ARE YOU PROPERTY WISE?

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TENANTS!  Can You Afford to Buy?

Many tenants are unaware or have never established whether they could, in fact, afford to pay off a mortgage bond on a home of their own.

The following table gives an indication of the size of bond serviced by the monthly payment currently spent on rent (assuming an interest rate of 11% pa on a bond payable over 20 years):

Monthly Rent        Bond Serviced

R1 800                           R174 000

R2 000                          R194 000

R2 500                          R242 000

R3 000                         R290 000

R3 500                         R339 000

R4 000                        R388 000

R4 500                        R436 000

R5 000                       R484 000

A word of caution, however, the costs do not end here – a deposit is usually required as well as transfer costs and insurance.  General maintenance, rates and taxes or a levy may also add to your monthly bills together with other miscellaneous costs often unseen by the tenant.

If you are considering buying a property and would like assistance on whether or not you would qualify for a mortgage bond contact your local bank or estate agent.  Here at Flatfinders, Brenda Webster would glady assist you.  She can be contacted by email on flatfindersber@telkomsa.net or telephone +27 31 5637214 or fax +27 31 5637217

 

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November 16, 2009 at 6:33 am Leave a comment

Renting a Property

Important Notes for Persons Wanting to Rent a Flat, Townhouse or similar Property:

In order to enter into a Tenancy Agreement (Lease) you need to be gainfully employed unless you are a minor (under age) in which event your legal guardian (normally your parent) would have to sign a lease for you.  There are costs other than the monthly rental that need to be paid initially, these are:

A Security/Damage/Key Deposit  –  the amount varies dependant on the Landlord involved but is generally equivalent to one or two months rent;   in addition you will have to pay a Lease/documentation fee which again varies from Company to Company – if renting through Flatfinders your lease fee would be R684 (inclusive of vat) but can be as much as R1300 through some other companies.

If you are renting in a sectional title complex you will in addition to the terms of your Tenancy Agreement be bound by the Conduct Rules of the complex.  These are not onerous but are there to ensure that several families can reside together harmoniously with all able to enjoy the facilities of the building or complex without hindrance from others.

Should you need any information on renting property please call Chrystal on 031-5637214 or email me at flatfinders@telkomsa.net and I will gladly advise or assist where possible.

August 12, 2009 at 8:53 pm Leave a comment

Hello world!

Welcome to the world of rental.  To find out more about us click on our “About” page. 

If you are looking for property to rent try the “1 bedroom flats”; “2 bedroom flats” or “Townhouse” pages – who knows your next home may be there waiting for you to discover. 

If you are a Landlord and would like someone to take the “hassle” out of rentals give us a call we can help.

Watch our postings for hints and tips in the world of property.

Yours in rental, 

Chrystal Ball (flatfinders@telkomsa.net)

August 12, 2009 at 3:30 pm 1 comment


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