Is buying property better than renting property? With the interest rate at 7%, the lowest in 50 years, now may be the best time for you to invest in property. Let’s take a closer look:
What is the current property purchasing landscape in South Africa?
The widely expected carnage has not materialised from COVID-19 on the property market, and demand for homes remains robust, especially from first-time homebuyers eager to take advantage of record-low interest rates. Banks are making it easier to lend money and, in some instances, giving 100% loans. Whether this is your introduction into purchasing property, or your second or third round, buying may be a sound investment.
There are plenty of advantages to buying a home.
- Owning a home offers the long-term benefits of security, equity and potential growth in personal wealth.
- The value of a home should appreciate over time and if you decide to sell, you can earn a profit off the sale.
- Owning a property offers you greater freedom, in that it is legally yours, and you are not bound by the rules of a landlord. This includes creative control – you can make décor changes, as well as renovations to suit your style.
- You can buy to rent which enables a you to generate income from renting out the property. This income can be put towards the home loan.
- Being a homeowner who makes repayments on time increases your overall credit score, making future large purchases on credit much easier.
- Should you wish to make any large purchases (like your dream holiday, your child’s tertiary education, or home renovations), you can refinance your home.
- There are possible tax deductions related to income-generating properties, allowing you to save money in the long-term.
The Tyrwhitt, in Rosebank, offers incredible investment value.
With over R20 billion invested into the Rosebank precinct in the last two years, you’re sure not to place a step wrong when buying in Rosebank, especially at this gorgeous new apartment building. With 219 luxury apartments, on 14 floors, starting from 1 bedroom units, to 3 bed 3 bath units, and indulgent penthouses, we have something for everyone. For more information on units available for sale, click here.