“You Will Never See That Money Again”: SARS Employee’s Advice on Buying a House Sparks Debate

• An ex-SARS employee's TikTok video went viral after he advised against buying property with cash, suggesting using bank loans instead
• The financial expert explained how leveraging bank loans could help build wealth through property investment while using tax money legally
• South Africans had mixed reactions in the comments, with many strongly disagreeing and believing that cash purchases are always better

A former South African Revenue Service employee caused a stir online after sharing his thoughts on buying property, with many South Africans questioning his views.

Content creator @henrytheplug, who runs the Gauteng-based Success Inspiration Academy that shares motivational content, posted a TikTok video of an ex-SARS employee discussing home ownership.

In the video, the former tax official emphasises the importance of making informed financial choices when it comes to big investments like property. He encourages viewers to think strategically about their finances, noting that different approaches can be part of a larger financial strategy for building long-term wealth.

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Watch the TikTok clip below:

What experts say about buying homes

According to property experts highlight that there are different approaches to purchasing a home, each with potential benefits. Some people choose to buy with cash for the immediate benefit of full ownership without monthly payments or the risk of repossession.

Others consider taking out a loan, which may allow for more flexibility in managing finances while making significant property investments. Both options have pros and cons, depending on individual financial circumstances and long-term goals.

South Africans respond to the advice

@Nanahhhhhhhhhh strongly disagreed:

"No one will ever convince me that buying ANYTHING with cash is a bad idea😭😭No one!"

@Lov💕 felt unconvinced:

"I feel like you still haven't explained why people must not buy property in cash."

@Alkebulan OL (Pty)Ltd was concerned about security:

"Buying cash guarantees security, mos?🤔 What if all of a sudden you lost your income, repossession is not what we want, please."

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@Frans Sephuma shared his experience:

"I bought my car cash and I am happy because I don't pay instalments on it."

@Fort Tune did the maths:

"Guys, do your homework first. If you want to buy a house worth 1m, the bank will give you a loan of 1m excl interest. So if it's a 20 years bond we can estimate the interest to be somewhere around 1.5m."

@Thabang_Selepe questioned the logic:

"So you'd rather pay 8k p/m for 21 years for a house that costs 750k? If you have the means, buy everything with cash."

@legend warned:

"People are being kicked out by banks after 30 years of paying for a house. Remember one thing, my people, cash is king."

@thebrave14 was firm:

"When you have cash, buy everything with cash. Even if the President says it's not a good idea. Buying with cash is the best... You won't owe anyone, nor have an interest to pay on top."

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3 other stories about homeowners

• Briefly News reported on a woman who shared her inspiring journey from renting to owning her own home.
• An Mpumalanga builder showed the impressive process of constructing a house from scratch, with his video revealing how workers laid the foundation.
• A 25-year-old South African woman celebrated becoming a homeowner in style, inspiring many people in Mzansi with her outstanding achievement at such a young age.

Source: Briefly News