You've heard the market is hot... but could you be cashing in and not even realize it? Read on for the top 4 moves that yield the most return.
Did you buy an investment property thinking it would be a cakewalk and the cash would roll in? Are you tired of dealing with tenants and maintaining an additional home? This would be the perfect time to offload a high maintenance investment and move the money into something lower maintenance. We’ve seen some people make over $100,000 on a house they purchased 4 short years ago. Keep in mind, it's important to have a good handle on the rules and procedures for selling a tenant occupied property, including the following:
A) If a tenant is on a fixed term lease, they can't be kicked out!
B) If a tenant is on a month to month lease, you can give them notice to vacate so long as you or the new owners plan to occupy the space.
C) Tenants are entitled to 60 days’ notice and are owed one month rent for the inconvenience.
D) If they want to move prior to the 60 days being up, they can give you 10 days written notice and vacate sooner.
Make sure to hire a REALTOR® who is familiar with selling tenant occupied properties. Tasha and Saira have both taken a full course on this topic and have helped many clients sell their investments.
If you are a senior or have a senior in your life who has been contemplating moving to a retirement home or care facility, there has never been a better time. We've seen homes in desirable areas go for over $100,000-$200,000 over their asking price and this extra money can go a long way towards a rental. Seniors can do research about where they want to move, tour different facilities and sign a lease before they list their home. Having a place to move and a game plan will help to alleviate some of the stress of a move. They can also plan what furniture they will take based on their new floor plan and the rest could be donated to Anney's Closet!
If you're in a large family home and are ready to move into something smaller and lower maintenance, this is anexcellent time to free up some of your equity! The market for condos and townhouses is still competitive, however, it is not as aggressive as the housing market. Moving to a strata may be a new concept to you, so it's important to have a REALTOR® advise you on the differences living in a strata. For example, what is covered in fees, what the rules and bylaws are, whether or not there are restrictions on pets, ages or rentals, or where you can park your vehicle!
4. Moving out of town, or further out of town.
Are you ready to move to a home that's newer and away from the hustle and bustle of the city? Whether it's to a shiny new house in Happy Valley or up the highway to Mill Bay and beyond, there is an upside to moving to a market that's not as hot as the one you're in. Another bonus of moving to some of the newer developing communities is there is no property transfer tax payable when you purchase a brand new property you will occupy as your principal residence. If you are being relocated for work, it would be a great idea to get in touch with a REALTOR® in the city of your future job to see what the market is like there. They can provide consultation services to help you determine if it would be a good move to purchase instead of rent. If you need a recommendation to an agent in another city in Canada or the US, let us know! We have connections across North America.
There are many options in a busy market and it can be difficult to decide what is right for you. Give us a call to find out how you can make the most of this red-hot market!