Buying a furnished lake view?
Posted by paige on June 8, 2011 | No Comments
One of my associates at Coldwell Banker Horizon Realty was able to save her clients $900 in HST when they bought their beach front condo at The Lagoons in Kelowna recently. The beautifully upgraded 2 bedroom 2 bath condo with a south west view of Lake Okanagan sold for $415K INCLUDING the furnishings. The buyers Realtor was prudent and checked with an accountant regarding the HST and the furniture. If the furniture is included in the body of the contract with a dollar amount assigned to it, it is fully taxable. If however, the furniture is listed on a separate document including what it sold for… not taxable. So you might be wondering… What about the fridge, stove, washer, dryer I want to include in my offer to purchase? They are considered the “mechanics” of a home and don’t usually have a specific dollar value attached to them in the contract. Not taxable.
Have a specific real estate question? Call me on my direct line at 250-862-6464.
Talk to you soon…
Paige
Tags: buying kelowna real estate, home buyer questions, kelowna condos, kelowna homes, Kelowna lakeshore property, Kelowna realtor Paige Guernsey
Filed Under: Buying a Home, Condos for Sale, Okanagan Waterfront
