A few months ago we decided to get step on to the first rung of the property ladder in South Africa. It was an easy enough decision to make at the time, the only problem was that we decided to make the decision while living still living in Dubai.
Our first option was do we buy a house that we would like to retire to? If so my first option was to buy a house at the sea side town where my family had spent generations of holidays. Or do we buy a house that was close enough to our parents that could be rented out as an investment and we would never live in it? Or thirdly did we buy something close to our current home and rent it out until we decided to return to South Africa. But then a fourth option reared its head, purely because I like to introduce a challenge to my already over loaded life, do we build our dream home and it can be our special place just like we want it?
We soon realized that the sea side house was going to be a lot harder than we thought it was going to be, the properties were either to old and needed a serious upgrade or none of the homes where in the correct area or of course overly priced. My hubby and I also have a completely different sense of Architecture. Of course the other downside to a sea side house is that you can only rent it out during the holiday weeks, which is generally when we are in the country and would want to use the house, the rest of the year the rental would be sporadic.
Our second option to buy a house near a relative and have it rented out as an investment also soon lost its appeal, mainly because we didn’t feel that it was something that we were prepared to spend money on and never even see the house. Many people prefer this option because its an out of sight out of mind scenario where there is a regular income into their bank balance.
Our third option which we is still the more favorable option is to buy near to where our home is, so when we get home in a few days time we are going property hunting, but it might not be as easy as it sounds. Ladybrand is a very small town, which means that there is a very limited market. But Im sure that we will find something that we will like.
The Fourth option, which my hubby is dead set against and I love, is to build our own home on a specific plot of land that we both love. I even went as far as to have the drawings drawn up, the concept is complete but hells bells people it is expensive to build in South Africa! And to add to the misery of the price of building most of the house is either made of sand stone or wood. And to top it off the rural location again comes into play.
So I guess the moral of the story is that if you want to buy or build your dream home its going to take many months of saving, debating and hunting to find the right one to suit you! But for young couples out there I believe that getting on the property ladder as soon as possible is always a wise investment. It forces you to save and in the end it will always prove to be the right investment.