The residential property flipping rule announced in the federal budget 2022 to ensure profits from flipping properties are fully taxed, any person who sells a residential property they have held for less than 12 months would be fully taxed on their profits as business income. Exemptions will apply if the sale is for certain reasons, such as a death, disability, the birth of a child, a new job, or separation. The measure would apply in respect of residential properties sold on or after January 1, 2023.

Property flipping involves purchasing real estate with the intention of reselling the property in a short period of time to realize a profit. Profits from flipping properties are fully taxable as business income, meaning they are not eligible for the 50 percent capital gains inclusion rate or the Principal Residence Exemption.

The Government is concerned that certain individuals engaged in flipping residential real estate are not properly reporting their profits as business income. Instead, these individuals may be improperly reporting their profits as capital gains and, in some cases, claiming the Principal Residence Exemption.

For a complete federal budget, please visit: https://budget.gc.ca/2022/report-rapport/toc-tdm-en.html

There's a chance you may have noticed already, but let me make it official: I've made the move to Royal LePage Atlantic! Being part of the premiere brokerage in the HRM, with nearly 30% current market share, and part of a nation-wide network that is 100% CANADIAN OWNED, will allow me to better serve YOU, my amazing clients! My journey through Real Estate has been a long and winding one, but I'm finally here, and I couldn't be more thankful.

Oh, and stay tuned - more amazing news to come!

#royallepagecanada #royallepageatlantic #Sold #JustSold #HalifaxRealEstate #HalifaxRealtor #HomesInHalifax #HomesInHalifax #HouseAndHome #ExploreNovaScotia #halifaxnoisehomes
#hrmrealestate #halifaxnoiseathome #novascotiarealestate #eastcoastliving #halifaxhomes #halifaxrealestate #halifaxrealtor #halifaxnoise #haligonia #myhalifax
☎️(902) 452-9675
sandra@sellingmetro.com
or PM me.

Can I be real for a second? I’ve shown A LOT of homes, and can I just say that one of the BEST, BEST, BEST things you can do as a seller is oh-so-simply but incredibly underrated. It's this:

Clean. Yep. Clean. You'd be shocked at the number of homes I show that simply aren’t clean. So, if you’re getting your home ready for the market and stressing about showings, my biggest piece of advice is this: Do a top-to-bottom deep clean of your house before it hits the market. Even if you have to hire it out, do it. It's worth every penny!

After cleaning, here are a few other things to keep in mind as you prepare for a showing... 

It’s become quite the trend to transform a dull and drab piece of property you own into a luxurious, aesthetically pleasing home you can rent out for cash each month.

But the truth is, I've seen flips go amazingly well, AND I've seen them crash and burn. Bad. So, before you jump on the bandwagon, here are a few things to know about home flipping. You should know:

- Have a seriously healthy stash of cash solely earmarked for flipping the property. A good place to start is the 70% rule. (Google it, just do it).
- Have margin in your calendar each week to work on your flip. Seriously, it's not gonna flip itself.
- Ask family, friends, and coworkers for references to help build a list of skilled and reputable contractors. Then, call them early and pay them well.
- Be patient. Flipping houses ain't a walk in the park. You'll need lots of patience when things don't go as planned.
- Talk with a realtor who knows your neighborhood. Ask his or her advice on the projects with the highest ROI and the demands of today's buyer or renter.

Wanna talk about flipping properties or anything else real estate related? Reach out anytime!

#newhome #HalifaxRealEstate #Halihomes #FirstTimeBuyers #flippinghouses #flips #halifaxrealtor #halifaxrealestate #novascotiarealtor #realestateinvesting #realestateagent #buyertips #sellertips #MLS #halihomes #movetoHalifax
☎️(902) 452-9675

sandra@sellingmetro.com

or PM me.

Not every day is picture perfect. Despite my rose-colored feed, some days are hectic, some are stressful, and some? They’re just downright hard. No matter your profession or how you spend your days, I know you know what I mean. ⁣
⁣
BUT despite the hard days, I wouldn’t trade what I do for anything. I see my job as a privilege—a "get-to." Why? Because I get to be a small part of guiding people HOME – the place they will celebrate holidays, birthdays, and school’s-out-for-summer days; the place they will share laughter, tears, disagreements, and follow-up hugs. ⁣
⁣
I mean, when you think about it, HOME is so much more than a pile of wood thrown together with some nails and screws. It’s the place that centers us AND sends us out. I truly feel so lucky that I get to be a part of this point in my clients’ lives. ⁣
⁣
I love what I do and my clients are my "Why? Fellow agents, what do you adore about your job? Share below...⁣

Horses have taught me to be better, be responsible, step outside my comfort zone (still working on this) be willing to give, and LET THEM GO (still working on this one too) be present and focus on the task at hand. Horses have taught me patience; they have made me a better version of myself. Photo of me and Ollie (my current ride @halifax_lancers )#ponies

 2.) Check that appliances are still in working order and no new plumbing or electrical issues have popped up. While you aren’t doing a complete home inspection, you can visually check for obvious problems that should be repaired before you move in.  

3) Confirm that items contractually conveying are present. If the sellers agreed to leave particular furniture, décor, or equipment, see that it has not been removed.  

4) Make certain the sellers have removed all their belongings. You don’t want to arrive with the moving truck only to find out that the sellers left behind an assortment of unwanted furniture or trash. The sellers should be held responsible for removing everything that doesn’t convey with the sale.

Welcome, Home!!!

Upsize or Downsize: Which is Your Best Move?

Deciding if it is time for your family to upsize or downsize is not always a clear choice. There are factors to consider that might push you to take the leap or stay put for a while longer. Whether you are thinking about upsizing so your family can spread out or purging possessions so you can downsize, here are some questions to ponder.

1. How are you using your current space?

Do your family members feel like they don’t have adequate privacy or space to do their own thing?  Are you tired of working at the dining table and really need an office or workshop? Is having the kids share bedrooms just not working out? Maybe an upsize is warranted. On the other hand, do you have rooms that aren’t being used, or are you tired of paying property taxes on more house than you need? Check for the downsize column!

2. Have you considered the maintenance costs?

If upsizing is on your mind, consider the added costs for maintaining a larger home and property, whether in money or time. Will you be able to keep up with cleaning, lawn care, and general maintenance issues that come with owning a home? If you are ready to cross maintenance off your to-do list, perhaps you are ready to downsize to a more manageable property or one where the HOA handles part of the job.

3. What are your outdoor space needs?

Are you ready to give up having a yard or garden to downsize to a maintenance-free space? Do you have pets that need outdoor space? Do you need more outdoor space for your children to play or your dog to run around in? The size of the house is one thing, but the property is important also.

4. Have you looked to the future?

What do you expect your needs to be in the next five, ten, or twenty years? Do you want a large home where your children and grandchildren will come for vacations and holidays, or will you be spending those times at their homes? Will you want to entertain groups of friends, or do you foresee going out for your entertainment? What will happen if your spouse passes; will you want to stay in the home on your own?

5. Do the financial implications add up in your favor?

Can you handle the higher costs involved with a larger home, or are you ready to cut costs with a downsize? Consider where you stand on your current mortgage. Are you alright with starting a new mortgage at this point in your life, or are you in a position to purchase in cash? What are the tax implications for your move?  

6. Is it the right market to upsize or downsize?

A seller’s market is hot for those looking to sell a larger home and downsize. Upsizing may be riskier in a big seller’s market, but if your family would be happier in a larger home, it might be worth the leap.

Whatever questions you have about purchasing your next home, I’d be honored to assist you. So let’s work together to make sure your next move is the right one.

The residential property flipping rule announced in the federal budget 2022 to ensure profits from flipping properties are fully taxed, any person who sells a residential property they have held for less than 12 months would be fully taxed on their profits as business income. Exemptions will apply if the sale is for certain reasons, such as a death, disability, the birth of a child, a new job, or separation. The measure would apply in respect of residential properties sold on or after January 1, 2023.

Property flipping involves purchasing real estate with the intention of reselling the property in a short period of time to realize a profit. Profits from flipping properties are fully taxable as business income, meaning they are not eligible for the 50 percent capital gains inclusion rate or the Principal Residence Exemption.

The Government is concerned that certain individuals engaged in flipping residential real estate are not properly reporting their profits as business income. Instead, these individuals may be improperly reporting their profits as capital gains and, in some cases, claiming the Principal Residence Exemption.

For a complete federal budget, please visit: https://budget.gc.ca/2022/report-rapport/toc-tdm-en.html

There's a chance you may have noticed already, but let me make it official: I've made the move to Royal LePage Atlantic! Being part of the premiere brokerage in the HRM, with nearly 30% current market share, and part of a nation-wide network that is 100% CANADIAN OWNED, will allow me to better serve YOU, my amazing clients! My journey through Real Estate has been a long and winding one, but I'm finally here, and I couldn't be more thankful.

Oh, and stay tuned - more amazing news to come!

#royallepagecanada #royallepageatlantic #Sold #JustSold #HalifaxRealEstate #HalifaxRealtor #HomesInHalifax #HomesInHalifax #HouseAndHome #ExploreNovaScotia #halifaxnoisehomes
#hrmrealestate #halifaxnoiseathome #novascotiarealestate #eastcoastliving #halifaxhomes #halifaxrealestate #halifaxrealtor #halifaxnoise #haligonia #myhalifax
☎️(902) 452-9675
sandra@sellingmetro.com
or PM me.

Can I be real for a second? I’ve shown A LOT of homes, and can I just say that one of the BEST, BEST, BEST things you can do as a seller is oh-so-simply but incredibly underrated. It's this:

Clean. Yep. Clean. You'd be shocked at the number of homes I show that simply aren’t clean. So, if you’re getting your home ready for the market and stressing about showings, my biggest piece of advice is this: Do a top-to-bottom deep clean of your house before it hits the market. Even if you have to hire it out, do it. It's worth every penny!

After cleaning, here are a few other things to keep in mind as you prepare for a showing... 

It’s become quite the trend to transform a dull and drab piece of property you own into a luxurious, aesthetically pleasing home you can rent out for cash each month.

But the truth is, I've seen flips go amazingly well, AND I've seen them crash and burn. Bad. So, before you jump on the bandwagon, here are a few things to know about home flipping. You should know:

- Have a seriously healthy stash of cash solely earmarked for flipping the property. A good place to start is the 70% rule. (Google it, just do it).
- Have margin in your calendar each week to work on your flip. Seriously, it's not gonna flip itself.
- Ask family, friends, and coworkers for references to help build a list of skilled and reputable contractors. Then, call them early and pay them well.
- Be patient. Flipping houses ain't a walk in the park. You'll need lots of patience when things don't go as planned.
- Talk with a realtor who knows your neighborhood. Ask his or her advice on the projects with the highest ROI and the demands of today's buyer or renter.

Wanna talk about flipping properties or anything else real estate related? Reach out anytime!

#newhome #HalifaxRealEstate #Halihomes #FirstTimeBuyers #flippinghouses #flips #halifaxrealtor #halifaxrealestate #novascotiarealtor #realestateinvesting #realestateagent #buyertips #sellertips #MLS #halihomes #movetoHalifax
☎️(902) 452-9675

sandra@sellingmetro.com

or PM me.

Not every day is picture perfect. Despite my rose-colored feed, some days are hectic, some are stressful, and some? They’re just downright hard. No matter your profession or how you spend your days, I know you know what I mean. ⁣
⁣
BUT despite the hard days, I wouldn’t trade what I do for anything. I see my job as a privilege—a "get-to." Why? Because I get to be a small part of guiding people HOME – the place they will celebrate holidays, birthdays, and school’s-out-for-summer days; the place they will share laughter, tears, disagreements, and follow-up hugs. ⁣
⁣
I mean, when you think about it, HOME is so much more than a pile of wood thrown together with some nails and screws. It’s the place that centers us AND sends us out. I truly feel so lucky that I get to be a part of this point in my clients’ lives. ⁣
⁣
I love what I do and my clients are my "Why? Fellow agents, what do you adore about your job? Share below...⁣

Horses have taught me to be better, be responsible, step outside my comfort zone (still working on this) be willing to give, and LET THEM GO (still working on this one too) be present and focus on the task at hand. Horses have taught me patience; they have made me a better version of myself. Photo of me and Ollie (my current ride @halifax_lancers )#ponies

 2.) Check that appliances are still in working order and no new plumbing or electrical issues have popped up. While you aren’t doing a complete home inspection, you can visually check for obvious problems that should be repaired before you move in.  

3) Confirm that items contractually conveying are present. If the sellers agreed to leave particular furniture, décor, or equipment, see that it has not been removed.  

4) Make certain the sellers have removed all their belongings. You don’t want to arrive with the moving truck only to find out that the sellers left behind an assortment of unwanted furniture or trash. The sellers should be held responsible for removing everything that doesn’t convey with the sale.

Welcome, Home!!!

Upsize or Downsize: Which is Your Best Move?

Deciding if it is time for your family to upsize or downsize is not always a clear choice. There are factors to consider that might push you to take the leap or stay put for a while longer. Whether you are thinking about upsizing so your family can spread out or purging possessions so you can downsize, here are some questions to ponder.

1. How are you using your current space?

Do your family members feel like they don’t have adequate privacy or space to do their own thing?  Are you tired of working at the dining table and really need an office or workshop? Is having the kids share bedrooms just not working out? Maybe an upsize is warranted. On the other hand, do you have rooms that aren’t being used, or are you tired of paying property taxes on more house than you need? Check for the downsize column!

2. Have you considered the maintenance costs?

If upsizing is on your mind, consider the added costs for maintaining a larger home and property, whether in money or time. Will you be able to keep up with cleaning, lawn care, and general maintenance issues that come with owning a home? If you are ready to cross maintenance off your to-do list, perhaps you are ready to downsize to a more manageable property or one where the HOA handles part of the job.

3. What are your outdoor space needs?

Are you ready to give up having a yard or garden to downsize to a maintenance-free space? Do you have pets that need outdoor space? Do you need more outdoor space for your children to play or your dog to run around in? The size of the house is one thing, but the property is important also.

4. Have you looked to the future?

What do you expect your needs to be in the next five, ten, or twenty years? Do you want a large home where your children and grandchildren will come for vacations and holidays, or will you be spending those times at their homes? Will you want to entertain groups of friends, or do you foresee going out for your entertainment? What will happen if your spouse passes; will you want to stay in the home on your own?

5. Do the financial implications add up in your favor?

Can you handle the higher costs involved with a larger home, or are you ready to cut costs with a downsize? Consider where you stand on your current mortgage. Are you alright with starting a new mortgage at this point in your life, or are you in a position to purchase in cash? What are the tax implications for your move?  

6. Is it the right market to upsize or downsize?

A seller’s market is hot for those looking to sell a larger home and downsize. Upsizing may be riskier in a big seller’s market, but if your family would be happier in a larger home, it might be worth the leap.

Whatever questions you have about purchasing your next home, I’d be honored to assist you. So let’s work together to make sure your next move is the right one.