Selling a house
23-Mar-2007, 09:30 AM
#22
Luka
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Join Date: Aug 2003
Posts: 14,319
Originally posted by bbarbulo
hahaha don't bother privately. pay the 5% and sell the house through an agent. I've sold 3 houses, there is just no point even trying privately... I mean, unless you plan to work the sale like a full time job... but if you are already employed, don't waste your time. also, real estate agents have connections to a huge network of buyers, lawyers, and finance people that will make the whole process a lot smoother.
hahaha don't bother privately. pay the 5% and sell the house through an agent. I've sold 3 houses, there is just no point even trying privately... I mean, unless you plan to work the sale like a full time job... but if you are already employed, don't waste your time. also, real estate agents have connections to a huge network of buyers, lawyers, and finance people that will make the whole process a lot smoother.
It looks like I may be able to sell it for about 40G's more then what I paid for it.
5% commission on that is about 9G's tops.
Lawyer fees couldn't be anymore then they were at closing when I bought it, right?
What else is there to pay for?
23-Mar-2007, 09:37 AM
#23
Luka
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Join Date: Aug 2003
Posts: 14,319
Originally posted by ERTW
if you have not lived there for a year, you will get hit by capital gains tax. wait the 6 months more to avoid it.
if you get 20G's more than what you paid, including any interest you paid on the mortgage so far, commision, legal fees, and capital gains tax, you might end up actually making very very little.
if you have not lived there for a year, you will get hit by capital gains tax. wait the 6 months more to avoid it.
if you get 20G's more than what you paid, including any interest you paid on the mortgage so far, commision, legal fees, and capital gains tax, you might end up actually making very very little.
Unless I'm mistaken, I'm pretty sure that I don't get taxed.
23-Mar-2007, 11:23 AM
#24
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Join Date: Oct 2004
Location: H.O.
Posts: 1,357
it's tough, real estate agents are kind of like lawyers or car insurance salesman...
no one really wants their service, you just kind of need it.
my parents privately sold their house, and they saved a bunch of money.
In the least, you'll know how the whole "selling" process works and you'll learn something. It's good stuff to know.
no one really wants their service, you just kind of need it.
my parents privately sold their house, and they saved a bunch of money.
In the least, you'll know how the whole "selling" process works and you'll learn something. It's good stuff to know.
23-Mar-2007, 01:38 PM
#26
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Join Date: Aug 2005
Location: Photographer's Corner
Posts: 13,424
you can certainly try on your own but as everyone said....its better to get an agent. this is true for a number of reasons. i have sold/bought two condos in toronto and did try to do it on my own the last time around.....the problem is that you will have a lot of 'potential' buyers come in which are only half interested in the deal...and then the ***** try to negotiate the price with you...they call you and then you call them....and when it looks like the deal is about to be done....they flake out.
there is one other option....you can list the condo on MLS for around $695..there are some real estate cos. that provide that option. when selling here, no other option works better than MLS believe me....private sites, newspapers...sheer waste of time.
gain in real estate value is taxable in canada...lol...so apart from the 5%, you will also be paying that at your average tax rate during the year you will sell your property...the tax man is always there
there is one other option....you can list the condo on MLS for around $695..there are some real estate cos. that provide that option. when selling here, no other option works better than MLS believe me....private sites, newspapers...sheer waste of time.
gain in real estate value is taxable in canada...lol...so apart from the 5%, you will also be paying that at your average tax rate during the year you will sell your property...the tax man is always there
23-Mar-2007, 01:47 PM
#27
Luka
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Join Date: Aug 2003
Posts: 14,319
so then explain this to me:
Planning to sell your home? Understand the principal residence rules first
Your "principal residence" is generally any residential property owned and occupied by you or your spouse at any time in the year. It can be a house, condominium, cottage, mobile home, trailer or even a live-aboard boat. It need not be located in Canada. Any gain on the sale of a principal residence is tax-free.
Living in a house that you own does not automatically qualify it as a principal residence. For example, building contractors or house renovators who follow a pattern of living for a short period of time in a home that they have built or renovated and then selling it at a profit may be subject to tax on their gains as ordinary business income.
Planning to sell your home? Understand the principal residence rules first
Your "principal residence" is generally any residential property owned and occupied by you or your spouse at any time in the year. It can be a house, condominium, cottage, mobile home, trailer or even a live-aboard boat. It need not be located in Canada. Any gain on the sale of a principal residence is tax-free.
Living in a house that you own does not automatically qualify it as a principal residence. For example, building contractors or house renovators who follow a pattern of living for a short period of time in a home that they have built or renovated and then selling it at a profit may be subject to tax on their gains as ordinary business income.
24-Mar-2007, 09:05 PM
#28
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Join Date: Oct 2004
Location: (Toronto)
Posts: 3,744
if you only own one place then its your principal residence
and i agree with em all. get an agent.
its a lot more work than people think
theres more protection for you and the buyer
it'll sell a lot faster
lol and the list goes on
and i agree with em all. get an agent.
its a lot more work than people think
theres more protection for you and the buyer
it'll sell a lot faster
lol and the list goes on
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