Mystery around Mmusi Maimane and 'his' R3.85m Claremont house

[Splinter]

Yes. 4 bedroom. Plot is 500 square and building size is 220.

Ok. maybe large family requirements leading to higher rental then?

 

[Gordon_R]

Indeed. And location, location, location means higher prices and higher rents....

True, but my point is that rental and market value of the property are not the same, when the diversity of housing stock comes into play.

 

[Splinter]

True, but my point is that rental and market value of the property are not the same, when the diversity of housing stock comes into play.

I tend to disagree with you in that there is generally more of a link between market value and rent than not.

 

[scienide]

and issue?

He has a house in Roodepoort, renting this.

If house in Roodepoort is paid for (even fi not), he can put this house down to get the housing subsidy goverment employees & (Eskom etc) get

 

[Adenoid Hynkel]

Ok. maybe large family requirements leading to higher rental then?

Most probably. I've also found that larger families struggle to find pet friendly properties and prepared to pay a premium for a pet friendly property.

 

[Splinter]

Most probably. I've also found that larger families struggle to find pet friendly properties and prepared to pay a premium for a pet friendly property.

You quite right about that. After struggling to rent out my spot, I was concerned about a family member being able to rent out theirs. As it turns out, wasn't a problem at all and the person who is signing the lease had specific requirement for pet friendly so she can adopt a rescue dog....

 

[saturnz]

Most probably. I've also found that larger families struggle to find pet friendly properties and prepared to pay a premium for a pet friendly property.

I didn't know that, I always allow my tenants to keep pets, not a zoo, but one or two is fine.

 

[ForceFate]

I didn't know that, I always allow my tenants to keep pets, not a zoo, but one or two is fine.

I once had neighbours who kept a zoo; from dogs to small birds and really noisy parrots. Hope they moved to a farm for the sake of their dogs and cats.

 

[SauRoNZA]

its not that complex, the issue is whether 25-35k is the market related rental on a 4m property

the rates on a stand alone house will probably be close to R1500 and building insurance close to R5000 so to charge R15000 rental would be stupid

Building insurance for R5000? Per year?

Otherwise what are you smoking?

 

[saturnz]

Building insurance for R5000? Per year?

Otherwise what are you smoking?

I'm paying R3000

 

[pinball wizard]

This thread has derailed several times, but the issue of property prices and rentals in Cape Town is a complex one.

All of which has ****all to do with the issue or lack thereof at hand?

 

[Adenoid Hynkel]

I'm paying R3000

Per year?

 

[saturnz]

Per year?

yup

 

[SauRoNZA]

I'm paying R3000

You need a new broker.

****

Oh I see it is in fact per year in which case that is reasonable.

But bad form and rather disingenuous on your past to take a discussion using monthly values and throw annual values in there as if they are much the same.

Typical from as is expected of you though, to make it purposely look like there are costs of R5000 a month built into a rental fee while in fact it’s <R500 and not when consequential.

 

[Adenoid Hynkel]

yup

That sounds about right. If someone pays R5000 a month for building insurance on a 3mil property, then they either are being ripped a new one or the property is actually worth 6 times that due to gold skirtings.

All my properties are insured at the avg rebuild rate per square in the cape. So in my case my 220 square property is valued at 1.5, however to rebuild that would cost a lot more. I think the rate is around 14k per square. Building insurance is usually peanuts

 

[saturnz]

That sounds about right. If someone pays R5000 a month for building insurance on a 3mil property, then they either are being ripped a new one or the property is actually worth 6 times that due to gold skirtings.

the important bit being that 15k rental on a R4m property is well below market rates

 

[theratman]

I have a property in Gordon's Bay that is valued at 1.5 and it's being rented out for 13.5.

Yowza thats pretty good for Gordon's Bay. We sold a beach "front" property there 3 years back on main road, in hindsight it would've been worth holding onto for a bit longer.

I've got a smaller 3 bed townhouse in Durbanville rented out for around 13k that's around the same or slightly more sale value than your GB property.

As for building insurance mine is R350 for 1.7 insured. Seems ok? I have a Lapa which pushed it up a little.

 

[TysonRoux]

Yowza thats pretty good for Gordon's Bay. We sold a beach "front" property there 3 years back on main road, in hindsight it would've been worth holding onto for a bit longer.

I've got a smaller 3 bed townhouse in Durbanville rented out for around 13k that's around the same or slightly more sale value than your GB property.

That is a risk, if your intention is to convert to a first world currency - the capital gain could be wiped out by the exchange rate.

 

[ponder]

This thread should be renamed to "CT house rental prices"

 

[Gordon_R]

This thread should be renamed to "CT house rental prices"

The original story/smear has gone cold. Still waiting for an explanation, or maybe there never was an issue...

Edit: https://www.enca.com/news/da-downplays-reports-maimanes-house

"I can say very clearly here what Mr Maimane is guilty of is over declaration, rented properties are not required to be declared in the declaration of interest but in any event the apparent owner of the property is listed under Mr Maimane's benefit," Steenhuisen said.

Edit: https://www.sowetanlive.co.za/news/south-africa/2019-09-16-house-story-storm-in-tea-cup-says-da/

EFF leader Julius Malema says he believes his DA counterpart Mmusi Maimane made a "genuine mistake" when he declared his rental property in the members' interests registry.

Malema was speaking after a City Press report on Maimane's mysterious declaration of a house he did not own.

Malema jumped to Maimane's defence saying he did not believe there was anything sinister and that he also "gets confused by the rules at times".