The idea of owning an investment property at the beginning of 2007 was a popular notion. Buying an apartment and renting it out was deemed a fabulous investment with high returns. The property market was booming, it was time for everyone to make more money!
Not so! At the end of 2007 interest rates hit an all time high. Received rentals were no longer covering mortgage payments. People had no money and recovering the rent became a huge problem which meant that your brilliant investment plan was costing you more than you could afford. Things were not looking good.
In the last three years, the property market has had a slight upturn but as an investment property owner in the bustling and central area of Midrand our investment has cost us an untold fortune. From tenants destroying the interior of the apartment, to disreputable estate agents finding even less reputable tenants, to tenants who moved out in the middle of the night without paying their rent – we experienced it all. We thought of selling but were told that the property’s value had decreased by 30% and that we’d have to sell for far less than we’d pay for it.
Things changed one day when we chanced upon an agent from Feel-at-Home furnished property rental specialists. The professional and expert service we received from their agent sealed the deal for us and within two weeks our apartment was furnished and rented to a reliable corporate client. Midrand rentals are very appealing to large corporate companies as Midrand has direct access to Gauteng’s main highway, the N1, and the brand new Gautrain Station makes commuting to Johannesburg and Pretoria a breeze! Renting furnished, self catering apartments is far more financially beneficial compared to renting for long periods in guest houses or B&Bs. Our rent is now paid on time and what’s even better is that the return on our investment is about 1.8% a month and is actually making us money for the first time in three years. We will always rent out our apartment furnished from now on. And our agents will always be Feel-at-Home furnished property specialists. We were so impressed with their service that I have now become an agent for them and have much success in the furnished property rental industry.
Log on to www.feel-at-home.co.za now to either list your property or rent a furnished property from Feel-at-Home.
Debbie Walton – investment property owner in Midrand and property consultant for Feel-at-Home. +27 87 802 6350