People always say its better to buy a home rather than rent, simply because being a tenant means giving away what you would have spent on housing anyway, without gaining anything in return.
There is a case where one cannot afford to buy the place they would like to buy, but can only afford to rent.
I always suggest people to buy rather than renting, because initially you are paying off someone's bond. For a young professional who wants to invest in property, they need to look at it in this way: Invest in property where its cheaper, and possibly generate an income out of that property that they have bought and could cover the monthly installment of the bond.— GT Stander - Development Manager at Knight Frank
The growth of the proper accumulates over the years, and when they sell, it could increase by more than 50%. They can use the profit they have made to buy bigger property that they see themselves living in.— GT Stander - Development Manager at Knight Frank
Speaking to Africa Melane on the Weekend Breakfast, Stander said if one cannot afford to but property on their own, they can get a partner that will be willing to invest in property with them, so you can all have a joint bond.
Click below to listen to the full interview:
This article first appeared on CapeTalk : Is it better for me to get a bond while I am still young?