Camp for Sale.....eventually

[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.

[greatwhite]

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

You have a very beautiful camp.

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.

[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

[Bowjob]

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

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[rick_iles]

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

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

[Deer Hunter]

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.

[trimmer21]

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.

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.

[JBen]

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….

[Ata83]

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.

[410001661]

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

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.