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The trick is keeping an eye on the ball and doing the right things to prepare for the transaction, from the very beginning.

Sell your home and corner the market!



We all want the same thing when we sell our home: the most value with the least amount of fuss and expense. Brian Joffe, MBA, CA and Partner with Fuller Landau LLP in Toronto, says we can have it, too. The trick is keeping an eye on the ball and doing the right things to prepare for the transaction, from the very beginning.

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Here are Joffe’s top 10 tips for making your foray into the home real estate market, if not exactly joyous, at least less trying for both your pocketbook and your peace of mind. 1. Check with your finance company first. Banks make money by charging interest, so many mortgages carry penalties if you repay ahead of schedule. If you’re planning to finance your next home, see if you can transfer your mortgage to the new property without a penalty. 2. Check for outstanding loans or liens. If you haven’t paid someone – or if the contractor who remodeled your kitchen hasn’t paid the guy who installed the new pipes, there could be outstanding loans or liens on your property. Have a lawyer conduct a title search so you know what, if anything has been registered and how to deal with it. 3. Arrange bridge financing. If you buy a new home before selling your old one, you might need some cash to tide you over while you technically have two homes, and two sets of bills. Go in with your eyes wide open. 4. Moving for work can mean tax savings. If you’re moving at least 40 kilometres closer to your new job, you can deduct your moving costs and claim any direct travel expenses such as gas, meals and lodging. Some of the costs of selling and buying that new home might be eligible, too. Check with your Chartered Accountant. 5. Know the principal residence rules. Generally, the sale of your principal residence is tax-free, regardless of how many properties you own. A family may only designate one property as a principal residence for a given year. You can, however, make a second property – like your cottage – your principal residence if it’s being used as such. This can sometimes work to your advantage come tax time if, for instance, the second residence has increased more in value than the property being sold. 6. Know what you don’t know. Real estate can be complicated – legally, financially and marketing-wise. Consider that a knowledgeable, reputable realtor will save you time and obtain more for your home than you could yourself. The money they make or save you will more than justify the commission. 7. Know what your property is worth. Joffe says that there are many factors to consider, “Go to open houses in your neighbourhood and get a feel for what comparable properties are listed at. Check realtors’ websites and have a broker confirm that the price you have in mind is realistic given the market conditions. 8. Know what it costs to run your home. Have your tax, heating, utility and other relevant bills on hand and be prepared to answer buyers’ questions. 9. Go for curb appeal. Invest a little time and money in making your home more attractive to buyers. A well-tended yard, fresh paint and a clean, uncluttered atmosphere can mean thousands more in your pocket. Consider hiring a professional stager if you lack time or know-how. 10. Get the right team working for you. Your real estate agent, Chartered Accountant and lawyer are specialists in their respective areas and work to protect your interests throughout the buy-and-sell process. They can save you money, time, headaches and complications you can’t even imagine. Don’t try to go it alone.


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Inst. of Chartered Accountants -- Bio and Archives

The Institute of Chartered Accountants of Ontario is the qualifying and regulatory body of Ontario’s 33,000 Chartered Accountants and 5,000 CA students. Since 1879, the Institute has protected the public interest through the CA profession’s high standards of qualification and the enforcement of its rules of professional conduct. The Institute works in partnership with the other provincial Institutes of Chartered Accountants and the Canadian Institute of Chartered Accountants to provide national standards and programs that are used as examples around the world. </em>


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