Consider your options before taking the decision to buy or rent property

Most young married couples or just couples in general, won’t always be in a position to become immediate home owners, either due to wanting to rent first or to do the necessary planning and saving before making the big step into property investment.

The latter isn’t always that easy mainly because personal situations and commitments can change within a year and also taking into account our current financial situation, which is volatile.

Renting is more affordable, that’s a given but in the back end of it, you are basically seeing none of the money generously given by you to the landlord at the end of the month – the only obvious downside. Some simply don’t want to own a property – each to his/her own – and are content with not having to fork out steep bonds or home maintenance costs. Airbnb is just one of the many places advertising rental properties around Cape Town for areas and pricing that suits whatever you are looking for.

Know what you want

With debt being an obstacle for many South Africans, saving up is becoming a lesser occurrence and even more so with the cost of living being the way it is in South Africa at the moment.

Statistics put together by bond originator BetterLife shows that the average deposit requirement by banks for first time home buyers this year is at 17% of the purchase price of the property. This means that while you are still saving, the trend needs to continue while still being able to keep your head above water domestically.

At the end of the day it is all up to you, the potential buyer/sitting tenant, as to whether or not you can afford the property. Both types of ownership has its pros and cons and it ultimately comes down to where you (and your family) want to be and what better suits your pocket without digging yourself in a hole with no light.

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