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Important Things To Consider Before Selling Your Real Estate – Business Review – Business Review

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Real estate is always a good investment. It brings you money and the value of the real estate increases over time, generally at a rate higher than inflation. You can see your property’s value increase as you invest in it and maintain it well during its lifetime. With foresight and investments, the property will help provide financial security for your family. The value of the property you purchase will certainly go up over time, but what do you do if suddenly for some reason or another, you need to sell it?

Before you put your property on the real estate market and start looking for a buyer, there are certain things that you need to consider. If you are planning on selling your property, here are  certain aspects that you need to look into:

How Fast Do You Need To Sell It?

The first thing that you need to clarify is how fast do you need to sell your property. There can be times when you will not have a choice of the time frame, but most people who sell real estate can choose whether they need to get it done it quickly or if they take their time with it. If you need to sell a commercial property fast, you should know that there are direct buyers who can buy it for cash without having to spend any time promoting it. This will relieve you from the hassle of going through all the formalities that come with selling real estate. Once you sell your commercial property directly to one of these companies, you can be sure that the money will come within a couple of days so that you can reinvest it as soon as possible.

Renovating Or Not?

Once you have thought about the time frame within which you need to sell, your next step should be to think about renovations. If you are looking at selling your property as soon as possible, then it might not make sense to spend a lot of money on renovations. You can always go for minor or cosmetic changes that do not cost much and do not affect the property’s price by much either. However, if you can wait out a few months before selling, let’s say up to six months, then spending some money and investing in major renovation projects will help increase the value of your property immediately.

Once you have decided on the type of renovations, you need to think about their cost as well. It is not a good idea to borrow money for renovation purposes because once you sell the property, you will have no way of paying back the borrowed amount of interest charged on it. You should therefore avoid taking out any loans for this purpose unless necessary.

Check The Property Tax

It is not just you but most sellers of real estate tend to forget about the property tax when they go about selling their property. This is important because once you sell your property, the new owner will be responsible for paying up all taxes that are levied on it. Therefore, it makes sense for you to pay up all the taxes due on your property before putting it up for sale. If you do not want to pay them yourself, then at least make sure that the buyer pays them when he buys the property from you. Also,  ensure that the property tax receipts are regularly updated and in perfect working condition so that they can be shown to the new owner.

The Zoning Regulations

The zoning regulations can play a very important role in determining whether your property should be sold or not. The zoning law determines how the land around your property can be used for purposes such as building homes or shops or offices etc. You may find that though this could affect the sales value of your great, however, if you get the zoning regulations changed, then you might be able to increase the value of your property and make it more secure as well. For instance, if you have a big property in an urban area, you may find that it is not much use if you could only build homes on it. However, if the zoning laws were changed to allow for building offices or shops, then your property would increase its worth by many folds over.

How Much Is It Worth?

This is an important factor to consider before selling your real estate. This value will be determined by the current market trends, the number of potential buyers, and how much is it worth right now. Once you have conducted a proper valuation on your property, you can sell it after getting advice from an experienced broker who specializes in commercial real estate ask for a professional opinion on your property’s value. The reasons behind this are many, for instance, properties that are available for sale with brokers generally get more attention than those which are sold by individuals. Also, they would know what kind of offers to expect so that you do not miss out on certain opportunities because someone else might have already made a better offer than the one you received. They will let you know if any potential buyers in the market may be interested.

Is It The Right Time To Sell?

Sometimes even if your property has gone up in value over time, it may not always sell for more money than when you bought it because potential buyers might think that it is not the right time to buy. For instance, if you are trying to sell a house or office in an area where there will be new developments, then it might take some time before potential buyers start showing interest in your property because they would want to wait for all these other projects around them to be completed first. On the flip side of this argument, if you think that the market is saturated with commercial properties and people do not have much money at their disposal anymore, then now might be an excellent time to sell off real estate because even though its value has gone down over time, people may still buy it because nobody else is willing to invest in such risky propositions anymore.

Before selling real estate, it is very important to make sure that you go through all the factors mentioned above first. This way you will be able to decide if you will benefit from the current market conditions or not. If find that you can sell it at a price and conditions that are acceptable for everyone involved,  then you can proceed accordingly and start working on other goals in life without any complications.

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

The Canadian Press. All rights reserved.

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Here are some facts about British Columbia’s housing market

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Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

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