Source: Capital
Thinking about selling your home? Let’s break down the costs involved so you can plan your move wisely!
- Agent’s Commission: Reality: Real estate agents play a crucial role, and their commission is a standard cost. It’s typically a percentage of the selling price. Negotiate terms upfront and understand what services are included.
- Conveyancing Fees: Reality: Legal processes are involved in selling a property. Conveyancing fees cover the transfer of ownership and can include legal paperwork, deeds office fees, and more. Consult with a conveyancer for a breakdown.
- Home Staging and Repairs: Reality: Presenting your home in its best light may involve some costs. Consider minor repairs, cleaning, and possibly professional staging to enhance your property’s appeal to potential buyers.
- Municipal Clearance and Rates: Reality: Ensure that your municipal accounts are up to date. Some municipalities require a clearance certificate, and you may need to settle outstanding rates before the sale.
- Compliance Certificates: Reality: Certain certificates are legally required, such as an Electrical Certificate of Compliance (COC) and a Beetle Certificate. These ensure that your property complies with safety standards.
- Transfer Duty or Capital Gains Tax: Reality: Depending on the circumstances, you might be liable for transfer duty or capital gains tax. Seek advice from a tax professional to understand your obligations.
- Moving Costs: Reality: Don’t forget about the practicalities! Factor in the costs of moving your belongings to your new place. Get quotes from moving companies to plan your budget.
- Outstanding Bond Amount: Reality: If you still have an outstanding bond on your property, part of the sale proceeds will go towards settling this amount.
Tips for Budgeting:
- Research and obtain quotes in advance.
- Work closely with your real estate agent to understand all potential costs.
- Plan for unexpected expenses by setting aside a buffer in your budget.
Let’s share insights! If you’ve recently sold your property or have questions, drop them below. Together, we can navigate the costs of property selling in South Africa! #PropertySelling #SouthAfricanRealEstate #FinancialWisdom #HarcourtsCapital
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