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Properties should be listed at a price to sell, not negotiate. PICTURE: JRODNAE PRODUCTIONS/PEXELS
WHEN YOU’RE SELLING, SELECT THE RIGHT PRICE PROPERTIES should be listed at a price to sell, not haggle over, says Deena Pitum, property consultant at Jawitz Properties. She says buyers are often as educated as the agents as to the pricing of the market and are prepared to pay the full asking price if they see value in the home. A big mistake often made is listing the property online
at too high a price. Many buyers search in increments of R500 000 and, if the property is listed just above that, it won’t come up in their alerts and won’t attract the right buyers. “I recently listed a property worth R2.5 million online for R2.495m and we secured seven potentially solid buyers to view the home. After viewing, three were interested in putting in
an offer and, based on the interest received, we got a full asking price offer and signed – all done within three days. “Sellers often think they should market their properties at a higher price in case they get negotiated down but, instead, if you market your property at the correct price, there is no need to negotiate. You will attract the right buyer who recognises the value of your home.”
Give timeous notice to the bank if you’re cancelling a bond
Banks are being generous to home loan applicants Home buying and mortgage lending have remained relatively immune to the pandemic PICTURE: TOWFIQU BARBHUIYA/UNSPLASH
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ESPITE the ongoing upheaval caused by the pandemic, coupled with the recent civil unrest in KwaZulu-Natal and Gauteng, lending conditions remain advantageous to home loan applicants. Rhys Dyer, chief executive of ooba, says the pandemic has drastically changed consumer behaviour, as well as banking trends, resulting in a surprising boom in the local residential property market over the past 12 months. “Continued competition among the major banks for a bigger share of the home loans market has translated into higher approval rates as well as offers
of attractive interest rates below prime. Added to the mix, local interest rates remain at their lowest level in 50 years.” These factors combined, he adds, suggest that home buying and mortgage lending have to date remained relatively immune to the pandemic. “The local banking industry also appears to be optimistic about the future of the South African residential property market. The current lending landscape remains fiercely competitive, which is evidenced in the softening of their deposit requirements and their approvals at interest rates on average below prime.”
YOU’LL NEED PLANS AND PERMISSION IF YOU’RE RENOVATING
Some property transfer delays can be avoided if buyers do their homework. PICTURE: TUMISU/PIXABAY
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ROPERTY transactions are complex and protracted enough without the additional frustration and potential cost of delays. One of the main reasons for delayed transfers, says Grahame Diedericks, manager principal in Midrand for Lew Geffen Sotheby’s International Realty, is that the time line is out of sync, especially when two or more deals are linked and money from one sale is needed to purchase the next property. “It can also occur if buyers haven’t budgeted correctly for the transfer costs
of the new property or if they have an access bond on their current home in which case, when the attorney calls for cancellation, that bond account will be frozen and they will not be able to access the funds.” Another common oversight is not giving the required 90 days’ notice of cancellation of the existing bond, which will not only cause delays, but will also incur avoidable late cancellation fees. If a homeowner is seriously thinking about selling, they should give notice to the bank holding the bond, he says.
Any home extension plans need to be approved by the local municipality. PICTURE: MICHAL JARMOLUK/PIXABAY
HOME renovations that require building on to a house, and possibly knocking through walls, are not to be undertaken lightly. There are many things to consider before you go ahead, says Orlando Luis, chief executive of Brights Hardware. “The design stage of the project is the first step in any home extension. Every extension requires a building plan to be drawn up by a professional
draughtsperson, building designer or architect.” He recommends homeowners ask around for recommendations. By law, homeowners must also ensure any extension plans for their property have been approved by the local municipality. “Whether you want to build a wall around your property, add a pool, a braai room, a second story, or an additional bedroom or
bathroom, it is important to make sure you submit your completed building plans to the municipality for approval before proceeding.” Luis adds homeowners must keep in mind the cost that this approval incurs. While there is no legal requirement for homeowners to inform their neighbours about their building plans, it is a good idea to do this because they can object and this could cause delays and hostilities.
