Timing the sale of your property

Establish the urgency of the sale. If you have been transferred or have already bought elsewhere, you may not have a choice: now is the best time to sell. But if you have outgrown the property and want to buy a smaller or larger home, two months may not make a huge difference. Homes sell throughout the year, but statistics show that homes listed online receive most interest from the public in warmer months when gardens look more attractive and buyers are more likely to venture outside to visit show houses. The property market definitely slows down during the December school holidays and Easter weekend. If possible, avoid putting your property in the market then. October and November are far better months to sell than December.
Know when you will be able to move, and have a plan B. Transfer may happen between three and seven months after the listing date of the property. Whether you are relocating to another city or upsizing or downscaling in the same city, you are going to move somewhere else. The question is whether to sell first, and then buy elsewhere, or vice versa. Whichever way, you as seller need to be able to indicate a possible date of occupation to the buyer. If the property sells within the first week or two, will you be able to give occupation within two to three months? If you have not bought elsewhere as yet, do you have a plan B, such as renting for a while or moving in with family temporarily?
If you are letting the property which you plan to sell, you may want the possible occupation date to coincide with the end of the lease term, and then it will be wise to start the marketing process about 5 months prior to the date on which the lease expires.
Make sure that your council accounts are up to date and that any problems relating to it are sorted. This will ensure that the rates clearance figures can be released speedily, and that transfer will not be delayed by it.
Check if you are in a position to meet all legal requirements which may form part of the sale. Do you have copies of approved building plans available? Often banks ask for them before the buyer’s final bond is granted. If you have made alterations without having plans approved, set the ball rolling to have as-built plans approved. Obtain an electrical compliance certificate, certificate for the electrical fencing and gas compliance certificate – all of them are now legally required when a property is sold. The buyer may also ask for a pest control certificate. It is not so expensive to obtain these certificates as such, but it can be quite costly if work such as rewiring needs to be done before it can be issued.
Establish if there will be a penalty payable if the current bond is cancelled within a certain period of time. Contact the bank which holds the bond and ask them if they need notice of the possible cancellation. You may prefer not to give transfer while the penalty may still be payable.
Know the whereabouts of the title deed. The title deed will be with the bank with which you have a bond. If you do not have a bond registered on the property, make sure that you have the original title deed in your possession. A lost title deed may delay transfer.
Get your home sale ready. Spruce up the garden and driveway, and attend to those nagging little maintenance issues. The neater the property, the better impression it will make on potential buyers and the better price will be achieved.

Published in: Linprop news


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