A Step-by-Step Guide for Home Buyers and Sellers
Buying and selling a home is a long and complicated procedure so it’s helpful to have a guide in terms of what happens when...
Buying and selling a home is a long and complicated procedure so it’s helpful to have a guide in terms of what happens when. That way you can be sure you’re on track to moving into your new home.
- Make a list of what you want from a house
Be sure to differentiate between needs and wants – you’re never going to get absolutely everything you want in a property so decide where you’re willing to compromise. It’s a good idea to make a list of your non-negotiables before you start viewing properties so that you don’t get swept away by a beautiful house that doesn’t actually work for you.
- Find out what you can afford
Most people will need to take out a bond so work out what amount you would qualify for. It can be useful to get pre-qualified through a bond originator. While this is not a guarantee that you’ll get a bond, it at least gives you a general idea of your price range.
- Start looking for a property
Checking out houses online is a good start. You can also contact estate agents directly to discuss your property needs. If you are interested in a particular area, find an agent who specialises in that suburb and ask them to keep you updated as new properties come on the market. By doing this, you may be able to snap up your dream home before it even officially comes on the market.
- Make an offer to purchase
Once you’ve found the right property, sit down with your agent and work out a realistic purchase price and put the offer in writing. Be sure to record any conditions of the sale, for example if you need to get a 100% bond or sell another property in order to proceed with the deal. Also make sure you and the seller are on the same page in terms of which items are staying behind. Everything that is fixed is generally considered to be part of the sale, but there may be some exceptions, so getting it clarified will save you a lot of hassle later on.
- Apply for a bond
Either contact your bank directly or else get hold of a bond originator to help you find the right option. It’s generally a good idea to apply to several banks as some may give you better deals than others.
- Put your house on the market
Get some great photos taken and get your house online. It’s also a good idea to have a show house to drum up interest. It may be a smart move to get the estate agent who you are buying from to sell your property as well, because they may then be open to negotiating a slightly lower commission. It’s worth a shot anyway!
- Accept an offer to purchase
Make sure the offer is realistic and fair to both parties. As mentioned earlier, be sure to put in writing things that are staying and going with in the move, to avoid future conflict.
- Accept your bond offer
If you have been given more than one option, look at all the offers carefully. The interest rate will make a big difference over 20 or 30 years.
- Pay final fees
Once your transfer and bond registration fees are paid, and the transfer is registered at the deeds office, the house will be in your name.
- Organise the move and get the keys
Now all that’s left is to move in and enjoy your new home – and unpack!
Writing blogs about the property market of South Africa.
Content Team - Real Estate Agent