Realtor, Real Estate Okotoks, Cochrane, Calgary

      


Big city deals with a small town feel! 

Specializing in Real Estate in Calgary, Okotoks, Cochrane & Area


Call or text 403.700-2532   Email: home@griffinre.ca

Brett Murrell, Realtor Real Estate Agent serving Calgary, Okotoks, Cochrane & areas


Do your research before selling a second home


Owning an investment property can provide useful income, while having a recreational property can provide a great place to spend time with family and friends.

 

But if you are thinking it’s time to sell, some careful research is in order.

 

“There’s a lot to consider when selling your investment property or a vacation home,” said Laura Parsons, the Calgary-area manager for mortgage specialists with BMO Financial Group. “Do your homework.”

A major factor when selling a property that is not your principal residence is the potential for capital gains.
Generally, if you sell the property for more than your original purchase price, half of the capital gain is taxable at your marginal tax rate.

 

However, the Canada Revenue Agency has strict rules on calculating capital gains, and changes do occur, so Parsons recommends talking to your accountant and making sure they are knowledgeable about investment real estate.

 

“The impact of when you sell may have a bearing on how much tax you pay,” she said. “So, it’s really important that you speak to your accountant and make sure that this is a good time for you to sell.”

 

Your accountant can determine if there are ways to reduce your capital gains for tax purposes – any renovations you’ve made to the property of a capital nature, for example.

 

On the flip side, an accountant might caution you against a sale if you are expecting increased income that would bump you into a higher tax bracket.

 

“If you’re in a high-income-earning year, you may not want to have some capital gains on top of that,” said Parsons.

She says if you’re paying a mortgage on an investment property or vacation home, you should also consider the effects on financing if you sell.

“THE IMPACT OF WHEN YOU SELL MAY HAVE A BEARING ON HOW MUCH TAX YOU PAY. SO, IT’S REALLY IMPORTANT THAT YOU SPEAK TO YOUR ACCOUNTANT AND MAKE SURE THAT THIS IS A GOOD TIME FOR YOU TO SELL.” – LAURA PARSONS, BMO FINANCIAL GROUP

“Are you going to have penalties? Are you losing a great [interest] rate? Because sometimes you can port your mortgage if you plan on buying another investment property,” she said.

 

There are also ways to try and maximize the selling price for your property and determine when to sell.

Parsons recommends talking to your REALTOR® to see what the local market is like for the type of property you own, and to get an idea of vacancy rates if it’s a rental property.

 

Find out what’s going on in the neighbourhood, such as plans for improved transit or construction of a leisure facility that might appeal to buyers.

 

“Any time you go to sell, make sure you’re sharing a lot of the knowledge, because it will be more desirable from a buyer’s point of view,” said Parsons.

 

If the property needs fixing up, Parsons recommends highlighting the availability of the Purchase Plus Improvements program that allows a buyer to finance some renovations into a mortgage.

 

“Position it with your Realtor and your banker to do what’s called mortgage staging, where we actually show people coming in to buy the house that they can build the renovations right into the purchase,” she said.

 

Parsons’ final piece of advice is to talk to the experts – your financial adviser, accountant, lawyer and Realtor – before any sale.

 

“Everything matters, especially with investment properties,” she said. “You really want to make a great decision.”

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Brett Murrell, Realtor Real Estate Agent serving Calgary, Okotoks, Cochrane & areas

Are you thinking about selling your house or another parcel of real estate that you own? If so it is important to follow some of these guidelines to help you get the most out of your real estate and that can possibly save you thousands of dollars in the future. Although this is not a comprehensive list of everything that needs to be followed when deciding to sale your real estate it is list of important items that we have noticed at CIR REALTY which can play a big role for most sellers. 
Make sure you list your property with a REALTOR®.
As members of the National Association of REALTORS® each member adheres to a strict code of ethics that provide a wide variety of benefits for buyers and sellers. Not all real estate agents are members of the National Association of REALTORS®.

Have your real estate agent perform a competitive market analysis.
Often times homeowners will not have the information or expertise and a know how for what other properties have sold for or what your current competition is. A real estate agent working for you will prepare a competitive CMA so that you can look at what other properties have sold for and what other properties similar to yours are listed for. 

Price your property competitively and correctly from the beginning!
Although many sellers want to try and get the most out of their property and take the philosophy that they can always adjust the price at a later date. In reality the best and most qualified prospects will come early in the game when the for sale sign first goes up and your property first hits the local multiple listing service hot sheet. Often times sellers who price their property higher in the beginning and then begin to lower their property over time get less for their property than they would have if it had been priced correctly from the beginning. 

Get a home inspection in advance.
Normally a home inspection will not cost you a lot of money and can be a good marketing tool for your agent when selling your property. It is also good because any major issues or problems that might arise can be fixed in advance. Smaller items that can sometimes give the buyer bargaining room to reduce your cost can also be prepared or fixed in advance of your marketing efforts and can generally save you hundreds if not thousands of dollars by preparing in advance. 

Reduce clutter.
It is important to remember that reducing clutter and as much furniture and other items in advance can help in the sale of your property. If you need to store things in boxes or pack things up and move to another location or to another family member or friend’s property the extra room can normally be a benefit. 

Give yourhome a fresh coat of paint.
Generally a fresh coat of paint and cleaning the carpets are all very important in helping you sell your property. Normally painting your home will not cost much money and can add a good fresh up look to your residence. 

Open drapes and turn on lights
It is always a good idea to allow as much light to infiltrate your property as possible. Turning on lights, adding new stronger light bulbs and opening blinds and drapes is a big plus for marketing your property. 

Avoid music and avoid being home when your property is shown.
Although many sellers like to be present during the showing of their property for a real estate agent being gone can help immensely in the marketing of your property. Buyers normally feel free to open closets and look at the property without sellers following them around or talking too much about the property. You might also say the wrong information or come off as desperate to sell by being present during the showing. 

Provide copies of receipts on items you have purchases for your agent or repairs you have made over the last couple of years.
If you have installed a new roof and you have a copy of how much you spent for the roof that information can be helpful to put into a folder or book along with any other major expenses or expenditures you have spent. It is also a good idea to have copies of your taxes, the insurance premiums, utility cost per month and any other important information such as surveys or plans that maybe available to help your real estate agent during the marketing process. 

Clean the front porch and front lawn of any debris or items that might be a turn off when people are driving by to look at your property.
Making sure your grass is mowed and well manicured along with a clean swept front porch without a lot of debris is very important in the marketing efforts of your property. 

Make your home look like a magazine.
Having your beds made, clothes picked up off the floor, tables straightened and rooms fit for a picture in a magazine are important and can be a big hit when buyers tour your property for a possible home purchase. 

Be open to listen to suggestions from your agent.
It is always important to remember that your real estate agent is the professional and has the expertise or know how in selling your property. Many agents will report back to your listing agent as to what buyers or other agents think about you property or what needs to be fixed or changed. If this is the case be sure to have an open mind and listen to any suggestions that your agent may have to improve the marketability of your property. 

Again this is not a comprehensive list of what you need to do to sell your property but by incorporating these few suggestions it will help immensely in the marketing of your property and to get you the most out of your real estate and for a happy and successful real estate closing.



Source: John D. Mayfield ABR, ABRM, GRI, e-PRO, CRB

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Brett Murrell, Realtor Real Estate Agent serving Calgary, Okotoks, Cochrane & areas


1. Failing to have your real estate associate provide a detailed market analysis of the home’s value.

2. Failing to get an inspection on the property you are purchasing.

3. Not requiring a Real Property Report (RPR) with compliance on the property you are purchasing.

4. Making a low-ball offer and discouraging the seller from negotiating with you.

5. Failing to get pre-qualified for mortgage financing prior to making the offer to purchase.

6. Not allowing enough time to find out all of the important information, such as building inspections, permits, title examinations and any relevant municipal/community information.

7. Neglecting to work with a Buyer’s Associate.

8. Purchasing a For-Sale-By-Owner (FSBO) or other property (ex. new build), without the use of a real estateprofessional and attorney.

9. Purchasing a parcel of real estate without obtaining title insurance.

10. Not obtaining a City Inspection or copies of applicable permits!


Although the list above is not a full and comprehensive list of all pitfalls buyers make when purchasing a home, they arecommon problem areas.  You can avoid dealing with the headaches that arise from overlooking these items by choosing the right REALTOR®. For further explanation of the implications of any of the pitfalls listed in this report, call me.  I would be happy to discuss your specific situation and put you on my customized listing search, so that you can be the first to find out about new listings that match your specific criteria.  If youwould like more information about the process of purchasing real estate, let me know, I would be happy to help you with the process!

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Brett Murrell, Realtor Real Estate Agent serving Calgary, Okotoks, Cochrane & areas

Initially you think 'I don't want to move in the winter' but here are some reasons why selling and moving in the winter can be beneficial: 

 

1. It can be a great time to sell: 

 

Seriously. The spring market is the most common time most people choose to sell so in the winter you are likely to have a bit less competition. While you're also thinking that people may not be moving in th e winter, often people start their search in the winter months and you may be up against less competition. 

 

People often need to move int he winter, whether a choice or not, further allowing you to capture a potential audience that is looking for their dream home. 

 

2. Hiring help:

 

Often times trades people have a little more free time in the winter as they are not booked up with seasonal work or the demands of the spring and fall selling markets. 

 

Seasonal work for tradespeople often happens in the warmer months meaning they have less flexibility to accommodate urgent schedules or focus on one job site. 

 

3. Movers:

 

You may not be doing all of the heavy lifting yourself for a move, so hiring a mover in the winte rcan be beneficial. Not only are they fully prepared for the changing temperatures and conditions but they are generally less busy durign the winter months. Choosing and hiring a moving company can be easier when not up against the multiple other homes.

 

Occasionally mover offer discounts for using their services in the cooler months helping you to save money by moving in the winter. 

 

4. Agents: 

 

That's right, Real Estate Agents ar egenerally less busy in the winter, meaning we can take the time to search and find you the perfect home, keep you on top of new listings and take you around to view homes mor eoften if needed.

 

Giver consideration to moving int he winter. Even if you are against doing the physical moving, you may be able to negotiate a closing date that will help you ensure slightly milder temperatures. 

 

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Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.