How much money do you earn? And how do you spend it?

[CamiKaze]

I need a job.

R2000

Rent: 1500
Food: 300 - 400
Airtme/Transport and Misc: 100 - 200

3rd Year student in Industrial Engineering.

It will pay off soon, just don't get used to the influx of money once you start earning.

 

[akescpt]

The assumption is that i was paying all of it off at once

The car - at that time - was paid off (and it was a cheapie). So, had no car debt at the time of purchase of property 1.
My initial study loan - at that time - was paid off. So, had no study debt at the time of purchase of property 1.
When I purchased property 1 (you are correct in assuming that it was a cheap flatlet, R500k at the time), I pumped almost all of my savings and investments into the deposit and the outcome was that the bond was repaid in less than 7 years. It was actually cheaper living there, paying the monthly bond installments, than renting elsewhere for similar size.

When I purchased property 2, I had no debt either and was making rental income from property 1. All other debt consequently followed (latest car & study debt, CC, etc).



Back then I had to count every cent I had and was earning less than half of what I earn today. I'm still counting the cents and budgeting carefully.

If you can't offset Yor rental income against the interest of a bond how are you keeping Yor tax exposure down on Yor rental income?

 

[Frostfang]

Geez, my first intern job got me a mere R2500 per month as a dev (2009).
What in "IT" are you?

SAP.

 

[CamiKaze]

SAP.

That's where I'm now, ABAP.

 

[CamiKaze]

Anyone also notice an increase in their bond repayments?

January: R 9000.98
February: R 9039.96
March: R 9420.37

 

[Paul_S]

Anyone also notice an increase in their bond repayments?

January: R 9000.98
February: R 9039.96
March: R 9420.37

Yes, same here.
About R400 to R500 less in my pocket every month just for the bond repayments.
Add vehicle, overdraft, credit card ... it adds up fast.

 

[heartbroken]

Anyone also notice an increase in their bond repayments?

January: R 9000.98
February: R 9039.96
March: R 9420.37

Mine went up more than 1k in the last year.

I must remember to thank our fearless leader for the rise in interest rates.

 

[CamiKaze]

Mine went up more than 1k in the last year.

I must remember to thank our fearless leader for the rise in interest rates.

March 2015 (My first payment): R 8039
March 2016: R 9420.37

 

[Surv0]

Since buying my house two years ago, bond went from 10.3k to 11.6k.. harsh...

 

[Necropolis]

March 2015 (My first payment): R 8039
March 2016: R 9420.37

Ouch.

I'm very glad I don't have a bond to worry about at the moment.

 

[Pyro]

I've been paying long enough to have had a decrease, but yes, Repo rate went up, so no surprise there.

Depending on which way it goes out could rise significantly this year, so take care with those budgets!

 

[CamiKaze]

Ouch.

I'm very glad I don't have a bond to worry about at the moment.

Paid off?

 

[Necropolis]

Paid off?

Never owned any property.

 

[Pho3nix]

Anyone also notice an increase in their bond repayments?

January: R 9000.98
February: R 9039.96
March: R 9420.37

Looking at putting an offer down and you just killed my mood :twisted:
/holds tightly to cents

 

[CamiKaze]

Looking at putting an offer down and you just killed my mood :twisted:
/holds tightly to cents

Well, to add to it... I have an interest rate of 6.75%.

 

[Surv0]

Well, to add to it... I have an interest rate of 6.75%.

damnit...

Would still rather be paying off a bond than throwing money into somebody elses... paying all I can into it now, and doing it up nicely in hope to sell for a decent profit to finance my move to Canada..

 

[TofuMofu]

Looking at putting an offer down and you just killed my mood :twisted:
/holds tightly to cents

bah, I just bought a place and this is making me regret it

 

[Pyro]

Looking at putting an offer down and you just killed my mood :twisted:
/holds tightly to cents

Worth noting that rental prices are bound to increase in tandem with these increases as soon as the owners catch on and contracts allow.

 

[Pho3nix]

Well, to add to it... I have an interest rate of 6.75%.

Aren't you on 8 now, if working with Staff rates?

 

[Pho3nix]

Worth noting that rental prices are bound to increase in tandem with these increases as soon as the owners catch on and contracts allow.

Squating with parents and lady right now so rent isn't an issue per se.