PARENTS ARE RENTING IN THE MIDLANDS
Category Residential Property News
This glorious stretch of Kwazulu-Natal country has a number of the province's, indeed, the country's top private schools. What bearing does that have on property?
Michaelhouse, Hilton, St Anne's...Cowan House and Clifton - the cream of boarding schools which draw pupils from around the country, in particular Gauteng. Unlike the 'old days' where boarders were dropped off on Day One, had a half-term exeat, then returned home at term end, today, many boarders are weekly - and for those whose homes are further afield, they'll often go 'home' with a friend for a weekend. But what if you are a Gauteng parent, are you happy to drive the easy 4,5 hours to spend quality time with your son or daughter and their friends?
Traditionally, many out-of-town parents bought sectional title units, homes in gated estates or even smallholdings in the schools' vicinity, spent weekends there with the children, then locked it up during the week. It still happens of course, but it's no longer the norm, largely because of cost, but also because unoccupied properties need care and supervision. Other parents often chose the bed and breakfast route - some still do - but that too, can be costly and restrictive.
Enter the rental market. The trend today is twofold - either to rent a unit in a lock-up-and-go estate or sectional title development in villages like Howick, or rent a cottage on a farm or smallholding. Myles Wakefield, CEO of Wakefields Real Estate, says, "A cottage on a farm is ideal for this purpose - some farmers have a few of them. Parents rent it permanently for as many years as they need it, and it works out more cost effective for them than buying. In addition, it's a place you can call a second home - leave your clothes and food supplies there, even furnish and decorate it yourself, no concerns about maintenance or security. It makes for a far easier trip from Gauteng, if you just hop in the car - perhaps even bring the dog - and head off to what is essentially your own home. Now your children can bring friends for the weekend, and there's ample to do in the Midlands - whether you're in to trout fishing or horse riding."
Rentals start from R5000 and go up to around R18 000 a month, and the flipside to this is just as positive, says Wakefield: "Farmers and landlords gain a steady, additional income from a low-impact source - the cottage is only used for about eight nights a month. They're never without tenants - parents sometimes 'share' with other parents, and the cottages are 'passed on' to friends who've children at the school. These cottages are highly sought after, and are becoming an attractive option for those who have the land to create one or two, or renovate existing outbuildings."
Author: Anne Schauffer
