The Cost of Buying vs Renting
Category Principal's Message
The cost of buying vs renting
Post lockdown, owning a property has become more affordable as the low interest rate has given prospective property buyers the advantage in becoming home-owners. The current buzz now centres on whether or not it is cheaper to buy or rent.
When faced with the opportunity of whether to buy or rent, weigh up your options.
The record low interest rate paired with the approval of 100% home loans have motivated and prolonged the buyer's market.
The 7% interest rate is now allowing tenants the option to become home owners, while removing previous barriers for first-time home buyers. Properties under the R1 Million mark, does not have transfer duties payable, thus allowing the increase in the sales of these properties.
While a 100% home loan is appealing, consider paying a deposit to save on lower future repayments.
Enlist the help of a reputable agent to advise you to make an informed decision
Author: Prime Property Marketing
