'On the Move' (October 2016) eZine by Sagicor Property Services

STEPS TO THE

BIG SALE Tip #1 Get a Valuation done.

This will ensure that you know what price to ask for your property and what offer to accept from a prospective buyer.

Whether you are relocating, downsizing or accommodating a growing family, deciding when to sell can be daunting - especially for first-time sellers, so it is important to know how best to manage the sale for the best outcome.

Tip #6 Consider all the other costs associated with selling your property.

These costs include transfer fees (5%), stamp duty (2%), registration fees (0.25%) and real estate agent’s commission (5%)

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Tip #5

Contact your SPS Realtor to guide you through the listing process.

Engage an attorney-at-law.

All the intricacies of selling your home are best handled by an attorney.

They have the expertise and know what red flags to look for when a property is being sold.

Attorneys are there to ensure that your interest is protected.

Realtors can get more exposure for your property, help you negotiate a better deal & dedicate more time to your sale.

Tip #3 Make home improvements, repairs & de-clutter.

Home improvements & repairs are recommended as this can increase the market value of your property. De-cluttering allows the buyer to see how best they can use the space.

Adding a fresh coat of paint & removing excess furniture gives your property a fresh look and feel.

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Tip #4 Clear outstanding utility bills, property taxes etc.

This ensures that the sale runs smoothly. If the buyer is getting a mortgage, they may have issues proceeding with the financing process if all documents are not updated and in order.

STARTING THE SALE Once you are ready to list your property, one of our experienced Realtors can guide you through the process. Here are 3 basic steps you will need to follow: Step 1: Complete the Listing Agreement Form with your SPS Realtor. At this stage, you should have engaged an Attorney as this information is needed when listing your property.

Step 2: Complete the Know Your Customer Form.

Step 3: Present a valid form of identification, for e.g. driver’s licence, passport or National ID, along with your Tax Registration Number (TRN) and proof of address.

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BUYING vs.

RENTING The choice between buying a home and renting one is among the biggest financial decisions that many adults make.Here are some things to consider:

Upfront & Closing Costs Buying a home entails numerous upfront costs.

Some are paid out-of-pocket after the seller accepts your purchase offer, for example, your deposit, home appraisal cost, surveyor’s cost and loan registration costs/processing fees. There are also closing costs which include home owner’s/ peril insurance, legal fees etc.

Renting doesn’t involve a costly purchase process, so it has fewer upfront expenses. These include your security deposit and first month’s rent.

Before making the decision to invest in real estate, consider the following to see what makes the most sense for you financially, as well as what works best with your current lifestyle:

BENEFITS OF

BUYING

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Potential for Rental Income. Even if you don’t

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Building Equity Over Time.

Recurring Costs Homeownership also involves many recurring costs. Some are included in the monthly payment you make to your lender or mortgage servicer, while others are paid separately including your utilities, maintenance and property taxes.

On the other hand, recurring costs for renters mostly include monthly rent payments and utilities.

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initially think of your home as an investment property, you can turn it into a source of income.

This can partially or totally offset your mortgage, tax and insurance payments on it.

Every dollar you put toward your loan’s principal represents a dollar of equity – actual ownership of the property. Eventually, you can even refinance your mortgage to secure a lower interest rate or longer repayment window.

More Creative Freedom. As a homeowner, you have the ability to remodel and redecorate the home to match your needs and desires.

BENEFITS OF

RENTING

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Limited Responsibility for Maintenance or Repairs. As a renter, your landlord is responsible for the

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Greater Flexibility. Most leases are for 12 months, so if

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Credit Requirements Generally Less Strict.

majority of maintenance and repair work on the property.

your job requires you to move frequently, renting makes this process easier, less costly & less time-consuming.

Although most landlords require prospective renters to undergo a credit check, as long as you don’t have a bad credit report, you’re likely to find a landlord willing to rent to you.

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