Should you rent or buy your property in Gauteng?

From freedom and flexibility to growing your wealth and settling down, there are numerous advantages to both renting and owning your home. There's no right or wrong answer here and it all comes down to your circumstances and future goals. The CSi Property Group examines the pros and cons of each option to help you make the right decision for you and your family.

Everything you need to know about buying property

Investing in a home of your own is a long-term commitment that involves saving up a deposit, being able to show the banks that you are financially responsible and taking on extra expenses like rates and levies. On the other hand, however, once you have paid off your home loan, you will have an asset that belongs to you and becomes part of your future financial planning.

You should only think about buying a property if you're planning to make Gauteng your long-term home. Buying and selling property incurs various costs and you will not be able to make a return on your investment if you're only planning to keep your home for a few years.

To buy property, you need to be financially secure - and ideally, you need to have a deposit saved up. If you need a few more years to be financially ready to buy a home, it may be better to rent for now.

One of the big advantages of owning your own home is the ability to customise it and make it your own. Want to paint an interior wall, retile your kitchen or replace your curtain rails with blinds? You can go ahead - without needing to get anybody's permission.

Security is another great advantage of homeownership. When you're a tenant, you may find yourself having to move at the end of your lease if the owner wants to sell the property. When you're a homeowner, you make the decisions.

Buying property in a nutshell

Advantages

• You're investing in your future.
• You can customise your home to suit your needs.
• You're in full control of your circumstances.

Challenges

• You need to be ready for a long-term financial commitment.
• The costs of homeownership are higher than the costs of renting.
• There is less flexibility if you want to move to a different area.

Everything you need to know about renting property

Renting property is popular thanks to its affordability, flexibility and quick access. It's often the perfect solution for young people moving out of home for the first time, people who are planning to emigrate or semigrate and people who need to save up a deposit before they can consider buying. Many people rent rather than buy because they appreciate the flexibility that comes with being a tenant.

If you're a tenant and you decide you want to move, it's very simple. Just put in your notice at the end of your lease period and you can start looking for a new home. Selling a property, on the other hand, can be costly and time-consuming.

Renting a home is also a more affordable option, and your deposit is likely to be one or two months' rent, which is far more affordable than a deposit you'd be likely to pay when buying a property.

Renting property in a nutshell

Advantages

• You've got the flexibility to move around if you need to.
• It's typically more affordable than owning your own home.

Disadvantages

• You're paying someone else money rather than paying off your own property.
• You may have to move more often.

Whether you're looking to buy property in Gauteng or rent it, the CSi Property Group has your needs covered. Browse the listings or contact us today to help you find your ideal home in Gauteng.