Don’t have your Nedbank ID yet?
Nedbank ID single sign-on gives you full digital access to Nedbank’s banking and lifestyle products and services on the Money app or Online Banking.
Log in
Log in to Online Banking or another one of our secured services.
Bank your way with low fees and extra benefits.
Enjoy 55 days’ interest free credit and other benefits.
Affordable loans and interest rates from R2k to R300k.
Buy or build your home with up to 109% financing to cover bond and transfer costs.
Debt management support when you need it the most.
Cover for you and your family in the event of death.
Car, building, house contents, valuables and more.
Bond, credit card, overdraft, loan and car repayments.
Guaranteed income and growth plans for future income.
Achieve your financial goals with expert planning.
We’ll help manage your assets, debts and estate planning.
Accounts
-
Everyday banking Simpler more affordable
-
Kids accounts For children under 16
-
Youth banking For 16 to 26 year olds
-
Seniors accounts For 55 years and older
-
Private Clients Personalised banking services
-
Private Wealth The globally integrated account
-
Digital wallet Your phone is your bank account
Credit cards
Greenbacks
Digital banking
Switch to Nedbank
Fraud awareness
Forex
Accounts
-
On demand Money available at any time
-
In 24 hours Cash in your hand the next day
-
In 32 days Funds ready within a month
-
End of term Investments left until maturity
Investment services
Share trading
Personal loans
Home loans
-
Buy With you from search to purchase
-
Build Bring your dream home to life
-
Switch Move your home loan to us
-
Manage All the value-adds, 24/7
-
Further lending Flexible and affordable solutions
Overdrafts
Vehicle finance
Solar finance
Debt assistance
- Consolidate all your debts into a simple loan | Nedbank
- Short-term payment relief | Nedbank
- Take charge and restructure your finances | Nedbank
- Assisted-sales solutions for homes and vehicles | Nedbank
- Flexible payment plans for loans and credit | Nedbank
- Understanding how repo rate works | Nedbank
- We have payment solutions to get you back on track
Funeral cover
Short term insurance
Credit Life
Travel insurance
Business cover
Secure investments
Financial planning
Estate, wills & trust services
Nedbank Private Wealth
Speak to a financial adviser
Blog
Talk to us
Find us
- Login & Register
- Online Banking
- Online Share Trading
- NetBank Business
- NedFleet
- Nedbank Greenbacks
- Nedgroup Investments
- Nedbank ID
- Bank
- Accounts
- Credit cards
- Greenbacks
- Digital banking
- Switch to Nedbank
- Fraud awareness
- Forex
- Explore Bank
- Accounts
- Everyday banking
- Kids accounts
- Youth banking
- Seniors accounts
- Private Clients
- Private Wealth
- Digital wallet
- See all accounts
- Premium banking
- Get help choosing
- Goal saving
- Family Banking
- Foreign nationals
- FAQ
- How-to guides
- Discontinued accounts
- Everyday banking
- MiGoals Premium
- MiGoals Plus
- MiGoals
- Kids accounts
- MiGoals4Kids
- Youth banking
- MiGoals Premium
- MiGoals
- MiGoals Plus
- Seniors accounts
- MiGoals Premium Senior
- MiGoals Plus
- Private Clients
- Pay-as-you-use
- Young Professionals
- Private Bundle and Private One
- Private Wealth
- Private Wealth Bundle
- Digital wallet
- MobiMoney
- American Express
- Amex Gold
- Amex Platinum
- Greenbacks
- Exclusive discounts
- FAQ
- How-to guides
- Digital banking
- Switch to Nedbank
- Fraud awareness
- Forex
- Save & Invest
- Accounts
- Investment services
- Share trading
- Explore Save & Invest
- In 24 hours
- JustInvest
- PlatinumInvest
- Tax-free Savings
- MoneyTrader
- EasyAccess Fixed Deposit
- PrimeSelect
- In 32 days
- Electronic 32Day Notice
- 32Day Notice
- End of term
- Tax-free Fixed Deposit
- Electronic Fixed Deposit
- Electronic Optimum Plus
- Platinum Fixed Deposit
- Fixed Deposit
- OptimumPlus
- Investment services
- Share trading
- Borrow
- Personal loans
- Home loans
- Student loans
- Overdrafts
- Vehicle finance
- Solar finance
- Debt assistance
- Explore Borrow
- Personal loans
- Loan consolidation
- Personal loans
- Home improvement loan
- Exclusive short-term loan offers
- Explore loans
- FAQ
- How to guides
- Loan consolidation
- Personal loans
- Home improvement loan
- Exclusive short-term loan offers
- Home loans
- Buy
- Build
- Switch
- Manage
- Further lending
- Explore home loans
- Request a call back
- Track application
- FAQ
- How to guides
- Buy
- Explore buy
- First time home buyer
- Repeat buyer
- Renewable energy financing
- HomeVision
- Home-buying Toolkit
- Edge properties
- Repossessed properties
- Switch
- Explore switch
- Further lending
- Explore further lending
- Student loans
- Explore student loans
- Overdrafts
- Vehicle finance
- Solar finance
- Debt assistance
- Consolidate all your debts into a simple loan | Nedbank
- Short-term payment relief | Nedbank
- Take charge and restructure your finances | Nedbank
- Assisted-sales solutions for homes and vehicles | Nedbank
- Flexible payment plans for loans and credit | Nedbank
- Understanding how repo rate works | Nedbank
- We have payment solutions to get you back on track
- Consolidate all your debts into a simple loan | Nedbank
- Short-term payment relief | Nedbank
- Take charge and restructure your finances | Nedbank
- Assisted-sales solutions for homes and vehicles | Nedbank
- Flexible payment plans for loans and credit | Nedbank
- Understanding how repo rate works | Nedbank
- We have payment solutions to get you back on track
- Insure
- Life cover
- Funeral cover
- Short term insurance
- Credit Life
- Travel insurance
- Business cover
- Secure investments
- Explore Insure
- Life cover
- Get a call back
- Explore MyCover life
- Funeral cover
- Individual R10,000
- Individual R30,000
- Family Cover
- Build your own cover
- Get a call back
- Explore MyCover Funeral
- Individual R10,000
- Individual R30,000
- Family Cover
- Build your own cover
- Short term insurance
- Vehicle insurance
- Building insurance
- House contents insurance
- Valuables insurance
- Alternative energy insurance
- Legal expenses | Nedbank Insurance
- Get a call back
- Explore MyCover short term insurance
- Vehicle insurance
- Building insurance
- House contents insurance
- Valuables insurance
- Alternative energy insurance
- Legal expenses | Nedbank Insurance
- Credit Life
- Home loan credit life
- MFC Vehicle Finance Assurance
- Overdraft Assurance
- Balance Protection Plan
- Personal loan Assurance
- Get a call back
- Explore credit life
- Home loan credit life
- MFC Vehicle Finance Assurance
- Overdraft Assurance
- Balance Protection Plan
- Personal loan Assurance
- Travel insurance
- Business cover
- Secure investments
- Guaranteed Growth Income Plan
- Guaranteed Growth Plan
- Get a call back
- Explore MyCover Funeral
- Guaranteed Growth Income Plan
- Guaranteed Growth Plan
- Plan
- Financial planning
- Estate, wills & trust services
- Nedbank Private Wealth
- Speak to a financial adviser
- Explore Plan
- Financial planning
- Investment planning
- Insurance planning
- Give
- Retirement planning
- Investment planning
- Insurance planning
- Give
- Retirement planning
- Estate, wills & trust services
- Will drafting
- Ensure your estate is managed by an executor | Nedbank
- Trust services
- Financial accounting
- Tax services
- Leave the admin of your estate to us, and not to your loved ones | Nedbank
- Will drafting
- Ensure your estate is managed by an executor | Nedbank
- Trust services
- Financial accounting
- Tax services
- Leave the admin of your estate to us, and not to your loved ones | Nedbank
- Nedbank Private Wealth
- Speak to a financial adviser
- Learn
- Blog
- Explore Learn
- Blog
- A financial adviser can help you plan your future
- Everything you need to know about student loans
- A financial adviser can help you plan your future
- Everything you need to know about student loans
- Contact us
- Talk to us
- Find us
- Explore Contact us
- Talk to us
- Find us
All the costs involved in selling your house
All the costs involved in selling your house
Staff writer
Posted 02/11/2023 Updated 11/07/2024 3 mins
When working out the profit from selling your house, don’t forget the seller’s costs.
When you want to sell your house, you might need to spruce it up to stand out in a competitive market. If you have a Nedbank Home Loan with HomeVision, you should have easy access to readvance funding for the renovations. If not, you might consider a personal loan for home improvements – you can cost your renovations at one of our participating building and hardware suppliers and apply for the loan in-store.
However, getting your property into the right condition to attract buyers at your asking price is not the only expense involved in selling your house. It’s best to be prepared for the various seller’s costs before you put your home on the market, so you’ll have an accurate idea of your cash flow needs during the process, and how much money you can eventually expect to make from the sale.
Costs for the seller
1. Agent commission
Once you have decided to sell your home, you’d be wise to engage an estate agent – or several estate agents – to advertise, show and sell the property. It’s true that you could do this on your own as a private seller, but then you’d need to research the process and the legal requirements of transferring home ownership thoroughly. It’s a lot easier (and safer) to hire a professional who is already familiar with all the steps in the process.
An experienced estate agent offers several more benefits. They can give you an accurate valuation of your property so that you can price it correctly. They will advertise your home on property websites, in their newsletters and on social media. They will also erect ‘for sale’ boards outside and conduct viewings with potential buyers. And because estate agents are looking at your property objectively, it’s easier for them to see which stand-out features to emphasise, as well as which potential changes they could suggest to hesitant buyers so that they can imagine the home not as it is now, but as it could be.
You are legally required to produce certain compliance certificates before the sale can go through
Agents work on commission, so even if you have more than one estate agency trying to sell your property, you will only pay commission to the agent who makes the sale. Commission can range from 5% to 7.5% of the sale price.
2. Bond cancellation costs
If you still have a home loan, you’ll need to give your bank 90 days’ notice to cancel your bond – so it’s best to give notice as soon as you decide to sell the property. If the bond is cancelled after less than 90 days’ notice, you will be liable for bond cancellation fees – equal to the interest you would have paid for the remainder of the 90-day notice period, but no more than 3 months’ interest as stated on your home loan agreement.
In some circumstances, you won’t pay bond cancellation fees – for example, when a new home loan will be registered with the same bank, if the owner of the property is deceased, or if the property is sequestrated. The process of bond cancellation ends when the home is sold, and your attorney provides your bank with the final figures. Your 90-day notice period is valid for a year. If your home doesn’t sell within a year, you’ll have to resubmit the cancellation notice so that the bank can extend the period.
3. Rates, utility accounts and levies
As a seller, you must provide a certificate confirming that municipal rates or service charges, and any electricity, water or gas accounts, are paid up. If you sell a sectional-title property, you’ll also need to make sure that you’ve paid all levies owed to the body corporate.
4. Compliance certificates
When you sell your home, you are legally required to produce certain compliance certificates before the sale can go through. Compliance certificates are required for electricity, plumbing, gas and electric fences. If the home has a solar power system installed, you would have needed an electrical compliance certificate before the municipality approved your installation and allowed you to connect it to the grid, so a buyer will need that certificate too.
A home inspection will help you identify any problems that could hold up clearance certificates
It’s not a legal requirement, but in coastal regions where borer beetles can damage wooden floors, walls and ceilings, many potential buyers include a beetle-free certificate as a standard condition in their offer to purchase. You’ll need to pay an exterminator to inspect the property and, if necessary, fumigate any infestation. You’ll also need to repair any damaged wood.
Make sure that you budget for these expenses – you could be looking at spending between R450 and R1,000 per certificate. If remedial work needs to be done before a certificate can be issued, it could cost substantially more – and the sale can’t go through until you have all the required certificates.
5. Home inspection
This is not a legal requirement, but it’s worth factoring into your costs when you decide to sell your home before you put it on the market. Firstly, paying a professional building inspector to do a home inspection will help you identify any problems that could hold up clearance certificates, so that you can get them repaired and often receive the certificate you need at the same time.
Secondly, an inspector will check that all the buildings on the property have plans with municipal approval – any discrepancies in the plans can cause massive delays in the transfer process. A building inspector’s report also allows you to show prospective buyers that the building’s structures, fittings and fixtures are in good working order. Finally, a home inspection helps you get a more accurate assessment of the property value, so you can set a realistic price.
It pays to work out all these costs, and how you are going to afford them, before you put your home on the market, so that you don’t get hit by a cash flow crunch while you’re in the middle of moving house. For example, if you plan to make an offer on a new home as soon as your property is sold, you’ll probably be applying for a new home loan, so you can avoid bond cancellation fees. If the home inspection reveals some small faults, but the cost of repairing them is more than covered by the resulting increase in the property value, you might choose a personal loan for the renovations, to be offset by the much better price you can ask.
If you currently have a home loan with Nedbank, and you’re thinking of selling your property, explore all your settlement and bond cancellation options.