Selling a bond free property, only to rent and buy another property elsewhere after just three years.
Why is this my biggest real estate mistake I'll never make again?
It’s simple, the property I sold could have been rented out, and the rent I received would have paid part of the bond on the new property.
In the meantime, the value of the property I would have been renting out would have gone up (and in fact has).
Plus within a few short years, inflation being your friend, the rental income would have covered the full mortgage repayment on my new property.
As I said, I ended up selling, then renting a home, only to buy 3 years later. I could saved myself a small fortune on rental payments alone - not to mention attorney and estate agent fees.
Certainly it would have been enough to save up for a deposit on my new home. Arggghhhh, it’s painful to think of.
Don’t make the same mistake.
Also See: How To Make A Fortune From Property In South Africa