Generally, most people’s biggest long-term debt will be their home loan. And while property prices may fluctuate randomly, you do have control over which home loan you choose to finance the purchase of your house. It is imperative that you select the loan with the options and benefits that suit your needs and your pocket the best.
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It’s easy to get confused and overwhelmed when confronted with the myriad of financial terms that get thrown around when talking about property as investment or the property market in general. To make things a little easier for you, here is a glossary of expressions explained as simply as possible. It is important to educate oneself so you can make wise, sensible and informed decisions about the long-term investment of property.
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When taking out bond financing on your home, you are essentially paying off two loans – not just one. The first loan pays off the capital amount borrowed and the second pays off the interest on that capital amount. Thus, a massive chunk of your monthly bond repayment goes towards paying off the interest, and more often than not the amount you pay back at the end of the loan period may equal or exceed the initial cost of the property. This is because the interest on your home loan accumulates interest of its own – the principle known as compound interest.
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When tenants find themselves at the end of their lease period, they often expect to get their full deposit back when they leave. This is especially the case when the tenant has left the property clean, neat and free of any impairment. But, landlords will often retain their deposits because they feel that repairs need to be made to the property.
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Before you start looking at online or newspaper ads for a flat or a house to rent, it is important that you first think about a few things! Keep in mind that in today’s economic climate the demand for rental property vastly outweighs the supply. It may be difficult to find suitable accommodation that meets all of your requirements as a tenant, so make sure to go into the process as prepared and informed as possible.
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Within the last five years it is clear that the residential developments in The Orchards – an area in the north of Pretoria – have grown exponentially as demand increases. Developers and investors are joining the throngs of first-time buyers in snapping up the affordable land and houses available in The Orchard’s suburb.
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Since their house is, for most people, the most substantial investment they will make in their lifetime, it is common to have a 20 year loan repayment plan in order to meet the expenses of having a monthly bond repayment.
...read moreAs property is still the best performing investment after shares, many investors believe that one way to take advantage of this is to buy property in order to rent it out. Investors can find real bargains at the moment – with repossessed and mandated properties providing excellent value for money. The current economic climate has also resulted in an increased demand nation-wide for rental property. The interest rate is also currently at a point that makes it easier to buy property as an investment. ...read more
Many investors and home buyers are making use of auctions as a way of discovering the next great bargain. Bidders will find everything from entry level homes to vacant land and multi-million rand mansions available on auction. But, before you rush to start waving your bidding paddle in the air make sure to do your homework before buying a property on auction – be it at a physical auction or an online auction – as there are certain things any bidder should be aware of. ...read more
It is vital that before entering the property market an individual considers what requirements they may have as well as what they will be able to afford. ...read more
