In my opinion, most South Africans — of all colours and creeds — have an unhealthy fixation with owning property. We assume that it's always advantageous to buy a home and that people rent out of necessity, not rationality. Well, I rent an apartment despite having enough money to buy a house and I have very good reasons for doing so.

Do you own a house, but feel like you're spending the best years of your life with a financial ball and chain around your ankles? Why not just rent?

Here are just some of the advantages that renting a home has over buying it:

Throwing money into the water

Isn't renting purely an expense, akin to throwing money in the water? This clichéd argument does not take all the facts into consideration.

Let's say your geyser gives up the ghost. No worries, your landlord foots the bill — it's still sushi for dinner, baby!

What about the cost of borrowing? In the first few years of ownership, most of what you're paying into your bond goes to interest, not the capital. You won't see a cent of this money when you sell and with prime at 15.5 percent — and rising — one can almost say paying interest on borrowed money is, uhm, throwing money into the water.

Of course there are also all kinds of other expenses a property owner has including property taxes, levies, insurance, the cost of upkeep not to mention lost opportunity costs in the form of better returns one would have received if one rather invested in, say, stocks.

It's cheap to rent

For many virgin buyers getting a foot onto the property ladder has become nothing more than a pipedream. An affordability crisis has all but squeezed first-timers out of the South African housing market.

While getting on is near damn impossible nowadays, moving up poses almost the same challenge. For many growing, mid-income families staying in the same area if they wish to upgrade to a larger house is a mere fantasy. They can either decide to not make babies and stay put, or move to a less sought-after neighbourhood.

But these aren't their only options, of course. By renting they can grow their family in the place where they're happiest.

Usually when you rent you have to put down a deposit equivalent to a month or two's rent to indemnify the landlord against your possible non-payment. This initial payment is five to 10 times less than the cash needed to cover all the fees a buyer needs to pay before they can move into a home she or he bought. Renters also get their deposit back when they move out while there's no such luck for a buyer.

And what if Tito decides to hike rates again? No problem if you're renting — crack open some fine wine, 'cause your rent stays put!

Not a care in the world

One of my main reasons for renting? It's way less hassle!

Renters have a very limited responsibility towards the home they live in. Repairs and maintenance are not your problem and one monthly rent payment takes care of everything. If, however, you own the home you live in there are countless separate bills to pay and costs to consider.

Living in a rented flat is a piece of cake! Let the landlord do the work while you rest easy.

Freedom!

Rent and you're free to come and go as you please. Some leases are very short-term and when they're up you can simply pack your bags and go. Even where leases are for a year or more there'll usually be a notice period of a month or two after which a renter can leave without losing their deposit.

Renting provides almost boundless flexibility. There's no worrying about the market cycle before you move and no agonizing while you're waiting to sell. If push comes to shove and you just have to move out, you can do so at any time by simply forfeiting your deposit.

Renting is a good choice if your job requires you to travel a lot. Owning your own home requires that you or someone you trust is around for maintenance. It's very hard and stressful for an absentee landlord or owner to take proper care of their homes.

Do you intend on moving within the next year or three? Then renting is a better option as the costs (e.g. transfer fees, lawyers, etc.) involved in selling and buying a house are massive.

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