Pivotl - Issue 4-2023

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PROPERTY MATTERS To buy or to rent … Buying a home and renting a home both have their own advantages and disadvantages. If you rent, you have more money available in the short term, but if you buy a house, you get a sense of security as it is considered a long-term investment. Advantages of buying a home include: Owning a home offers longterm benefits such as security, equity, and potential growth in personal wealth. The value of a home will appreciate over time, which means that if you decide to sell, you can make a profit off the sale. You have creative control of your property, so you can make changes to suit your needs and style. You can generate income by renting out the property and this income can be put towards your home loan. Paying your bond repayments on time increases your credit score. You can refinance your bond amount should you wish to withdraw a large amount of money to pay for major purchases. There are possible tax deductions related to incomegenerating properties. Disadvantages of buying a home include: You have huge financial responsibility, including bond repayments and regular house maintenance. There are additional costs such as rates, taxes, insurance, and maintenance for which the Homeowner is responsible. You run the risk of not making any profit through resale if economic factors such as a recession or high interest rates affect the market. You have less mobility when it comes to being able to move home than a Tenant who rents on a short-term basis. Advantages of renting a home include: Renting a property allows more flexibility than owning a home, which is ideal for those who could be faced with sudden changes such as a job relocation. There is the possibility of living in an area in which you could not afford to buy. Moving out is easier for a Tenant than a Homeowner as there is no stress of finding someone to take over the lease or finding a buyer to purchase the property. The only insurance required by a Tenant is to cover the contents of the home. Disadvantages of renting a home include: You are bound by the rules of the lease agreement, which can impact the freedom to use or renovate the property. You cannot make changes to a rented property without the consent of the Homeowner. When renting, you will often have to deal with a Rental Agent who will then be the liaison between you and the Homeowner. Renting offers no wealth creation or return on investment, and you have no control over annual rental fluctuations. There is no guarantee that a lease will be renewed when it expires. n 22 Issue 4 - 2023
PROPERTY MATTERS At Circle Estates, we are more than just a team, we're a family committed to helping you make the best property decisions. Whether you're buying, selling, or renting, we've got your back. Let us guide you home. We know the market, we know the area, we know the locals, who better to choose as your Property Practitioner of choice. Your Resident Property Practitioners CHRISTINA ANASTASELLIS Candidate Property Practitioner +27 81 390 8332 christina@circlestates.co.za CHARMAINE VD WESTHUIZEN Property Practitioner +27 74 703 9034 charmaine@circlestates.co.za Why Choose Us As the trusted Property Practitioner for our clients, We understand that selling and/or buying a home is complex and deeply personal. There is also a lot at stake financially and personally. The perspective on the process and the responsibility felt towards our clients drives us to truly be an experts at our jobs. Marketing & Research We have all the tools to ensure that we give you accurate and informative information to ensure the right marketing plan is conducted. Dedicated Agent We understand the market, the players, and all of the variables involved in a real estate transaction. We want to make sure you feel supported and that you have a trusted advisor by your side. 24/7 Customer Care We are dedicated to serve and assist in the transaction that changes your life forever. www.circlestates.co.za Issue 4 - 2023 23 R A N D P A R K R I D G E | F O N T A I N E B L E A U | M A L A N S H O F | R A N D P A R K
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