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A good thing to get is a "Pre
Approved" bond. This means that you fill in the bond application
forms at your bank, they check it as if it is a normal application
and then give you a letter stating the maximum amount they are
willing to lend you. A "Pre Approved" bond gives you
much more bargaining power and in some cases even enables you
to buy on an auction. A seller will also feel better about you
as buyer if he knows your bond had already been approved. In business
there is no place for sentiment. So, do not only apply at the
Bank you are banking with for the past 60 years because they give
you good service. Every % you get discount will mean more money
in your pocket at the end of each month (on R400000, 1% discount
= R302.00/month saving). So either apply for a loan at more than
one bank, or contact a loan broker
so that they can apply at more than one bank for you. By applying
at more than one bank you can bargain for a better interest rate.
If you look at the property in general,
keep in mind that the general artesian currently charge anything
from R100.00 per hour for their labour.
The cheapest tiles will cost you,
with all costs taken into account, at least R80 per sqr meter
to do. This includes labour and material. This amount is the bare
outside of the house.
Look at the structure of the building. Look for cracks in the
wall, especially cracks on the corners of the house.
for paint on the outside of the wall which is pealing. Pealing
paint at the bottom of the wall in a horizontal line above the
ground sometimes indicate a damping problem. This means that the
wall sucks moist from the soil around it.
paint in the facility of piping normally indicates a leaking pipe
inside the wall.
the outside wall need repainting and repair?
is the condition of the roof? Is it a steel or tile roof. Repainting
a roof is a very expensive exercise, so be sure the roof is not
rusted or pealing. A tiled roof of which most of the paint is
absent and the concrete color of the tile can be observed, also
need to be repainted. Also have a look at the ceiling inside the
house. Stains on the ceiling or a sagged ceiling normally will
indicate a leaking roof.
is the condition of the gutters?
is the condition of the driveway?
is the condition of the garden. If you move from a apartment to
a house, remember that watering a garden might cost you more than
you think. A borehole is a major advantage.
does the pool look like. Is it a concrete or fiber glass pool?
If concrete, look for cracks in the pool. Refurbishing a cracked
pool might cost you in the region of R18000 or more. Is the pool
the window frames rusted or do they need to be painted. Does the
sliding doors work. How many windows are broken?
Are the garage doors and gate
motor (if applicable) working properly. A normal rolling garage
door might cost in the region of R1200.00 and a new sliding gate
The inside of the house
How many doors are broken? Do they open and close properly? Key
to doors and closets? (cheap inside doors, fitted, go for about
R250.00 minimum each)
what condition is the carpets and tiles? The cheapest tiles will
cost you with all costs taken into account, at least R80 per sqr
meter to do. This includes labour and material. This amount is
the bare minimum.
old is the heating and/or cooling system. Older under floor heating
(installed approx 1970-1980) consume a huge amount of electricity.
These old under floor heating systems were casted in the concrete
of the floor. Thus it have to first heat up all the concrete before
radiating heat to the room itself. Modern "under carpet"
or "under tile" heaters are much more sufficient and
uses a lot less electricity.
old is the stove? Is it still in a working order?
Look for loose tiles on both the wall and floor. If you knock
on the tiles on the wall and it sounds hollow, it is most likely
lose. Is the bath's inside surface still smooth and clean. Are
there any water leaks?
the owner obtained a electrical certificate yet?
there enough electric plugs in each room for your use?
the house come with a security system, what is the monthly installment?.
there burglar bars on windows and safety doors on the doors?
for pealing or flaking paint.
Pealing or flaking paint can be an indication of a water leak
on the internal piping system or other water problems. To repair
an internal water pipe is an expensive exercise since the wall
have to be opened in order to repair the pipe.
Things to think of before you decide!
the seller be prepared to repair problems pointed out to him.
If not, will your budget allow to fix it yourself?
your furniture fit in the new rooms?
there sufficient space to extend the house if necessary?
the case of a sectional title (normally apartments, duplex or
simplex) What is the monthly levy and what is included in the