First time property buyer

[BouncyNinja]

D3x, try and get your bond through Standard Bank - they offer a "start-up" bond which allows for 108% bond if you qualify for it.

But yeah - as mentioned you need to remember registration fees etc. Mine worked out to R70k.

i tried this one, but i dont bank with them, so i dont qualify,

1 thing i learnt the hard way, if you dont use an originator ( i found them useless) first apply at your bank, and wait! , i got inpatient, and applied at them all, and apparently, with them all doing ITC in such a short time period, it actually lowers your score, which in turn drives up interest rate, and lowers chances of 100

 

[BouncyNinja]

You will get lots of advice on the financial aspects - so here is some on the property itself:

• Open and close every tap in the house, let the hot taps run for a bit to test temperature, leakage, strange noises, drainage etc.
• Flush every toilet in the house at least twice, check to see how long the refill takes, the noise it makes, etc
• Check the seals around the baths, showers and sinks in the house. See how neat/clean/proper they are.
• Check every window (open and close) and check the putty around the windows
• Check the gutters and drains around the house
• Keep an eye open for any trees or other plants that may cause problems with paving or foundations
• Turn on and off every light in the house, the stove, the oven, various appliances and plugs. Take along something to plug in at every plug and test that it works. It is the most annoying thing to buy a house that allegedly passed the electrical compliance inspection only to find that plugs don't work and switches are broken and fittings are rubbish. Check all the fittings, too.
• Open and close every cupboard door or regular door to check the hinges and the locks.
• Envision a heavy rain storm or hail storm or strong wind and inspect the property with that in mind. Think about covers, water run-off, drainage, roof tiles, seals... - You don't want to buy a house during the dry season and when the first storm comes up your roof tiles blow off and it rains into your house and you have to replace carpets and ceiling panels.
• Check all the walls, look for cracks, evidence of repainting or polyfilla and find out why it was used and what it covered up.
• If the unit has stairs, check them for strength and proper bolts etc.

Those are just a few thoughts off the top of my head.

wish i had done some of these, we have slow water issues in the house, but thats about all,

 

[BouncyNinja]

when i bought now, i bought in the east rand, the value was great, bought a 400sqm house, on a 2500 sqm stand, face brick house, Rhodesian teak floors, 4 bed, 2 bath, double garage, etc , in a nice area here ( i know some have issues with the east) but for 800k , its really a nice place

 

[D3x!]

when i bought now, i bought in the east rand, the value was great, bought a 400sqm house, on a 2500 sqm stand, face brick house, Rhodesian teak floors, 4 bed, 2 bath, double garage, etc , in a nice area here ( i know some have issues with the east) but for 800k , its really a nice place

I'm also on the east rand, where abouts did you buy if you don't mind me asking? Boksburg, Benoni, kempton etc? I am looking for an older house but in a semi decent area at least

 

[BouncyNinja]

I'm also on the east rand, where abouts did you buy if you don't mind me asking? Boksburg, Benoni, kempton etc? I am looking for an older house but in a semi decent area at least

Sent you a pm

 

[thomascmyk]

Hi there, could you please send me the details of the bond originator? I am thinking about rather buying but I am not sure yet and would like to have a conversation with someone in the know.

Thanks in advance.

If you don't bank with the bank, you're unlikely to get above 90% bond - check each banks bond policy Even though I'm moving to FNB, they still only offered me 90% bond even though the LTV is low risk (the house is worth way more than what I paid).

LTV - Loan To Value: banks will use the value of your property to determine the risk factor. The higher the banks value of your home in relation to the money your asking for, the lower the risk, the better the interest rate. If the property is worth less than what your paying, then banks will only give you a bond for that value. So make sure your paying less than market value.

As for SA Homeloans. They gave me the best over at 95% but I don't like that they use the money market for their rates. Also they can (and often do) change their loan rate at very regular intervals, as often as 3-6 months. The risk was too high for me.


I worked through a bond originator, OOBA, and so glad I did. They did all the work, negotiated a better deal with the banks and all I did was just send documents as required. Banks pay bond originators, not you, so its not more expensive to use them. The advantage is they know what to tell the banks and a good bond originator will only ask you questions they need to know (as mine said I must not tell anything she is not asking for )

From start to finish, it took 7 calendar days from application to approval using OOBA. OOBA used the SA Homeloans offer to get FNB to give me an excellent rate.

 

[Cius]

Just some more detail on thatch. I lived in a thatch house for a few years as a renter and will never buy a thatch place. Our household insurance got a 100% premium hike due to thatch so that was hundreds of rands extra a month just for the higher fire risk. On top of that we constantly had issues with bugs and creepy crawlies in the house as they love the thatch roof. To cap it off thatch houses are very bad for dust in the air and it caused a few family members constant sinus issues. Don't go near them if you are susceptible to nasal or lung infections or if you are asmatic. Overall thatch roofs are highly overated. To cap it all off the thatch has to be replaced or bulked up every 8 years or so (according to our complex at the time) which is a huge additional cost that is normally procured via a special levy.

Like I said, never ever buy a thatch house! Negatives far outweigh the aesthetic appeal.

 

[sjm]

Like I said, never ever buy a thatch house! Negatives far outweigh the aesthetic appeal.

Bought one & I concur. Never again

 

[Other Pineapple Smurf]

Hi there, could you please send me the details of the bond originator? I am thinking about rather buying but I am not sure yet and would like to have a conversation with someone in the know.

Thanks in advance.

Msg sent, check your inbox.

 

[SeRpEnT]

If you don't bank with the bank, you're unlikely to get above 90% bond - check each banks bond policy Even though I'm moving to FNB, they still only offered me 90% bond even though the LTV is low risk (the house is worth way more than what I paid).

LTV - Loan To Value: banks will use the value of your property to determine the risk factor. The higher the banks value of your home in relation to the money your asking for, the lower the risk, the better the interest rate. If the property is worth less than what your paying, then banks will only give you a bond for that value. So make sure your paying less than market value.

As for SA Homeloans. They gave me the best over at 95% but I don't like that they use the money market for their rates. Also they can (and often do) change their loan rate at very regular intervals, as often as 3-6 months. The risk was too high for me.


I worked through a bond originator, OOBA, and so glad I did. They did all the work, negotiated a better deal with the banks and all I did was just send documents as required. Banks pay bond originators, not you, so its not more expensive to use them. The advantage is they know what to tell the banks and a good bond originator will only ask you questions they need to know (as mine said I must not tell anything she is not asking for )

From start to finish, it took 7 calendar days from application to approval using OOBA. OOBA used the SA Homeloans offer to get FNB to give me an excellent rate.

+1
Use OOBA, you have nothing to lose. They do a great job in getting you the best deal from the various banks.