At some point homeowners may decide that the time has come to put their property on the market. These are the seven things you have to do as you start with this process.
7 things you need to do
before putting your house on the market
1. Contact your bank
If you have a bond you must immediately contact your bank and give them notice of your intention of selling your property.
And thereby terminating the bond. All banks differ, but they all usually have a notice period (normally 3 months).
If you don’t give them notice they probably will charge you a cancelation fee.
This is a guide only, but do check with your bank beforehand and save some money.
2. Title Deed
If you don’t have a bond make sure that you have the original title Deed. You would have received it from the transfer attorneys or the bank (if you paid off your bond)
3. Documentation
Rates and Taxes
Copies of the last three months will normally be requested by the buyers
Estates and Sectional Titles
When moving into a sectional title or any estate with a Home Owner association the buyers by law needs to see the rules, Levi Statements and applicable documentation.
House plans
If you don’t have copies of your house plans contact your local municipality and request it ASAP.
More and more buyers are requesting this and will only put in offers once they have seen the plans. Thus it is wise to have it on hand to expedite the selling experience.
Click HERE for the City of Cape Town information on getting copies of your plans.
4. Understand the market
This includes macro market (South Africa) as well as your local market.
Knowing what the supply and demand is will help you manage your expectations. Know why you are selling and get clarity on your timeframe.
Also ensure that you understand the difference between a listing price (Property24) and the actual selling price.
A good agent should be able to help you with all this info.
5. Gel with an agent
Make sure you find an agent that is knowledgeable, trustworthy and that gels with your personality.
You will be spending a lot of time working together and the process must be enjoyable for you.
Remember that you and the agent are a team so be honest from the beginning and neither of you will be disappointed.
6. Comprehensive valuation
A great sale starts with a great valuation. Your agent should show you exactly what the market is currently doing and how they arrived to a certain value.
The data never lies and based on this you will make decisions together based on the market, your motivation and timeframe.
7. Cancelations
Start finding out the cancelation policies on all your current services (Telkom, alarm, fibre, garden services, etc.).