I receive lots of questions about things to do with purchasing or selling a home, so I thought I’d start a new section on my blog, entitles ‘You Asked’.

Today’s question comes from Fred:

Hi,

What are the 2 taxes on house purchase in ontario?

I am trying to figure out what is important. I was hoping you might be able to give me some insight. Any help would be appreciated. Thanks.

Sincerely,

Fred

Well, Fred, if you are purchasing a resale home outside of the City of Toronto, and you are a Canadian resident, there is only one direct tax on your purchase, and that is the Land Transfer Tax – you can find calculation tables here. You will also be paying GST on the lawyer’s fees and on some of the costs you will pay via your lawyer.

If you are purchasing a resale home in the City of Toronto, you will be paying the City’s Land Transfer Tax; you can find more information on it, including rates, rebate information, etc.

here

As to to the second part of your question, ‘ . . . . what is important?’, there are many other things to consider when buying a home, such as location, commuting time and distance, resale potential, how the home will fit your wants and needs, overall condition of the home, the neighbourhood, and lots more. If you’d like a no-obligation 30-minute consultation to discuss this, give me a call at 905-208-7002, or send me an email to chris@chrisnewell.com.

Thanks for the question Fred.

36. Hire a Photographer
Many buyers begin their search online or by looking at pictures that real estate agents have sent to them via email. If you want your home to be one of the first that a buyer sees, you may want to consider hiring a professional photographer to take shots of the outside of the house and the best rooms inside the house.

37. Have Several Open Houses
Open houses are a traditional and effective way to sell a home. By staging an open house or two, you can get a whole group of buyers and buyer’s agents in on one day. Having several different people looking at the house at one time could bring in multiple offers and a higher selling price.

38. Leave the House During a Showing
Unless it is unavoidable, you should not be present during a showing. Potential buyers may feel like they are intruding if you are home, and as a result, may not get a proper look at the place. If you are present during a showing, do your best to stay quiet and out of the way.

39. Be Prepared for Unexpected Requests
More and more frequently, buyers are requesting that specific items or perks be included in a sale. Often times, willingness to satisfy these requests can make or break a sale. It may be a good idea to decide in advance what you will and won’t be willing to sell or offer with the house.

40. Sell the Home with a Warranty
Home warranties can be purchased by sellers for minimal fees.

Selling your home with a one year warranty can make your home very attractive to buyers, especially if you have older appliances or an outdated heating system. And because this warranty can be purchased at closing, you aren’t out any money if the home doesn’t sell immediately.

31. Keep the Temperature Comfortable
Whether it is the cold of winter or the heat of summer creeping in, you will want to combat the elements and keep the temperature comfortable when potential buyers come calling. If it is too hot or too cold, the buyer may think that there is something wrong with the home’s heating or cooling system. An uncomfortable temperature can also make them worry that the house itself is too drafty or not well-ventilated.

32. Give Your House Curb Appeal
The term “curb appeal” refers to the first impression buyers get when seeing your home for the first time. A well mowed lawn, a clean and tidy area by the front door, a nice walkway, and good lighting are all ways to give your home the curb appeal it needs to make a good impression.

33. Look for Hidden Selling Points
Your home may have special selling points that you have never considered. To give your real estate agent extra ammunition for potential buyers, try to look for hidden selling points that only you know about. For example, if your home is energy efficient and requires only a minimal amount of money each month to pay for utilities, it would be a great selling point that the agent may not think to mention.

34. Consider Hiring a Professional Stager
When it comes to making a sale, buyer impression is everything.

If you don’t have the time or the skills needed to properly stage your home for a showing, you may want to consider hiring a professional stager to do it for you. These real estate experts know what buyers want to see, and more importantly, what buyers don’t want to see.

35. Hire an Organizer
If you don’t want to hire a professional stager, but need a little help in the organization department, you can hire a professional organizer to prepare your home. An organizer will be able to put things away properly and showcase your storage space. They will also be able to do something about the clutter that tends to turn homebuyers away in droves.

26. Knock Down a Wall or Two
An open floor plan is a highly coveted feature among homebuyers. If your home does not currently have an open floor plan, you may want to consider knocking down a wall or two. Good choices include walls between kitchens and dining rooms, family rooms, or living rooms. By removing walls and creating open spaces, you could increase your selling price by as much as $10,000 to $20,000.

27. Add Style to Small Spaces
Small rooms aren’t normally attractive to homebuyers. If you aren’t able to change the floor plan, you can make buyers forget how small a space is by distracting them with style. By making rooms with limited space appear stylish, cozy, or even cute, you can eliminate terms like small and cramped from a buyer’s mind and increase your chance of a higher offer.

28. Spruce Up Extensions of the House
Porches, patios, decks, balconies, tool sheds, and garages are all extensions of the house. These areas should also be as clean and uncluttered as possible. Sprucing up could involve hiding unattractive and smelly trashcans, organizing items like lawnmowers and yard tools to give the impression of spaciousness, and emphasizing areas with lawn furniture, lighting, and tasteful accents.

29. Add Landscaping
To make a dynamite impression, your yard should be as nice as or nicer than your neighbors’. If necessary, add inexpensive bushes or flowers to your landscaping design. If your grass looks unhealthy, lay sod or reseed quickly.

The nicer your yard looks, the more impressed buyers will be.

30. Light a Fire in the Fireplace
Fireplaces are nice selling features and should be showcased every time a potential buyer will be looking at the home. Before the buyer enters, arrange items on the mantel and around the fireplace itself. Then light a nice, cheery fire that will burn for several hours. Although this might seem like a small and insignificant touch, it will provide the type of ambience that makes a buyer fall in love with a house.

16. Replace Leaking Fixtures and Pipes
Buyers will be instantly turned off by faucets that leak and pipes that drip. By updating fixtures and pipes, and repairing any damage that may have been caused, you give the buyer one less thing to complain about and one more reason to buy the house.

17. Consider Remodeling
A newly remodeled kitchen or bath could add thousands to the value of your home. In many cases, homeowners who perform a smart remodel can make their money back times three. If you can afford to do it and have the time, you may want to consider remodeling to boost the amount of money you get from your home’s sale.

18. Clean Thoroughly
If you are trying to sell your home for top dollar, everything needs to shine. Before showing the house, take time to clean everything from the bathrooms and living spaces to windows and appliances. If you don’t have the time to do it yourself, hire someone to come in for an overhaul and then once a week to freshen things up.

19. Remove the Clutter
The number one rule of home selling is to remove any and all clutter. Stacked books, kid’s toys, and everything else that does not compliment the style of a room needs to be packed away, removed, or hidden from view. If necessary, rent a storage unit. The less clutter you have out, the easier it will be for the buyer to look at the actual item they are buying: the house.

20. Remove Personal Items
Buyers want to see a home they are viewing as their home. They may have a hard time doing this if you have too many personal items, such as pictures, trophies, collectibles, and signs around the house indicating that it is your home. It may be difficult to de-personalize your home, especially if you are still living there, but it is a necessary step to optimize selling potential.