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Tax Breaks and Property Sales

Manson Slik, December 31, 2012

There are many expenses accrued when it comes to selling a home and moving. Fortunately, for homeowners in Ontario, there are some tax benefits you can take advantage of when it's time to sell.

For home sales, a primary residence is not taxable as an estate, nor does HST/GST apply. However, if the home has not been lived in, for example, if the owner has died and the beneficiaries are not using it, you may be eligible for deductions around its sale. The house is an asset awaiting liquidation, so the costs applied to its sale (auction fees, advertising, depreciation etc.) can be legitimate deductions.

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What Goes Into an Information Package?

Manson Slik, December 21, 2012

When it comes to an information package about your home, we want to include every possible detail that a buyer might want to know about the property. It's about anticipating what your buyer will want to know.

The package provides complete information about your home. The package includes a breakdown of all the expenses of the home—for example, heating. Does the home use oil or natural gas? How old are those systems? If there are any necessary repairs, the information package provides estimates. If repairs or improvements have been done, when were the completed?

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What to do Before Your Home Gets Listed

Manson Slik, December 13, 2012

You may have been told that a home buyer should get a home inspection. Maybe you paid for a home inspection when you first bought your current property. It is generally accepted that a home inspection is something only the buyer should do. This is simply not true. When selling your home, getting a home inspection done by an impartial and reputable 3rd party before you put your house on the market can be hugely beneficial to both the buyer and the seller.

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Focusing on the Seller, not the Buyer

Manson Slik, December 11, 2012

At Gordon's we do not consider ourselves to be a real estate company. We manage transiton's in life. We focus exclusively on sellers and their needs. We believe that if we do all the right things and help our clients make the right choices, that buyers will come informed to purchase. Our results speak for themselves with a listing to sale ratio of in excess of 95% vs the provincial average of around 50%. Because we are not a traditional real estate company, our approach is different. Our primary goal is to help the client get from where they are in their life to where they want to be. We want to accomplish this successfully and with the least amount of inconvenience for our clients.

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Debunking Auction Myths

Manson Slik, September 02, 2012

Home auctions, while quite common, still have a stigma attached to them - based on inaccurate myths and misinformation. As a seller, dismissing this option can be a mistake as auction sales are, at times, the best and only opportunity to maximize your profits in a real estate transaction. The hesitations I have encountered most often come from these misguided (unnecessary) fears:

Myth #1: “I Won’t Get Market Value”

This is certainly not a risk if your property is suited for the format of an auction. For example, if you are selling a seasonal property and it shows best in June, an auction allows you to choose the day when the property will be sold, leveraging and optimizing its peak value. Similarly, when there are multiple known buyers (for example, two neighbours) interested in the property, the competitive mechanism of an auction works to the seller’s advantage.

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What You Need to Know About: Conditional Sales

Manson Slik, August 30, 2012

Conditions on property sales are the “strings attached” component of making a deal move forward. Until these conditions are met and signed off on, the home is still technically “for sale” and the deal is not guaranteed.

It is common to receive conditional offers and sellers should not be alarmed.

Standard conditions include:

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7 Situations Well Suited for Real Estate Auctions

Manson Slik, August 30, 2012

There are determining factors that can guide the decision-making process of how to sell a property, and it’s not always simple. Whether it’s quick cash, speedy sale, or maximizing profits, the decision to sell a house by real estate auction generally comes down to particular circumstances. There are certain situations that lend themselves well to this type of sale. For example:

  1. You are selling a relative’s home in another city
  2. A competitive mechanism would be an advantage, for example if two neighbours are eager to buy and are willing to compete
  3. You are in a hurry to sell for any number of reasons, including insurance cancellation, or a home vulnerable to break-ins or vandalism. With a traditional listing, the property could be on the market for days, weeks or even months, whereas an auction can be done in a single day
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When is the Right Time to Sell?

Manson Slik, August 26, 2012

When our customers think about downsizing, they often ask about the market and when is the best time to sell their home. The answer is: Anytime you’re ready. 

While there are always determining factors that can influence the fluctuations in listing and sale prices, there’s always a market and anytime is a good time to sell. People aften consider these factors when trying to decide when is the best time to list:

Supply and Demand

Is my home or neighbourhood in demand? A home that is situated in a desirable area will likely be in demand, and if supply is limited, this will command a higher price. A home that is one of many similar on the market – i.e. in excess supply - will often sell for less.

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How to Fairly Compare Moving Quotes

Manson Slik, August 22, 2012

When moving, it’s a good idea to compare fees from various agents and their commitments/strategies for marketing your property and closing the best deal. You need to find the right person, at a price you’re comfortable paying. But when you’re analyzing costs involved in transition services, the comparison is a little more complex. Transition service is a “one-stop shop” approach to moving; with a return proven in decreased stress, faster sales, and maximized sale prices. It is much more than the selling and buying of property, and it is a mistake to compare the costs as such.

Typical Real Estate Fees

Real estate fees are paid by the “seller”; and they are generally agreed upon in advance as a percentage of the final sale price. It is not uncommon to pay 5% (although somewhat negotiable), which is split between the seller’s and buyer’s agents. On $100,000 this works out to $5,000.

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