Property to Rent | Buying versus renting a property

Buying versus renting a property: We explore the options

Click here to view our selection of properties for rent 

 

The argument of renting versus buying a home has been around for decades – and most people will have their own opinions on the matter. If you are currently in the market for a new home, you may be wondering about whether buying or finding a property to rent is better. There are pros and cons to each of these options, however, and your decision will depend upon your current lifestyle needs and limitations.

 

Choosing to rent a property

 

Renting is a popular choice for young families and singles who have not yet settled on certain aspects of their life, such as their career, ideal living location, and future goals. It offers flexible accommodation that does not bog one down into a long-term investment and changing one’s mind on a dime is possible. Some of the benefits of finding a great property to rent include:

 

  • Maintaining the home is much more affordable: Tenants have fewer financial concerns than landlords do. Landlords, for example, must cover things like repairs and maintenance, as well as homeowner’s insurance and certain rates and taxes.
  • You have fewer responsibilities: For tenants who love to travel often, a smaller lock-up-and-go apartment is easy to leave for a few days. Moving to a new house also becomes much simpler, as it is not a tenant’s responsibility to find a new renter for the place.
  • Better accommodation options: Renting affords tenants the option of living in better locations, which would normally be inaccessible if they were to buy a property there.
  • Affordable rent helps one save: Rent is often significantly more affordable than paying off a monthly home loan. This allows tenants to save up for a home they wish to buy or invest in property in some way.

 

The disadvantage of renting, of course, is that there is no return on one’s investment or wealth creation, as you never own the home. You also have to live by the rules of your lease agreement and cannot make any changes to the home without express consent from the landlord. Additionally, there is no way to ensure that your lease will be renewed once it has expired, which may leave you unexpectedly without accommodation.

 

Choosing to buy a home

 

For many individuals and families, owning their own house is the ultimate goal. It means growth of personal wealth, building equity, and future security. It is a long-term investment that many people find exceptionally rewarding. Some of the advantages of owning a home are:

 

  • You own an asset: No matter the economic climate, owning a property gives one much more peace of mind. Working towards paying it off quickly means you will make a return on it. As your home’s value appreciates over time, you can opt to resell it for a profit.
  • You have more freedom: Your home belongs to you, which means you are not restricted by contractual rules and obligations and can decorate, overhaul, and renovate as you see fit.
  • Rent your property out: You can find a tenant for your investment and use the rental income to cover your bond. Eventually, this may become a valuable income stream.

 

You will also improve your credit score when making monthly repayments. The downside to buying, however, is that returns on your investment are not always guaranteed, and it is a major financial responsibility with bond repayments and home maintenance. When renting out a residence, homeowners are also reliant on finding the right, long-term tenants, which involves a complicated vetting process.

 

Whether you are looking to rent or buy, we at Fine & Country South Africa can help you. With national, specialist knowledge of the luxury market, we will provide you with a seamless real estate agency experience and the very best set of services. To speak to our team today, contact us here.

DISCOVER MORE ABOUT FINE & COUNTRY

fineandcountry-awards

MULTI-AWARD WINNING


Our consistent efforts to offer innovative marketing combined with a high level of service have been recognised by the industry for an astounding fifth year in a row, winning Best International Real Estate Agency Marketing at the International Residential Property Awards.

INDEPENDENT EXPERTISE


Every Fine & Country agent is a highly proficient and professional independent estate agent, operating to strict codes of conduct and dedicated to you. They will assist, advise and inform you through each stage of the property transaction.

GLOBAL EXPOSURE


With offices in over 300 locations worldwide we combine the widespread exposure of the international marketplace with national marketing campaigns and local expertise and knowledge of carefully selected independent property professionals.

UNIQUE MARKETING APPROACH


People buy as much into lifestyle of a property and its location as they do the bricks and mortar. We utilize sophisticated, intelligent and creative marketing that provides the type of information buyers would never normally see with other agents.

PARK LANE OFFICE


Access the lucrative London and international investor market from our prestigious Park Lane showrooms at 121 Park Lane, Mayfair. Our showrooms in London are amongst the very best placed in Europe, attracting clients from all over the world.

Our International Network


Connecting offices on over 300 locations worldwide, our referral system combines local knowledge and expertise with an international network to find the right buyer for you wherever they are, at the same time as finding you your ideal next move

Our International Websites

United KingdomFranceHungaryCyprusGermanySpainPortugalMauritiusHong KongThailandNamibiaNigeriaSouth AfricaAustraliaFloridaZimbabwe

SOCIAL MEDIA

We interact with customers on the main social media channels including Facebook, Twitter, YouTube, LinkedIn and Pinterest, giving each property maximum online exposure.

 

Media Centre


MEDIA CENTRE Our internal Media Centre is a team of experienced press relations managers and copy writers dedicated to liaising with newspapers, magazines and other media outlets to gain extensive coverage for our properties in national and local media.

media_thumb_crop
ifx_3s

Fine & Country Foreign Exchange


We have partnered with IFX, one of the world’s leading foreign exchange specialists to provide private and tailored currency services for all of our clients buying and selling luxury property around the world. Find out how we can help »