Page 35 - April 2024 INSIGHT MAGAZINE.indd

You Asked, We Answered!

Legal Real Estate

What are some quick upgrades to increase the value
Q: I bought a condominium as an investment of your home?
(rental property) and I became an HST registrant Once you decide to put your home on the market, you already know

for the purposes of claiming the New Residential there are some obvious tasks you’ll need to tackle to prepare. So

Rental Property Rebate as a landlord. Now I’m what repairs and upgrades can you do quickly and are cost effective to
selling the condo. Do I have to pay HST on the improve the value of your home? Here are some ideas:
sale price? • Brighten & update the interior entrance with a quick coat of paint &

a new lighting fixture.

• Clean walls that are in good shape & give drab or dirtied & stained

A: Chances are that you won’t as there an exemption in the Excise Tax Act for the walls a fresh coat of neutral coloured paint.

resale of a “used residential complex”, a term which is too complicated for this
short answer. However, you should be aware that on closing, you will have to sign Gary** & Debbie* • Dark, dingy or damaged kitchen cabinets can make a kitchen feel
gloomy & uninspiring. Give cabinets a fresh coat of light paint & your
an affidavit for the benefit of the buyers which is effectively a warranty that there Baverstock kitchen will immediately appear more cheerful.

is no HST payable. This affidavit contains statements to the effect that you did not 519-622-7677(bus),

888-218-6589
acquire the property solely to renovate it and flip it; nor use it for a commercial (toll-free) • Kitchen accessories like faucets, cupboard door handles & light

fixtures are cheap to replace & can change the entire look of the room.

purpose (AirBnB); nor claimed any HST input tax credits on the HST paid at the ** Broker of Record

time of purchase. If you cannot warrant the exemption, then you will have to pay * Broker Simple upgrades can be done quickly & fairly inexpensively. The extra

elbow grease & attention to detail however can be an important factor

HST which can be problematic if your sale agreement states that HST is included website: in a buyer’s decision. What you’ll have spent to make your house more

in the sale price. TheBaverstockTeam.ca welcoming & enticing to a buyer, you’ll quickly recoup in the sale price

email: on your home.
Gary@
McSevney Chaves LLP | 708 Duke Street, Cambridge ON 519-653-3217 TheBaverstockTeam.ca Give The Baverstock Team a call today. They will assist you in preparing
www.mcsevneychaves.com your home for sale!
If you're an expert in your field and are interesting in advertising here.

Call Lana Lang-Nagle, Director, Business Development at 519-622-2221 ext. 2239

www.cambridgechamber.com Spring 2024 35