Question:

First time buying advice

by Guest4160 | earlier

Dear Steve,

I was born in South Africa but I am currently working in the UK. I have saved up some money and would like to buy a house (1st time buyer). I would like to buy in South Africa, but I do not know where or how to start. Can you please advise on the basic issues such as:
What percentage do I need as deposit
Where to get a morgage
where to buy
what to look out for
warnings
etc.

thanks.
Pete  

Tags: advice, buying, time

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Deposit Because you are out of the country I think you will need 25% for a deposit. Criteria however are not fixed and can vary from person to person, bank to bank. You will only know once you have applied to a bank and they come back to you with an offer

Where to buy. Northern suburbs of Johannesburg. A newish townhouse or cluster in the price range of R500 000-00 to R1 000 000-00. Alternatively the Garden Route. Durbanville ( an area of Cape Town) has a lot to offer.
What to look out for. Deal with a reputable estate agent. Do not buy a stand-alone house if you are out of the country. Buy on a slope that faces north and not close to a river or stream. SA houses are not well insulated. Don't be put off if the development is a bit ‘out of town'. This will give you a better investment as northern Jhb is expanding at a furious rate.

Or if you are buying only for the investment purpose then you can also go for those houses which are standing alone because due to the rapid growth of the cities sooner your house will be at the place where after few years there will be no space left and at that time if you like to sell out the house then you will be getting reasonable profit out of it. Best of luck.

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