Property To Rent: What To Know
Want to know whether to buy or rent a property? We can assist you
You might have heard the argument before that renting a home is futile, as the money you spend on rent should go towards a home. Owning a house, however, entails much more than just monthly payments towards that home loan. Renting is a better option for many households because, in the end, it comes with tons of benefits too. If you are seeking a property to rent or buy and you’re still unsure about the advantages (and challenges) of both options, Fine & Country South Africa will help you explore which possibility is the better fit for you.
Buying a home
Owning a home is the goal of many individuals. This is because home ownership holds the potential for building equity and is a growth opportunity for one’s investment portfolio and personal wealth. It is also possible to resell the home at a higher price in the future after renovations and value appreciation over time, which means you receive a greater return on your investment. Earning a profit off a residence is not the only thing people seek, however. Some families are looking for a forever home in which to settle down and grow old. For them, this haven is meant to be a legacy left behind for their children and it offers a sense of stable security in a world where financial uncertainty is the norm.
Buying a house also makes the property legally your own – this means you are free to do with it as you please. There are no landlord-enforced restrictions, and you are free to upgrade and customise the house according to your preferences. There is also a greater sense of privacy and exclusivity when you can control what happens in your home. Unlike rent payments which may increase annually at the discretion of a landlord, a fixed mortgage rate gives more clarity on how much you can expect to contribute towards your bond for the foreseeable future. Renting may also feel as though it is a more temporary arrangement, and some people would feel more “at home” in a property they own themselves. It is also possible to buy a house and rent it out and enjoy a passive income for years to come.
Finding the right property to rent
Renters have a major advantage over homeowners when it comes to the cost of maintaining a home. Within a rental home, if a pipe bursts, the roof leaks, or the central heating stops working, the repair bills are sent to a landlord. While repair and maintenance costs are not a constant issue on most properties, they can be costly for a family trying to save money. Finding a property to rent is also a far more flexible accommodation option. Many people move often due to work arrangements, or they might simply enjoy travelling. For such individuals, being tied down to one home makes no sense. During an unstable housing market, renters are also not as severely affected as homeowners, who may see a fluctuation in their property taxes and mortgage. Renters may also have access to more exclusive properties that are more affordable monthly than buying in such areas, which means it’s possible to enjoy a higher living standard for less. With renting, there is not as much pressure to find the perfect home in which to settle, as relocating later is a much easier process.
Whether you buy or rent a property comes down to aspects such as the stability of your income and what you are seeking most out of a living space. If you are currently looking for high-style homes with a unique panache to them, we encourage you to get in touch with our real estate experts today. Not only will we at Fine & Country South Africa pair you with the home of your dreams, but we will ensure a seamless renting or buying experience.