When the need arises for a new roof over your and your family’s heads, you need to consider three options:
each option has its own merits and drawbacks.
When renting accommodation, it may be true that you don’t need much of a capital outlay, and that you can relocate quite easily, but it also means that you don’t own a place of your own. Every rand you pay in rent simply goes into somebody else’s pocket, and your dream of owning your own place keeps slipping further and further away. Any escalation in property prices is to the benefit of the property owner, while you as the tenant simply have to pay a higher rent.
However, when renting a property you have to take what you get. There is often very little room for negotiation.
When buying a house, some initial capital of your own will be required, but all price escalations in the housing market will be for your own benefit.
Buying a house is one of the largest transactions you will ever do; so it is no light matter.
For many years in South Africa it has been cheaper to buy an existing house than to build a new one, especially if you have been fortunate enough to find the house of your dreams with an established garden, paving and a pool, located in the area in which you want to live. However, you are very fortunate if you find a place that complies with all your requirements!
This is obviously everyone's dream; to have enough money to buy an empty piece of land and build the house of your dreams. The dream sounds perfect, but unfortunately building a house is not easy!
The benefits of building a house
We have all heard about the heart ache, financial losses and time overruns on building projects. This, unfortunately, happens because everyone thinks that it is easy to build and they can do it themselves. A building project must be managed very vigilantly. It is strongly recommended that a professional be appointed to assist home-builders with their building projects, to ensure you achieve your goal of owning the property of your dreams.