South African Millennials are not doomed to rent forever, according to a recent article by businesstech.co.zaFirst-time home buyer
“According to Hajec, many millennials (born 1980-2000) have just started to arrive at the age of the average first-time home buyer in South Africa (37 years old).” – businesstech.co.za
“This means that they are reaching a time in their life where finances are stable, job security good and they are starting to recognise the good business sense and investment opportunity that resides in owning your own home versus renting,” he said.
“Hajec added that first-time home buyers, of which millennials are fast coming to dominate as a majority of the demographic, were around 26% of the total number of home buyers in Gauteng in 2017.” – businesstech.co.za
South African millennials are becoming more established in their careers and seek investment opportunities starting at around R680,000.00.
Buying vs rentingThorough research is done by South African first-time home buyers including location and amenities. Access to this information has been made easy with the use of reliable online resources. However, finding the perfect investment opportunity comes at a cost, and millennials wanting to enter into the property market need to be mindful of influencing factors that play a role in the fluctuation of bond costs and being responsible, saving and maintaining a property is important too.
While renting affords you more options such as space and amenities, investing in property and cutting back is the first step to realising the reward in property investment.
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