LIZ COLLINGWOOD, 56, from Johannesburg, bought a flat in Rondebosch, Cape Town, for her student son, Andrew, to live in while at university. It’s now a buy-to-let.
There’s a big shortage of student accommodation in and around Rondebosch. The University of Cape Town (UCT) only has accommodation for 6 600 students. Shared houses are an option, but rentals are quite high, and many have poor security. When Andrew moved out of his shared house, we decided to buy a one-bedroom apartment. We felt it would be a good investment, as both of our kids would go to UCT, and it would be a better than paying years’ of rent to a landlord with nothing to show for it after our kids graduated.
We bought an apartment within walking distance of UCT. Once Andrew graduated, we thought our daughter Jessica would stay in the flat, but she prefers the more social res accommodation, and was lucky to get a placement. We’re now renting it out to a student, and our investment is paying its way.