Thinking about selling your home? Before you put your home on the market, make sure you’ve asked and answered these important questions.
- How much do I still owe on my current home loan?
The number one factor to consider when selling your home is whether you can actually afford to sell your home. To find out, you would need to establish how much you still owe on your primary mortgage and any other loans relating to your home.
Next you need to assess how much your home is valued at (see point number 2). If your home is valued more than what you owe on your home, you’ll be in good financial place to purchase a new home, using the profit towards a deposit for a new home. However, if the estimated value of your home is less than what you owe on the bank, you’ll be putting yourself at risk, as all debts relating to the home would need to be settled when ownership is transferred.
If you’re unsure whether you can afford to sell your home and buy a new one or not, why not chat to one of our Rawson Sales Partners – they will be able to assist you best throughout the process.
- What is my home really worth?
Determining what your home’s value is not a guessing game – there are many factors that go into it, such as condition of your property, size, location, amenities and recent comparable property sales.
While many agents may ask a homeowner at what price they want to sell their home at, and then simply agree to test the price on the market – usually because they hope this will land them the listing – this can lead to frustration, disappointment and even a loss of money.
At Rawson, pride ourselves on giving our clients the best market-related valuation. We use innovative tech and up-to-the-minute data, based on recent sale activity and property features, along with the expertise of our neighbourhood experts, to give you the best idea of what your property is really worth. This is not only crucial in setting the best and most accurate price but will ensure that you attract the right buyers.
- Does my home need any work to increase its value?
When it gets to putting your property on the market, you want to ensure you put your best foot forward to potential buyers. So, look around your home for anything that might need a little love. A few simple, easy and cost-effective improvement will not only increase its appeal to potential buyers but will also increase its value.
Start with the front door: a new handle and a fresh coat of varnish can make all the difference in making that first impression. And while a complete overhaul in the bathroom or kitchen might be too expensive, there are a few things that can give it a facelift – think: a new toilet seat, new cupboard handles, new faucets and replacing mouldy grouting. Giving your garden some attention can also do wonders to make your home stand out. And a few home security updates like installing burglar bars or slam gates are enough to win over a potential buyer.
Chat to your Rawson agent for further insights to potential improvements that are needed, and which upgrades can increase the value of your home.
- Do I really need to hire an agent?
Many sellers try to avoid employing the help of a real estate agent to sell their home as they want to save the commission fee. However, anyone who has ever sold property will know that selling your home can be a stressful process! Plus, they understand that a property professional can add valuable insight and knowledge that can ensure your home is sold in the quickest time and at the right price.
When it gets to finding an agent, here are a few questions you might want to ask:
- Is your agent qualified? Agents working in real estate in South Africa are required to have a certain level of qualification to practice. This qualification is called a Fidelity Fund Certificate (FFC) and it needs to be renewed every year.
- Does your agent have a good track record? The best way to find out if your agent is good at selling is to ask him/her for a list of their most recent sales and for testimonials from pervious clients. While you might get on well with your agent, it’ll be of no use if they can’t actually close the deal.
- How will your agent market your property? Before signing a mandate with an agent, make sure they give you a detailed breakdown of how they plan to market your property. You should also ask your agent about the quality of the photographs they use to showcase properties – research has shown that good images are usually what sells a property, so it’s worth finding out if they use a professional photographer.
- Does your agent know the area? Potential buyers are going to want to know about the area they are potential investing in. So, make sure your agent knows your neighbourhood well – ask them about the schools, shops and shopping centres, parks and restaurants in the area. Their knowledge on a dog-friendly park around the corner of your house could be the piece of information that gets you the best buyer.
At Rawson we pride ourselves in being outstanding in all the areas. If you would like to find out how a Rawson Agent can assist you in selling your home, contact xxx
- How long do I want my home be on the market?
There are varying factors that influence how long your home could sit on the market, such as asking price, economic factors (like an economic boom or recession) and how many homes in the neighbourhood are also on the market. Research has found that homes that are priced correctly should sell within the first two to three weeks of it being on the market.
Chat to your agent about what your needs are and in what time frame you want to sell your home, and what factors could hamper or help the timing.
- What documents do I need to sell my home?
South African law requires that all sellers have the right documentation ready to submit upon the agreement of sale. These include:
- Electrical Certificate: This document certifies that the electrical installation on the property complies with the required safety standards. It must be supplied by a registered electrician and may not be older than two years – provided that there have been no modifications to the installation during that two year period.
- Beetle Certificate: this certifies that the accessible wood of permanent structures of the property (including outdoor sheds) is free from certain wood-destroying beetles. There is no set period of validity, and a new certificate must be obtained every time there is a change of ownership.
- Electric fence: If your home is fitted with an electric fence, you will need to show a compliance certificate that confirms that your fence installation adhered to the required safety standards. There’s no set period of validity, so an existing certificate may be transferred to the buyer (provided that no changes were made to the installation after the current certificate was issued).
- Water/Plumbing: This is governed by the City of Cape Town, and it is only applicable if your property falls within the municipal jurisdiction of the City of Cape Town. It certifies that the water installation at the property is in line with municipal and building guidelines. There is no set period of validity, and a new certificate must be obtained every time there is a change of ownership.
- Gas: This certificate is only applicable to properties with gas installations – it certifies that the gas installation on the property complies with safety standards. There is also no set period of validity, and a new certificate must be obtained every time there is a change of ownership.
