Yesterday we looked at the first two steps that are involved in the purchase of a property, namely the signing of the Offer to Purchase contract and the role that the bond originator plays in obtaining finance for the mortgage. Following that the next five steps are involved in buying and registering a property.
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Part One The process involved in registering a bond or property transfer is usually straightforward and simple. Occasionally, however, the progression can be delayed by additional hurdles that arise when dealing with a deceased or mandated estate. The flow of the procedure remains the same in essence in these cases, with perhaps an added step or two. This guide serves to outline the basics of a normal purchase and property transfer.
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The Western Cape average house price growth has, since the first quarter statistics reports, shown the most significant growth since the bottom fell out of the property market in 2007. Already in the first quarter of 2012 the property prices in the Western Cape showed an increase – year-on-year – of 8.2%, ahead of all other South African provinces.
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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.
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