At a time when more people than ever are renting, current market conditions favour the buyer, and there is much movement within the country as people relocate or change their lifestyle due to evolving workplaces.
Investing in property is not just about financial gain; it’s about building wealth in various aspects of life. Property ownership can enrich your life emotionally, socially and environmentally, contributing to your personal growth and lifestyle satisfaction.
Six types of wealth to consider when investing in property
1. Emotional wealth
Owning a home offers security and stability, providing a sense of well-being and reducing stress and anxiety. Unlike renting, where a home may feel temporary, owning allows you to personalise your space and create lasting memories. Studies have shown that homeowners often report higher levels of life satisfaction and self-esteem compared to renters.
2. Community wealth
Homeownership enables you to put down roots, build connections and form relationships that foster a sense of belonging. Neighbours are invested in each other’s well-being – and as a homeowner, you contribute to your community’s growth, safety and pride.
3. Environmental wealth
Sustainable living through eco-friendly property investments gives you the chance to reduce your carbon footprint. By adding water-wise gardens, solar energy and other green practices, you not only increase the value of your home but also contribute to a healthier planet. A 2023 poll by Just Property agents found that home values increased by 16% for properties not reliant on municipal services.
4. Legacy wealth
Property is a proven tool for wealth creation and legacy-building. Historically, property values appreciate over time, making it a solid investment. In South Africa, property values have risen significantly, with an increase of over 830% since 1994.
5. Personal development wealth
Owning or buying property is a learning process that enhances financial literacy and decision-making skills. It helps you grow personally, gaining confidence in navigating mortgages, sales and property management, all while becoming more self-reliant.
6. Lifestyle wealth
Owning your home allows you to design a living space that reflects your personal style. This sense of freedom and the ability to shape your environment to meet your needs improves your quality of life and overall well-being.
Renting vs buying: Making the right choice
There is a right time to rent and a right time to buy, but when you rent, the property owner benefits from the appreciation of the home’s value while you pay rent. If you plan to stay in one place for a significant period, buying may be more economical in the long term, especially considering potential property appreciation.
Take the next step
If property ownership aligns with your personal and financial goals, consider consulting with real estate professionals to explore your options. Investing in property could be a transformative decision that enriches multiple facets of your life.
Paul Stevens
CEO: Just Property
Image credit: Freepik
