Insurance: Rental Property
Does Nightly Rental Property Need Special Insurance?
Insurance coverage for loss of income, is important when you purchase a property in Whistler that other people will be renting from you, either nightly or monthly. Included in the budget to buy a rental property is revenue, so what happens when the revenue stops?
Continue reading “Insurance: Rental Property”Property Insurance
For Property Insurance, What Documents Will The Insurance Agent Need?
Documents to provide include a home inspection report, strata documents, property disclosure statement, plus images of the fireplace, hot water tank, and a list of contents and upgrades, etc. To obtain property insurance in Whistler, your realtor will supply you with the documents needed to insure your home. This should occur long in advance of the completion date in case there is something on the property that the insurance will not cover.
Continue reading “Property Insurance”Financing Construction
How Do You Finance Construction in Whistler?
Two components to financing a house build in Whistler, 1) the cost of buying the vacant land, or land with a tear-down house on it, and 2) determining the construction cost budget of the build.
When are the Funds Released to the Borrower to cover Construction Costs?
In Canada the borrower does not receive a lump sum from the lender in advance of construction. The borrower must inject all their funds into the project before the lender will release the borrowed funds.
Continue reading “Financing Construction”GST: Change of Use
Change in the Use of Your Property May Trigger GST
This is another complex topic that requires the experience of an accountant. The purpose of this post is to alert the owner that it is time to connect with their Whistler accountant. The author is a real estate agent and not an accountant.
From the Government of Canada’s website, “Changes in the Use of Your Property: When there is a change in use of a property you have, you may be considered to have sold all or part of your property even though you did not actually sell it. The following are some sample situations:
Continue reading “GST: Change of Use”