Home Buying

Enzo Matrix

Enzo Matrix

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scudsucker said:
Simply not true, but so close to the truth that it makes no difference.
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Lets say i have 15k per month to pay on a 2nd house, lets say its at the Vaal, and its my holiday house, lets just say that. I see n awesome deal, I can get a 100% loan, I have enough to cover the fees. I dont have enough to pay a 10% deposit, but can save it up in a few months. By your logic i cant afford to buy it now because ?
 
Hamster

Hamster

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rakabos3 said:
Lets say i have 15k per month to pay on a 2nd house, lets say its at the Vaal, and its my holiday house, lets just say that. I see n awesome deal, I can get a 100% loan, I have enough to cover the fees. I dont have enough to pay a 10% deposit, but can save it up in a few months. By your logic i cant afford to buy it now because ?
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Because your example is not applicable for 99% of South Africans.
 
B

Bighit

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D3x! said:
cool bro, you know best. so your average person who can't afford to save but lets say is renting is able to pay at least 25% more than their current rent per month on a house bond at 108% plus rates and taxes, garden maintenance, general maintenance etc?

teach me your ways master.

I take it you are a home owner at the very least?
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Think of this viewpoint, I can rent for 15k a month, but choose to buy a house that will cost me 9k a month. You can afford a house then.
 
D

diggitydaz

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Dec 12, 2012
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FNB Smart Bond :

The Smart Bond is tailor-made for individuals earning a minimum gross monthly income of R3 500 and maximum of R25 000. For joint applications, each applicant should not earn more than R25 000 gross income.

What the Smart Bond offers me

100% bond finance, no deposit required

A free comprehensive home-ownership programme

The option of fixing the interest rate for a 5-year period

Access to additional funds by applying for a Smart Bond Re-advance or Smart Bond Further Bond

An opportunity to buy a house within a network of developments
 
D

D3x!

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rakabos3 said:
Lets say i have 15k per month to pay on a 2nd house, lets say its at the Vaal, and its my holiday house, lets just say that. I see n awesome deal, I can get a 100% loan, I have enough to cover the fees. I dont have enough to pay a 10% deposit, but can save it up in a few months. By your logic i cant afford to buy it now because ?
Click to expand...

derpa derp

Lets say i have 15k per month to pay on a 2nd house - so you can afford to save
but can save it up in a few months - so you can afford to save

congratulations you can afford to save - you can afford a house

herpa derp derp

Hamster said:
Because your example is not applicable for 99% of South Africans.
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/gets on knee's and proceeds to perform fellatio

Bighit said:
Think of this viewpoint, I can rent for 15k a month, but choose to buy a house that will cost me 9k a month. You can afford a house then.
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lol, this is very far from the norm. but sure in this case you are right, well done, 10 internets for you!
 
CamiKaze

CamiKaze

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Stillie said:
Hi Guys,

My wife and I are looking to buying our 1st home next week.

I recently read http://businesstech.co.za/news/general/78063/a-guide-to-buying-a-home-in-sa-in-2015/ which was a great source of info. One thing we dont have is a deposit. Is a deposit something you HAVE to have? I heard that 1st time buyers can sometimes get a 100% bond? would this include some sort of deposit or am i looking at it all wrong?

Thanks
Click to expand...

It's possible to get a 100% bond from your bank depending on your salary.
All you need after the home owner signs the OTP is:
the 100% bond
the transfer fee
bond registration money,
and 3 - 5k rates clearance fee on the house that you are about to buy.
 
Enzo Matrix

Enzo Matrix

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D3x! said:
close your eyes big boy :D

/I am just pointing out the fact that you seem to have a brain and are correct. it is so few and far between lately i rewarded it with the highest honour.
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Are you 12 years old?
 
Stillie

Stillie

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mod please close this thread, its become useless with all the bickering
 
N

Neo_X

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Mar 23, 2005
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more or less related to home buying.

I am trying to see if investing in a bigger property makes any sense, or rather to invest the extra funds i have separately.

Does anyone know if Rent price increases keeps to inflation, or have they exceeded inflation the last 10 years?
considering the extra expenses(Tax/Levies/Insurance/Maintenance/Bond/transfer costs), i am wondering if there is any real profit in buying a house :/
 
Acid0

Acid0

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Feb 10, 2009
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Just keep a few things in mind.

1. If renting - You are not paying rates and taxes, levy, security and upkeep of the house, Insurance on the house.
When buying - You are responsible for all and that might get expensive House + Area could be between 2k - 4k for rates and taxes
The water and electricity will be about double from Townhouse to House
Everything that breaks you are responsible to replace or fix.

Roughly you can add about 50% - 70% on your house monthly repayment

In other words.
The below is just roughly estimates
You buy a house for 1 Million (with today's prices its a moderate house)
Repayment = R10k
Rates and taxes = R1500 (depends on area and value of house)
Water and lights = R1500 (depends on size of family and habits of usage)
Upkeep of garden = R700 - R1000 (if You are not doing it alone
Insurance on house = R400 (depends on institution)
Life insurance = R200 (depends on institution)
Security = R500 (if you need extra or if you are in a estate it might not be needed)
The above is just a few examples.
So yes just remember owning a house is great but does come with responsibilities.
 
Acid0

Acid0

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Neo_X said:
more or less related to home buying.

I am trying to see if investing in a bigger property makes any sense, or rather to invest the extra funds i have separately.

Does anyone know if Rent price increases keeps to inflation, or have they exceeded inflation the last 10 years?
considering the extra expenses(Tax/Levies/Insurance/Maintenance/Bond/transfer costs), i am wondering if there is any real profit in buying a house :/
Click to expand...

As far as I remember they can at max charge you 10% increase every year for rent
 
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