How to Manage Your Money like a F*cking Grown Up by Sam Beckbessinger

Author:Sam Beckbessinger
Language: eng
Format: epub, azw3
ISBN: 9781868428236
Publisher: Jonathan Ball Publishers
Published: 2018-02-12T09:02:08+00:00

Not a pretty picture, right? House prices grew slower than inflation, which (as we have already learnt) means you actually lost money in real terms. Eina. The South African residential property market has not, on average, grown in real terms for almost nine years now.

But this is just the average. Some suburbs have done extremely well (most notably in the Western Cape). Location is everything when it comes to home values.

So … buy or don’t buy?

Now, it is true that if you rent, you’re ‘just paying someone else’s mortgage’. But if you own a home, you’re mostly ‘just paying the bank to lend you a fuck-ton of money that you’re gambling on one single investment that it’s very difficult to sell in a hurry’. Neither strategy is a clear win.

There are a few really important variables that might tip the scales one way or the other on the buying-a-house thing, in your own specific case.

•In some cities, at some times, buying will be cheaper than renting, and in others it’s the opposite. Do your homework about the area where you want to live, and what property values have been doing there.

•If you know you are likely to move within the next five years, buying a house might be a bad idea.

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