What does it cost to sell your home?
Category 3%.Com Properties
Ready to sell your home? Sellers take note of these expenses:
Repair Work
Before listing and selling your property, you might want to do some basic repair work / paint, to improve your chances of obtaining the highest possible selling price. Whether you elect to do this or not, always ensure you complete the legally required Disclosure Form when listing your property, as thoroughly as possible. If you do not, you may be liable to pay for extra repair work after registration has occurred. To read more on this Mandatory Disclosure Form, please click here: Disclosure Form.
Bond Cancellation Costs
Do you still have a bank loan/bond registered over your property?
If yes, then a bond cancellation attorney will be appointed by the bank where your home loan was taken out, to cancel the bond. This is not a major cost, but it ranges between R4,000 and R6,000 depending on the bank.
Most banks also require 90 days' notice to settle and cancel the bond over your property. Otherwise, you could incur penalty interest for not providing sufficient notice. Provide your bank with notice once you decide to sell your property to avoid or minimize this cost.
Compliance Certificates
Did you know that when you sell your property you may need to obtain certain certificates? These certificates are required before the transfer of the property can go through to the purchaser, and the seller is responsible for these costs. These certificates might not be applicable to all properties, but here is the possible list:
- Electrical Certificate of Compliance (ECOC) - always required;
- Municipality Rates and Tax Clearance Certificate -You will pay 3 months in advance, and if the property transfer occurs before the 3 months, you will be eligible for a pro-rata refund from the Municipality;
- Gas Compliance Certificate (GCC) - only applicable if your property has gas installed;
- Electrical Fence Compliance Certificate - only applicable if your property has an electric fence;
- Entomological Certificate - Also known as a pest or beetle certificate, only applicable when your property consists of wood;
- Water/Plumbing Certificate - Mostly only applicable if you live in Cape Town; and
- Levies Certificate - Only applicable if you live in a complex / estate. You will also pay 3 months in advance, and if the property transfer occurs before the 3 months, you will be eligible for a pro-rata refund.
Costs of Moving
When you think of moving, you anticipate the costs of hiring a company for their labour involved and the vehicle to transport the goods, as well as insurance when transporting all your furniture. If you don't have much furniture to move, you can always consider renting a trailer yourself and hire staff or call all your friends to help.
However, keep in mind that moving companies do this daily and by using them you reduce the possibility of damages on your furniture. Some moving companies even assist the day before you move, to pack up your entire house in boxes and bubble wrap fragile items.
Estate Agent Commission
The commission charged by the property practitioner (previously called estate agent) is one of the biggest costs that the seller will incur and will need to pay from the proceeds of the sale of his or her property.The commission is normally charged as a percentage of the selling price from the property being sold, and will be deducted from the proceeds of the sale of your property.
This is the best part! With 3%.Com Properties, we only charge 3% sales commission on the selling price of your property (instead of the industry standard of between 5-8% commission).
Conclusion
Selling your home is an expensive task, With 3%.Com Properties, we want to put more in your pocket.
Contact us today!
Author: 3%.Com Properties