The high cost of living forcing you to sell your home? First, read this

Gugs Mhlungu spoke to Entrepreneur & CEO of the mortgagemarket.co.za, Tim Akinnusi.

Listen to their conversation in the audio clip below.

Many South Africans are struggling to keep up with life's financial demands due to the constant increase in the cost of living.

The current economic climate has forced a number of people to downgrade, whether that be their homes, cars or just their general lifestyle.

For those who are opting to sell their home, a recent article in Bizcommunity titled 'Housing trap: South Africans can't afford to sell their homes as costs exceed R150k' has revealed that many homeowners are shocked to discover the expenses relating to selling a house can amount to over R150,000.

The article outlines the costs involved when selling your home:

Bond cancellation: Bond cancellation costs are managed by the bank’s appointed attorney and include bond cancellation fees, and pro-rata interest.

Rates, taxes, and levies: Sellers are responsible for paying rates, taxes, and levies up until the property’s registration date.

Compliance certificates: You’ll need to obtain certificates for electrical, plumbing, and beetle inspections. These certificates typically range from R500 to R1,000 each, and potentially more if issues are uncovered during inspections as they will need to be fixed.

Repairs and maintenance: Preparing your property for sale may require investment in repairs and maintenance to make it more appealing to potential buyers.

Moving costs: Moving costs include expenses related to packing, hiring a moving company, storage, transportation, and potentially temporary accommodation if your new property is not immediately available.

Personal debt like school fees or credit card payments.

In the meantime, Akinnusi advises that if you can, to rather not put your house up for sale at this stage and that you wait until the market improves.

"You don't want to sell your property with a distressed factor in it because that's where potential buyers out there if they notice you are in a desperate situation, they are more likely to make you an offer but not a good offer - one that will be far less than what you are asking. You want to almost stay away from that otherwise effectively you will not be getting full value for your place and that might leave you with a sense of regret."

- Tim Akinnusi, Entrepreneur & CEO of the mortgagemarket.co.za

Scroll up to listen to the full interview.