[Guili]

If you need advice on anything other than Alfa's here's the thread for you...I'll start off:

Dear AO aunt:

My wife and I are expecting a child in August, our rent contract ends in July, we have been looking at houses and all we saw was someones excuse for a roof on walls:tut: Our great friend is selling his house at the moment, and we quite like his house, and he has a flat at the back of the house which he rents out to tenants, he gave us R50 000 off the valued price because were friends.

Now a couple of things needs to be taken into consideration here...
1) I'll be a 1st time home buyer
2) I've been pre-approved
3) Because I work for SASOL, I get prime -1
4) My wife will be leaving her job at the end of June for maternity leave, but will not be going back there again, so maybe she'll be jobless come 2011
5) We are going to be a single income family - :wow:
6) I can just just afford the house, but don't want my family's lifestyle to be cramped.
7) Jobs in Secunda are like 85 Guilietta clear side indicators...you don't get them!

here's the issue since we expect another Turner in our lives...
Do you think this is something I should not let slip? With my current rent I'll have to add almost R4000 to make the bond + medical aid for the new born and monthly expenses for the new born + about R800 water/electricity will reeeeeeeely force my budget to the point where I won't be able to;

1) Save
2) Have money to spend...

If my wife goes back to work, we will have cash available to save and some cash to spend etc...

We have decided that she MUST go back to work but for 4 months I'll be carrying the bulk of the payments that need to be made, its a bit hectic, but this is an opportunity that cannot pass, its not everyday that my wife and I both like a house, that's safe, neat, loads of space for Alfa's, 1200m2 of land filled with grass etc...

Advice - should I take the plunge and live bad for 4 months and hope I get a raise and a promotion come next year and hope my wife can go back to hell (work) or should we stick it out and first make sure all our ducks are in a row financially and only then start looking for a house that we can AFFORD comfortably?

:thumbs:

 

[scrgdk]

I'd say jump for it and take the house. For that kinda deal, if you think its worth the money, JUMP!!!
Sounds like a nice home to raise your new family in as well...

Do the hope and praying thing for 4 moths rather, seriously....
Go for it!!!!

 

[GhostyDog]

1200 square meters of land, a fecking square kilometer and more of land?????

Only people who have that here are farmers :lol:

Lucky bugger, If I had that I'd buy one of these. Rage Motorsport | Buggies | road and off road buggy

 

[Trackman]

Hi there..

Im not full of knowlage but I do own 2 flats and these are the things I found with new buys..

1. have you included ALL the legal cost: Transfers, attorneys, council, ect.
2. theres alot more to be spent on when you own a property / garden..
3. I know the babies due August and you wanna then move in July?? I'd be a tad worried about your wife/baby.. (stress, moving, getting the house sorted out, getting the BABY room sorted)

4. like you said "you dont wanna cramp your life style" financial stress is one of the hardest things for a couple and you must try not let it get through to the baby / your wife... (If you understand what im saying?)

But...

1. Now Is a good time to buy, the market is low and with your buddy giving you a even better price is REALLY GOOD!!
2. The interest rate are presumed to stay still for a while.. so you'll have the ease of mind till you get on track (4 months)
3.having your own place is really good and your wife will finally be able to make "HER NEST", it gives great comfort and security in ones life.

Im not going to blabber on anymore... but get the place if you are sure you have ALL the info and Costs involved!!!
I didn't.. but just scraped through to get my properties, and I dont ever look back..:thumbs:

 

[Guest]

:thumbs:Hi
I think you're getting sound advice here Giuli (referring to the above). My wife and I entered into the market on the brink of the new NCA act, and that's with our second one on the way. We factored in every cost, made sure that every detail was included (legal costs, rates, etc) and then worked out our budget (what's a budget?) and realised that we would probably be about 5k short each month. Huh?!?!
We took the plunge and about 3 years later, we have no regrets. It will be a bit of a battle at first, but you will make do either way. In addition to this, we spoke to our bank and they reduced our repayment for the period that my wife was on leave, but that's because it was a joint purchase. There are ways and means buddy.
I say go for it. Besides, you're already making a purchase with some equity in it. :thumbs:

 

[masonGTA]

1200 square meters of land, a fecking square kilometer and more of land?????

Only people who have that here are farmers :lol:

The down side is our cars cost a massive amount of money compared to you chaps.

You want to swap...?


Trackman and AR156SA give really good advice. Just to add my few cents, I have just bought a place, also first time buyer and also off one salary. My fiance is in her final year of studying so she don't earn to much.

What I can tell you is, Transfer/bond registration fee's are expensive and depending on how you do the finance, sometimes you have to pay these out of your own pocket.

It inevitably costs more than you think, but upon saying this, I think AR156SA puts it fairly well, you get through it. But Trackman raises a good point, moving/buying is stressful. Especially for the wife, So I think she also needs to think carefully about it and realise the implications of the decision you make.

If you need any other info, send me PM. Like I said, I have just been through this whole process:thumbs: