When it comes to buying that house of your dreams or paying of someone else property there are a few things to take into consideration. Although renting gives you the freedom to get up and go at a moments notice, owning your own home can give you a sense of pride and satisfaction. In this 2 Part serious we point out all the aspects of renting vs. buying. For more great tips or if you would like to take that first step into owning your dream home contact us on 0861 106 204 or visit us at www.gpfmortgage.co.za

1. To Rent or Buy? There's More to It
than Money
Part 1

2. Soon after you have carefully researched the financial issues of the rentversus-buy decision, let's take a look at the issue from a different point of
view, one including emotional factors and personal preferences that
jointly determine the effect of your decision on your quality of life.
These "non-financial" concerns are based upon your personality, abilities
and values. They require mindful consideration, starting with this
question: what features about the place you live in are essential to you?

3. Environment: City vs. Suburbs.

4. The environment you choose to reside in plays a significant role in your
quality of life.
Consider your personality. Do you enjoy the character of the city, with its
nightlife, inquisitive cafés and diverse cultures, or do you prefer the
safety, conformity, green space and free parking in outlying suburbs?
Do you favor to drive, walk to work, or take the train?

5. How valuable is privacy, and how far do you like to live from your
neighbours?
If you can afford only those homes in environments that do not fit your
preferences, you need to think about whether you are willing to sacrifice
these preferences for the sake of purchasing a place.

6. Facilities vs. Customization.

7. Rand for Rand, renting generally offers a substantially greater number
and variety of amenities than buying.
Consider, for example, the amount of security complexes that include a
swimming pool, tennis courts and on-site gym.
If you're looking to have these features in your private residence, get
ready to invest a lot of money.

8. High end flats and complexes, found in nearly every city, provide such
options at a relatively lower monthly rent than a mortgage for a property
with the same attributes.
On the other side of the coin, there are budget-friendly homes with
private outdoor spaces that you can customize to your liking.
There may not be many apartment buildings that come with acres of
property in the country that will let you do your own landscaping or
grow a garden.

9. Flexibility vs. Stability.

10. Renting a place to live gives you significantly more freedom to get up and
go at a moment's notice. The financial effects of violating your lease
agreement is marginal and can be addressed by simply paying up the
time remaining.
Homeowners wishing to leave their current residence face a more
complicated procedure of selling their property.
The home loan still needs to be settled and the grass still needs to get cut
while you are waiting to find a buyer.

11. Unless money is no object, the transition to a new address is likely to take
months, not days.
However, with the versatility of leasing also comes some instability. The
landlord can always increase the rental fee or ask you to move before you
are ready to do so.
If you own a house and make the payments, you can live as long as you
desire.

12. We have come to end of part 1!
But don’t be disappointed Part 2 is on the way.
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For more on our Home loan services or for more great tips
visit our website at www.gpfmortgage.co.za