Anshu Arora LLM, MSc, PMP

Cell 604-828-7331 | info@anshuarora.com

You’ve stashed the family jewels, power-washed the porch, and packed up your family photos. Now that the prep work is done here are a few things you can expect when people start touring your home:


1. To leave.
Let your Realtor handle the open house. You want prospective buyers to envision themselves in your home and not be distracted by your presence as they explore.


2. For curious neighbors to drop by.
At least one set of nosy neighbors is likely to show up to snoop. On the bright side, they’ll be able to talk up the neighborhood to potential buyers.


3. To stay on the grid.
Wherever you go during the open house, be sure to remain reachable by cell phone in case your Realtor has a question.


4. To find a new place to park.
Park your car at a neighbor’s during the open house to free up space for buyers.


5. People to want details “to go.”
Be sure to have a flyer or brochure with the important information about your listing for potential buyers to take with them.


6. Feedback.
Your Realtor will solicit comments from the buyers and agents who visit. This feedback can be helpful in adjusting your expectations, your listing price, or your list of improvements to complete before the next open house.


7. To be patient.
Just because you don’t have an offer by the time you go to bed the night of your open house doesn’t mean the event wasn’t a success. It often takes 24 to 48 hours for foot traffic at an open house to translate into phone calls.

 

Thinking of listing your home? I can help you make sure it’s ready for the scrutiny of an open house, attract people to the event and show off your home’s best features.

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You have quite likely heard of the thousands of reassessments and audits that have been conducted on Canadians across the country who foolishly put money into those tax savings/donation schemes that seem to be everywhere. The CRA clearly declared that many of these are not eligible and many are now in the very awkward position of trying to find tens of thousands of dollars in taxes, penalties and interest.


 

If you have Mis-claimed

 

Step one: Analyze your past tax filings. Review them to ensure that any of your shorter-term deals (there is no stated time, by the way, it is all to do with your intention) have been properly declared on your tax filings. If you suspect not, ask your accountant about it and get a very clear written answer to: "What is my risk in this?" Discuss whether it is worth refiling or not.


 

Step two: Make sure you are not mixing short-term quicker-turn properties in the same company (or personal name) with long-term buy and holds. If they are mixed, capital gains even on the longer term properties may be denied or reduced.


 

Step three: During the slower summer season for your accountant, have a clear heart-to-heart discussion with them about how you wish to deal with this matter moving forward. Listen to their advice, measure your risks versus rewards and set a clear mandate for clarity and full-disclosure moving forward. Make sure you are satisfied with the answers; remember, it is you who takes the ultimate risk if you file incorrectly.


 

Step four: Finally, in all cases, make sure you are getting professional advice from accountants and lawyers who have real estate investment experience. The rules and rulings in the real estate area of tax law are continually being updated. Make sure your accountant is a real estate investment specialist and even better is if they are real estate investors themselves.


 

Let me be perfectly clear, I am not an accountant. However, it is my advice that you do whatever you can to remain far away from the grey areas that seem so tempting but in reality just add an enormous amount of unnecessary risk as you build your portfolio to your ultimate freedom.

 

You have quite likely heard of the thousands of reassessments and audits that have been conducted on Canadians across the country who foolishly put money into those tax savings/donation schemes that seem to be everywhere. The CRA clearly declared that many of these are not eligible and many are now in the very awkward position of trying to find tens of thousands of dollars in taxes, penalties and interest.

As that is winding up, next on the radar seems to be the review and reassessment of short-term property transactions (including contract assignments) as income and not the capital gains they were declared as.

Oh No, I Think I Have Misclaimed: Now What?

Step one: This week, analyze your past tax filings. Review them to ensure that any of your shorter-term deals (there is no stated time, by the way, it is all to do with your intention) have been properly declared on your tax filings. If you suspect not, ask your accountant about it and get a very clear written answer to: "What is my risk in this?" Discuss whether it is worth refiling or not.

Step two: Make sure you are not mixing short-term quicker-turn properties in the same company (or personal name) with long-term buy and holds. If they are mixed, capital gains even on the longer term properties may be denied or reduced.

Step three: During the slower summer season for your accountant, have a clear heart-to-heart discussion with them about how you wish to deal with this matter moving forward. Listen to their advice, measure your risks versus rewards and set a clear mandate for clarity and full-disclosure moving forward. Make sure you are satisfied with the answers; remember, it is you who takes the ultimate risk if you file incorrectly.

Step four: Finally, in all cases, make sure you are getting professional advice from accountants and lawyers who have real estate investment experience. The rules and rulings in the real estate area of tax law are continually being updated. Make sure your accountant is a real estate investment specialist and even better is if they are real estate investors themselves.

Let me be perfectly clear, I am not an accountant and nor is this article to be construed as professional accounting advice. However, it is my advice that you do whatever you can to remain far away from the grey areas that seem so tempting but in reality just add an enormous amount of unnecessary risk as you build your portfolio to your ultimate freedom.

- See more at: http://www.rew.ca/news/property-flipping-tax-issues-2-misfiling-a-tax-claim-1.2003359#sthash.eL0tN5hc.dpuf
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You've just bought that New House! You're excited and looking forward to starting a new chapter in your life, and let's face it, these 7 things will make it that much easier to enjoy your New House!


1. Change the locks on the exterior doors. As soon as the closing is over and you’ve gotten the keys to your house, either buy and install new lock sets or have a locksmith come to the house to switch them out. Let’s face it, the previous owners, maintenance folks and who knows who else are all likely to have keys to your place. For some peace of mind and as a necessary step in making this house yours, get new locks installed immediately.

 

2. Get the house cleaned up. While many folks will leave the house clean for you, some won’t. Even if they do, you’ll want to clean everything for yourself. You can hire a service to do this, something I heartily recommend if time is tight, or you can do it yourself. If you do it yourself, set up an area with all of the supplies and tools you’ll need to get the job done: buckets, brooms, mops, a vacuum, cleaners for each type of surface etc. Washing down cabinets, counters and plumbing fixtures and cleaning the carpeting etc. will make you feel good about the house. And don’t forget a healthy supply of rubber gloves.

 

3. Paint all the walls and ceilings. This can be really time consuming, so you’ll probably want to hire professionals if you can. There’s no point in just slapping up a coat of paint if the walls and ceilings are damaged — if they have cracks, holes and other defects. Prepping these surfaces can be a real chore. So unless you have a relative or two who can help, save yourself a lot of time and just hire someone.Also, if you’re short on time and the house is in dire straits and every surface needs painting, consider one neutral color for every room.

 

4. Get some closet organizers. Many older houses suffer from closets that have a simple pole and shelf (if that). Look at where you’ll store what and get the closets outfitted to accommodate everything, to make moving in less stressful and your life in the new house more enjoyable.

 

5. Install new switch plates and other devices. Many older houses, especially those that have undergone a series of renovations, will have mismatched outlets, dirty and discolored cover plates, and rusted or damaged air vent covers.  Replacing all of these so that there’s a uniformity and newness to them makes a home feel newer and, understandably, cleaner.

 

6. Have the mechanical equipment cleaned and serviced. Do this as soon as you buy the house. Getting the heating and cooling systems cleaned and other routine tasks done is important — as is getting a service contract so if the system stops working in the depths of winter, you’ll not have to overpay to get a technician to come to your home.

 

7. Install window treatments. Whether you have these custom made or you go for some inexpensive and temporary shades, you’ll want to get some something on your windows — both for privacy and that finishing touch. There will be time later, as you live in the house and get to know it better, to choose a more personalized option.

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SURREY, BC – Last month’s sales volumes on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) were the highest for June since 2005 and rank as the fourth busiest month ever for MLS® sales in the Fraser Valley.

 

There were 2,413 sales processed on the MLS® in June, an increase of 45 per cent compared to the 1,668 sales processed in June of last year and also an increase of 23 per cent compared to May.

Jorda Maisey is the Board’s President. “This is the strongest residential market we’ve experienced since 2005 and prior to that in the early 90’s. What’s generating all this activity?

 

“Our informal market research shows that the majority of homebuyers in the Fraser Valley are families with children moving within their same community or moving within the Fraser Valley region. Our clients are telling us that they’re feeling confident with the current economic climate in BC and the long-term value of investing in real estate.”

In addition to a surge in sales, the number of new listings also picked up in June increasing by 11 per cent going from 2,989 last year to 3,316 last month; taking the number of active listings to 8,105.

 

Maisey adds, “With demand for detached homes and townhomes at peak levels, our advice to prospective buyers is interview a number of REALTORS® for help navigating what can be a stressful market. With the average home selling in just over a month and many homes receiving multiple offers, you need an expert to find you a home, protect you and position you for success.”

 

In June, the MLS® Home Price Index (MLS® HPI) benchmark price of a detached home was $609,900, an increase of 7.3 per cent compared to June 2014 when it was $568,600. The benchmark price of townhouses in June was $302,600, an increase of 1.6 per cent compared to $297,800 in June 2014. The benchmark price of apartments decreased year-over-year by 2.6 per cent, going from $197,000 in June 2014, to $191,900 last month.

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