As a young adult: should you buy or rent a home?

Now that you are an adult, moving out of your parents’ home becomes one of the next steps to your independence. So, the question arises: should you buy or rent your own home at this stage of your life?

The opportunity to personalise your living space and have greater control over your lifestyle is appealing, especially if you spent years renting from a landlord. Some lenders will not extend a home loan to clients under 35 years of age, making careful planning even more crucial. Examine your lifestyle preferences before you buy a property. It may be worth paying more for a home that suits your needs in terms of location, size and proximity to amenities, rather than opting for a cheaper property without those benefits.

Housing prices have dropped in many South African suburbs, but this can be due to factors such as deteriorating infrastructure, potholes, load shedding, and water cuts. It is essential to do your homework first.

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