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How much does it actually cost to sell a property

How much does it actually cost to sell a property

Author: Pranil Maharaj
Date: 2018-06-22

Sellers are often caught off-guard by the expenses incurred in the selling of a property. Just like there is no such thing as a free lunch, there is also no such thing as selling your property without incurring at least some costs.

The selling costs can be divided into five main categories, each of which include a number of costs that may or may not apply.

1. Bond costs: If you have a bond on the property there will be a charge to cancelling the bond when you sell. The bond cancellation cost varies from institution to institution, but you can expect to pay upwards of R3 000 per bond, which is payable upon transfer.

2. Compliance costs: Compliance costs are a necessary evil as they can be rather complex, and costly, but certainly protect the seller in the long term.

3. Agent commissions: The selling cost that is paid most grudgingly is the estate agent's commission. This is usually a percentage of the purchase price, and is the seller's responsibility to pay.

4. Rates, taxes and levies: As part of the process of selling a property the conveyancing attorneys will require a clearance certificate from the local authorities stating that all rates and taxes are fully paid.

5. Other costs: A cost that does not apply in all cases, but that certainly needs to be planned for if it does, is Capital Gains Tax (CGT), which is the tax payable on the disposal of an asset (your property) where the proceeds exceed the base cost.

Finally: While the costs associated with selling a property can't be avoided, they can be mitigated and planned for. A professional estate agent can certainly advise you on how to manage these costs in the most efficient way.