Apartment Building in Kensington-Chinatown

Are you thinking about selling your home in Kensington-Chinatown? Have you been thinking of selling it by yourself instead of hiring a real estate agent? There are several advantages of selling your home yourself, but there are disadvantages as well. To make it easier for you to make a decision find the most important pros and cons below.

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The most important PRO for selling your home yourself inĀ Kensington-Chinatown is MONEY. Selling your home without the help of an agent means more Money in your pocket! By selling it yourself you save the commissions and fees. – We are not talking about pennys, we are talking about THOUSANDS of dollars which you would have to pay an agent. Another advantage is that you are able to decide the times for open houses and showings. It is also completely up to you where and when you want to advertise. Unlike a real estate agent who is selling many houses, you can focus on YOUR house, because you are only selling your own house. It is obvious that you will have more interest in the sale than an agent.

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If you are a homeowner, you will be entitled to tax breaks when you sell your home. It is possible to profit up to $250,000 if you file your taxes singly. If you file jointly, you could get $500,000. To make things even nicer, you will owe nothing to the IRS. There are a few caveats that are involved. You must have been the owner of the property and must have used that same property as your primary residence for at least 2 of the 5 years preceding the sale of the home. While this seems fair, what happened if you sold your home after only owning it for two years? In 2002, the IRS released new regulations that changed the original rules.

If you are in the situation of owning and residing in the home for less than 2 years, you can avoid the tax by claiming a reduced gain exclusion. This is fairly easy to qualify for. If you do qualify, the amount will most likely be large enough to protect the entire gain, even though the sale was made prematurely. If you are eligible, the amount would equal the $250,000 or $500,000 times a fraction. The numerator of the fraction would be the period of time that you owned and used the home and the denominator would be the two years that is required. For example, if you and your spouse owned and resided in your home for 22 months, the reduced exclusion would be $500,000 multiplied by 22 months over 24 months, which would equal $458,333. The reduced exclusion applies when the premature sale is a result of a change in employment, health issues or unforeseen circumstances.

Additional tax treatments are available if you use your home for business or rental property. The entire home, including the rental and business areas will qualify for the gain exclusion. The only difference in this case is that you must pay a tax on the gain if it was attributable to depreciation deductions that had been claimed after May of 1997. Keep in mind that the business or rental property must be located within the primary residence.

As long as you meet the eligibility requirements, you can earn considerable tax savings when you sell your home. Selling prematurely should be avoided if at all possible, but if a situation does arise, you will not lose as much as you think.

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The process of tackling real estate closings is quite complex. However, if you follow a few simple steps from an effective checklist, you can complete the closing process like a professional.

Here are three important steps to follow before the closing process begins. This is a basic guideline - you'll definitely want professional help - but in seeking that professional help, keep these in mind:

1) Obtain Owner's Title Insurance

When you buy a home, there is no way to tell if the home's title has any problems. If a title has issues, you may have to deal with serious financial issues. So, to protect yourself, you must purchase title insurance.

Closing costs catch a lot of buyers by surprise - don't let that happen. Try to learn as much as you can about closing costs before you begin the process so you don't underestimate them.

Additional Advice For First-Time Buyers

During the closing process, always remain focused so that you can avoid costly mistakes.

Deliver the real estate contract to the title and closing services department before the closing date. To ensure a speedy delivery, send the contract by fax or email.

Don't try to do it alone. Seek help from a professional real estate title & closing services firm to navigate the tricky terrain of real estate closings.

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