You’ve heard them. You may have even repeated a few of them. I’m talking about myths related to real estate in Canada. Believe me when I say I have heard some real doozies. Here are a few of the most commonly used myths I’ve discovered in the past.
1 – A Lawn Sign and an Open House are the Best Ways to Sell A Home
Well, I’m not going to rule out how effective these tools are, but they do need to be combined with several other sales techniques. However, generally speaking, this is a myth. I’ll tell you why. National real estate associations in both Canada and the United States track this kind of data. Their numbers show that more than 90-percent of home buyers start their search for new digs online. Therefore, you need a Realtor who has access to online listing services.
2 – You Just Need to Tidy Up to Have a Successful Open House
Yikes! Where did that come from? Sure, you do have to clean your home long before we throw open the doors and host an open house. However, you do have to take some precautions. Think about valuables, and important documents and jewelry, you should store all these things somewhere. The cleaning part helps your home give a good first impression. Stashing away your valuables gives you peace of mind and it takes the stress off your realtor who can focus on meeting and greeting those who attend the open house. These are just a couple preparations, for a full list, contact me any time.
3 – You Can Skip Telling Revenue Canada About Your Home Sale
Um, I think not. There have been changes to the reporting requirements when dealing with income tax, capital gains, tax exemptions and such. However, since April 2017 if you sell a property in Canada you are required to provide basic information such as the date of acquisition, date of sale, proceeds and the property description. To be sure, ask your tax accountant or the person who prepares your tax paperwork, so you comply.
4 – When You Use A Mortgage When Buying A Home, Home Insurance Is an Option
Well, you probably already know the answer to this if you are a mortgage holder. There are very, very few, if any, lenders in Canada that will say home insurance is optional. In fact, you are required to provide proof of valid home insurance to your lender soon after documents have been signed. Plus, if you do not, you are subject to fines, which can be as much as $200 per month.
Heard A Good One Lately?
Real estate myths are out there. Don’t get suckered by them. If you have any questions about the things you hear about real estate and need clarification, you can always give me a call. In the Niagara Region, contact me direct at 289-213-7031.
My name is Jen Bedard and I’d be happy to help you sort through the many myths out there related to real estate.