Homeownership gives you a range of financial and wealth creation options that renting cannot provide. However, since every situation is unique, there might be good reasons to keep renting for the time being. According to Fitzanne Estates, leading letting agents in Pretoria, there are some things you need to consider before you decide to stop renting and buy a home of your own.
- Do you require the flexibility that renting provides? Being able to pack up and leave within a few weeks without having to sell or rent out your property is useful if you frequently relocate for work.
- In addition to the purchase price, purchasing a property involves numerous costs. These include a deposit, which is typically 10% of the property’s purchase price, transfer fees, rates, taxes, as well as ongoing maintenance and repairs. You must be certain that you can afford these, or you’ll soon run into money problems. Fitzanne Estates, leading letting agents in Pretoria, will be able to assist you with this calculation.
- Renting in a neighbourhood you enjoy is typically less expensive than buying a house there. A move to a different area might not be ideal for you right now if you are renting a home that allows you to walk to work, the gym, and shops, for example, or so that your children can be close to school.
- Moving to a less expensive area that is far from amenities will almost certainly result in higher transportation costs. These must be considered, as well as the likely need for you to change your way of life.
- If you recently relocated to a new town, renting is a good idea until you decide which neighbourhoods you might want to call home.
It might be possible to purchase a less expensive home close to your rental property if you are determined to buy but want to remain in the same neighbourhood. Look for new developments where transfer costs are typically included in the sale price and where you can expect to live for several years.
If you’re uncertain of your next step, why not contact Fitzanne Estates, leading letting agents in Pretoria? We can assist you in determining the best option for you.
More about Fitzanne Estates
Fitzanne Estates (Pty) Ltd is a Property Management Company that can sufficiently administer your property investment to the benefit of the Landlord, the Body Corporate, and the NPC – Non-Profit Company. Services include Letting, Sectional Title Management, Full Title Management (NPC – Non-Profit Company) and Sales.
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