[LISTEN] How to get a foot in property market while young
CapeTalk's Africa Melane chats property with Knight Frank development manager GT Stander and how young people can get their foot in the property market.
CAPE TOWN – Property experts have strongly argued in favour of buying a home than renting simply because being a tenant means giving away what you would have spent on housing anyway (by paying someone else’s bond), without gaining anything in return.
There is a case where one cannot afford to buy the place they would like to buy, but can only afford to rent.
GT Stander a development manager at Knight Frank estate agency says young people should rather look at buying investment property in cheaper places instead of renting out property in expensive places.
“…They could generate an income from the rental that they have purchased that could possibly cover the bond or mortgage monthly. And that could accumulate the growth of the property value by 50/60/70% in two years’ time.”
Stander said this could then help young people invest in a bigger property they see themselves live in.
Listen to the audio above for more.