Home value sometimes referred to as "Value in Use", is best described as the probable price at which a home trades in a free, competitive, and open market and is synonymous with the market value.
The Income Tax Act does not specifically set out whether or not a gain or loss is capital in nature. The taxpayer is responsible for reporting the gain as income or capital gain. This report may then be challenged by the Canada Customs and Revenue Agency with the onus of proof on the taxpayer.
When should I sell my home? Your answer to this question might be right now! If you have taken a job in another city or made an offer on a new home, or had an addition to your family, selling your home fast might be the most important goal you have. Most people, however, have some flexibility when they sell their home. Let us take a closer look at the most important factors that can go into this decision.
There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition. Experienced sales people know that you only have one shot at impressing potential buyers, so take some time to prepare your home for showings. You will be rewarded with a faster sale and a higher offer.
A very accurate saying is that "Any home will sell once you get the price right." Of course, this is usually said from the perspective of dropping a price until it's too attractive to pass up. Actually, the accurate pricing of your home prior to listing is as much an art as it is a science.
A great many moves in our lives are to larger residences to accommodate growing families. Or, perhaps our financial development allows us to move up to a larger home with more features and amenities. There is no stress involved in trying to reduce our life’s stuff to fit into a smaller place. If anything, we just need to shop for some more furniture for the new larger place.
First Impressions Remember, when a prospect comes to look at your house, the first thing they will see is your home's front door! Make it look fresh and clean. Be sure your lawn and landscaping is well manicured and trim looking. Be sure the yard is free of refuse and leaves. If it has snowed, be certain the ice and snow is removed from walks and steps.
What You Show Is What You Get Faded walls and worn woodwork will reduce the appeal of your home. Why try to tell a prospect how your home could look when you can show them by a reasonable amount of redecoration? A quicker sale at a higher price will result. Invest in wallpaper in the kitchen or bathroom. It will pay dividends for you.
Let the Sun Shine In Open those drapes and curtains all the way, so the prospect can see how bright and cheerful your home is.
Fix That Leaky Faucet Dripping water discolours sinks and suggests to the buyer that the plumbing may be faulty or worn out.
Little Things Mean A Lot Take a few minutes to check to be sure that your doors don't stick or have loose knobs on them. Don't forget your windows and cabinet drawers. Try and repair any minor flaws since they do detract from your home's value. Safety First and Always Be certain stairways are clear and clean since this will avoid injuries around your home, as well as avoid distraction to the potential buyers.
From Top To Bottom Display your attic, basement, utility space and crawl spaces by removing all unnecessary articles. A coat of paint can do wonders if your basement appears dark and dreary.
Big Closets Make them look bigger by having them neat and well organized to show that your home has ample closet space.
Bathrooms Sell Homes Make those rooms absolutely sparkle. Check and repair any damaged or discoloured caulking in the bathtubs and showers, and be sure that the towels and area rugs are bright.
Bedrooms Shouldn't Sleep Keep those rooms bright and cheerful. Remove any excess furniture and be sure to use attractive and colourful bedspreads, and fresh curtains.
Shine On Your home's illumination can be a "welcome sign" to that prospective buyer! Turn on all your outside and inside lights when showing your home at night and they'll feel a glowing warmth as a result of your lighting.
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