Renting is by far the easier option, it comes with less responsibility and is far less of a hassle when it comes to financial approval, however, in the long run becoming a homeowner has proven to be a far better option when it comes to securing your financial future.
Owning a home acts like a forced savings account. Says economist, Ralph McLaughlin, “Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on house.”
Over time you will also slowly be building equity by making your home’s mortgage payments on time. The equity you'll have in your home will be the cash value you'll be able to pull from that home. In addition, your home also may appreciate in value over time, giving you even more equity.
Understandably, buying a home is a major commitment and before you begin the process it’s important to get all your financial ducks in a row.
In order to be well prepared to make your monthly payments you will need to ensure that you have the paid off all of your debts and assessed your lifestyle and future plans. It’s important that you have job security, good credit and enough savings for the down payment and mortgage closing costs on a house.
In choosing the right house for you, ensure that you do plenty of research on the property market, consult with an agent for the best advice, consider what area will suit you best for the long term and how much you can afford based on how much you earn. It’s important to also keep in mind that your home has enough space if you’re thinking about having children in the future.
Give yourself plenty of time to decide. Don’t rush into anything. Buy smart and not with emotion.
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Tokai, Kirstenhof, Bergvliet, Meadowridge: Schools
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With over half a century of expertise buying and selling properties, we understand it is more than just a transaction - this is your story - and we are honoured to write this chapter with you. Allow us to provide you with our expert knowledge on the Tokai, Kirstenhof, Bergvliet and Meadowridge area, ensuring you have the most accurate information and support when buying or selling your property. Contact us on +27(0) 21 794 5252. We are here to ensure that you prosper through property!
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