Disylizzy Posted June 18, 2015 Posted June 18, 2015 R35K buys me a house? not sure what that meansis http://www.property24.com/the best site for looking at rentals? www.gumtree.co.za is the best place to find rentals.
dre Posted June 18, 2015 Posted June 18, 2015 R35K buys me a house? not sure what that meansis http://www.property24.com/the best site for looking at rentals? R35k to cover bond repayments for a decent 4 bedr house. Rental a bit cheaper. Will be tough to get a bond especially if you're not SA citizen. But agree, www.gumtree.co.za has the most variety, but be aware of scamsters. If they say they moved to Durban to work at the Christiana HEalth Care System, and if you pay a deposit they will post the keys, stay away Captain Fastbastard Mayhem 1
quade Posted June 18, 2015 Author Posted June 18, 2015 9% interest in SA...fudge that!I'll probably offset against uk house and get a euro mortgage Thanks for the heads up, will get on gumtree now
Scott2luvit Posted June 18, 2015 Posted June 18, 2015 any place in George if you want to ride from your your doorstep marxie 1
quade Posted June 18, 2015 Author Posted June 18, 2015 any place in George if you want to ride from your your doorstep My neighbour visited christmas time and said he wants to buy a house and retire in George Sounds pretty nice!
Captain Fastbastard Mayhem Posted June 18, 2015 Posted June 18, 2015 9% interest in SA...fudge that!I'll probably offset against uk house and get a euro mortgage Thanks for the heads up, will get on gumtree nowIf you can do that, and get the cash out, then go for it.
quade Posted June 18, 2015 Author Posted June 18, 2015 If you can do that, and get the cash out, then go for it. my interest rate on uk house is 0.89% Doubt i'll get that, but will easily get 5% or below
Shebeen Posted June 18, 2015 Posted June 18, 2015 Net? Yes, absolutely. That would put you into "entry-level lavish" territory, to be honest. I'm guessing with a family you're looking at: Housing (4 bedroom house) - R35kVehicles x2 - R15kInsurance - R2kMedical aid - R5kGroceries and household sundries - R10kKids education & other stuff (guessing on what I've heard here) - R15kEntertainment - R10k Total of R92k, and that's without savings & investment. It all adds up so quickly!I lived like a king on R800/month in stellenbosch. ok there was a lot of costs that went on the student account. but seriously, you can get by no problems on a lot less than R90k Jacques@ACT and Captain Fastbastard Mayhem 2
Captain Fastbastard Mayhem Posted June 18, 2015 Posted June 18, 2015 my interest rate on uk house is 0.89% Doubt i'll get that, but will easily get 5% or belowThen have a look at the difference between the rentals and property finance pricing. No use going through the effort of refinancing an asset if the rental prices would be 20% lower than the repayments on the mortgage... quade 1
LazyTrailRider Posted June 18, 2015 Posted June 18, 2015 I lived like a king on R800/month in stellenbosch. ok there was a lot of costs that went on the student account. but seriously, you can get by no problems on a lot less than R90k So did I (referring to the R800/month thing), when studying. A family with a couple of kids is a different ball game however, which is why I said R60k worth of expenses is enough for a comfortable lifestyle. quade 1
Wannabe Posted June 18, 2015 Posted June 18, 2015 (edited) O.M.F !!!What kind of salaries are you okes earning? Total combined income for me and the wife is not even what you okes bandy around for an house alone.Then we pay a bond, medical aid, rates and taxes, electricity, groceries, etc. Luckily we drive the best car in the world. (the one thats paid off already ) And we live a good life. Not flush with cash, but we get along. Hell, I can even afford to cycle....... On second thoughts, don't answer, as I just might get depressed. Edited June 18, 2015 by Wannabe Skubarra, Ratty, Jacques@ACT and 2 others 5
NicoBoshoff Posted June 18, 2015 Posted June 18, 2015 If Pierre De Vos were to read this thread he'd have a white privilege aneurism. Just move to Paarl dude. R90k a month settes you on Val de Vie Polo and Wine Estate and you'll still feel like you're living in the countryside.Stellenbosch and Somerset-West are crime-ridden. quade and Captain Fastbastard Mayhem 2
Captain Fastbastard Mayhem Posted June 18, 2015 Posted June 18, 2015 O.M.F !!!What kind of salaries are you okes earning? Total combined income for me and the wife is not even what you okes bandy around for an house alone.Then we pay a bond, medical aid, rates and taxes, electricity, groceries, etc. Luckily we drive the best car in the world. (the one thats paid off already ) And we live a good life. Not flush with cash, but we get along. Hell, I can even afford to cycle.......bear in mind that the bond repayment on a R 3m home is in the region of R 30 - R 35k per month... 4 bed, 2 bath, reasonable space in that area - that's about average. Our family though - total expenses R 40k per month. That's with a house that has a R 500k bond and then all the other things on top of that. If the bond were larger, we'd easily be spending north of R 60k per month.. Wannabe and quade 2
LazyTrailRider Posted June 18, 2015 Posted June 18, 2015 bear in mind that the bond repayment on a R 3m home is in the region of R 30 - R 35k per month... 4 bed, 2 bath, reasonable space in that area - that's about average. Our family though - total expenses R 40k per month. That's with a house that has a R 500k bond and then all the other things on top of that. If the bond were larger, we'd easily be spending north of R 60k per month.. Yes. Just a quick disclaimer about my cost summaries: I'm assuming zero existing inputs from assets/investments/whatever. This is very seldom a scenario which people will find themselves in, but because people's situations are so diverse it's the only realistic way to tackle it. I can't say "If you sold an existing property worth X and used savings worth Y (because I don't know what X and Y are) and moved to Stellenbosch you'd be paying this much for a house". The same goes for vehicles. My cost summary is thus a blank state starting point: Buy a 4-bedroom house in Stellenbosch, it's a reality that the bond will cost you R35k/month. Buy a R450k primary vehicle (say a demo Audi Q5) and a R300k secondary vehicle (a new Golf), and with insurance you'll be looking at R15k/month. Both these points don't take into account that you may already have two vehicles, or you may already have cash to purchase both, or finance 50% of both, or whatever. Please interpret it this way... Captain Fastbastard Mayhem and quade 2
Jacques@ACT Posted June 18, 2015 Posted June 18, 2015 my interest rate on uk house is 0.89% Doubt i'll get that, but will easily get 5% or belowJust make sure you think about our very volatile exchange rate if you thinking about bringing money into the country. The way it is going is not good. If you plan to take capital out again then you might be in **** street with the exchange. Don't think interest rate differences between UK and SA rates will make up for that. Do yourself a favour and look at the fx trend GBPZAR for the last few years and you will see what i mean. LazyTrailRider 1
quade Posted June 18, 2015 Author Posted June 18, 2015 Just make sure you think about our very volatile exchange rate if you thinking about bringing money into the country. The way it is going is not good. If you plan to take capital out again then you might be in **** street with the exchange. Don't think interest rate differences between UK and SA rates will make up for that. Do yourself a favour and look at the fx trend GBPZAR for the last few years and you will see what i mean.Thanks manYes i've watched it nose dive and seen the link to precious metal with the ZAR, although i'm not that clued up on the economy I don't really want to spend any more than R90K a month unless i'm investing in a house or plot of landI guess what you are saying is the house I buy maybe worth sod all in future if I ever want to pull the money out, thats fine with me, I've got investment/rental houses in the UK that are for the retirement fund, but if i'm settling in SA, I will want to own a homeI just hate throwing away money on rentals as a long term option....it feels so wrong! ....Unless you guys are thinking its only a matter of time before you leave SA due to the political situation seems to be the in most of Africa! Captain Fastbastard Mayhem 1
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now