CASE STUDIES - Hout Bay - Property for Rental Income
Asking price : 5.45 million ZAR.
Five Bedroom family home with sea views to be used for rental income before this family move back to South Africa.
We were contacted to source a home for a UK family who are planning to retire to Cape Town in the future. In the immediate term, the client would use the property as a holiday home for him and his immediate and extended family. The requirements included 4 bedrooms, a sea view, modern, open plan living, and a safe neighbourhood.
Generally speaking, the closer to town, the more expensive the view. The client realised that the best value sea view along the Atlantic Seaboard would be in Hout Bay, where all amenities are on hand and there is a choice of beaches within 10 minutes drive. Hout Bay, once a small fishing village, is now a thriving town with a busy tourist season and a mixed local population including many ex-pats. The client also liked the fact that Hout Bay has it’s own sailing club and easy access to fishing, so the search was focussed exclusively on the town of Hout Bay.
The asking price of the house was originally 5.95 million ZAR. When the client gave us his brief, the property was being re-listed at 5.45 so we knew that the seller was very serious about selling his home, giving us a great opportunity, after extensive negotiaton, to get an excellent saving of a further 11% off the reduced asking price. Space have since project managed a number of home improvements to the property whilst the owner has been away to upgrade the interior of the home to the owner’s requirements. Space also now manage the property whilst the owner is out of the country.