Durham Region For Sale By Owner Private Real Estate Sales

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When Selling A Home Be Aware Of Turn-offs

When Selling A Home, be aware of turn-offs. Everyone wants to sell their home fast at the highest possible price. Don't let these stand in the way.

  • Paint colours. Neutrals are the best way to go. Painting is the cheapest way to make a home more appealing.
  • Odd odors. You might not even notice these. But buyers will. They could be cigarette smoke, cooking spices or perfumes. Try airing out the home, and if necessary, contact a company that can help remove them.
  • Stains. These can be in the carpet, flooring, bathrooms and in the kitchen. You might find a product that will eliminate them, and if not, contact a company that can help.
  • A crowded home. Before you put your home on the market, go through and remove everything that creates a crowded atmostphere. This can be in storage spaces, the garage and the basement. You might consider renting a storage unit until the home sells.

Check out our Durham Region Homes For Sale By Owner website.

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0 commentsDurham Region For Sale By Owner • August 14 2009 12:52PM

Advertise Homes For Rent And Apartments For Rent In Durham Region

You can advertise homes for rent and Apartments For Rent In Durham Region for only $79.95. For less than you would pay for an ad in the newspaper, you can get maximum exposure for your rental.

Our For Sale By Owner website has a very high success rate for renting properties. Included in the flat rate listing fee is a yard sign installed on a post (like the real estate signs you see in your neighbourhood) and a 5 photo presentation. You will not find a better marketing package for your rentals.

Check out our Durham Region Homes For Sale By Owner website.

List your Rentals In Durham Region.

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HomesByOwner of Durham Region

Toll Free - 866.964.FSBO (3726)

Sell Your Home. Keep The Commission.

0 commentsDurham Region For Sale By Owner • August 06 2009 01:47PM

Homes For Rent In Ajax

This Ajax Rental is available for October 1.

11 Mary Street, Ajax

Directions to this Homes For Rent In Ajax.

  • 3 bedrooms
  • 1 bathroom
  • Close to public transit, shopping, Highway 401
  • Includes fridge, stove, dishwasher, washing machine and dryer
  • $1,400 a month including utilities

See this and other Homes For Rent In Durham Region.

Check out our Durham Region For Sale By Owner website.

HomesByOwner of Durham Region

Toll Free - 866.964.FSBO (3726)

Sell Your Home. Keep The Commission.

0 commentsDurham Region For Sale By Owner • August 06 2009 01:15PM

Over Pricing Real Estate Can Lead To Many Problems

Over pricing real estate can lead to many problems. Here is one example.

Lets say your property has a market value of $300,000. Other recent sales in the area reflect this. But you decide to list the home at $329,000. Your reasoning is that the buyer will come in with a lower offer. You want some flexibility when they beat you down.

Using this same example, a buyer submits an offer and the two of you agree on a selling price of $325,000. You have made out like a bandit. You received $25,000 more than your home is worth.

The buyer then takes a copy of the agreement to their mortgage company for their approval. In this scenario, the buyer has a down payment of $15,000. The lender, in doing their appraisal of the property, determines that the value of the property is $300,000. The buyer has 5% of this and will require a $285,000 loan.

In order for the mortgage lender to fund this sale, the buyer will be required to come up with the additional $25,000. Their down payment will now become $40,000. Chances are this sale will die at this point. Mortgage companies, like real estate agents and property appraisers, have access to the history of property sales.

So you can see that over pricing real estate will waste your time. You should also consider that with access to the internet, buyers can now find the information they are looking for. Not only will you not receive any offers, chances are there will be very few viewings.

Check out our Durham Region Homes For Sale By Owner website.

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HomesByOwner of Durham Region

Toll Free - 866.964.FSBO (3726)

Sell Your Home. Keep The Commission.

0 commentsDurham Region For Sale By Owner • August 02 2009 01:07PM

Land Transfer Tax in Ontario

Here is a great explanation about the Ontario Land Transfer Tax.

Via Brian Madigan LL.B. (Royal LePage Innovators Realty):

Land Transfer Tax (Ontario)

 



By Brian Madigan LL.B.

If you buy land or an interest in land in Ontario, you must pay land transfer tax. It doesn't matter whether or not the transfer is registered. Previously, if a conveyance was not registered then you did not have to pay the tax. That opportunity was lost about 20 years ago.

So, now register or not, tax is still payable.

Land includes any buildings, buildings to be constructed, and fixtures (such as light fixtures, built-in appliances and cabinetry). These are the fixtures present at the time of registration. It also includes the value of subsequent installations should they be part of the contract.

If a builder agrees to construct a bathroom in the basement for $5,000, and it is not installed on closing, you must still pay land transfer tax on it. If the arrangement for the installation is made later, you can avoid the land transfer tax. But, remember, maybe you want to pay land transfer tax. Otherwise you are paying retail sales tax which is calculated at a rate about 16 times higher than land transfer tax.

Land transfer tax is normally based on the amount paid for the land, in addition to the amount remaining on any mortgage or debt assumed as part of the arrangement to buy the land. It's paid on the total value, not just the equity in the deal. A $500,000 property with a $300,000 mortgage will require the same tax as a $500,000 property without a mortgage. The sum of $500,000 will be used as the base for purposes of calculation.

In some instances, the value of the consideration is deemed to be the fair market value of the land, for example, leases over fifty years and transfers between corporations and shareholders.

Land Transfer Tax Rates

The tax rates on the value of the consideration are as follows:
Amounts up to and including $55,000 -0.5 %
Amounts exceeding $55,000 up to and including $250,000 - 1.0 %
Amounts exceeding $250,000 - 1.5 %
Amounts exceeding $400,000 where the land contains one or two single family residences - 2.0%

For the definition of "single family residence," as defined in subsection 1(1) of the Act please see the end of this bulletin or the Act.

A Few Quick Examples

$95,000 deal

Value of the consideration equals $95,000.

A. Multiply $55,000 by 0.5% (55,000 × 0.005) = $275
B. Multiply the amount exceeding $55,000 up to $250,000 by 1.0% (40,000 × 0.01) = $400

Total land transfer tax payable = $ 675

$450,000 deal (Commercial Property, Triplex)

Value of the consideration equals $450,000 for land not containing one or two single family residences.

A. Multiply $55,000 by 0.5% (55,000 × 0.005) = $275
B. Multiply the amount exceeding $55,000 up to $250,000 by 1.0%
(195,000 × 0.01) = $1,950
C. Multiply the amount exceeding $250,000 by 1.5% (200,000 × 0.015)= $3,000

Total land transfer tax payable = $5,225

$450,000 deal (single or duplex)

Value of the consideration equals $450,000 for land containing one or two single family residences.

A. Multiply $55,000 by 0.5% (55,000 × 0.005) = $275
B. Multiply the amount exceeding $55,000 up to $250,000 by 1.0%
(195,000 × 0.01) = $1,950
C. Multiply the amount exceeding $250,000 up to $400,000 by 1.5% (150,000 × 0.015) = $2,250
D. Multiply the amount exceeding $400,000 by 2.0% (50,000 × 0.02)= $1,000

Total land transfer tax payable = $5,475

Quick Calculation Formula

For a quick calculation of land transfer tax, refer to the following table. Residential property refers to land containing one or two single family residences as defined by the Act. "Value of the Consideration" for a conveyance or disposition is shown as "VC." Land transfer tax payable is shown as "LTT."

For the Value of the Consideration:

Up to and including $55,000 = VC × 0.005
Exceeding $55,000 and up to $250,000 = (VC × 0.01) - $275
Exceeding $250,000, for property other than residential = (VC × 0.015) - $1525
Exceeding $250,000 up to $400,000, for residential property = (VC × 0.015) - $1525
For residential property exceeding $400,000 = (VC × 0.02) - $3525
Toronto Land Transfer Tax

In addition to the Land Transfer Tax that applies to every property in the Province of Ontario, there is also a Toronto Land Transfer Tax that just applies to city of Toronto properties. It is collected by the Province and remitted to the City.

Brian Madigan LL.B., Realtor is an author and commentator on real estate matters, Royal LePage Innovators Realty
905-796-8888
www.OntarioRealEstateSource.com

HomesByOwner of Durham Region

Toll Free - 866.964.FSBO (3726)

Sell Your Home. Keep The Commission.

0 commentsDurham Region For Sale By Owner • August 02 2009 12:31PM

Make buyers see what you want them to see

Here is a good example of how staging improves a home.

Via Donna Plant (Home Staging by Streamline H. S. Ltd):

We call it Home staging, and just like a stage set at the theatre, think of Juliet on the balcony, you need to have a focal point in every room, it should hi light the main feature the room has to offer, and sometimes thats hard to work out in a photograph

A family room with a secret

If this was a stage set, what is the stage designer trying get you to focus on?

Family room after

Yep thats a view of a lake out the window

We centred the large boat in the window, it drags the eye to it and then the eye focuses beyond to the blue water of the lake, just outside.

The lakeside theme is continued by the picture just out of view on the left wall, a heron at a lakes edge and the book on the table is Canadian Waterfowl, so a buyer not only sees the lake outside on their visit but feels the full lifestyle of living by the lake in every corner of the room.

But be carefull not to over theme, a little is a lot.

HomesByOwner of Durham Region

Toll Free - 866.964.FSBO (3726)

Sell Your Home. Keep The Commission.

0 commentsDurham Region For Sale By Owner • August 01 2009 02:44PM

Staging - Where to Start

More staging ideas..........

Via Donna Plant (Home Staging by Streamline H. S. Ltd):

Before moving any item of furniture, picking up a paint brush, or packing anything away, I like take notice of how the present day owners use the property.

It is surprising how many people living in a multi-roomed property only use a fraction of those rooms on a constant basis, and then wonder why their potential buyers view the home as small.

Buyers are looking for square footage, and they need to see how each room functions, so it is important to ensure each room has a clearly designated function and never more than two functions to a room.

I recently completed a walk through on a property that had 3 bedrooms, two bathrooms and an on-suite in the master, one kitchen, a very small dinning room, a formal living room, a family room, a completely finished basement that was being used for storage and hanging laundry on the unused gym equipment,  a laundry room and another room, completely finished with a window in the basement, currently being used as a storage room

Its present day owners only made use of the Master bedroom and on suite, the kitchen, the family room and used one of the extra bedrooms as an office. All the rest of the rooms, were full of things just placed and left. Presented in this way, the home looked to the viewer as a one bed-roomed house, with a living room, no room for the family to come over for dinner ever, and everywhere else had to be used for storage, not exactly what a young family with a child/children would want in this transitioning neighbourhood.

So the  suggested change, Move the office to the basement, and there was more than enough space to relocate the family room into this beautiful space. The house had a huge crawl space totally unused. So they need to store everything from the extra room in the basement into that crawl space, this leaves this extra room to be shown as a guest bedroom, there is a full downstairs bathroom right next to it. The laundry room was well laid out and only needed a cupboard to put the necessary items in.

On the main living level, minor changes in the kitchen, move the beautiful antique dining room furniture into the old family room, along with a no longer used, but had to be kept piano and now you can entertain 12 people or more around the extended table with ease.

The formal living room now minus the piano could be laid out to maximize the traffic flow, and the old dining room can now have a smaller eating table with comfortable chairs making it a casual eating area.

So now potential buyers walk around a property and see, three bedrooms upstairs all shown as bedrooms only, one on-suite and one full family bathroom.

A Formal living room, a formal dining room and a casual eating area, around the kitchen

Downstairs in the basement a large family room, a small but functional office area, a laundry room, a full bathroom and a functional guest bedroom. Plus they get to see the neatly arranged and reduced storage items in the crawl space.

Then we moved onto all the other things needed to bring the home out of the 1980's. But thats another story.

 

 

HomesByOwner of Durham Region

Toll Free - 866.964.FSBO (3726)

Sell Your Home. Keep The Commission.

0 commentsDurham Region For Sale By Owner • August 01 2009 02:43PM