“The Bank Repossesses Your House”: SA Gent Shares Why Renting Is Much Better Than Paying Bond

• A South African man hopped on TikTok to explain to his followers why renting is much better than paying a bond 
• Ricardo Afrika received a question from one of his social media friends asking why some people prefer living in a property that's not theirs when they can invest in something that they could end up owning
• After his explanation, social media users finally understood what it is that they wanted to do when it came to property 

A young South African chap taught TikTokkers the difference between renting and paying a bond.

Ricardo Afrika explained to his followers that renting is much better than paying for a bond as it is much more flexible and allows one the freedom of travelling.

SA gent shares why renting is much better than paying bond

Owning a house comes with a lot of responsibilities that some people want to escape. This is why many people rent different homes at different stages of their lives. 

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You find a person renting a standard three-bedroom house, and then in two years, they find themselves in an open-plan studio apartment. Renting is for people who want freedom out of life. This option is only temporary and gives people the chance to move around and explore different places.

Paying a bond means being disciplined enough to stay put and pay off the bank's money. This option is for people who enjoy routine and a focused plan.

He captioned his clip:

"I hope this sums it up."

Watch the video below:

Mzansi confused about difference between paying bonds and renting 

Social media users shared their thoughts in the comments:

@BoipeloK wondered:

"Why can't people do whatever they want with their money?"

@Luphiwe Bobbi highlighted:

"Because we don't qualify for the bond, but we qualify for the rent."

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@Zanele Dube explained:

"Owning a house is more expensive, and Most people haven't figured out where they want to live permanently."

@Lwandi_fi🤸🏾‍♀️aun🤸🏾‍♀️🇿🇦 shared their story:

"I sold my apartment to go back to renting. We were paying R10700. We are now renting a house for R5900 including water & electricity, saving R4800."

@Lu commented:

"Don't buy a house; buy a house; it honestly doesn't matter as long as you are happy."

@bodyandmindmagic broke the info down:

"A bond comes with life cover fees, insurance, levies, water bills, property tax, municipal bills, maintenance costs, and its own interests. My bond payment started at R9500 and is now R12500 plus the above."

@Sez_deep said:

"If you miss a few payments, and the bank repossesses the house, auctions it, and you still have a shortfall to pay way, we can't afford it, to be honest."

SA boggled by Cape Town’s rent ranging from R7.5K to R20K monthly

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Briefly News also reported that TikTokkers went around Cape Town to ask different people how much they paid for rent in the mother city. Mzansi was boggled to hear the amount of money people were willing to pay on rent alone per month.

Social media users learned to be grateful for living elsewhere other than Cape Town and saving their money.

Source: Briefly News