Whether you’re buying a house for the first time, the second or the seventh time, it’s still one of the biggest decisions you ever have to make. In order to ensure sheer success, you need Trusted Saskatoon Realtor Clark Dziadyk! Clark will ease your mind by taking the pressure off of you to find your dream home! Be assured Saskatoon Real Estate Agent Clark Dziadyk Clark puts 100% effort into everything he does. Don’t you hate it when the grass is greener at your next-door neighbour’s place? This summer you could have the lawn that turns everyone’s eyes green with envy and admiration, but you’ve got to get on it right now! Follow these tips to grow the best lawn.
Why Fall is the Ideal Season to Sell Your Home
Fall is an ideal time to sell your home, complete with its own set of specific advantages. Read on to learn how you can maximize your real-estate game this autumn.
More Time for Curb Appeal
If your house needs exterior work, fall is the ideal season to sell your home in Saskatoon. Don’t put your house on the market in the spring with these reno projects incomplete. Give yourself the warm weather
months to paint the exterior, x the deck or install a new fence, and don’t try to rush these projects so you can list in the spring. Waiting it out until fall, and having the right curb appeal, might just get you a higher selling price.
Less Competition
Most people list their homes come spring, and that’s a given. By the time autumn rolls around,
most sellers have either sold their place or taken it to other markets. This means less competition in the real estate market. The reduced inventory also means fewer options for buyers, and that can potentially lead to a more competitive price for your home.
Corporate Moves
Employers who need to relocate their workers often wait for the fall, when the market tends to cool down. These out-of-towners will probably need to get through the process quickly, which could mean a relatively speedy closing on your sale.
More Serious Buyer Pool
The best thing about selling your house in the fall is that you’re dealing with a more serious pool of buyers. By the time September or October rolls around, these buyers are
itching to get their move settled. Nobody wants to move in the snow or during the busy holiday season, so potential buyers usually, want to get things signed and sealed as quickly as possible.
Different Demographics
Autumn is when both empty-nesters and millennials begin looking for new properties. Stage your house to appeal to these buyers. Empty-nesters are often looking to downsize, so it’s a good time to sell a condo or a small house. If you have a large three or four-bedroom house, consider staging one of the bedrooms as a home office or TV room to help them visualize how they can use the space. When marketing to millennials, it also helps them see the potential of the space. For instance, with a two or three-bedroom house, consider staging one room as a nursery.
Flexible Market
As you enter the market in fall, chances are good that those still left on the market from spring and summer will be pushing for a sale. If you’re selling in the fall, it likely means you’re also buying something new, and you’ll likely and that those sellers are more willing to negotiate. If you can snag a deal on your new home, you’ll be able to make more strategic decisions in the selling of your old home.
Read what clients have to say about Clark Dziadyk on his Saskatoon real estate listing here!
Clark Dziadyk is a Trusted Saskatoon Realtor contact him today for all your Saskatoon Real Estate needs.
The decision to purchase your home is one of the most important decisions you will ever make, and will also be one of your largest investments. Done right, it can also be one of the most exciting and fulfilling times in your life! Kari Calder a saskatoon Realtor with Century 21 Fusion is there to help you through the process, and provide you and your family with the peace of mind that comes with knowing that you have a realtor working with your best interests in mind. In Kari's latest real estate tip Kari explains the tax implications of selling your home. Kari Calder is a Trusted Saskatoon Real Estate Agent!
In 2017, Finance Minister at the time Bill Morneau introduced changes to the current tax model around selling your primary residence. This, along with the new mortgage rules is an attempt to ensure foreign investors abide by our current tax laws. Although these changes are focused on foreign investors, the changes will also have an effect on those Canadians who inadvertently did not pay tax when selling their principal residence.
Disposing of your principal residence
When you sell your home or when you are considered to have sold it, usually you do not have to pay tax on any gain from the sale because of the principal residence exemption. This is the case if the property was solely your principal residence for every year you owned it.
Reporting the sale of your principal residence
If you sold your property in 2021 and it was your principal residence you have to report the sale and designate the property on Schedule 3, Capital Gains (or Losses). In addition, you also have to complete. page 1 of Form T2091 if the property you sold was your principal residence for all the years you owned it, or for all years except one year, being the year in which you replaced your principal residence.
You have to report the sale.
For the sale of a principal residence in 2016 and subsequent years, the CRA will only allow the principal residence exemption if you report the disposition and designation of your principal residence on your income tax and benefit return. If you forget to make this designation in the year of the disposition, it is very important to ask the CRA to amend your income tax return for that year. The CRA will be able to accept a late designation in certain circumstances, but a penalty may apply.
Here’s another important part to note. If you fail to report the sale, you won’t be entitled to the principal residence tax exemption. If you forget to designate a property as your principal residence in the year of the sale, you could ask CRA to amend your tax return for that year. They likely will do so for a fee.
The onus is placed on the homeowner to understand the rules. What can you do going forward?
- Ensure you’re filling out a Form T2091 to designate a property as your principal residence.
- Talk to your accountant if you have any questions about whether or not your real estate sale was considered the sale of a principal residence (for example, adding or removing a suite to the home you live in may require you to report even if you haven’t sold)
- You’ll also want to track the cost of capital improvements you make to your residence going forward. Keep your receipts! This could save you money later on taxes if it turns out the sale of your property is no longer qualified under the principal residence tax exemption.
Kari Calder is one of Saskatoon's top Century 21 Fusion real estate agents. Kari can assist with all of your Saskatoon buying and selling real estate needs and she is a TRUSTED SASKATOON REALTOR
