Tips for buying a house first time?

alf101 said:
So now that you're settling down, your gf must be thinking about the future...
A future with u... ;)
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thedutchman said:
i bet you she is already looking for the "perfec" rings and she probably already knows, where she wants her dress to be made, oh boy!!! make sure the house is in your name, otherwise she will take it away :D
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Dammit- stop with the scare tactics :p


ant101 said:
Well xrapidx, it sounds like you got your bases covered and just need to doo eeet!.
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problem is, I only have about 100,000 I can use - and the majority of that is going to transfer duties and fee's.... I've tried to explain to the bank that I have endowment policies which mature next year, and they can have them, but they don't seem interested.

I really want to buy now, as I think I'll get the best deal now...
 
thedutchman said:
thats true, no one is getting their houses sold, so if you can get a loan from the bank you can demand the lawyers, you can demand a good price cut, lol, i just had to laugh, 1.5 million for a house, with a swimming pool ;) where ?? not in cape town :)
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http://www.noseweek.co.za/article.php?current_article=1967
A three-bedroomed, two-bathroomed free-standing house in the Table View area. On sale through agents at R895,000, Tsimitakopoulos got it for R450,000
 
xrapidx said:
I'm not only tired of renting - I'm tired of moving - I want my own house.

Also, don't want to turn this into a debate about whether or not its the right time to buy - I can afford it - I don't care if the market drops a little more. A place of R1.4-1.5m odd is only going to be a bit more than what I rent at now - maybe not as nice as what I rent, but I'll be happy being able to call it mine.
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Decision rests heavily on emotions - I'd mix a little 'head' in with all that 'heart', thats all. :)
 
Maybe you can take out a personal loan for R 200 000 at ABSA, they don't really worry about what you use it for.
You can say you want to build a nuclear device, or maybe pay for the ring / wedding.

Then you have your deposit.

When you get your home loan, tell them you need extra money to renovate, use that to pay back the personal loan, or use your policies etc next year.
 
alf101 said:
Maybe you can take out a personal loan for R 200 000 at ABSA, they don't really worry about what you use it for.
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That will screw you over with the NCA and seriously lower your chances of being granted a home loan. I thought about doing that until I spoke to a SA Home Loans consultant who convinced me not too.
There are 4 credit checks done before a bond is approved. They take the credit limits on all your accounts and assume that they are all maxed out.
So to them it will look like you have minus R200K equity even if you haven't used the money.

Anyway the repayments are shorter term (84 months) and a maximum of R150K (ABSA) so the repayments will be steep compared to the bond.
 
Paul_S said:
That will screw you over with the NCA and seriously lower your chances of being granted a home loan. I thought about doing that until I spoke to a SA Home Loans consultant who convinced me not too.
There are 4 credit checks done before a bond is approved. They take the credit limits on all your accounts and assume that they are all maxed out.
So to them it will look like you have minus R200K equity even if you haven't used the money.

Anyway the repayments are shorter term (84 months) and a maximum of R150K (ABSA) so the repayments will be steep compared to the bond.
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Duh-Oh!
Back to the drawing board.

Must be a way...
 
Paul_S said:
They take the credit limits on all your accounts and assume that they are all maxed out.
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Erk ... time to close a few credit cards that are ruining my chances!
 
xrapidx - Where in Cape Town are you looking? I am also house hunting in the R1.5m range in Southern Suburbs. I'm interested to see what you have found you can get for R1.5m.
 
Interesting thread... I'm actually in the process of buying a property myself - bought directly from a developer (luckily) so that saves me a few grand on transfer duties. Only problem is they're not very willing to negotiate on price... :( Signed the OTP on Monday and Ooba contacted me for all the stacks of paper they require for bond-submission. I'm looking to get a 90% bond.
 
Sensorei said:
xrapidx - Where in Cape Town are you looking? I am also house hunting in the R1.5m range in Southern Suburbs. I'm interested to see what you have found you can get for R1.5m.
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Haven't really looked out that side lately. Mainly been looking in town and northern suburbs, Durbanville, West Beach, etc.
 
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