02 May 2006
Villa Italia: Rent Vs. Buy
Villa Italia is a new development in the process of being completed in Century City. Unfurnished you can rent a 2 bedroom/2 bathroom unit for R3700 (Update: Just went up R600 to R4300! Guess the demand drove it up eh?) a month. On their sales page the cheapest unit I could find (from the 53 still available!) was this one for R740 000 and with a 20% deposit on a 20 year mortage at an interest rate of 10.5% it'll cost you R5191.58 a month. So if you're renting unfurnished that's some major negative cashflow and that is before you have to pay levies.