Buying a house in Cape Town

biometrics

biometrics

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satanboy said:
Very nice.
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If this works out, the Hermanus house plus the spare Melkbos house rentals will pay my full new bond. I can then accelerate payments as I have no bond costs. After 4-5 years will be half paid. Will then rent the second one out and buy another. Rinse & repeat...
 
satanboy

satanboy

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biometrics said:
If this works out, the Hermanus house plus the spare Melkbos house rentals will pay my full new bond. I can then accelerate payments as I have no bond costs. After 4-5 years will be half paid. Will then rent the second one out and buy another. Rinse & repeat...
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Going to become a landlord.
 
satanboy

satanboy

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biometrics said:
No this one.

www.property24.com

4 Bedroom House for sale in Van Riebeeckstrand - Melkbosstrand

A hop and a skip to the white sandy beaches of Van Riebeeckstrand, Melkbos. Well located on My Citi bus route, local schools and a small shopping complex. The home offers dual living, or make it one large family home. Two dwellings on one large Erf. Rental income would be an added bonus if same...
www.property24.com www.property24.com

Two two-bedroom houses for the price of one. Going to rent out the spare house. They are completely separate from each other with own parking, entrance, braai, stoep, garden etc. Going to rent out the spare and the Hermanus house.

This house is three houses from the one we used to live in for ten years.
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The kitchen has the same light fixture as our bedroom. lol
 
biometrics

biometrics

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satanboy said:
Going to become a landlord.
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Well I tried to be a successful entrepreneur and though I earn a salary I never quite cracked it, not giving up though.

20 years ago I figured I should buy, then rent it out, then buy the next house and repeat. Little did I know banks look at total exposure and they insisted I sell some before giving me a Melkbos bond. Scuppering my plans.

This time the Hermanus house is paid off except for 100k. And plus buying a property with two houses restarts that plan.
 
biometrics

biometrics

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A tip for anyone looking at satellite pics of a new house, use the Cape Town GIS system. Data is available over time and photographed by airplane so the resolution is much better than Google Maps.

City of Cape Town Map Viewer

citymaps.capetown.gov.za citymaps.capetown.gov.za

Select the 2018 layer.

Doesn't work well on mobile.
 
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satanboy

satanboy

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biometrics said:
Pretty but I guess they will take that with them.
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Not allowed AFAIK

While certain items could for be easily removed, others such as a light fitting, would certainly need to be replaced and, he said, the buyer will want to know exactly what the replacement will be in terms of appearance and quality especially if it pertains to a feature room, such as a formal lounge.
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biometrics

biometrics

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Waiting to hear if offer is accepted or countered. Next 30 minutes...
 
Y2K

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biometrics said:
Got final approval after valuation. :)
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First off congrats, secondly I'm curious as to how this works, so basically you build up credit record with the bank and apply for a bond, once you get approval you then purchase the property and rent it out?

I'm moving into my own place next year and will most likely rent until I build up enough credit buy my first property.
 
biometrics

biometrics

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Y2K said:
First off congrats, secondly I'm curious as to how this works, so basically you build up credit record with the bank and apply for a bond, once you get approval you then purchase the property and rent it out?

I'm moving into my own place next year and will most likely rent until I build up enough credit buy my first property.
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Credit record is a factor but the most import is affordability. They will lend you 30% of your gross income. So if you earn say R30,000/month before tax, they will allow you debt of R9,000/month. What you can spend is dependent on the current interest rate. That R9,000/month will get you a R1,100,000 bond with R65,000 once off costs for bond and transfer.

Free monthly credit check: https://www.clearscore.com/za
 
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