Home Loan the Traditional Way

Home Loan the Traditional Way

You can always approach a bank for a home loan. If you apply for a 100% home loan you may be able to buy your property using OPM, says de Waal.

“If you do not buy a property that includes all legal costs (for example from a developer, or even getting the seller to finance the costs) you may need to use your savings of R35,000 to pay for the purchase fees,” he says. “The fees are usually payable by the purchaser to the property transferring attorney and the attorney who will register the mortgage bond.

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“One needs to also factor in the additional costs of owning a property, such as monthly rates and taxes, levies, maintenance and insurance costs, and to calculate the actual percentage a property grows year by year (your net return on investment). If you live in the property, also consider these expenses against your capital growth. But as one can see, the benefit of owning property far outweighs these costs.

If one can invest in a property that is cashflow-positive from day one, the rental income obviously absorbs extra expenses and you are in effect getting your property for free. Once your net rental income has paid you back your R35,000 invested, you will literally have acquired the property for free and your return is then infinite.

Author: M De Waal

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