Rent vs Buy a home

property24 Property 101 Find your perfect home BUY VS RENT Weigh up the pros and cons of both buying and renting so you can decide which option suits you best in the short and long term. BUY RENT When you rent you When you own a home, it is YOURS have FLEXIBILITY You will have the freedom to make changes to your home without approval from a Landlord You can move in soon after finding a suitable rental You can leave for greener pastures after your notice period You will have the freedom to keep pets You will have no maintenance worries or responsibilities You will have the freedom to stay as long as you like and move when it suits you You need to get approval from the Landlord to make changes You will be faced with the financial responsibility of regular house maintenance. BUY RENT Personal wealth No long-term commitment Owning a home offers the long-term benefits of security, equity and potential growth in personal wealth. This is the best option if you don't intend on staying in one place for a long time. The value of a home will appreciate over time and you can earn a profit off the sale. There is the possibility of living in an area in which you could not afford to buy. BUY RENT Save for a deposit Save for a deposit Often a large amount, this deposit covers the initial payment for a home loan, and can cover some Usually double the first month's rent, this is seen as surety for the Landlord in case things go wrong! necessary once-off fees BUY RENT R 99.99 R 45.00 LOAN R 68.35 R 213.34 Every Month Every Month Pay the monthly bond repayments & homeowners insurance Pay the rental amount and various utility fees as per the lease agreement BUY RENT RENT Consider Buying when you Consider Renting when you Qualify for a home loan Have money saved and would like to use it as a deposit Are looking for a rewarding long-term investment Have just started saving towards a deposit Don't qualify for a home loan just yet (don't worry there is plenty of time to get your credit record up to scratch) Don't see yourself living in the same place for more than 5 years For more information, visit: www.property24.com property24 Find your perfect home © Property24.com. All Rights Reserved. BUY