Kokanee Glacier. Photo: Wild Air Photography
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If you find yourself considering a sale, here is some helpful information to get you started.
Real estate is emotional. If you are selling, for whatever reason, be prepared to be objective. The value of your home to you is not business, but the actual transaction is a business document. Knowing why you are selling helps you determine:
- Timing: How fast do you want or need to make the sale
- Asking price: What is your financial goal with this transaction
- Bottom line: Any conditions that you are not willing to negotiate
There is a difference between the sale price and the final number. The following are costs that you need to consider when determining your financial goal and the lowest acceptable price.
- Costs of clearing the title, including discharge fees from encumbrance holders and pre-payment penalties
- Lawyer or Notary fees and expenses
- Real estate commission
- GST on real estate commission and other services
- Taxes and strata fees: pro-rated to date of sale
- Capital gains taxes, if applicable
Any defects or challenges that exist on your property and are known to you are best disclosed. Real estate is emotional, which means it is based on trust. Trust that the seller is being honest makes the buyer more comfortable and likely to make the purchase. It also saves time. As a seller you don’t want your home to sit on the market. Being up front will help you find the right buyer.
Legally, full disclosure also protects you. Legal action can be taken if a known defect is detected after the purchase is made.