---->Taking out a second bond<----

[SFW007]

Need your opinions

As the Title says am thinking of taking out a second bond but am two minded people always have something bad to say.I dont have R 70 000 lying around to do the renovation basically a garage and entertainment area.Currently bond is 3,5 will push the bond up to 4,5 who could i speak to that could give good advise besides you guys ?

Thanks

 

[stoke]

Not a good time to be raking up more debt.

 

[semiautomatix]

It wouldn't be a second bond, but merely an extension on your current bond.

 

[SFW007]

It wouldn't be a second bond, but merely an extension on your current bond.

yes an extension but is it a viable option i get prime - 2,5

Not a good time to be raking up more debt.

i hear you but my yellow citi golf is rusting at the sea

 

[air]

how much value will it add to your house?

 

[HavocXphere]

Your timing is not so hot.

 

[SFW007]

well i bought it for 295 the council did a survey about a couple of months ago valued the house now as is no alterations done 450 staying in the house for about 2yrs now

 

[SFW007]

Your timing is not so hot.

i know ..petrol price

 

[air]

well i bought it for 295 the council did a survey about a couple of months ago valued the house now as is no alterations done 450 staying in the house for about 2yrs now

Ok, so how much value will the alterations add to your house? Work out whether you can afford the extra payments, to be safe add another 1-2% onto your current rate, as well as the usual increases in elec / petrol...

 

[semiautomatix]

yes an extension but is it a viable option i get prime - 2,5




i hear you but my yellow citi golf is rusting at the sea

Just like the rest of a few of us lucky b*stards in days gone by

Thats the question, can you afford it?

 

[Toffee]

I usually do a repayment calculation at 2 0r 3% above the current interest rate and if I can afford the payment I do the deed. Hey, you could die tommorow, enjoy living now. By adding a garage and entertainment area you will be adding to the value of your house. Depending on the area you live in the value of you property may or may not go up in line with what you spend(you do run the risk of overcapitalising in some areas).

 

[skydog]

Need your opinions

As the Title says am thinking of taking out a second bond but am two minded people always have something bad to say.I dont have R 70 000 lying around to do the renovation basically a garage and entertainment area.Currently bond is 3,5 will push the bond up to 4,5 who could i speak to that could give good advise besides you guys ?

Thanks

if according to the credit act and your credit rating you can afford to take it out the bank will be happy for you take it out. bank is always happy to give you money if they think you can pay it back

if you taking it out to improve your property then i cant see why it would be a bad thing. it will increase the value of your property so i guess it is a fair investment.

so if you can afford it why not? but then dont listen to me i dont have a financial degree

 

[SFW007]

Ok, so how much value will the alterations add to your house? Work out whether you can afford the extra payments, to be safe add another 1-2% onto your current rate, as well as the usual increases in elec / petrol...

I do not know how much value it would bring but the property value for the area as increased at a rapid pace and i think this minor renovation would increase it even more

Just like the rest of a few of us lucky b*stards in days gone by

Thats the question, can you afford it?

yebo yes

I usually do a repayment calculation at 2 0r 3% above the current interest rate and if I can afford the payment I do the deed. Hey, you could die tommorow, enjoy living now. By adding a garage and entertainment area you will be adding to the value of your house. Depending on the area you live in the value of you property may or may not go up in line with what you spend(you do run the risk of overcapitalising in some areas).

Thanks Toffee i have seen an increase in 90 % of the developed houses

if according to the credit act and your credit rating you can afford to take it out the bank will be happy for you take it out. bank is always happy to give you money if they think you can pay it back

if you taking it out to improve your property then i cant see why it would be a bad thing. it will increase the value of your property so i guess it is a fair investment.



so if you can afford it why not? but then dont listen to me i dont have a financial degree

yes it will definetly be a good investment

 

[Ou grote]

If your builders actually do the job properly for 70k, please post their details here.

 

[SFW007]

If your builders actually do the job properly for 70k, please post their details here.

Alf he is dam good one what i saw and my wife saw he done ,he made a beautifull extension to a neighbour adjacent to my house very neat and tidy.very profissional once his done with my house i will post his details