TO RENT OR TO BUY – “That is the question”… - Rent-Rite Blog

TO RENT OR TO BUY – “That is the question”…
TO RENT OR TO BUY – “That is the question”…
Are you considering to buy a home?
Do you have questions or doubt about whether you should buy or carry on renting?
There are many things to consider before any rash decisions are made that can tie one up financially, for up to 30 years.
“To rent or to buy…??” REMAINS, QUESTION…. J
We have a few things we think you need to consider before you buy any potential home.
When one is young and thinking of buying a property, one should first consider the following factors:
  • Do you want to stay in the same place for a number of years.  (if you have a job which requires you to move a lot, this would definitely affect you in the negative)
  • Purchasing requires lots of unforeseen expenses…are you ready for this? (Garden services, maintenance etc.)
  • Keep in mind that if you sell to soon, the property will have not much (or even none) growth potential.
  • Are you financially ready to afford a home?
  • Home loans are very difficult to obtain…any negative credits on your credit score will most probably result in you not been able to get a home loan.
  • You’ll have to save up for a good deposit on the home…this will count in favour of you getting a home loan as well.
  • Keep in mind all the legal fees that you would need have pay.  (Bond registration, transfer duty etc.)
  • If you wish to renovate…this too can be most costly.
  • Your monthly instalment on your home loan will most likely stay the same for a number of years, or even decrease, where your rental payment goes up annually.
  • You won’t be forced to move, like in some cases when you rent and the owner sales.
  • You can renovate and remodel to suit your needs.
  • You can loan most of the money needed to purchase a home and keep the profit on the whole purchase price when you decide to sell.
  • Everybody wants to ultimately be a home owner and not pay someone else’s bond for him….
Whilst you're saving up and searching for THAT PERFECT HOME, invest in a state of the art Rental company like Rent-Rite to secure and support all your rental needs in the interim.
Take your time, your perfect home is out there waiting for you
– By Lulu le Roux