Financial Mistakes

ElixirCoder said:
Not putting in a low offer when we bought our current house. 10 years on we can barely sell it for what we paid. Factoring in the reno and upgrades, we're about -2 bar all in.
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I’m assuming you don't live in Cape Town :confused:
Has that tracked the housing prices around you or just something innate to your particular property?
 
The biggest financial mistake I have made, was getting involved with "financial advisors". The policy-and-anuity pushers. They make big money upfront, lock you in for 30 years and there are NO REPERCUSSIONS for any of their bad advice. Sure, the "landscape was reformed", but... it hasn't.

Scum of the earth, all financial advisors. Basically legalized theft of people's money over 30 years. No wonder they all have such shiny buildings and drive fancy cars.
 
ElixirCoder said:
Not putting in a low offer when we bought our current house. 10 years on we can barely sell it for what we paid. Factoring in the reno and upgrades, we're about -2 bar all in.
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If you live in the house and enjoy it, that's not a mistake.

Lifestyle choice, make it gorgeous, it's where you spend most of your time.
 
airborne said:
I’m assuming you don't live in Cape Town :confused:
Has that tracked the housing prices around you or just something innate to your particular property?
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We do, Southern Suburbs. Problem is we overpaid by about R1.5m. Chalked it up to School fees.

This area there’s definitely been very slow growth over the last 8 or so years. The growth in other areas has been fantastic though.
 
ElixirCoder said:
We do, Southern Suburbs. Problem is we overpaid by about R1.5m. Chalked it up to School fees.

This area there’s definitely been very slow growth over the last 8 or so years. The growth in other areas has been fantastic though.
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Sell and move to the better part of Cape Town
 
ElixirCoder said:
Not putting in a low offer when we bought our current house. 10 years on we can barely sell it for what we paid. Factoring in the reno and upgrades, we're about -2 bar all in.
Click to expand...

I bought my place around 4 years ago. Managed to sell it for more than I paid. I’ll take home a decent chunk of cash. I wouldn’t say it’s a lot of profit. As we probably put close to that amount into the house. Solar gas etc. The money helps with the emigration though.

Agent says she sold another place recently and sellers had to put in 250k to the bond after it sold.
 
Priapus said:
I bought my place around 4 years ago. Managed to sell it for more than I paid. I’ll take home a decent chunk of cash. I wouldn’t say it’s a lot of profit. As we probably put close to that amount into the house. Solar gas etc. The money helps with the emigration though.

Agent says she sold another place recently and sellers had to put in 250k to the bond after it sold.
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Sheesh that sucks for the other people. Luckily our house is paid off, but I think that's what makes it worse for me: the loss is far more acute and actually gives me less buying power than 10 years ago.
 
Hmm. Sold a bunch of Capitec shares way back at R170 a share.
And again sold a fscking boatload of Capitec shares when those viceroy motherfsckers came with their kak. Panic sell.
 
ElixirCoder said:
We do, Southern Suburbs. Problem is we overpaid by about R1.5m. Chalked it up to School fees.

This area there’s definitely been very slow growth over the last 8 or so years. The growth in other areas has been fantastic though.
Click to expand...
What area may I ask? I am also in S Suburbs and planning on selling my house in the next few months. Seems like property value has definitely not increased in line with inflation over the last couple of years where I am in the Claremont, Lynfrae area. Asking prices are the same as a year ago or possibly even worse.

Historically this area has been a great buy because of the proximity to good schools, shops etc, but this is pretty bad. 11.75% prime is certainly take it's toll.
 
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