Spring is here! Unless your recreational property is located on a ski resort, this is a great time to put your property on the market and have prospective buyers experience it at its best.
Here are a few tips for selling a recreational property in Canada:
Repair Before You Sell
Cottages and cabins can be susceptible to damage that goes unnoticed for a number of months while the property is unoccupied.
As you open up your property, take a look around and make a note of any tell tale signs of damage. How are the roof, windows and entranceways doing? Do you have any issues with leaks, mould, rot or animal activity? Are there any obvious problems with the electrical or the plumbing?
Don’t forget to evaluate the land around your property. How is the dock holding up? Are there any problem trees in the vicinity? Are there any issues with the well or septic systems? Are fences falling down or gates coming off their hinges?
Make a list of issues and do a budget for the cost of repairs. Talk to a Realtor® to get expert advice on which fixes will help your property sell more quickly and at a higher price.
It’s important to make sure your recreational property is looking its best when prospective buyers come knocking. Clean and de-clutter your property. Consider rearranging or removing furniture to make rooms feel larger and more accessible.
The outdoor space will have a big impact on buyers looking at recreational properties.
Even making small changes like adding plants and a seating area to the outdoor space and clearing pathways can make a big difference to the experience potential buyers will have as they walk around your property.
Speak to a Tax Advisor
If you sell a property for more than you bought it for, you may have to pay tax on that gain, known as capital gains tax. When you sell a principal residence, you usually benefit from a capital gains tax exemption. If your recreational property is a secondary residence, contact a tax specialist to find out what the tax implications will be for you.
One final piece of tax advice for sellers: keep receipts! If you keep records of capital costs you incur on your properties, this can help to reduce the amount of capital gains tax you may have to pay when you sell.
When you’re ready to sell a recreational property in the Prince George area, give Team Powerhouse Realty a call! We’re experts at selling recreational properties in northern BC (250-563-1000).