OKANAGAN REAL ESTATE COMPANY

How to rent out your house When a rental property lands in your lap, should you hold or fold? Outsource the management or do it yourself? Are you ready for the tenants, toilets and trash?

It doesn't take much to turn an ordinary homeowner into a landlord. Maybe you have to move but want to keep your home and rent it out. Or you have a change of fortune -- you get married, receive an inheritance or buy a new house before you unload the old one.

While many people would love to have an extra house to worry about, owning even one rental property can be a headache. You have to tease the problem apart and ask yourself, among other things:

Is

How to sell in a homebuyer's market Has it been a while since you sold a house? Things have changed in the last six months.

Angela Stamoulos, an education manager for Coldwell Banker Residential Brokerage in Massachusetts and Rhode Island, trains agents to educate sellers about the changed market.

The trick these days, she says, is to distinguish your property from the large number of similar homes in the same price bracket. "These wallflowers are the big problem right now, from the point of view of sellers and real estate agents," she says.

Stamoulos' tips:

1.      Don't let your property languish while

When to Sell?

Real estate market conditions are in constant flux.

National lending rates and local trends will have a large impact on your asking price, anticipated selling time and negotiating power.

In a buyer's market the supply of property listings exceeds the number of buyers. Here, prices will plateau or even drop, homes will stay on the market longer, and buyers will have more negotiating power. This is not the best time to sell your home.In a seller's market the demand for homes outweighs the supply. Prices may rise, homes usually move more quickly, and the terms and conditions will favor the seller. This is a good time to list your home.In

How Much to Ask?

Before you list your home, you must determine your asking price. This largely depends on the selling price of other properties in your neighbourhood with comparable square footage, amenities and features.

The asking price is usually established somewhat higher than its actual worth to provide some room for negotiation. Setting it too high may deter some prospects and result in a longer selling period. When a home is 'priced to sell' with a lower asking price, it may capture a lot of attention but it can also cause some 'too-good-to-be-true' skepticism. Your Sutton Associate can guide you through this issue.

A quick MLS search will

What Costs are Involved?

As you make your decision to sell and establish a fair asking price, there are some notable selling costs to consider:

Home Inspection / Repair Costs The buyer or seller is often required to commission a Home Inspection Report as a condition of the Contract to Purchase and Sale. Conditions within this contract may impose additional costs on the seller.Closing CostsLawyer Fees - including a legal review of the Offer to Purchase, preparation of transfer of title documents, time to respond to inquiries from the purchaser's lawyer, drawing up any mortgage transfer documents, and execution of all other closing detailsTitle Insurance