Investment property in CT

[blunomore]

If we buy a property in CT in order to rent it out and *maybe* use it later as a holiday or permanent home, what area would you recommend?

Budget R2M.

 

[Toyboy]

Plattekloof or Pinelands (preferably for yourself in the long term as they have some nice big plots and a pretty decent area to live in) alternatively an apartment in Sea Point or Greenpoint (big demand in these areas for rentals)

Goodluck

 

[biometrics]

Depends if you need to commute to the city.

If not, consider Melkbosstrand.

 

[killerbyte]

My dad just bought a property in Sunningdale. Base price of his unit was R1,100,000 and then he put in around R200k of extras (fancy floors, extra money into the kitchen and a garden. Nice area, close to the shops and schools but also very tranquil.

3 bedroom, 2 bathroom, main en suite. Came with a heat pump and a prepaid electricity meter which is a big must when renting out.

 

[blunomore]

Thanks guys. Where exactly is Plattekloof? As stated on this forum before, I love the City Bowl.

 

[biometrics]

Thanks guys. Where exactly is Plattekloof? As stated on this forum before, I love the City Bowl.

City Bowl is minimum R4m for a house.

 

[proxilin]

I coincidently read this article yesterday.

http://www.moneyweb.co.za/moneyweb-the-money-whisperer/sell-your-investment-properties-now

Not saying that you shouldn't buy, I assume you've crunched the numbers.

As for a location for a home (which I gather means a house, not a flat), for R2mil you won't find anything in the City Bowl, you'd have to look towards the Atlantic Seaboard (Milnerton/Bloubergstrand/Royal Ascot), or the Northern Suburbs (Panorama, Edgemead, Plattekloof, Durbanville), or maybe Pinelands as stated. Everyone else looking for a house under R2mil also lives there, so rush hour traffic into town is chaos.

Personally the hassle and admin and risk w.r.t. tenants and investment property make my toes curl. Especially if you don't live in the same city as the property. But if I had money that I HAD to spend on a investment property (not where I'd live or want to spend a holiday), I'd buy a flat in Sea Point or Gardens, or anywhere else in the City Bowl (although R2m might not get you far either). There's a huge demand for rentals by young working people. But pick wisely, some areas are dodgy and some areas are nice.

 

[Wong]

Have a look at Blouberg/eden on the bay for a " holiday place " right by the beach - should be very easy to rent out and for a
" permanent home " , I would suggest parklands north(Value for money - some really nice homes there 1.5-2mil) - just make sure the house is not near a complex or apartments

 

[noxibox]

I coincidently read this article yesterday.

http://www.moneyweb.co.za/moneyweb-the-money-whisperer/sell-your-investment-properties-now

He vaguely references Cape Town as being reasonably run, and then provides no reasons why his other statements should be applied to Cape Town. Most of what he said isn't true for the Cape.

 

[blunomore]

City Bowl is minimum R4m for a house.

Not a house, an apartment.

 

[Pho3nix]

He vaguely references Cape Town as being reasonably run, and then provides no reasons why his other statements should be applied to Cape Town. Most of what he said isn't true for the Cape.

Article seems very general for all rental properties unless I'm missing something

 

[Bunta]

City Bowl is minimum R4m for a house.

Not if you're patient and keep your eyes peeled.
We needed a bigger property. Lived in Woodstock upper for 8 years. house became a home, commute to work was 7 mins and 10 mins back home (traffic).
Saved thousands on fuel over the years!
But we needed a bigger plot. Kids anol. Unfortunately most of the Woodstock, Walmer Estate and University estate houses have little to no grounds / garden.
We sold our house (for 3 times as much as we paid 8 years ago). then kept those profits in an account waiting to pounce on the right house. Rented another place in University Estate since last June while we waited.
This year we found a 4 bedroomed house with 3 bathrooms, driveway for 5/6 cars, garden and back yard! Close to kids play park, and sportsfield. All that for UNDER R2m!
Only things i've done so far, fit aluminium windows, updated the Alarm and now building a Garage. (Still haven't hit the 2 bar mark though.
Properties close to the CBD are in huge demand. Be it houses or Apartments.

 

[noxibox]

Article seems very general for all rental properties unless I'm missing something

That's what makes it fairly useless.

 

[Shard]

Not a house, an apartment.

You can look at suburbs like Vredehoek, Oranjezicht, Tamboerskloof & Gardens. Sea Point if you don't mind being on the other side of signal hill. 2 million can get you a 2 maybe 3 bed(It'll need work though) flat.

But I wouldn't go in now, market is peaking and everyone's trying their luck. I pay very close attention to the property market in CT as a bit of a hobby.

Heres a link for you: http://www.property24.com/for-sale/...163,9166,9155,9145,11021&pt=2000000&so=Newest

 

[SauRoNZA]

Thanks guys. Where exactly is Plattekloof? As stated on this forum before, I love the City Bowl.

About 20km out of the city which by Jo'burg standards is virtually in the city.

https://www.google.co.za/maps/search/plattekloof/@-33.8751425,18.5588991,14z?hl=en

 

[Shard]

About 20km out of the city which by Jo'burg standards is virtually in the city.

https://www.google.co.za/maps/search/plattekloof/@-33.8751425,18.5588991,14z?hl=en

Lol, yes, you definitely need to clarify the JHB vs CPT standards. Traveling 15 km to get somewhere is already to far for me as a Capetonian.

 

[Toyboy]

Not if you're patient and keep your eyes peeled.
We needed a bigger property. Lived in Woodstock upper for 8 years. house became a home, commute to work was 7 mins and 10 mins back home (traffic).
Saved thousands on fuel over the years!
But we needed a bigger plot. Kids anol. Unfortunately most of the Woodstock, Walmer Estate and University estate houses have little to no grounds / garden.
We sold our house (for 3 times as much as we paid 8 years ago). then kept those profits in an account waiting to pounce on the right house. Rented another place in University Estate since last June while we waited.
This year we found a 4 bedroomed house with 3 bathrooms, driveway for 5/6 cars, garden and back yard! Close to kids play park, and sportsfield. All that for UNDER R2m!
Only things i've done so far, fit aluminium windows, updated the Alarm and now building a Garage. (Still haven't hit the 2 bar mark though.
Properties close to the CBD are in huge demand. Be it houses or Apartments.

This man speaketh the truth...

Bunta, what forums are you not registered on lol

 

[Grant]

blu, from my own personal experience, i would recommend the atlantic seaboard, anywhere from v&a waterfront, through moullie point, green point, sea point, clifton, bantry bay, clifton, camps bay - on the beach.

so for R2m, anywhere along beach rd, you may get a 1 bed renovated apartment, or an older (needing renovation) 2 bed unit.
in that price range, it will not NOT be sea facing - probably at the rear or side of the building.

if not beach rd, look at high level / ocean view drive.
you either want to be on beach rd, or right on top of the area (ocean view drive / high level rd).

beach rd is the prime area, as you are also on the waterfront / city / camps bay transport routes & all the banks, major retailers, medical facilities are right behind you on main / regent rd - within minutes walking distance from everything.

 

[blunomore]

You can look at suburbs like Vredehoek, Oranjezicht, Tamboerskloof & Gardens. Sea Point if you don't mind being on the other side of signal hill. 2 million can get you a 2 maybe 3 bed(It'll need work though) flat.

But I wouldn't go in now, market is peaking and everyone's trying their luck. I pay very close attention to the property market in CT as a bit of a hobby.

Heres a link for you: http://www.property24.com/for-sale/...163,9166,9155,9145,11021&pt=2000000&so=Newest

Thanks Shard. Some lovely properties in my price bracket on the URL you listed.

Thanks for all the CT people's inputs.

 

[blunomore]

blu, from my own personal experience, i would recommend the atlantic seaboard, anywhere from v&a waterfront, through moullie point, green point, sea point, clifton, bantry bay, clifton, camps bay - on the beach.

so for R2m, anywhere along beach rd, you may get a 1 bed renovated apartment, or an older (needing renovation) 2 bed unit.
in that price range, it will not NOT be sea facing - probably at the rear or side of the building.

if not beach rd, look at high level / ocean view drive.
you either want to be on beach rd, or right on top of the area (ocean view drive / high level rd).

beach rd is the prime area, as you are also on the waterfront / city / camps bay transport routes & all the banks, major retailers, medical facilities are right behind you on main / regent rd - within minutes walking distance from everything.

Thanks Grant, yes, I like that area. I guess if you live there permanently, you get a bit fed up with the almost constant presence of tourists/holidaygoers ?