To Rent or Own? How to Downsize and Keep a Positive Cash Flow

Manson Slik,

When you are downsizing, a big question is should you rent or buy. Young or old, your choices have multiplied greatly.

Retirement Living

Once upon a time, the best options for seniors who were downsizing was to purchase smaller property. Now, the amount of choice available to either rent or own can be staggering. So, you should first decide what kind of property you want, and then decide whether you want to rent or own.

Selling Your Property? Set a Date for Entertaining Offers

Manson Slik,

When we list a property, we ensure everything is ready. All the information a potential buyer could want to know is available online. So at any time an offer can roll in, right? Well, it’s actually better to let potential buyers know that you will only be entertaining offers at a specific date and time.

So, let’s say we listed your property at noon on a Friday. We would get you to sign a “direction of offer”, that states you are prepared to deal with offers on your property at 1:00 pm on Wednesday. Why would you do this? Well, when a property is listed buyers can be anxious to see it. They want to see it and get an offer in right away—effectively cutting off competition by being quicker. The thing is, if you get a quick offer it may be conditional (meaning they can back out of the sale) or the offer is lower than what you could get from someone else.

Tax Breaks and Property Sales

Manson Slik,

There are many expenses accrued when it comes to selling a home and moving. Fortunately, for homeowners in Ontario, there are some tax benefits you can take advantage of when it’s time to sell.

For home sales, a primary residence is not taxable as an estate, nor does HST/GST apply. However, if the home has not been lived in, for example, if the owner has died and the beneficiaries are not using it, you may be eligible for deductions around its sale. The house is an asset awaiting liquidation, so the costs applied to its sale (auction fees, advertising, depreciation etc.) can be legitimate deductions.

What Goes Into an Information Package?

Manson Slik,

When it comes to an information package about your home, we want to include every possible detail that a buyer might want to know about the property. It’s about anticipating what your buyer will want to know.

The package provides complete information about your home. The package includes a breakdown of all the expenses of the home—for example, heating. Does the home use oil or natural gas? How old are those systems? If there are any necessary repairs, the information package provides estimates. If repairs or improvements have been done, when were the completed?

2 Steps to Ensure Your Home Sells Quickly

Manson Slik,

When a “For Sale” sign goes on your lawn, your realtor is interested in selling property, but not necessarily your property. You see, a potential buyer just sees that sign on your lawn and does not know anything about your property. So they call up your realtor, and your realtor now has an opportunity to talk that person into buying a home—any home. Selling your home means getting all the information into a buyers hands from the outset.

To ensure a quick sale of your home, we advise a different approach.

  1. Gather all the information before your home is listed. Start by putting together a complete information package that is available on a website that answers every possible question a buyer could ask. That way, when someone calls your realtor about your property, their only question is “When can I see it?”