I believe that relationships are more important than transactions I started a career in real estate in 2006, and since that time I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you, and your real estate goals and to be 100% accountable to you. In my latest blog post, I share advice for folks considering investing in revenue properties in Regina, with a view to becoming a landlord.
If you’re looking to become a landlord investing in Regina real estate is a solid way to generate passive income! However, before you invest in Regina revenue property, it’s wise to know if you’re getting a good deal.
Here are some tips to consider when buying an investment property in Regina.
- Select Your Target Regina Neighbourhoods Carefully - remember this is not where YOU are going to live
Consider the following before you invest:
Is it a safe neighbourhood? ( Check out Regina Police Crime Map )
What amenities are found locally
What is the rental vacancy rate in that neighbourhood?
How close are you to local shops, parks or recreational facilities?
How far away are you from the bus stop or transportation hub?
If you are considering buying property suitable for a family are you close to schools?
You may want to consider duplexes for the peace of mind they bring. With duplexes, you have two units, so if you go for a while without a tenant, it’s usually just one apartment, not both, so you still have some revenue coming in. As an experienced Regina realtor, I can provide a lot of support in your search!
You can make good money being a landlord, through both monthly cash flow and appreciation on your property. But it’s not like buying a mutual fund. You need to be ready to handle the types of struggles you’d face with any business. You must have a budget for emergency fixes for example!
Know your rights as a landlord in Regina!
We’ve all read stories of nightmare tenants who generate endless noise complaints, damage property and even stop paying rent. To protect yourself, I recommend credit checks (available through agencies like Equifax and TransUnion) and asking for references from employers and past landlords. I also recommend matching landlord references to the credit check, which shows past addresses, to ensure the applicant is being truthful. Once you’ve found great tenants, you’ll want to hold on to them for as long as possible.
If you’re renting an apartment within your home, your existing home insurance policy could be enough coverage. But if you’re renting a building that you don’t live in, you’ll need to look into additional insurance While it’s not legal to require your tenants to purchase insurance, it’s important they know that they’re not covered by your policy. It’s a good practice to recommend they take out their own tenant insurance policy so their personal property is covered.
You can save even more time by making sure you’re set up for success from day one. Build a network of professionals — electricians, plumbers, handypeople This way you can handle most routine problems, like a leaky faucet, with a simple phone call.
If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest and candid advice, I will be an expert at your side.
Source article : https://www.maxrealestateexposure.com/how-sell-house-relative-dies/
I believe that relationships are more important than transactions I started a career in real estate in 2006, and since that time I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you, and your real estate goals and to be 100% accountable to you. In my latest blog post, I share tips and tricks to help sell your home in Regina!
GETTING THE BEST PRICE FOR YOUR REGINA PROPERTY
Hiring a Regina realtor who knows how to use the psychology of sales can really pay off. Choose an experienced real estate agent who understands how to use the art of negotiation, who can salvage a potentially sour deal, apply pressure and use other successful strategies to increase your sale price.
1. ESTABLISH A PRICE
As a Seller, you may believe your property is worth more than the Realtor wants to Initially list it. An agent may agree to list your home at a higher price, but I am of the opinion that this should only apply if you agree to drop that price within a specified period (usually in 15-day increments). Realtors who use this technique may actually be looking out for your best interest. Agreeing on a plan to reduce the price gradually helps build rapport and trust with clients who may be stuck on a number. My job as a Regina realtor is to know the market and I do my research to make sure I know the optimum listing price for every property I agree to sell based on the individual seller's unique set of circumstances.
2. PREPARING YOUR HOME FOR SALE
You need to shift your perspective and view your home through the eyes of the prospective buyers. Ask yourself what you would expect. My role as your Regina Real Estate agent will be to help guide you and give you tips on de-cluttering and other things that will help your home be more sellable. Now is not the time to be attached or sentimental about furniture, art and belongings.
3. BE AVAILABLE FOR SHOWINGS
Potential buyers may ask to see your home on short notice. It is best if you can accommodate these requests, you never want to miss a potential sale. After each showing, be assured that I will follow up with the people who viewed your home to hear their feedback, which I will share.
4. YOU GET AN OFFER ...OR MULTIPLE OFFERS
If everything goes well, a buyer’s agent will present your agent with an offer. You have three choices – accept the offer, counter the offer or reject the offer. Be assured that my knowledge of your needs will enable me to represent you in the best way possible.
Next Steps!
5. UNDER CONTRACT
At this point, you have accepted an offer and have agreed to all the terms set forth in the contract.
6. CONDITIONAL PHASE
When the agreement of purchase and sale is accepted and signed by all parties, the conditional phase begins. The buyers will have a pre-determined amount of time to fulfill items likely including home inspection, financing, home insurance, etc. The date the conditions are removed, you now have a firm and binding contract for the sale of your home.
7. CLOSING
This is the date of transfer of funds and ownership that was agreed upon in your binding contract. I will make sure that you know that you are packed up and ready to go before this date
If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest and candid advice, I will be an expert at your side.
Source article : https://www.maxrealestateexposure.com/how-sell-house-relative-dies/
I believe that relationships are more important than transactions I started a career in real estate in 2006, and since that time I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you, and your real estate goals and to be 100% accountable to you. In my latest blog post, I explain the process of selling the home of a family member who has passed.
What Is The Process Involved When Selling The Home Of A Deceased Family Member?
Unfortunately, I am all too aware that the death of a relative is always a hard time for the family left behind. Not only do you have to navigate the emotional turmoil that is present when someone you love passes, but you may also have to deal with the inevitable real-world details – like liquidating assets and maybe even selling that person's home.
The Importance Of An Up To Date Will
If you think their properties will automatically pass to their descendants when they die, you could be in for an unpleasant surprise. If a homeowner dies without a will, or with a will that somehow fails to specify who the deceased’s property is meant for, what happens to the home becomes a provincial decision.
Saskatchewan Law
Each province has its own formula for distributing the deceased’s assets that takes priority over the dead person’s wishes.
When a person dies intestate, typically the family will act as administrator of the estate. Section 11 of The Administration of Estates Act lists the persons entitled to apply for Letters of Administration:
spouse; children & grandchildren
parents;
siblings; nephews and nieces;
next of kin of equal degree of consanguinity;
creditors; and the official administrator.
Letters of Administration may not be required to deal with assets that are not part of the estate (Part II Assets) such as property jointly owned with the deceased at the date of death, assets with a named beneficiary or assets outside Saskatchewan. Letters of Administration will be required if the estate assets include real estate in order to conduct any land transactions with Information Service Corporation.
Selling a home after a relative dies is what’s known as an “estate sale.”
The term “estate sale” can often be interpreted in different ways. For instance, if you are not a Realtor, you might be thinking that an estate sale is an auction where furniture and other possessions are liquidated.
Most real estate agents, on the other hand, think of an estate sale as selling a property for one of the heirs.
2. Transference of real estate after death.
So what happens when the home is going to be sold?
The first thing that needs to be done is to ensure the executor has been given authority to liquidate the real estate. There should be specific instructions in the will about selling the property.
First, look to see if the executor under the will was given power or authority over the real estate. If they were not given authority over the real estate, then the beneficiaries hold the authority and can sell the real estate without the executor’s consent.
Important note:
If you are going to be selling an estate where there are more debts than assets, this is what’s called being insolvent. If this is your situation it is important NOT to pay any debts you don’t have to— If you pay some low-priority creditors, you could find you are personally liable for the amount you shouldn’t have paid out. For example, don’t pay the landscaper or the telephone bill. These should be paid by the executor once approved.
3. What Happens If there Is a Mortgage Outstanding?
A majority of Canadian homeowners don’t know what happens to their mortgages when they die. Only 28 percent of respondents to a 2021 survey realize that their mortgage needs to be paid by the beneficiary who receives their properties. It does not disappear, unfortunately, although that’s exactly what 12 percent of survey respondents think happens to a mortgage when a borrower dies.
Property owners, particularly investors, must also keep in mind the tax bills awaiting their surviving family members. The CRA treats a dead individual’s assets as if they were all sold on the day prior to his death, meaning capital gains taxes on non-primary residents need to be paid – even if the home is left to a beneficiary. Joint ownership of a property with a spouse can provide a clean and legal workaround; otherwise, those left behind will need to foot the bill.
4. Collect all the necessary documents related to the home.
One of the least enjoyable, but most necessary, things that those left behind need to do is collect all required financial documents. Financial documents are essential for the distribution of the estate, including the home. Without all the necessary documents things become much more complicated.
You may have to search for a while to find everything you need. Often all documents won’t be in the same place. Sometimes people will stash them in hidden places. It is worth the time to search everywhere, including crawl spaces, the attic, and the garage, go through all the boxes and files, and even look under the mattress and drawers.
The documents you will want to gather may include:
Will – As explained - If there is a will, it will significantly simplify the distribution of the estate.
Receipts from bills – You will need to freeze your relative’s credit and contact all creditors, including the three major credit reporting agencies.
Investment documents – Your relative may have had stocks and/or bonds.
Insurance documents – There may be a policy from an employer, or one purchased privately.
Homeowner’s policy – Keep homeowner’s insurance up to date and increase coverage if necessary.
Bank account documentation – You want accurate information on all of your relative’s bank accounts.
Personal documents – If your relative had any personal documents, like journals, poetry, etc., you might like to have them at a later date for sentimental reasons.
Once you have gathered all the documents you know, you will need, shred everything else that has personal information on it. It is a common thing for identity thieves to use the social security numbers of the deceased. By eliminating all documents with the number on it, you make identity theft more difficult.
4. Change The Locks and Mail Delivery
When selling a home as an estate sale, it is essential you have complete control of the property. This includes changing the mail, so you receive it in a timely fashion, along with enhancing the home’s security. Keep in mind there are going to be folks who know about the death that took place and the fact the home may be vacant.
You will be surprised how many keys have been given out on a property over the years. Whether it is friends, relatives, the babysitter or various contractors who have done work. It is better to be safe than sorry.
5. Hire a Regina Realtor To Help You Get the Home Ready For Market
After you have processed all the personal possessions of your relative, you will be ready for the actual sale. At this point, you will go through much the same steps as any other home seller – although some minor differences may apply.
I have found that often when selling a home that was owned by an older relative, or a house that has been occupied for decades, there is extra work involved in prepping for sale. This can be one of the most challenging parts of selling a deceased parent's home.
The house may be quite dated, including old wallpaper, decorations, carpet, paint, etc. It may also have damage that has gone unaddressed for a long time.
An experienced and reputable real estate agent will provide the best advice on what needs to be changed or repaired before you put the home on the market. If you want to get the best possible price, you may need to make some changes. The most common I see include:
Getting rid of old furniture/ window coverings
Removing wallpaper
Changing dated flooring and/or refinishing hardwood floors
Applying a fresh coat of paint
Eliminating all signs of pet ownership, like stains and other damage
Installing new fixtures and updating lighting
In addition to any changes you make to the home, you are going to want to clean it thoroughly. There is nothing more critical to the sale of a home than a proper cleaning. I may also suggest professionally staging the property if there is not enough appropriate furniture/belongings left after the clean-up.
Once the home is prepared for buyers, then we can go ahead and list it. As long as you have made the home desirable based on the current Regina and Rea Real estate market, you should be able to sell it for a fair price.
In Conclusion.
A misunderstanding of what happens to a person’s property once they’ve died can cause extreme distress, both financial and emotional, for her surviving family members. So the best advice I can give is to have your will and paperwork in order as soon as you become a homeowner. In addition, you review your will on a regular basis to ensure it reflects your wishes.
If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest and candid advice, I will be an expert at your side.
