Adulting 101: Is it better to rent or buy?

The debate on whether to rent or buy keeps popping up and the myriad of answers could leave one even more confused.

Founder of Steeple Properties, David De Waal says you can debate all you want on this matter, but the biggest factor is your finances.

How long you are planning to stay is a factor.

If you are looking to buy, expect to be in that location for a minimum of three years or more. If you are going to be in a city for less than 3 years then it is better to rent.

David De Waal, Steeple Properties

Big city property prices are high - so many choose to rent rather than live further out of town.

De Waal says this is reflected in moves to rent property rather than buy them as most young people can't afford to buy entry level property in big cities.

It also has to do with the modern way of living where people would choose to Uber instead of buying a car or Airbnb instead of staying in a hotel, he adds.

Ultimately when you settle down or get married, most people would choose to buy property because it gives you that stability.

David De Waal, Steeple Properties

To hear the rest of the interview, listen below:


This article first appeared on CapeTalk : Adulting 101: Is it better to rent or buy?


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