While I yearn to be free of the “Shitty of Jhb” I’m starting to think it may not be that simple after all. One child will definitely not be keenly embracing a move to Glencairn, he that is in no position any time soon to self provide. The other is keen, but who knows…?
And so, as usual, my mind is spinning with scenarios and contingency plans…..
Assuming we sell up with our desired R2.5M in pocket [a number I suspect may be a little optimistic] and settle the current bond, that leaves R1.5M invested. Roughly calculating on the 4% rule shows this lump sum giving a monthly income of around R5k pm. Not all that exciting!
The other option is to get over our emotional attachments and put the place on the rental market. I’m pretty confident that we’ll pull in a [conservative] monthly rental of R12-14k for 253. So, on the face of it it appears to be a no-brainer! After all, it’s double the monthly income and, if it doesn’t work out longer term, we will still have the option of selling up.
Main challenge obviously is we still need a place to stay, so thoughts are turning to the next big project…..
I see Sand’s eyes light up at the prospect. This is something we can both immerse ourselves in. The beauty of it is that the basic structure is there and the project can be tackled on day at a time, spreading the effort and the cost over a couple of years. We may even get a slot on Amazing Spaces or Grand Designs at the end of the day [ha ha].
We are already doing this in Glencairn, renting and living downstairs, so it’s a short mental step to do the same at 253. A car here, a car there, R20k rental income every month to pay for flights and we’re all geared to take life into the next phase. It opens up option to work in Jhb still but live more by the sea. It solves many potential family housing issues. It seems to have a lot going for it. The more I think about it the more I’m convincing myself it’s a worthy path to follow.
We may go for it and then we may not. Either way we can’t loose. If we do eventually decide to sell up, the addition of a rental unit on the property will only increase the sale value. Besides, Sandy needs a decent construction project again! This just may be our next 2-year DIY challenge!