to make your decisions for you. Make your own mind up. I'm just saying that one needs to be open to the fact that BANKS SELL DEBT. Banks say that you NEED a house. A physical property is a way better bet for a bank than a business prospect. Ever tried to open a new business on a bank's dime? Good luck.
 

Neuk_

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Jan 23, 2018
Messages
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I think it's a foolish decision to buy property as your primary residence. You'll get a lot more by renting. Rather buy to rent if you really feel the need. SA economy is too unstable, and property rights are not honoured nor are protected. There are plenty of worksheets showing the actual cost of buying vs renting, and if you do the maths yourself, you'll see that the better choice is to rent. You'll get more for your money, you'll be flexible, and you can still save and invest, but rather in offshore markets. Think about it this way (since you mentioned marriage), who tells you that diamonds are forever? Who tells you that you NEED to own a home?
While some of what you say makes some sense, you suggest buying to rent as a great idea while claiming property rights are neither honoured nor protected, which makes buying any property a terrible idea and buying to rent the worst idea. I very much doubt I can rent a house like I own for what I am currently paying on our bond, in fact I couldn't rent a garden cottage.
 
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