Frequently Asked Questions
How do I know what my property is worth?
A Valuation is the first steps to take before putting your property on the market.
Property value is determined by a number of factors which include the size of the property, the structure of the property, the amount of bedrooms , bathrooms , living spaces and most importantly the market is dictated by recent sales within the area.
How do I choose an area to invest in?
There are various factors to consider when choosing an area to invest in.
Some of the questions to be asked are:
Is the property I’m purchasing for personal residential purposes or is it for investment purposes.
For residential properties , one would need to consider whether the property chosen is close to amenities like schools, shopping malls, places of worship and whether there are deterring factors like informal settlements nearby or airports which could be of a disturbance.
For investment properties, one would need to ascertain the return on their investment , the potential of the property to increase over time and the type of maintenance required on a month to month basis.
South Africa’s property market has always been on the steadily increase despite the pandemic. There are busy cities like Johannesburg or Cape Town’s CBD or quiet and coastal properties along the Atlantic seaboard spanning as far as Cape Town and Durban.
For investment purposes one would rather consider places like CBD’s or holiday homes to rent out .
Whereas for residential purposes, smaller towns and cities would be a better preference.
It’s always important to speak to a trusted Agent or Conveyancer regarding the property market, areas , affordability and investment goals to see what fits you best.
What happens after the bond is granted?
When a bond is granted, a bond attorney is assigned. They are instructed by the bank to register the property at the deeds office, and the seller advises the transferring attorney to transfer the property. Once this is complete, the bond attorney liaises with the cancellation attorney, ultimately resulting in the seller’s bond being cancelled. The buyer and seller then sign the transfer documents. Once all documents are signed, and the buyer pays the transfer fees, the transfer, new bond and cancellation bond documents are prepared for lodging at the Deeds Office.
This entire process takes approximately 2 months.
What is an offer to purchase?
An offer to purchase is a legally binding document that outlines the terms of the agreement related to the property in question. If both the seller and buyer are happy with the terms and conditions stipulated in the contract, it becomes legally binding once signed. If the buyer chooses to counter anything in the agreement, they are able to send through a counter offer – this will need to be agreed upon by the seller.
Before signing an offer to purchase, you need to be 100% sure that you are willing to purchase this property.
Do I have to do home repairs before putting my house on the market?
What we’ve noticed is that many buyers would prefer a property that is ready to move into. It’s seldom that people purchase properties to break them down and rebuild.
However, should your budget allow, attending to certain repairs or small cosmetic repairs will make a major difference in the valuation of your property and further be much more appealing to potential buyers.
Some cosmetic work consist of painting the inside and / or outside , or perhaps new cupboard door handles.
What is the difference between an open mandate and a sole mandate?
An open mandate means that you are giving multiple agencies or estate agents the opportunity to market your home. The agent that signs the potential buyer would essentially receive the commission.
A sole mandate is when only one agency or estate agent is mandated to market and sell your property.
The mandate generally specifies the commission payable on the successful sale of the property, the time frame of the mandate and the selling price of the property.
Having a sole mandate does not mean that other agents cannot sell your property, if other agents bring forth a buyer , then commission will be divided amongst the listing agent and selling agent.