When to sell and not to sell
Do I or don't I? It's a question is one we face time and time again. However, when it comes to selling your home, let's help guide you through your decision-making process.
First look at your equity
This is the place to start. Do you owe more than your home is worth? If so, then selling your property should not be high on your agenda.
Selling your home with nothing to show for it but debt is not a situation one wants to find yourself in.
Find out where you stand financially, have your home evaluated by an agent in your area so that you can determine what the numbers are. Have a look at your outstanding Home loan amount, any cancellation penalties payable and also keep in mind the costs of selling and moving when doing these sums.
Do costing comparisons
Take a close look at what staying in your current home will cost you. Any repairs that will need to be done, landscaping, security costs and any other expenses tied to the property.
Tally the costs that you may incur on your new property and compare them.
This calculation should be taken into consideration when you are weighing up your options.
Another factor to keep in mind is the next chapter. Will you be renting or purchasing? If you will be buying another house, then you should start the search. Have a look at what is available so that you are realistic in your expectations. Check the costs of transfer, including transfer duty.
If you are not purchasing another property, then you need to determine what the rental costs will be and how this will impact your future financial position.
Call in the professionals
Talk to an agent. Ask them about the general market trends. Talk about your asking price, explore if it is realistic? Likely?
An agent can guide you not only in the selling of your current home but in locating another property that meets your needs, by referring you to someone in that area.
At the end of the day, this is an enormous decision. Do not rush into anything. Take your time and make sure that what your next move serves your purpose.
Author: Xoliswa Tini Properties