Property 24/10 - 366

Sellers, reduce the time your property spends on the market
There are many reasons why a home put up for sale may not find a buyer as quickly as the seller would like, but the two most common are overpricing and unrealistic expectations.

This is according to Stephen Keyter, agent for Alexander Swart Property group, who says in the focal areas served by the group - Brackenfell, Kraaifontein and Durbanville - house sales on average are achieved within 40 to 45 days of the property being listed, but if they are priced under R2 million the sale time will on average be reduced by half to around 21 days.

How to deal with trustee woes in sectional title schemes
It is unfortunate that the increasing popularity of Sectional Title (ST) living in SA over the past 15 to 20 years has not been accompanied by similar growth in the number of ST owners who are qualified or even willing to act as trustees - and an increasing number of schemes are now turning to a new and little-known management rule to resolve the problem.

This is according to Andrew Schaefer, MD of national property management company Trafalgar, who says the whole ST ‘system’ in South Africa is designed around the trustees elected by owners to manage the affairs of their schemes – and that things can quickly start to unravel when there are too few people willing to take on the responsibility.

“Effective trustees are the backbone of ST living and ultimately responsible for protecting home values in ST schemes,” says Schaefer.

Using an attorney acting as an agent to sell your property
To most people, buying or selling immovable property is a daunting task and probably the biggest investment they will ever make.

FM Heynike, CEO for 3%. Com Properties, says to the average man in the street, buying or selling property is a legal transaction fraught with risk, uncertainty and anxiety, involving important and complex legal issues.

So, it is understandable that most sellers and buyers would be apprehensive to venture into such a transaction without the assistance of a reliable and knowledgeable estate agent, he says.

In a recent survey in the USA, it was discovered that the majority of sellers and buyers are assisted by an estate agent, says Heynike.

Five financial blunders that will cost you when buying a home
While setting enough money aside for a deposit for a home is in itself a financial feat of epic proportion, it is not the only financial consideration that would-be homeowners need to make when preparing to dip their feet in the market.

According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, having savings set aside is a vital element for homeownership preparation.

However, there are also several financial blunders that potential buyers can make, which will complicate their prospects of being able to purchase a property.

“If you want to give yourself the best possible chance of success when applying for a bond, you need to avoid certain financial missteps during your home-buying journey,” Goslett adds.

He provides buyers with a few things to avoid:

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