Paying 6 million for a 2 million rand house!!

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Expand view Topic review: Paying 6 million for a 2 million rand house!!

Re: Paying 6 million for a 2 million rand house!!

by User avatar sugar78 » Fri Jul 26, 2024 2:42 am

cathy82 wrote: ↑Fri Jul 26, 2024 2:40 am Its crazy that the interest is double the actual selling price…will we ever afford houses mara😢
Townships is where we gonna live

Re: Paying 6 million for a 2 million rand house!!

by User avatar cathy82 » Fri Jul 26, 2024 2:40 am

Its crazy that the interest is double the actual selling price…will we ever afford houses mara😢

Re: Paying 6 million for a 2 million rand house!!

by User avatar veronica68 » Fri Jul 26, 2024 2:38 am

The worst part is that the banks create your loan out of thin air. It's not like like they're risking their investment or that of its depositors. Their money only exist in electronic ledgers. You on the other hand pay with your labour.

Re: Paying 6 million for a 2 million rand house!!

by User avatar hlengiwe62 » Fri Jul 26, 2024 2:37 am

gugu89 wrote: ↑Fri Jul 26, 2024 2:36 am These institutions are teaching us a lesson for being ill discipline with our finances😂😂. Someone will pay that because they succumb to a pressure of being a 'home owner'.
That’s how it goes, it’s called interest.

A silent, steady hand pushing millions of people into poverty.

Re: Paying 6 million for a 2 million rand house!!

by User avatar gugu89 » Fri Jul 26, 2024 2:36 am

These institutions are teaching us a lesson for being ill discipline with our finances😂😂. Someone will pay that because they succumb to a pressure of being a 'home owner'.

Re: Paying 6 million for a 2 million rand house!!

by User avatar vuyi85 » Fri Jul 26, 2024 2:34 am

Kubi Kubi. Wait until you start paying it for a few years and the capital amount
Reduces by close to nothing cause you start by paying interest 😂😂.

Re: Paying 6 million for a 2 million rand house!!

by User avatar fresh74 » Fri Jul 26, 2024 2:26 am

Now you have to ensure you keep up the payments for 20 years, lose your job your payments for 5/10/15 years go down the drain. Job loss will coincide with bad economy, nobody wants to buy houses at that point. So you'll sell lower or get repossessed, loss either way

And nobody will be able to afford it 20 years later, like the current housing market. Buying a house is no longer an investment, it's a burden. Rates taxes maintenance security, you'll get old and the criminals will slowly clean out your home. Go rent

Re: Paying 6 million for a 2 million rand house!!

by User avatar lukhele89 » Fri Jul 26, 2024 2:23 am

Whatever the yield is after 25 years you are not going to find a decent house for that cash. You'll need to top up or just buy something smaller :thinking:

Re: Paying 6 million for a 2 million rand house!!

by User avatar tannie32 » Fri Jul 26, 2024 2:20 am

zethu678 wrote: ↑Fri Jul 26, 2024 2:15 am That house will worth way more than 6miĺlion after 20 years
2 years after buying it then squatters decides ho tlhoma mekhukhu next to house then loses value

A lot can change in 20 years. If the area deteriorates, the house will definitely lose its value.

Property values are influenced by the overall condition and desirability of the surrounding area. If an area becomes less safe, less well-maintained, or experiences economic decline, property values are likely to decrease.

Re: Paying 6 million for a 2 million rand house!!

by User avatar boy71 » Fri Jul 26, 2024 2:18 am

zethu678 wrote: ↑Fri Jul 26, 2024 2:15 am That house will worth way more than 6miĺlion after 20 years
Stop lying :lyingnose:
Not always. A colleague can't even sell his house that used to worth R1m ten years back for a mere R900K. Even getting the total repayment when you sell is highly impossible.

Re: Paying 6 million for a 2 million rand house!!

by User avatar puleng62 » Fri Jul 26, 2024 2:16 am

zethu678 wrote: ↑Fri Jul 26, 2024 2:15 am That house will worth way more than 6miĺlion after 20 years
Not always... Many areas barely see growth. You can definitely lose money in property

Re: Paying 6 million for a 2 million rand house!!

by User avatar zethu678 » Fri Jul 26, 2024 2:15 am

That house will worth way more than 6miĺlion after 20 years

Re: Paying 6 million for a 2 million rand house!!

by User avatar sarah8 » Fri Jul 26, 2024 2:14 am

One of the most interesting industries. ESPECIALLY the fact that they often resell these loans to other financial institutions.

Re: Paying 6 million for a 2 million rand house!!

by User avatar daniel86 » Fri Jul 26, 2024 2:11 am

The banks are making a killing. This thing needs to be regulated

Re: Paying 6 million for a 2 million rand house!!

by User avatar lesedi90 » Fri Jul 26, 2024 2:07 am

And as a person that works for a bank I will never take a bond :joy: :crying:

Re: Paying 6 million for a 2 million rand house!!

by User avatar ash53 » Fri Jul 26, 2024 2:06 am

To be fair; in 25 years time, that R20k/m will be worth R5k/M in todays money due to inflation.

So it might be a total of R6m in repayments, but that’s not in today’s money. The total repayment discounted by inflation would be closer to R4m

Re: Paying 6 million for a 2 million rand house!!

by User avatar goldie80 » Fri Jul 26, 2024 1:55 am

When you decide to sell it after 25 years it won't even be worth 4 million. The biggest scam...

Re: Paying 6 million for a 2 million rand house!!

by User avatar janet789 » Fri Jul 26, 2024 1:52 am

And people thinking owning a house is "cheaper" than renting. Its a massive lie.

Got my place at R7k, how am I paying R13k 3years later excluding levies and electricity?? And this "just pay more every month" is not as easy as people think unless a house is your ONLY expense.

Re: Paying 6 million for a 2 million rand house!!

by User avatar fezo90 » Fri Jul 26, 2024 1:51 am

No use complaining. Value of money changes constantly. Even if you saved the 20k monthly to buy the house cash, by the time you have that 2 million, the house will be worth 3.5 million.

Re: Paying 6 million for a 2 million rand house!!

by User avatar diane68 » Fri Jul 26, 2024 1:49 am

People are running to new developments with a selling price between 800k and 1,2 million.

Re: Paying 6 million for a 2 million rand house!!

by User avatar florence73 » Fri Jul 26, 2024 1:48 am

Mina I'm selling my 🏠 to buy site emakhaya ngizoshaya indlu e smart no rates, no bond debt free ngikhathele ikweletu mina

Re: Paying 6 million for a 2 million rand house!!

by User avatar mthanden789 » Fri Jul 26, 2024 1:48 am

How i wish we could just buy properties cash 💴. And focus on other small things like car instalments 😂

Re: Paying 6 million for a 2 million rand house!!

by User avatar phat54 » Fri Jul 26, 2024 1:46 am

2 Problems with your purchase (estimate)

1. Don't accept any interest above 9%
2. Don't pay longer than 20 years. The longer you pay the more you pay, same goes with car

Re: Paying 6 million for a 2 million rand house!!

by User avatar hope92 » Fri Jul 26, 2024 1:44 am

mrd57 wrote: ↑Fri Jul 26, 2024 1:43 am :lmao: :lmao: it's wild,that's why I think if u can afford a 2mil bond suggestion will be take one that is half that & pay like u paying the 2mil one, to kill their interest & loan term. A loan for 1mil comes with 1,6mil interest, but if u double the installment, interest is 340k for 5yrs
I heard somewhere that banks are adding penalty clauses for settling your debt early...

Re: Paying 6 million for a 2 million rand house!!

by User avatar mrd57 » Fri Jul 26, 2024 1:43 am

:lmao: :lmao: it's wild,that's why I think if u can afford a 2mil bond suggestion will be take one that is half that & pay like u paying the 2mil one, to kill their interest & loan term. A loan for 1mil comes with 1,6mil interest, but if u double the installment, interest is 340k for 5yrs

Paying 6 million for a 2 million rand house!!

by User avatar ben54 » Fri Jul 26, 2024 1:39 am

Tjoooo Guys 😥

Kunzima :pray: Paying 6 million for a 2 million rand house

Imagine how many properties are financed by banks and how much they are making 🤯🤯 mind-blowing
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