To Rent or to Buy? That Truly is the Question!
Both options have their benefits, and it might be worth listing the pros and cons for each, before making a final decision. Experts say that you ought to look at what the value is you’re getting out of your new home. Many people say that buying a property offers a long-term investment that will mature over time. But, if you do not play the property market correctly, you might expose yourself to the risks of homeownership – such as never-ending maintenance, depreciation linked to the surrounding area (if it becomes less appealing), ongoing costs of retaining a security company, regular expenses with hiring garden services etc, etc.
Renting however gives you the opportunity to enjoy your home while the landlord takes care of the rest. This means that you, as the tenant, won’t need to worry about painting, fixing a broken toilet or dealing with any leaks whatsoever! Providing you choose the correct landlord, costs such as maintenance, building insurance, security and relevant taxes should be covered in your monthly lease. Some landlords even offer additional benefits, such as free monthly internet and community events as part of their leasing offering. This ensures that you will enjoy a higher quality of lifestyle, as opposed to having to fund that yourself…
Take maintenance of a swimming pool as an example; beyond the costs of chlorine, water and even electricity to run it – renting offers you all of this without it ever becoming YOUR headache. The reality of living in a lifestyle estate is that you have security 24-hours-a-day on top of having access to facilities that make it feel like you’re on a permanent holiday.
In recent years, the South African property market has undergone incredible improvements across the board and the rental market is no different. Vacancy rates are currently at the lowest they have been in eight years! According to the “Q2 2024 TPN Residential Vacancy Survey”, the national vacancy rate for the first half of this year was, on average, 5.57%. This is a significant drop from the 17.21% in the previous year. With current interest rates, it is a major challenge for first time homeowners to purchase property – unless they have large deposits and a great credit score.
Houss Rentals steered away from traditional rental models by offering month-to-month leases, zero deposit specials and a bundled package that covers your apartment as well as your gym membership, maintenance, security and even internet access. The only additional costs are items such as water consumption, prepaid electricity usage, Eskom capacity charges, sewer and refuse which is billed by council and deducted from your smart wallet.
There is also a massive benefit in forming part of a lifestyle development consisting of a large number of units. More households paying towards common costs ensure that more facilities are available at lower rates. So, if you are pondering whether you ought to rent or buy, the best advice would be to look at what you’re going to get for your monthly instalments versus monthly rental…
If you are looking to rent, have a look at Houss Rentals’ large portfolio of luxury lifestyle apartments in Gauteng and the Western Cape, by clicking here.
