{"id":3724,"date":"2020-12-07T13:51:54","date_gmt":"2020-12-07T18:51:54","guid":{"rendered":"https:\/\/katiasamson.com\/?p=3724"},"modified":"2020-12-07T13:54:46","modified_gmt":"2020-12-07T18:54:46","slug":"income-property-always-a-sure-thing","status":"publish","type":"post","link":"https:\/\/katias.cp03.id-3.net\/en\/income-property-always-a-sure-thing\/","title":{"rendered":"Income property\u2014always a sure thing?"},"content":{"rendered":"<p><strong>Many owners decide to keep their first home or condo as an investment. But should they later decide to sell while tenants are still living there, the initial excitement around owning a rental property can quickly turn to disappointment.\u00a0<\/strong><\/p>\n<p><strong>Katia Samson, founder of Katia Samson Real Estate Group and Certified Real Estate Broker AEO, possesses more than 25 years of experience in property sales and rentals. Here, she explains why there can be significant drawbacks to renting out your property.<\/strong><\/p>\n<p><span style=\"font-weight: 300;\"><strong><em>About the lease<\/em><\/strong><\/span><\/p>\n<p>\u201cIt is essential to know about tenants\u2019 rights and associated issues when you decide to sell,\u201d Katia explains. \u201cWhat\u2019s more, a home must be sold and notarized six months before the end of the lease\u00a0if the buyer wishes to occupy it, which is difficult to predict when placing a property on the market.\u201d If the sale is not finalized in time, the lease is automatically renewed.\u00a0A seller may not give a six-month vacancy notice.\u00a0And it is unusual to find a buyer who is willing to wait six or seven months before moving into a new house or condo.<\/p>\n<p>In addition, Quebec law clearly states that when a building is put up for sale, the landlords must give tenants verbal or written notice 24 hours prior to any visit from a potential buyer.<\/p>\n<p>According to Katia: &#8220;We have repeatedly seen tenants who are uncooperative when it comes to visits. The dwelling is often messy and unclean, clearly not presentable to potential buyers.\u201d Brokers also know from experience that a rented property is not easy to prepare for a sale. It is almost impossible to arrange proper home staging when tenants live on the premises.<\/p>\n<p>In the event a property is purchased six-to-seven months before the end of the lease, the new owners must honour the rental agreement and all the responsibilities that this entails. This is something not everyone is willing to do, especially in the current market where buyers are looking for \u201cturnkey\u201d properties with few-to-no problems.<\/p>\n<p><em><strong>Thousands of dollars lost<\/strong><\/em><\/p>\n<p><span style=\"font-weight: 300;\">&#8220;I have seen tenants being offered thousands of dollars to move out because the owners wanted to sell their condo,&#8221; notes Katia.<\/span><\/p>\n<p><span style=\"font-weight: 300;\">Another important aspect to consider when selling a rental property is the issue of capital gain. Unlike the sale of a principal residence, where profits derived regardless of the amount are never taxed, according to Revenu Qu\u00e9bec: \u201cWhen a profit is made on the sale of a rental property, this amount is a capital gain that must be included in the income tax return.\u201d Therefore, this amount is taxable. Again, thousands of dollars down the drain \u2026\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 300;\">If you would like further information about selling a rental property, feel free to contact us. At Katia Samson Real Estate Group, we are always ready to answer your real estate questions!<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many owners decide to keep their first home or condo as an investment. But should they later decide to sell while tenants are still living there, the initial excitement around owning a rental property can quickly turn to disappointment.\u00a0 Katia Samson, founder of Katia Samson Real Estate Group and Certified Real Estate Broker AEO, possesses more than 25 years of experience in property sales and rentals. Here, she explains why there can be significant drawbacks to renting out your property. About the lease \u201cIt is essential to know about tenants\u2019 rights and associated issues when you decide to sell,\u201d Katia explains. \u201cWhat\u2019s more, a home must be sold and notarized six months before the end  [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":3726,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-3724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-en-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Income property\u2014always a sure thing? - Groupe Immobilier Katia Samson<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income property\u2014always a sure thing? - Groupe Immobilier Katia Samson\" \/>\n<meta property=\"og:description\" content=\"Many owners decide to keep their first home or condo as an investment. But should they later decide to sell while tenants are still living there, the initial excitement around owning a rental property can quickly turn to disappointment.\u00a0 Katia Samson, founder of Katia Samson Real Estate Group and Certified Real Estate Broker AEO, possesses more than 25 years of experience in property sales and rentals. Here, she explains why there can be significant drawbacks to renting out your property. About the lease \u201cIt is essential to know about tenants\u2019 rights and associated issues when you decide to sell,\u201d Katia explains. \u201cWhat\u2019s more, a home must be sold and notarized six months before the end [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/katias.cp03.id-3.net\/en\/income-property-always-a-sure-thing\/\" \/>\n<meta property=\"og:site_name\" content=\"Groupe Immobilier Katia Samson\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-07T18:51:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-07T18:54:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/katias.cp03.id-3.net\/wp-content\/uploads\/2020\/12\/AdobeStock_358264542-scaled.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/katias.cp03.id-3.net\/en\/income-property-always-a-sure-thing\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/katias.cp03.id-3.net\/en\/income-property-always-a-sure-thing\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/katias.cp03.id-3.net\/en\/#\/schema\/person\/f8e78a8485bfd3333d159da778c8e923\"},\"headline\":\"Income property\u2014always a sure thing?\",\"datePublished\":\"2020-12-07T18:51:54+00:00\",\"dateModified\":\"2020-12-07T18:54:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/katias.cp03.id-3.net\/en\/income-property-always-a-sure-thing\/\"},\"wordCount\":474,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/katias.cp03.id-3.net\/en\/income-property-always-a-sure-thing\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/katias.cp03.id-3.net\/wp-content\/uploads\/2020\/12\/AdobeStock_358264542-scaled.jpeg\",\"articleSection\":[\"En\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/katias.cp03.id-3.net\/en\/income-property-always-a-sure-thing\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/katias.cp03.id-3.net\/en\/income-property-always-a-sure-thing\/\",\"url\":\"https:\/\/katias.cp03.id-3.net\/en\/income-property-always-a-sure-thing\/\",\"name\":\"Income property\u2014always a sure thing? 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