Inheriting a property can be both an exciting and daunting task that can leave you with more questions than answers. What is the best way to go about selling an inherited property? In Burlington, ON, the real estate industry has become increasingly competitive, making it difficult to determine the best way to navigate the market. In this article, we’ll take a closer look at the process of selling an inherited property in Burlington and provide tips and advice to help you make a successful sale.
Understanding Your Responsibilities when Selling an Inherited Property
Before you begin the process of selling an inherited property in Burlington, it is important to understand your rights and responsibilities as the inheritor. Note that in Ontario, the Probate law requires any provisions in a Will that are relevant to the sale of personal property must be followed. You may be obliged to label certain assets, recall the required documents from the deceased, or adhere to other specific requests. Check with a qualified real estate lawyer for advice on any legal and financial requirements. You should also familiarize yourself with the tax implications associated with selling an inherited property. While your attorney will be able to provide advice and guidance, it is important to note that selling an inherited property may trigger some capital gains taxes that you, as the inheritor, may be liable for.
Choosing a Real Estate Agent
Once legal and financial considerations have been taken care of, choosing a qualified real estate agent is essential. The right real estate agent will have a deep knowledge of the Burlington market and the skills and resources to ensure a successful sale. Interview several local agents and ask to view their portfolio and qualifications to ensure they have a track record of successful sales and customer satisfaction.
Benefits of Living in Burlington
Burlington is a vibrant city located in Halton Region, just outside of Toronto. With a population of 182,000, Burlington offers all the amenities of a large urban centre that’s convenient and only a stone’s throw from the beautiful landscapes of Lake Ontario and the Niagara Escarpment.
Burlington’s natural beauty and excellent transportation infrastructure make it well regarded for both commuters and families. The city is home to numerous parks, trails, and waterfront access with major public institutions such as the Joseph Brant Museum, the Royal Botanical Gardens, and the Burlington Performing Arts Centre. The city’s renowned shopping and dining districts provide opportunities to explore the local restaurant scene, shop for groceries, or just have a day of retail therapy.
Home Prices in Burlington
The Burlington housing market has seen steady growth in recent years with a median resale price of $705,000 as of its most recent assessment. Burlington has seen some incredible results due to its proximity to the Greater Toronto Area and its relative affordability. Whether you plan to move into the area yourself or you’re looking to purchase an investment property here, now is an excellent time to make the move.
Staging and Prepping Your Home for Sale
Staging your home correctly can make a significant difference to the sale price you can achieve. Staging is an essential step in the home selling process and should be done as early as possible to ensure the best possible outcome for your sale. Make sure to check for any major repairs that may need to be done and take care of them before putting your house on the market. The process of staging should include decluttering and reorganizing your home to make it look more inviting to buyers. Curb appeal is also a critical step in staging and will impact the first impression your home makes to a prospective buyer. Consider bringing in a professional staging team to do the work for you to ensure your house looks its best before it’s made available to potential buyers.
Marketing Your Property
Once your home is prepped, it’s time to get the word out about your property. Your real estate agent will create a comprehensive marketing plan for your home that may include placing ads in local publications, creating an online presence for your listing, developing creative materials such as brochures and videos, and targeting specific demographics. This comprehensive marketing plan should also include an open house that reaches potential buyers from all channels.
Negotiating and Finalizing the Sale
Once you have received an offer on your property, you will enter into the negotiation process. It is essential to have your real estate agent by your side to help you review the offer, negotiate the terms, and finalize the sale. Taking the time to understand the details of the agreement, including any contingencies, is essential to ensure you have a successful sale.
As an inheritor of a property, it is essential to take the time to understand your rights and responsibilities and to consult a qualified real estate lawyer. Choosing the right real estate agent is critical to ensure that your property is marketed to the fullest in the Burlington market. With proper preparation and knowledge, you can make a successful sale of your inherited property.
Q1. What are the benefits of living in Burlington, ON?
Burlington, ON, is a vibrant city located in Halton Region with a population of 182,000. Offering all the amenities of a large urban centre, Burlington also has easy access to beautiful landscapes of Lake Ontario and the Niagara Escarpment. The city is home to numerous parks, trails, waterfront access and public institutions, with renowned shopping and dining districts.
Q2. What are the tax implications of selling an inherited property?
When selling an inherited property, the inheritor of the property may be liable for any capital gains taxes that the deceased has not already paid. It is important to engage a qualified real estate lawyer to help ensure that your rights and responsibilities are fully understood, as well as any taxes that may be due.
Q3. Is it important to stage a home before selling it?
Staging a home correctly can make a significant difference to the sale price you can achieve. The process of staging involves decluttering, reorganizing and presenting a home in order to make it more appealing to potential buyers. For the best results, it is prudent to hire a professional staging team to stage your home before it is available for viewings.
Q4. What steps should be taken before beginning the process of selling an inherited property in Burlington?
Before beginning the process of selling an inherited property, it is important to understand your rights and responsibilities as the inheritor. Consult with a qualified real estate lawyer for advice on any legal and financial requirements. Familiarize yourself with the tax implications associated with selling an inherited property. Additionally, choose a qualified real estate agent who has a deep knowledge of the Burlington market and the resources to ensure a successful sale.
Q5. What is the median resale price of a home in Burlington?
As of its most recent assessment, the median resale price of a home in Burlington is incresing. With its proximity to the Greater Toronto Area and its relative affordability, now is an excellent time to purchase an investment property in Burlington.