Mortgage book finally out

The book: How to buy a house for half the price by Charles Rukuni, editor of this website is finally out. 

Published by Graysonian Press, it was published as a pocket book, both for portability and to sell it at an affordable price.

According to the publisher the pocket book will sell to the public for R58 or $10 so it will mostly be available through direct sales.

Though the book’s sub-title is- A comprehensive guide to buying a house in South Africa, the book has been written to accommodate the whole Southern Africa region but focuses on South Africa as the region’s hub.

It talks not only about the housing shortage, but also about ways through which potential buyers can save and get out of debt.

South Africa’s Human Settlements Minister Tokyo Sexwale last year said though his country had rolled out 1.5 million housing units accommodating nearly 11 million people in the first 15 years of independence, the housing backlog had risen to 2.1 million units which meant that the government needed to accommodate a further 12 million people.

Not only are houses scarce but some of those with houses are failing to pay for them. The Sunday Times last year reported that 450 000 people were in danger of losing their houses because they were failing to pay their mortgages.

A survey by the Bureau of Market Research at the University of South Africa said that 82.5 percent of those surveyed were spending more than they earned.

All these facts are highlighted in the book as well as the possible solutions to these problems and ways through which one could buy a house, flat or stand and through simple incremental or lumpsum payments pay half the amount one would normally pay for the house, flat or stand.

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