Here's a 104m2 2 bed apartment in the CBD on the market for a hair under R2m. Now you can probably negotiate the price down but what you can't negotiate down is the rates of R893/month and levies of R3285/month.That's an eye watering R4 178/month! Over R50 000/year! More than 2.5% of the current asking value of the property evaporated every year.
Lord help you if they ever need to put in a special levy for urgent repairs.
7 comments:
Adam says:
Levies and rates on this place equals rent for some places.
Supposedly one of the advantages of owning your own property is getting to save on rent.
Another crazy example of this property bubble.
But when will it end?
Absolutely agree.
It's not like paying a rental.
It IS paying rent.
It's craziness.
Something's got to give.
How can ANYONE agree to pay a Bond on a property AND levies/rates tantamount to a rental ?
Where is the financial astuteness in that ??
I hope the greedy body corporates and municipality choke on all the forthcoming bad debt.
Anyone know of a good estate agent in the Durban, Berea area?
Yes I agree.Levies and rates on this place equals rent for some places.
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Miami Title Company
I really don't understand why we always think we have to buy what we live in. I have a flat in sunnyside pretoria that is worth R450k and rents at R50,000 a year. If I want to live in cape town I should buy 3 flats in sunnyside for R1,350 which will bring in R150k a year in rent - after expenses, levies, etc I have R100,000 a year which will rent me a R2 million flat in cape town.
That way you get to own and live in cape town without being fleeced - no?
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