When in debt or struggling financially, you may decide that selling your house is the best possible solution to your problems.
The majority of South Africans will go through an estate agent to do this. However by using other options available to you, you can save thousands.
In South Africa estate agents charge 5% + Vat on the sale price, so on a R1million house, you will end up paying R57 000 to the estate agent.
Luke Hirst MD of debt experts, DebtBusters says,”The money you can save by not using an estate agent to sell your property can make a huge difference to your financial circumstances. It can be used to pay off important debt, such as credit card debt which should be a priority due to the high interest rates attached.”
Hirst continues to say, “Contrary to popular belief, there are other effective ways to sell your property. Online estate agents are an efficient resource and will cost you a fraction of the cost of using your run of the mill estate agent. Another option is to literally sell your house yourself by placing an ad on the appropriate websites. While this can work, it could prove to be highly stressful and time consuming. Using an online estate agent is good middle ground.“
The online realty market is picking up in South Africa and sure to boom further and further.
“Private Property”, a South African online estate agent website boasts 500 000 registered users, growing by 10 000 per month. They charge a R495 once off fee and a 6 month bundle will set you back a mere R1000.
The various online sites offer features such as 12 image photo galleries, email and sms correspondence to potential buyers, and even virtual online tours. Your property inevitably ends up selling itself.
Hirst says,” If you are in debt it is more important than ever to research your options thoroughly when making a financial decision – make sure you take the most cost effective avenue available.”
You will have to liaise with clients and organise viewings of your property yourself. This can be seen as an inconvenience but is a small price to pay when you look at the amount of money you’ll be saving.
The considerable amount of money saved by taking the sale of your property into your own hands can set you on your path of financial freedom and stability.
