Renting Property vs Buying

renting property vs buying - archid architects house plans SA, architectural designs, house designsSome potential home buyers are often confused by whether to go the property renting or buy route. It is a common problem that affects many young people who have jobs and are eager to start their adult lives. It is something that requires proper self-financial evaluation before making the right decision. Even if we find it difficult to answer the question, it is worth noting that housing is still a worthy investment as it always keeps on appreciating. This is a result of shelter being one of the basic needs of a human.

Two things to consider between renting vs buying

The first thing that you should consider before you decide on property renting vs buying is to have a critical analysis of your finances. If you are to buy, will you be able to pay off the full amount at once or will it be in installments? And if it is installments, will you be able to meet your side of the bargain or will you end up defaulting? The second thing you should consider is emotional and personal factors. These are hidden inside you, but they will affect the decision you will make. Here are some factors that you can consider to help decide on property renting or buying.

  1. Your financial status

The state of your finances will tell you if you need to buy or rent property. If you have enough money, you can go ahead and buy the home you want. This implies that you can buy the property at once or you can afford to make several down payments according to the agreement with the seller. Once you have made the decision to buy, you must look at the long term benefit of the property you want to buy. Is it beneficial? Is it worth what you will spend to buy it? If you do not have enough cash, then you should rent as you try to save for your future property investment.

  1. Is the property for retirement?

You should also consider if you are buying the property for retirement purpose. If you have what it takes, you can go ahead and buy the home. You will be more at home residing in your own property during your old age.

  1. Is the property for investment?

Suppose you are looking for a property with the soul aim of investing. Then it would be important to check if the investment will be worthy and if there will be good returns. If you will be able to recoup the money used, than go ahead and make your purchase.

  1. Is it worth it?

The next important thing you can consider is whether the property will be worth the money you are going to spend. You will need to check if it is in good condition. If it is in need of repairs, that might come out of your pocket, increasing the costs.

It is important for a potential property buyer to make the right decision before deciding whether to buy or rent. The decision you make will be long term and it may affect your pocket positively or negatively.

 

 

RESOURCES: INTERIOR DESIGN | ONLINE HOUSE PLANS | GLASS TYPES | DOUBLE GLAZING | WINDOW FILMS | ARCHITECTURAL DESIGN FENESTRATION & INSULATION | SANS 10400-XA-THE BUILDING REFERENCE ROUTE SANS 10400-XA – THE PRESCRIPTIVE ROUTELANDSCAPE HOME DESIGN | FIREPLACES | SANS 10400-XA COMPLIANCE | ENERGY EFFICIENCY -  HOUSE PLANS | BUYING REAL ESTATE | OUTDOOR LIVING | HOUSE PLANS & OME SECURITY | INTERIOR DESIGN FLOW | HOUSE PLANS | HOUSE DESIGNS | HOME DESIGNS | ARCHITECTS FEES | MODERN HOUSE PLAN | LUXURY HOUSE DESIGN | TUSCAN HOUSE PLAN | CONTEMPORARY HOUSE PLANS | BALI HOUSE PLAN | TRADITIONAL HOUSE PLAN | DOUBLE STOREY HOUSE PLAN | 4 BEDROOM HOUSE PLAN | HOUSE PLANS WITH DOUBLE GARAGE | SLAB ROOF HOUSE PLANS | HOUSE PLANS INTERIORS | HOUSE PLANS & ENERGY | HOUSE PLANS & SWIMMING POOLS | TOP ARCHITECTS IN SOUTH AFRICA | APPOINTING AN ARCHITECT | HOME DESIGN & RENTAL PROPERTY | HOME DESIGNS & HOA | HOME DESIGN & ENTERTAINMENT | HOUSE DESIGNS & CURTAINS | CARPETS IN HOUSE PLANS | HOUSE PLANS AND SOLAR ENERGY | LIGHTING & HOUSEPLANS | HOUSE PLANS RENOVATING | FIRE SAFETY - HOUSE PLANS | PENTHOUSE HOUSE PLANS | PROPERTY PURCHASE - HOUSE PLANS | HOME DESIGNS - SECTIONAL TITLE | THATCH ROOFING HOUSE PLANS | HOUSE PLANS & WATER FEATURES | HOUSE PLANS - INSURANCE | HOME DESIGN - PROPERTY AUCTION | HOUSE PLANS COASTAL HOMES | OFFER ACCEPTENCE - HOUSE DESIGNS | HOUSE DEFECTS - HOUSE PLANS | MOVING - HOUSE PLANS | BUILDING PLANS - HOUSE PLANS | PROPERTY VALUES - HOUSE PLANS |HOME OFFICE - HOUSE PLANS | HOUSE PLANS GUTTERS | BUYING A HOME - HOUSE DESIGNS | HOUSE PLANS - ELECTRICIAN | HOUSE PLANS PROJECT MANAGER | LANDSCAPE ARCHITECT HOME DESIGN | HOUSE PLANS RESIDENTIAL ESTATES |SWIMMING POOLS | CABINETS | KITCHEN DESIGN | COUNTER TOPS | BATHROOM FIXTURES | HOME-BUILDER PROGRAMME | TOP ARCHITECTS IN SOUTH AFRICA | BUYING OFF PLAN - HOUSE PLANS  | HOUSE PLANS IN SOUTH AFRICA - BUYING PROPERTY  | HOUSE PLANS - CENTRAL HEATING | FIRST TIME HOMEBUYING - HOUSE PLANS | FREEHOLD VS SECTIONAL TITLE - HOUSE PLANS | INTERIOR DECO - HOUSE DESIGNS | HOUSE PLANS - BRICKS | BUYING HOUSE PLANS SOUTH AFRICA ONLINE | HIRING INTERIOR DESIGNER - HOUSE DESIGNS | HOUSE PLANS - GLASS TYPES | HOUSE PLANS - DOUBLE GLAZING | HOUSE PLANS - WINDOW FILMS | HOUSE PLANS - BUILDING INSULATION | HOUSE PLANS - LANDSCAPE DESIGNING | HOUSE PLANS - FIREPLACES | GARDEN SHED - HOUSE PLANS | HOLIDAY HOME - HOUSE PLANS | HOUSE DESIGNS IN SOUTH AFRICAARCHID