Here's a nice looking 210m2 loft in Cape Town on the market for R2.2m. Now on a R/m2 basis that isn't too bad (+- R10 000/m2), although it only has 1 bedroom in that 210m2 space...What is bad though is the massive R5 100/month combined rates and levies (Rates: R2500, Levies: R2600). That's over R60 000/year that you will never see again.
Over 3% in capital appreciation is required every year just to make back the money spent on rates and levies.
6 comments:
My mind boggles. How the hell can the rates be so high?!
Indeed, Anon. I have been looking at 2 bed flats in Claremont near Cavendish (about R13k/m2). Rates and levies combined come to about R1300 per month. Size of flat is much smaller though (average of 80m2). What is putting me off is the large deficits the body corporates have been running in the past year or two - eating into the accumulated surplus big time.
One large block only has about R11k left in the kitty. I see some large special levies coming up in the future.
That building is paying business rates coz it has business rights.
It doesn't reduce the sting of R5000 disappearing every month.
The answer is to own your own property if you are willing to take the leap. Take a look here if you are keen. http://housing.justlanded.com/en/South-Africa_Western-Cape_Cape-Town/For-Sale_Houses/Modern-Family-Living-with-Amazing-Views
Better value than any apartment in Seapoint and or Cavendish and possibly similar price. No need to deal with Body Corporates anymore
Never buy or rent in HOUTBAY. This place is so unsafe stuck between 2 townships coloured on one side and blacks on the other. There are so many crimes every day. Shocking but everyone tries to keep it quiet. Houses have become almost unsalable
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