Camp for Sale.....eventually

I have a camp on a local lake and as of late, I've been getting a number of enquiries from locals about me selling the place. They're banging on my door, not the other way around. While I haven't decided yet when I want to sell but realize I will have to sell in maybe a year or so that gives me a chance to do some homework as to what steps need be taken.
Because buyers are coming to me, does this mean I can probably get away without using a realtor? I assume I would still need a lawyer....even though it would be nice to bypass these characters too.
And anyone know with what I'm expected to fork out ie capital gains, taxes, etc????

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Originally Posted by sawbill

I have a camp on a local lake and as of late, I've been getting a number of enquiries from locals about me selling the place. They're banging on my door, not the other way around. While I haven't decided yet when I want to sell but realize I will have to sell in maybe a year or so that gives me a chance to do some homework as to what steps need be taken.
Because buyers are coming to me, does this mean I can probably get away without using a realtor? I assume I would still need a lawyer....even though it would be nice to bypass these characters too.
And anyone know with what I'm expected to fork out ie capital gains, taxes, etc????

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No need for realtor unless you think one would pull in more money
Get a lawyer a good one. Don’t share him with buyer
Capital gains what was purchase price. Selling price good luck.

It is actually quite easy to do. A lawyer does everything for you. No middle man.
Once you agree on the price and details get the other party to draft up an agreement. Forms are available online.
Present it to your lawyer and he will finalize the deal.
I sold my last 2 homes this way.

Only half the capital gain is taxable and is added to your tax return.

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Originally Posted by impact

It is actually quite easy to do. A lawyer does everything for you. No middle man.
Once you agree on the price and details get the other party to draft up an agreement. Forms are available online.
Present it to your lawyer and he will finalize the deal.
I sold my last 2 homes this way.

Only half the capital gain is taxable and is added to your tax return.

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Capitol gains can be decreased by any receipts for money spent on upgrading the property. I know someone who recently sold a cottage.

Sawbill, Your going to sell your Camp?:(

Wow it's a really nice Camp.

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Originally Posted by rick_iles

Capitol gains can be decreased by any receipts for money spent on upgrading the property. I know someone who recently sold a cottage.

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Cottages are different why because people in government made it so cause they own cottages

I built the place from scratch so on paper there is only the cost of the purchase of the lot. Most of the lumber and insulation came from a couple of portables that we dismantled from the local university. I bought new windows and shingles, stuff like that. Soooo, how do I base capital gains on that or is that a lawyers job?

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Originally Posted by sawbill

I built the place from scratch so on paper there is only the cost of the purchase of the lot. Most of the lumber and insulation came from a couple of portables that we dismantled from the local university. I bought new windows and shingles, stuff like that. Soooo, how do I base capital gains on that or is that a lawyers job?

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You really don't need a realtor because there's already interested buyers although a real estate pro will know what the price should be. The lawyer will handle it all and don't worry,the government will let you know what the CGT's will be. LOL:moose:

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Originally Posted by sawbill

I built the place from scratch so on paper there is only the cost of the purchase of the lot. Most of the lumber and insulation came from a couple of portables that we dismantled from the local university. I bought new windows and shingles, stuff like that. Soooo, how do I base capital gains on that or is that a lawyers job?

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Your accountant should advise your lawyer

I don’t know what your selling. I don’t want to know. But if you pay 50,000 selling for 100,000. Don’t sweat it

If you paid 200,000 and selling for a mil. Get a Jewish accountant. And a good shady lawyer account will charge u 900 lawyer around half percent of selling price. Realtor is what 7 - 10%. Why they have fancy clothes

Enjoy

Do you know the value of your place? It doesn't cost anything to call a sales agents out and tell him or her you might be interested in selling. They will give you an idea of value.
If you already have a price, you just need a buyer and your lawyer.

Yeah, I thought I had a good idea on its value as almost every property on the lake has changed hands in the past few years. So, I upped what I thought would be the max asking price by $10 thou and the guy never batted an eye. He was going to grab it right then and there. I just don't want to sell yet because I've got the fishing down pat and I do like my fishing.

If I were you I would keep it as long as you can physically and financially.

You have a very beautiful camp.

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Originally Posted by sawbill

Yeah, I thought I had a good idea on its value as almost every property on the lake has changed hands in the past few years. So, I upped what I thought would be the max asking price by $10 thou and the guy never batted an eye. He was going to grab it right then and there. I just don't want to sell yet because I've got the fishing down pat and I do like my fishing.

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IMO, It's worth your while to use a Realtor when the market is on fire. They will easily pay for their fees.
They have exposure to the world with Realtor.ca
Everything now seems to be sold "No conveyance of Offers" where you sit there and accept offers till a certain date.
Your in the drivers seat, get the most of what you can get, don't worry about asking way more then what you think its worth....forget buddies offers. imo
Sucks selling something you love....
Good Luck

In short if you want a bidding war go with realtor, if you want to sell on your own terms and own pace get a lawyer :)

Sent from my SM-G960W using Tapatalk

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Originally Posted by Deer Hunter

IMO, It's worth your while to use a Realtor when the market is on fire. They will easily pay for their fees.
They have exposure to the world with Realtor.ca
Everything now seems to be sold "No conveyance of Offers" where you sit there and accept offers till a certain date.
Your in the drivers seat, get the most of what you can get, don't worry about asking way more then what you think its worth....forget buddies offers. imo
Sucks selling something you love....
Good Luck

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Right…. If it’s anything like real estate around here, places are going for astronomical prices ! A professional might be worth the expense…..

As far as capital gains, use all receipts you kept and if you have room in your RRSP, put some of your profit from the sale in your RRSP plan to offset the capital gain. Your financial planner can help you.

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Originally Posted by sawbill

Yeah, I thought I had a good idea on its value as almost every property on the lake has changed hands in the past few years. So, I upped what I thought would be the max asking price by $10 thou and the guy never batted an eye. He was going to grab it right then and there. I just don't want to sell yet because I've got the fishing down pat and I do like my fishing.

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Sawbill,if you're not really sure whether or not you want to sell......DON'T. You will spend the rest of your life second guessing yourself with terrible regrets that can really hurt your heart and psyche.

Capital gains.
Apply to 50% of the gain. So if it’s appreciated in price by 100,000, $50,000 is taxble ( as income for the year). In Ontario 25% of the total gain, gets you in the ballpark.

The gain = sale price - Adjusted Cost Base ( purchase price + fees + upgrades but not maintenance). For your sake you should have receipts to prove the upgrades.

Realtor:
Worth it IMO.
True houses and properties largely sell themselves these days, and fairly pricing a place is nowhere near as important as it used to be.

But these days, they have pricing models such that any agent can call up an address. See it’s listed price but also expected sale price ( based on data and models). It’s surprisingly, extremely accurate. My fiancé looks at a place a client is interested in. Listed say at 599,000. Depending on hood, and stuff, the app will tell her it will sell for an expected $750,000. So she knows what to tell her clients what to offer. It’s normally very close.

Another reason to use an agent. These days, whether buy side, or sell side, what they largely do is make sure there are no legal issues, lawsuits…

She’s has some stories…especially about shady agents…maybe your buyers agent….

in this market, get a GOOD local realtor. it will pay for itself.


Renting is always a good option too though. just let me know.

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Originally Posted by rick_iles

Capitol gains can be decreased by any receipts for money spent on upgrading the property. I know someone who recently sold a cottage.

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Like those new appliances for the kitchen......that was for the cottage. Concrete patio, new roof and kitchen........yep cottage as well!

Easier way would be to keep it as your primary residence - you live there full time and commute to your house for the work week.

I don't want to sell until the absolute last minute so yeah, I'll hang on for a while yet. But you guys have given me a lot of good info to work with when the time comes. So, thank you all for that.

You are only going to sell it once, right ? True , you can save money by not using a realtor but having your own lawyer would be a must. Paying either one of them to consult with you regarding your potential sale of the property in question may not be a bad idea ? This way you hear things you need to know as opposed to things they want you to hear.