Hi,

I am planning to move to a new house next year around May 2010, but I currently own a condo. Should I stay in the condo till I move into the new house and then sell the condo. I
know that I will have to pay the capital gains tax if I do this.

Or is it better that I get a rented apartment now and get the condo ready for sale while staying in the rented apartment so I don't have to deal with paying the capital gains tax ?

Much appreciated for any suggestions....

Thanks

Quote:

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Originally posted by cipherstrike
I am planning to move to a new house next year around May 2010, but I currently own a condo. Should I stay in the condo till I move into the new house and then sell the condo. I
know that I will have to pay the capital gains tax if I do this.

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Quote:

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Or is it better that I get a rented apartment now and get the condo ready for sale while staying in the rented apartment so I don't have to deal with paying the capital gains tax ?

Much appreciated for any suggestions....

Thanks

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK

You buy a place with a condition written in the offer of purchase, " subject to sale of the present property owned". Which means you sell your Condominium First.

If it gets sold first, you are in 'lala land'. So try and do it first.

If you ever get stuck, you still have 12 months grace period. The real Estate Agent will give you all the dope on if and other scenerios.

Good Luck.

Hope this helps you a little.

Freddie.

If I were you I will rent and stay in an apartment or go out of town to a rural area.

Thanks for the advice Rajeev and Freddie.... This has helped in making my decision.

I will move to a rented apartment and sell my condo while I am in the rented apartment.

Thanks

First clean up as best as you can. Paint it if it needs any touch up. The apartment must have all of the furniture etc., and should be looked lived in and presentable for SALE. (If there is too much clutter, then put the stuff in a storage. If no storage, then rent a small one for a month or so, till........ it gets sold.

You sell the Condo while you are living in it. On the day of display (Open house) you just get out of town or take a break. Leave the rest to the Sales people. Ask them for suitable hints and suggestions. They are the best to give you all of the help in this. Keep them in the loop.

My suggestion to you is: After you sell the place, get into a rental apartment for permanent living or buy a place out of the areas of rat race. (GTA) A rural place. In short forget buying a HOME!! (for now)

Freddie.

first of all get your condo renovated and make it really attractive as such you are supposed to give 5 appliances etc. give washer/dryer,cooking range, fridge, broadlooms and lights and slides and curtains.This will make the condo very attractive. You tell realtors about offer of sale and ask 2 months for closing. once somebody puts offer, you start looking for another place and then continue the procedure. This will reduce the stress of relocating and getting adjusted to new place twice. It's very difficult to get adjusted to new place and that too twice in short period will be stressful.

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The best way to find yourself is to lose yourself in the service of others.”
Mahatma Gandhi

Question To FTFL:

Can you suggest some rural areas which are about 1.5 to 2 hours drive of Mississauga which might be good potential 20 years from now?.

TKS in advance for your response.

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Sunny Leone a true Canadian DESI now back in India !.