Five important questions to answer before selling your home

| Article by Joel Harris, Branch Manager of Jawitz Properties Bedfordview

Selling your home is a process that has many required steps. When the time comes, it is best to be prepared. Speak to your agent and ask the questions that matter.  Some common queries we have encountered include;

How long does the selling and transfer process take from the time the property is on the market?

The first step is to find a willing and able purchaser. If the purchase is subject to bond approval or other suspensive conditions, it can take up to four months for registration of transfer to take place. There can of course be certain delays, such as finding a qualified purchaser initially, which could mean your home will be on the market for some time. If your home is priced at a market related price, it should sell within a fair time period. 

What does the term ‘suspensive conditions’ mean?

A bond approval, home inspection or fulfillment of the sale of another property, are all examples of suspensive conditions.

Why is a sole mandate better than an open mandate?

A sole mandate maximises the opportunity to receive the best possible price the market is willing to pay for your home.  A sole mandate eliminates competition between agents, and creates competition between purchasers, where your chosen agent won’t simply accept any offer because of wanting to make the sale. Instead, an agent with a sole mandate works for the best possible outcome for you – a sole mandate protects the price of your home.

With open mandates, the market receives different information regarding your reasons for selling, your chosen price, etc., and multiple boards and listings can also indicate desperation to sell, and confusion, which may make purchasers question your price. The agent who holds your sole mandate can assist you in determining the market related asking price, and will work with potential purchasers authentically on your behalf.

Should I fix up my home before I list it?

Embarking on a major renovation can be very expensive, when your future purchaser may prefer to put their own stamp on the property. You were once the purchaser and created your home as it stands. If there are minor defects that require attention - such as leaking pipes, cracked tiles, and chipped paint areas – it would be a good idea to fix these before listing, but you can ask your agent for advice on any maintenance, repairs and suggested improvements beforehand.

 What costs will I incur?

You have to pay agent commission plus 14% VAT thereof, and generally pay for obtaining updated compliance certificates (such as plumbing, electrical, and gas, electric fence and beetle, where applicable). You also have to pay an upfront amount for rates and taxes, as well as water and electricity for up to approximately four months in advance. This amount will be paid to the conveyancing attorneys in order to receive a clearance certificate from the council for transfer to take place. At a later stage, monies owing to you can be refunded.  Other costs such as Capital Gains Tax and bond cancellation fees may also apply. If you have an existing bond you must give your bank a 90 days’ notice period to cancel the bond, to avoid penalty interest. 

There are many more questions that may arise in the process, and working with a professional agent will ensure a professional service, when the time comes to sell. Remember that agents in your area know what market-related price your property can realistically achieve, and will be able to find you the right, qualified purchaser.  A realistic market-related price is really the ultimate answer to selling your home.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 20 Apr 2018
      Whenever changes in the political ecosystem of a traditional property market create uncertainty, smart investors begin to look elsewhere for new opportunities. Property experts at IP Global have analysed the trends and crunched the numbers to find new markets to explore in Europe and the United States.
    • 20 Apr 2018
      Energy and water self-sufficiency are increasingly important factors in home buyers’ choice of property – especially in Cape Town where the extreme drought of the past few years has made municipal supply costly as well as uncertain.
    • 19 Apr 2018
      During the last decade, rampant development has progressively transformed Cape Town’s property landscape with densification being the order of the day, but there are still one or two hidden gems like Scarborough which have retained their original character, offering an inimitable lifestyle and an attractive investment opportunity.
    • 19 Apr 2018
      The rental market is a cut-throat sector of the real estate market that waits for nobody. According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, first-time renters need to be fully prepared before they even start the process of looking for a place to rent in order to avoid the disappointment of losing out on their ideal property.
    • 19 Apr 2018
      Choosing to buy your first home instead of continuing to rent is a big decision that will usually take some time to put into action, but the sooner you can save up a sizeable deposit, the closer you will be to reaching your goal.
    • 18 Apr 2018
      Selling your home is no small task and as you will quickly find out, there are a lot of misconceptions about the process. Gerhard van der Linde, Seeff's MD in Pretoria East lists the top 5 misconceptions when you are selling your home.
    • 18 Apr 2018
      The Cape Town municipality is now installing water-management devices at properties that have been non-compliant with the new level 5 water restrictions and there are talks of fines between R5,000 and R10,000 for households that use too much water.
    • 17 Apr 2018
      The recent interest rate cut has stoked the coals in the first-time buyer’s market. At least for the next two months until the next interest rate announcement, homeowners are guaranteed lower monthly instalments than in the previous quarter. But, is it wise to take out a 100% bond just to enter the property market while interest rates are low?
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us