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Buying vs renting - which one should you choose?

Decide between buying and renting

Buying vs renting - which one should you choose?

Category Advice

Finding a new place to live is an exciting milestone in your life. There's much to consider from property types, the area, to your budget. Asking the age-old question is also important - should you buy or rather rent out property? It can be a tough decision to make. But with our guide, De Lucia Group uncovers the advantages that each brings to the table.

Benefits of buying your property

Owning a home is aspirational. By looking for properties for sale, you're opting for security, privacy, and the chance to leave a legacy for your family.

Take advantage of the buyer's market: Right now is the best time to buy. The lowest prime lending rates, a raised zero-transfer fees threshold, a rise in 100% home loan approvals, and a FLISP subsidy increase make it easier to climb the property ladder.

Live as you choose: Buying a home gives you the freedom to renovate and keep pets without landlord restrictions. You will also have complete privacy without any visits from a landlord or managing agent.

Personalise your home: As a homeowner, you can truly put your personal stamp on your home. Whether it's painting walls, landscaping, or adding an extra room, you have the power to get creative.

Improve your credit score: Having a property asset makes your portfolio more stable and can assist as financial collateral. Regular payments for your home loan can improve your credit score and assist with your future credit needs.

Enjoy payment stability: Rent can increase. However, you can fix your monthly home loan payments, giving you a sense of ease.

Build your equity: Your home is an investment that increases your equity. If your property increases in value through market conditions or improvements, you can earn a profit from the sale. You can even let out your home for extra monthly income.

Plan for your family: Buying a home is a great step to providing a secure environment for your family. In the unfortunate event you're no longer present, you can rest assured knowing they have a roof over their heads.

Benefits of renting your property

While many would like to break into homeownership, others prefer the upsides to renting. If you value flexibility, affordability, and fuss-free living, renting is for you.

You have options: The South African Tenant Profile Network annual report reveals there are plenty of vacancies, giving you your choice of finding the perfect home.

Live affordably: Your landlord covers property taxes, insurance, and can even pay for some utilities which can make renting easier on your budget.

Enjoy a great lifestyle: You can move into a rental property much quicker than buying a home. Plus, you can choose a rental property with luxuries like pools and gyms in an upmarket area that would normally be out of reach if you had to buy.

Get more flexibility: Have a new job? Want to be closer to family? Have a yearning for new surroundings? Renting gives you the chance to relocate more freely than if you had bought a home. Remember, your ability to leave quickly is dependent on your lease agreement.

Have less maintenance: As a renter, the maintenance of the structure and fixed fittings of the property are the responsibility of your landlord. Only having to deal with minor repairs like unblocking a drain or fixing a broken appliance can take a load off your shoulders.

Choose your career: It can be tougher to secure a home loan without a stable monthly income. Renting is an attractive option if you are an entrepreneur or freelancer and don't receive a structured salary.

Have peace of mind: If you want to live debt-free or know you will struggle to secure an additional loan, renting is the way to go. Without having to worry about a downpayment and property upkeep costs, you can focus on building your savings.

Buying and renting each has its own perks. It all comes down to evaluating your personal preferences, financial situation, and future life plans. De Lucia Group are property professionals that have helped people across Gauteng find the right fit. Take a look at our properties for sale or to let. Then, send a message to De Lucia Group, call Michael De Lucia directly on 082 493 1089, or email michaeldl@delucia.co.za.

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