Buying property

[_teboho27_]

I’m trying to buy an apartment but I’m clueless as to where to start etc
Anyone care to assist me???

 

[Snyper564]

Offer to purchase question

So for the first time in my existence I have started thinking about buying a house. I just got moedeloos now the moment I started doing a search on Property24. It is like looking through a dumpster. Agents make me sick. Next to lawyers. Yuck. Is there a better platform to search on? Maybe...

mybroadband.co.za

 

[PseuDohNom]

1) Make absolutely sure that you can afford it WHEN the interest rate goes back up to 10%.

 

[rh1]

1) Make absolutely sure that you can afford it WHEN the interest rate goes back up to 10%.

Or higher. Budget for the unexpected cost, such as:
Insurance
Levies- unexpected to alot of first time buyers, this is to maintain the common areas and is different complex to complex.

 

[zerocool2009]

1. Sit and look at your income vs expenses. The question is, can you afford it?
2. Levies, rates and taxes, and water and lights (take that into account). Also life insurance expenses
3. Look at the area (its also important)
4. When you know you “might” qualify, go online and look at bond calculators (whats repayments like). If interest rates increase by 5%, will you still be ok?
6. Try to save to pay all transfer costs in CASH!
7. Never rush to buy anything. Its a long term thing, never have 1 regret
8. You can also login... banks give pre approval certificates online, to show you what you qualify to buy. (As in the total).
9. Have an inspection list available once you found a property that you like, and that you are interested in.

These are just a few notes to consider!

 

[Other Pineapple Smurf]

I’m trying to buy an apartment but I’m clueless as to where to start etc
Anyone care to assist me???

Went from zero to home owner zero in two weeks when I bought my house.

I used the bond originator OOBA as I was clueless. They have all the affordability information and calculators.

They don't charge you, they get paid by the bank if you accept a bond. So they don't waste your time if they know you won't get a bond.

If you love paperwork and want to fight for the very best interest rate, then do it yourself. Many people here will give you experienced advice to the process.

But if you are like me that just wanted someone to do the admin, then bond originator are an option.

When it comes to bond interest rate this what I learned:

The interest rate will be influenced by not only the property but also how the bank feels that month.

There are times when banks give better rates, there are times they don't. There is no knowing when. If you don't like the rates they give you today, then wait three months and try again.

In my case I got an OK deal, many think it was bad, prime plus 1.75%. During that time, that was an amazing interest rate never mind getting an offer. Banks where not giving bonds. Six months later, they where give prime minus bonds to everyone again.

Then there is how much they finance your property. Best offer I got was 90% of the property and I had to cough up the 10% plus legal fees.

But, I looked at the bigger picture. I bought a house for 30% under true market value as it was a distress sale. My bond payment from the first month was less than the rental on the exact same house. Not to mention I could have sold for a fat profit.

Then time is a factor as my bond after 8 years is half the rent (more like a third when rental market recovers). My house has tripled in value as well.

Now some friends bought new property in a development with a prime minus interest rate but have not only paid more than rent but their property value has lagged and they would sell at a loss or break even in the first few years.

 

[PseuDohNom]