How to use the Lockdown to prepare for your next property move
Category News
The latest interest rate cut brings the prime (mortgage loan) rate down to an almost historic low of 7.25%, adding further to the favourable buyer's market conditions. There is opportunity for both buyers and sellers in the market right now.
Level 4 has seen much of the support structures for real estate getting back into operation. This includes the deeds offices, Conveyancers and municipalities (for rates clearances) which means that transfers can go ahead. Mortgage originators and the banks are also processing mortgage loan applications.
The good news is that there is no need to wait until the Lockdown is lifted to move ahead with your next property move. With so much digitalised, it is easier than ever to list or find your next property and there is plenty that you can do to get market-ready.
SELLERS
Get your documents in order. Check up on where your title deed is. If your property is paid up, you should have it. If still bonded, it will be with the bank. Get your outstanding mortgage loan figure. Check if you owe any taxes to SARS as this will be settled from any proceeds of your property sale.
Get a virtual valuation done and sign a mandate. Contact Seeff for a virtual valuation and discuss an appropriate listing price for the current market conditions. Sign a mandate to ensure you are your property can be listed to take advantage of the favourable buying conditions.
Do necessary maintenance and repairs. Do a house check for necessary repairs. Regrout your bathroom tiles and fix or replace broken tiles. Check that all taps are working and not leaking. Replace light bulbs and check that all plug points work. Touch up woodwork. Ensure door handles and window latches and cupboard hinges and handles are in working order.
Clear up the clutter. Go through every room and cupboard and clear out all unwanted items. Contact us about the Seeff Home2Home Campaign where we provide you with boxes for unwanted items which are in a working and usable condition. These items are then donated to people in need.
Do a deep clean, inside and outside. Repaint if you can, alternatively ensure walls, ceilings and light fittings are cleaned. Steam clean carpets and floors. The kitchen and bathrooms should be thoroughly cleaned. Spruce up the garden and ensure garaging and storage areas are tidied and cleaned.
BUYERS
Get your documents in order. You will need proof of employment, three months bank statements, identity document/s and a copy of your marriage certificate. Collate the latest versions into a folder for ease of use.
Check your mortgage eligibility. Take advantage of the low interest rate and check how much you qualify for. Speak to your Seeff agent if you have your eye on a Seeff listing and we will assist with a mortgage originator.
Research listings. Start by looking at www.seeff.com or the property portals for a range of properties on the market. Contact the respective agent for more information or to discuss an offer.
Put in an Offer to Purchase. If you see something that you like, you can put in an Offer to Purchase, subject to a physical viewing (if necessary) once regulations allow for that. This will ensure that you do not lose out on any good listing in the interim.
Get your mortgage loan application done. All paperwork including a mortgage application can go ahead under Lockdown so that your property transaction can move to the conveyancing stage quite quickly once Lockdown is lifted.
To find out more about what you can do to buy or sell during this time, be sure to contact us. Home is our Story and property our passion. As area experts, we offer vital insight into current market conditions and can advise on how best to proceed during these unprecedented times.
Author: Gina Meintjes
Author: Seeff
