Edmonton Real Estate BlogRecently posted or modified blog postshttps://www.bestedmontonrealestate.com/blog/Copyright BestEdmontonRealEstate.com2023-07-12T08:12:29-07:00tag:bestedmontonrealestate.com,2012-09-20:18374Pet Tips for Buyers and Sellers: The Unseen Player in the Real Estate Game<img src="https://assets.site-static.com/userfiles/573/image/Pet_Tips_For_Real_Estate.jpg" width="400" height="400" alt="Pet Tips For Real Estate" title="Pet Tips For Real Estate" style="margin: 1px; border: 1px solid black; float: right;" />Pets have a more prominent role in our lives than ever before. Indeed, a study by the National Association of REALTORS® reported that 70% of households have a pet, but only 40% have a child under 18. Notably, 20% of all buyers even factored their pets into their real estate buying decision! As someone who has experienced pet-induced hiccups firsthand, I'd like to share some pet tips for both buyers and sellers in the real estate market.
If You're a Seller with Pets
When selling your home, remember: perception is reality. Your home should be a clean, distraction-free canvas for potential buyers to paint their future. Although we adore our pets, they might not be the ideal "welcoming committee" for all buyers.
One top tip is to arrange for your pets to be elsewhere during showings, or at least securely kenneled. This measure helps avoid any unexpected reactions from either pets or potential buyers.
Another critical consideration is smell. You've probably experienced "nose blindness" to your pet's scent. Don't let this be the first impression for a buyer. Make sure you’ve thoroughly cleaned and deodorized all pet areas to remove any lingering odors.
Lastly, remember to tidy up pet accessories. A well-used pet bed or a frayed toy can distract potential buyers. Keep in mind the ultimate goal: to help the buyer envision themselves in your home.
If You're a Buyer with Pets
Pets aren't just pets – they're part of the family. And finding the perfect home isn't just about your preferences, but your pet's too. Obvious factors include yard space, fencing, and proximity to dog parks. But have you considered local regulations?
Municipal guidelines may dictate aspects like licensing, noise bylaws, and pet limits. If you're considering a condo, the condominium corporation could have specific rules concerning pets. Be sure to investigate these details before making your decision to prevent future headaches.
From a REALTOR®'s Perspective
REALTORS® have a challenging task: balancing their clients' interests and providing a frank assessment. Often, this includes broaching sensitive topics like pet-related issues that could affect the property's appeal.
Moreover, REALTORS® must adhere to provincial rules regarding pets, like warning other agents about pets on the premises or discussing potential allergy issues. Transparency is key for a smooth real estate transaction.
And for my fellow REALTORS®, a quick piece of advice: before opening the door for a showing, give the door a slight crack first. It's a simple measure to avoid any unwelcome surprises. Remember, while some surprises can be delightful, an unexpected pet encounter may not be.
In conclusion, whether you're a seller or buyer (or a REALTOR®!), understanding and considering pets' role in the real estate process can lead to smoother transactions and happier outcomes. As our furry friends increasingly become part of our decision-making, it's crucial to consider their impact and accommodate their needs as we navigate the real estate world.
Deeper Dive for Sellers with Pets
As a seller, it's crucial to put your best foot forward in every aspect, and that includes how you handle the presence of your pets. It’s essential to consider buyers who might have allergies. Though your pet may not be at home during the viewing, pet hair and dander can still linger. Deep cleaning, including carpets and upholstery, can go a long way in ensuring your home doesn’t trigger an allergic reaction in a potential buyer.
If you have outdoor pets, it’s essential to clean up your yard, too. Any pet waste or damages caused by your pets, such as holes dug in the yard, should be addressed before showing your home.
Always put away pet paraphernalia like food dishes, toys, and litter boxes. These items can be a turn-off for some buyers, even the pet-loving ones. The goal is to create a neutral space that appeals to everyone.
Deeper Dive for Buyers with Pets
As a buyer, you need to keep your pet’s needs at the forefront of your decision-making process. For instance, does your large dog require a spacious yard to run around, or does your cat need plenty of indoor spaces to explore?
Beyond physical space, you should also consider the neighborhood's pet-friendliness. Are there many other pet owners in the area? Are there nearby pet-friendly amenities such as parks, trails, or pet stores? Do the local vets have good reviews?
A point that is often overlooked when purchasing a property, particularly a condo, is the pet policy. Make sure you read the fine print and understand any limitations or restrictions that might exist. Also, consider if there might be a possibility of these rules changing in the future. This could be a deal-breaker if you're planning to add more pets to your family.
Final Thoughts for REALTORS®
As a REALTOR®, remember to take your client's pet-related needs seriously. It’s not just about selling or buying a property; it’s about finding a home that suits the entire family, pets included. Be proactive and ask questions about pet-related topics. This will show your clients that you genuinely care about their needs and are knowledgeable about all aspects of the real estate process.
Finally, keep in mind that people have strong emotional connections with their pets. Always approach pet-related issues with sensitivity and understanding.
In the end, successfully navigating the real estate market with pets in mind involves careful consideration, preparation, and a dash of empathy. By keeping these tips in mind, you can help ensure a smooth, successful transaction that leaves both human and furry clients satisfied.<br /><br />DID YOU LEARN A LOT IN THIS POST?
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<a href="https://www.bestedmontonrealestate.com/home-buyers-guide/">Ultimate Home Buyer's Guide</a>
<a href="https://www.bestedmontonrealestate.com/blog/mortgage-approval-process/">The Mortgage Approval Process</a>
2023-06-07T12:59:12-07:002023-07-12T08:12:29-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:18373Edmonton Real Estate Statistics - May 2023The Edmonton real estate market in May 2023 was characterized by:
Rising interest rates, which have made it more expensive to borrow money for a home.<br />A slowdown in the economy, which has led to job losses and a decrease in consumer confidence.<br />An increase in inventory, as more homes come onto the market.<br />Despite the decrease in sales activity, the Edmonton real estate market remains relatively strong. Average prices are still up significantly from a year ago, and days on market are still relatively low. This suggests that the market is still in a buyer's market, with sellers having to compete for buyers.
It is important to note that the real estate market is constantly changing, so it is important to consult with a real estate professional to get the most up-to-date information on the current market conditions.<br /><br />
<img src="https://assets.site-static.com/userfiles/573/image/May_2023_Edmonton_Real_Estate_Market_Update.jpg" width="1920" height="2485" alt="Edmonton Real Estate Market Update May 2023" title="May 2023 Edmonton Real Estate Market Update" />
DID YOU LEARN A LOT IN THIS POST?
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<a href="https://www.bestedmontonrealestate.com/market-statistics/">Edmonton Market Stats</a>2023-06-07T10:57:57-07:002023-07-11T17:17:02-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:18099A Simple Guide for Condo Inspections: What, Why, How, and How Much?<img src="https://assets.site-static.com/userfiles/573/image/Condo_Building.png" width="350" height="350" alt="Condo Building" title="Condo Building" style="vertical-align: top; margin-left: 1px; margin-right: 1px; border: 1px solid black;" />
Let's get straight to the point: if you're investing in a condo, a condo inspection is non-negotiable. Why? Because this simple yet critical process can save you from nasty surprises (and expenses) down the line.
But what exactly is a condo inspection? How is it different from a conventional home inspection? Is it really necessary? How much does it cost, and how do you find a reliable inspector?
Let's dive in and address each of these questions.
What is a Condo Inspection?
First things first: a condo inspection is a comprehensive review of a condominium unit's condition.
It's similar to a typical home inspection, but with a narrower scope. Instead of checking the whole house from roof to basement, a condo inspection focuses on the interior of the unit. It typically includes a detailed check of the electrical system, plumbing, HVAC (heating & cooling) system, windows, doors, appliances, and overall structural condition of the condo.
Condo Inspections vs. Conventional Home Inspections <img src="https://assets.site-static.com/userfiles/573/image/Black_Couple_in_Condo.png" width="300" height="300" alt="Black couple with home inspector" style="float: right; margin-top: 2px; margin-bottom: 2px; border: 0.5px solid black;" />
Now, you might be wondering: how is a condo inspection different from a conventional home inspection? Well, the main difference lies in what's inspected.
In a conventional home inspection, the entire structure—inside and out—is evaluated. This includes the roof, foundation, exterior walls, landscaping, and even elements like detached garages or swimming pools.
On the other hand, a condo inspection is more limited, focusing primarily on the interior of the unit. This is because the exterior elements, common areas, and certain structural elements of condominium buildings are generally maintained by the homeowners' association (HOA).
But remember, just because it's more focused doesn't mean it's less important. A condo inspection is still a crucial step in ensuring you're making a good investment.
Is a Condo Inspection Necessary?
I hear this question all the time: "Is a condo inspection really necessary?" And my answer is always a resounding yes.
Even though the HOA is responsible for many of the building's components, there can still be hidden issues inside the unit itself. Faulty wiring, plumbing problems, malfunctioning appliances—you want to know about these potential pitfalls before you buy.
Without a condo inspection, you're taking a gamble. You might get lucky and have no issues, or you could end up with a money pit of repairs.
The Cost of a Condo Inspection
As with most things, the cost of a condo inspection can vary. Typically, you can expect to pay anywhere between $200 to $600. This range depends on factors like the location of the property, the size of the unit, and the complexity of the inspection.
Sure, it might feel like an extra cost when you're already spending a significant amount on a condo. But trust me, it's worth every penny. It's better to invest in a condo inspection now than face hefty repair bills in the future.
Finding a Home Inspector
Alright, you're sold on the importance of a condo inspection. So, how do you find a reliable inspector?
Start with a licensed home inspector. Licensees must be able to provide confirmation of licensing on request for both their Home Inspector licence and the associated Home Inspection Business licence. Ask your real estate agent, there is a good chance they know a few qualified and respected inspectors.
From there, don't be shy about asking for references or reviews. An inspector's reputation can tell you a lot about the quality of their work.
The Job of the Home Inspector
Once you've found your home inspector, what can you expect?
In a nutshell, their job is to identify and document potential issues within the condo unit. They will meticulously check things like the electrical system, HVAC, plumbing, and structure. They'll look for signs of water damage, mold, and pest infestations.
Following the inspection, they'll provide a detailed report outlining their findings. This report is invaluable, giving you a clear picture of the unit's condition and any potential costs down the line.
In Conclusion
Remember, investing in a condo inspection is not just about avoiding issues—it's about peace of mind. It allows you to confidently move forward with your investment, knowing you've made a thorough, informed decision. So, don't skimp on this crucial step. The value it offers is well worth the cost.<br /><br />
DID YOU LEARN A LOT IN THIS POST?
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2023-05-21T13:27:41-07:002023-06-07T13:14:53-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:18052Elevating Outdoor Living: Unlock the Many Advantages of Composite Decking<img src="https://assets.site-static.com/userfiles/573/image/Edmonton_Composite_Decking.jpg" width="406" height="406" alt="Edmonton Composite Decking" title="Edmonton Composite Decking" style="margin: 2px 1px; border: 1px solid black;" />
As spring unfolds and summer draws near, it's the perfect time to rethink your outdoor living spaces. Transforming your backyard into a charming, low-maintenance sanctuary for relaxation, entertainment, and memory-making is more achievable than you might think, thanks to the advent of composite decking.
1. Unparalleled Durability
Constructed from an innovative blend of wood fibers and plastic, composite decks are celebrated for their remarkable resilience. They effortlessly resist fading, staining, scratching, and mold - problems that frequently plague traditional wood decks. This durability ensures your outdoor haven remains inviting and pristine, year after year.
2. Effortless Upkeep
Forget about devoting entire weekends to staining, sealing, or painting. Decks crafted from composite materials require only the simplest care. A light cleaning now and then keeps your deck looking fresh, leaving you with more time to enjoy your outdoor retreat.
3. Aesthetic Versatility
Composite decks offer an extensive selection of styles and colors, affording you a world of customization options that can perfectly complement your home and personal style. Whether you're drawn to a traditional wood look or a sleek modern aesthetic, composite decking has you covered. Plus, these decks resist warping and cracking, ensuring a beautiful appearance for years to come.
4. Environmentally Conscious Choice
Often made from recycled materials, composite decks are a greener choice. By choosing composite decking, you're investing in a stylish, durable outdoor space, while also contributing to a more sustainable future.
5. Long-term Cost Efficiency
Though the initial investment for a composite deck may be higher than that of a traditional wood deck, the longevity and low-maintenance nature of composite materials result in fewer repair and upkeep costs over time. When you consider the saved time and money on maintenance, composite decking proves to be a cost-effective choice in the long run.
6. Comfort and Safety
Decks built with composite materials prioritize comfort and safety. They are splinter-free and offer excellent slip resistance, even when wet, making them a safer choice for households with children, pets, or elderly members.
7. Boost to Home Value
An attractive, well-crafted composite deck not only guarantees years of outdoor enjoyment but can also enhance your home's value. Prospective buyers appreciate the durability and low maintenance of these decks, making it a profitable investment if you ever decide to sell.
8. Pest Resistance
Unlike traditional wood, composite decking is resistant to common pests like termites. This gives you peace of mind knowing your beautiful deck isn't just robust against the elements, but also against damaging critters.
9. Weather Resilience
Composite decks hold up impressively well against various weather conditions. Whether it's intense sun, heavy rain, or freezing temperatures, composite materials maintain their integrity and appearance, making them an excellent choice for any climate.
10. Consistent Coloring and Texture
Composite decks offer consistent color and texture throughout each board. This not only contributes to their aesthetic appeal but also means that scratches or damages are less noticeable compared to traditional wood decks.
11. Sound Structure
Composite decking is less likely to split or crack, ensuring the structural soundness of your deck. This gives you the confidence of having a solid, safe structure for your family's outdoor activities.
Opting for composite decking for your outdoor deck is a decision that fuses style, functionality, and sustainability. It’s an investment in a future of leisurely barbecues, enchanting starlit gatherings, and serene morning coffees, all within the sanctuary of your own backyard. Elevate your outdoor living with the practical, aesthetically pleasing, and environmentally friendly choice of composite decking.<br /><br />Related Posts:
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2023-05-14T15:49:21-07:002023-05-14T16:26:59-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:18044What Is A Heat Pump Cooling System?A heat pump cooling system, also known as a reversible heat pump, is a device that can provide both heating and cooling to a building. It works by transferring heat from one place to another, rather than by generating heat or cold directly.
Here's a simple explanation of how it works:
Heating Mode: In heating mode, the heat pump extracts heat from the outside air or ground (depending on the type of heat pump), even in cold weather. This heat is then concentrated and transferred into your home.
Cooling Mode: In cooling mode, the process is reversed. The heat pump extracts heat from the inside of your home and expels it outside, thereby cooling your home. This is essentially the same process that an air conditioner uses to cool your home.
A heat pump cooling system is a versatile and efficient choice for many homes. It can be more energy-efficient than separate heating and cooling systems because it uses the same system to provide both functions. This can also reduce maintenance needs, as you only have one system to maintain rather than two. And because heat pumps use electricity rather than burning fossil fuels, they can be a more environmentally friendly choice, particularly if your electricity comes from renewable sources.
Heat pumps come in several types, including air-source heat pumps (which transfer heat between the air inside your home and the outside air) and ground-source or geothermal heat pumps (which transfer heat between the air inside your home and the ground or a body of water). The best type for you depends on your specific needs and the climate where you live.
Here are some expanded points on the benefits:
Efficiency: The efficiency of a heating system is measured by its Coefficient of Performance (COP), which is the ratio of useful heat output to energy input. A traditional furnace, at its best, can only have a COP of 1, which means it outputs the same amount of energy it uses. In contrast, heat pumps can achieve COP values of 3 or more, meaning they can output three times as much heat as the energy they consume. This high efficiency can lead to significant energy savings, particularly in moderate climates.
Versatility: A heat pump is a versatile device as it can provide both heating in winter and cooling in summer. This dual functionality makes it an all-year-round climate control solution. This versatility simplifies your home's HVAC system, potentially reducing maintenance costs and increasing convenience.
Safety: Since heat pumps do not burn fuel to generate heat, they don't carry the same risk of carbon monoxide poisoning as fuel-burning furnaces. This eliminates the need for carbon monoxide detectors and ensures safer operation.
Environmentally Friendly: Heat pumps use electricity, which can be sourced from renewable energy. This means that if your electricity is sourced from renewable resources, your heat pump could have a much lower carbon footprint than a gas or oil furnace.
Cost Savings: Despite the higher upfront cost, heat pumps can lead to significant savings over time due to their high efficiency. For every unit of electricity used, they can produce multiple units of heat. This efficiency can translate to lower energy bills, particularly in milder winter climates.
Consistent Comfort: Heat pumps distribute heat evenly throughout the home, unlike other heating systems that might cause fluctuations in temperature. They also operate quietly, enhancing the comfort level.
Longevity: Heat pumps generally last longer than combustion-based heating systems, with an average lifespan of 15 years or more. This means you may not need to replace your heating system as often.
Remember, the performance and benefits of heat pumps can depend significantly on the specific model and the climate in which they're installed. In extremely cold climates, you might want to consider a dual system that uses a heat pump as the primary source of heating and a gas furnace as a backup for when temperatures drop to extreme lows. Or, consider a cold-climate heat pump or a ground-source (geothermal) heat pump, both of which can perform well even in very cold weather. Always consult with a local HVAC professional to find the best solution for your specific needs.
<br /><br />Did you learn a lot from this post? Here are three more to read next:
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2023-05-12T08:13:54-07:002023-05-12T08:50:04-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:17986Cockroaches In Your Home? ????<img src="https://assets.site-static.com/userfiles/573/image/Cockroach_riding_a_motor_cycle.png" width="604" height="604" alt="Cockroach Infestation" class="img_box_center" style="margin: 2px; border: 1.5px solid black; vertical-align: middle;" />Well, well, well, if it isn't the pesky cockroaches and their charming taste for invading our humble abodes. So, what's the secret recipe that attracts these little critters to our homes? Let me spill the beans, or should I say crumbs?
First things first, these roaches are shameless foodies. They'll munch on anything and everything they can get their six legs on. So, if you've got exposed or improperly stored food lying around, consider it an open invitation to their little feast. Crumbs, leftovers, unattended pet food—it's like an all-you-can-eat buffet for these pests.
But wait, there's more! Cockroaches also have a penchant for hydration. They can't resist the allure of dripping faucets, leaky pipes, or even a bit of condensation. So, if you've got a watery paradise going on in your kitchen or bathroom, expect them to show up for a sip.
Now, let's talk about their taste in real estate. Cockroaches adore dark and cozy corners. They're all about that hide-and-seek life. So, if your place is a cluttered mess with plenty of hiding spots like cracks, crevices, and the occasional forgotten cardboard box, congratulations, you've just earned a cockroach roommate!
These pests also appreciate some warm hospitality. In the colder seasons, they'll scout for a cozy spot to call home, and if there's a tiny gap in your walls or a poorly sealed window, they'll happily squeeze in for a warm staycation.
Oh, and let's not forget about their love for fragrances. Cockroaches release pheromones that act like a "Roach Wanted" sign. So, if you've got a neighboring infestation, it's like a cockroach party invitation, and they'll be flocking to your place like it's the coolest club in town.
But fear not, my friend! There's hope to keep these unwanted guests at bay. Start by practicing good hygiene, keep your place clean, and store your food in impenetrable fortresses (aka airtight containers). Fix those leaky faucets, bid farewell to any standing water, and give those pests no chance to quench their thirst. Seal up cracks and crevices like a pro, declutter your spaces, and show those roaches that there's no room at the inn.
And if all else fails, don't be shy to call in the professional pest warriors. They'll come to your rescue and make sure those cockroaches get evicted faster than you can say "pest control party time."
So, let's raise a glass to a roach-free home and bid farewell to these unwelcome visitors! Cheers!<br /><br />Tips To Help Prevent Cockroaches
Keep your home clean and free of clutter. Cockroaches are attracted to food, water, and shelter. By keeping your home clean and free of clutter, you can remove their food sources and make it more difficult for them to find a place to hide.
Seal up any cracks or gaps in your home's foundation or exterior walls. Cockroaches can enter your home through even the smallest of openings. Sealing up any cracks or gaps will help to prevent them from getting inside.
Fix any leaky pipes or faucets. Cockroaches need water to survive. Fixing any leaky pipes or faucets will help to reduce the amount of water available to them.
Store food in airtight containers. Cockroaches are attracted to food, so it's important to store food in airtight containers to keep them out.
Wipe down surfaces with a disinfectant. Cockroaches can leave behind bacteria and other harmful germs. Wiping down surfaces with a disinfectant will help to kill these germs and keep your home clean and safe.
Use traps and baits. There are a variety of traps and baits available that can help to kill cockroaches. Be sure to read the instructions carefully and place the traps and baits in areas where cockroaches are likely to be found.
Call a professional pest control company. If you've tried all of the above and you're still having trouble with cockroaches, you may need to call a professional pest control company. A professional can help to identify the source of the infestation and develop a plan to eliminate the cockroaches.
Here are some additional tips that may help you to get rid of cockroaches:
Use natural remedies. There are a number of natural remedies that can be used to repel cockroaches. These remedies include:
Clove oil
Peppermint oil
Tea tree oil
Baking soda
Borax
Keep pets away from food and water. Cockroaches are attracted to food and water, so it's important to keep pets away from these items.
Dispose of garbage properly. Cockroaches are attracted to garbage, so it's important to dispose of garbage properly. Be sure to seal garbage bags tightly and place them in a trash can with a lid.
Clean up spills immediately. Cockroaches are attracted to spills, so it's important to clean up spills immediately. Be sure to wipe up spills with a damp cloth and sanitize the area with a disinfectant.
Keep your home well-ventilated. Cockroaches prefer dark, moist places. By keeping your home well-ventilated, you can make it less attractive to cockroaches.
By following these tips, you can help to eliminate cockroaches from your home and keep your family safe.2023-05-06T08:02:34-07:002023-05-21T13:24:45-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:3502Canadian Home Ownership Rates from 2016 to 2022Back in 2017, we shared how, for the first time in forty-five years, Canada experienced a fall in home ownership rates in 2016. Today, we'll revisit that news, along with an update to see where things stand in 2022.
Are you put off from home ownership by the ever-increasing real estate prices in Canada these days? When Statistics Canada released the census for 2016, it clearly showed home ownership rates were declining. The rate of home ownership in Canada was lower than it had been for the past ten years. It was also millennials who were suffering the most.
MORE THAN 45 YEARS SINCE A DECLINE LIKE THIS
The <a href="https://www150.statcan.gc.ca/n1/pub/75-006-x/2019001/article/00012-eng.htm" target="_blank">Census 2016</a> records indicated how home ownership rates across the country were falling.
Across Canada, the home ownership rate stood at 67.8%. Compared to the 2011 Census, this was a 1.73% drop. If you look at the figures over the longer term, you'll see that compared to the
Census of 2006, the decrease was 0.86%. In 2016, home ownership rates were lower than they were in 2001 and in forty-five years, the rate has not declined.
(Are you hoping to join the list of Edmonton homeowners? Read our tips for buying a home in this city <a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">here)</a>
<br />THROUGHOUT CANADA, HOME OWNERSHIP GROWTH IN JUST 3 TERRITORIES AND PROVINCES
There was a decrease in home ownership in every territory and province in 2016, except for three territories and provinces.
At the top of the growth list was Quebec, where a 2% increase from the 2011 Census was observed (61.3%). The Northwest Territories came in second, recording a 1.51% increase in home ownership over the 2011 rate (53.7%). The third was Saskatchewan, where a 0.28% increase was observed on the Census 2011, which pushed the home ownership rate to 72%.
(Are you thinking of taking the plunge into the REIT market? <a href="https://www.bestedmontonrealestate.com/blog/study-the-reit-market-before-taking-the-plunge/" target="_blank">Read this first</a>)
<img src="https://assets.site-static.com/userfiles/573/image/Rate_of_Home_Ownership_By_Province.jpg" width="800" height="800" alt="Home Ownership By Canadian Province" title="Home Ownership By Canadian Province" style="vertical-align: middle;" />
<br />THE WORST SUFFERERS WERE THE MILLENNIALS
In 2016, only a single age group saw a growth in home ownership rates compared to the last Census. This was the 65+ age range that saw a 1.36% growth on the previous Census, now up to 74.6%. The reverse was true for the 20 to 34 age group who experienced the most significant decrease in home ownership. This group saw a decline of 7.82% on the last Census, and the rate fell to 43.6%.
According to Statistics Canada, millennials were leaving their parents' homes much later than before. This does not consider the increase in home prices of 39% over the years and the fact that the median wages increase has been just 5.92% (as of 2016). This must have had an impact on this age group as well.
This was an interesting time to see a decrease in the home ownership statistics. The prices of homes were reaching record highs right across Canada. And in line with this, there was a drop in the number of homeowners. It is possible that these young people were experiencing detachment of income. This would mean, if this trend continued, homeowners in the 55+ bracket could experience a liquidity problem as they are unable to sell their homes.
(Don't miss <a href="https://www.bestedmontonrealestate.com/blog/mortgage-approval-process/" target="_blank">this post</a> about the mortgage approval process in Edmonton)
But now it's 2022. What's changed? Where do home ownership rates stand today?
<img src="https://assets.site-static.com/userfiles/573/image/Rate_of_Home_Ownership_By_Age.jpg" width="800" height="800" alt="Rate Of Home Ownership In Canada" title="Rate Of Home Ownership In Canada" style="vertical-align: middle;" />
<br />WHERE DO HOME OWNERSHIP RATES STAND IN 2022?
Let's look at what the latest Census data tells us about home ownership in Canada in some of the years since 2016. In 2017, they were 66.20%, and in 2018, we saw an increase to 68.55%.
A lot has changed since 2018, with even more changes specifically since the beginning of 2020. During 2020, home ownership rates continued to decline. In 2020 and 2021, however, they began to pick up again.
As we stand today, at the beginning of 2022, home ownership rates are <a href="https://www.ibisworld.com/ca/bed/homeownership-rate/15084/" target="_blank">expected to reach an estimated 70.6% in Canada</a>.
We understand that acquiring real estate seems more challenging than ever, with housing costs on the rise and other barriers that might be in your way. But the Best Edmonton Real Estate team is here to help! Count on our expertise to help you find a home in Edmonton that suits your budget and your lifestyle.
<a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">Click here</a> to get in touch with us today.
Did you learn a lot from this post about home ownership rates? Here are three more posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/edmonton-tax-assessment-vs-market-value/" target="_blank">Edmonton Tax Assessment vs Market Value</a>
<a href="https://www.bestedmontonrealestate.com/blog/investment-risks-worth-thinking-about/" target="_blank">Investment Risks Worth Thinking About</a>
<a href="https://www.bestedmontonrealestate.com/blog/buying-or-selling-during-the-covid-19-pandemic/" target="_blank">Buying or Selling During the COVID-19 Pandemic</a>
This post was first published in 2017, but it was updated in 2022.
Source: Statistics Canada.
<a href="https://www.bestedmontonrealestate.com/market-statistics/">View More Information & Real Estate Statistics</a>2022-02-18T09:05:00-07:002022-03-07T19:20:10-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:3097Edmonton Infill: What is it and Why Do We Need it?<img src="https://assets.site-static.com/userfiles/573/image/Edmonton_infill_houses.jpg" alt="Edmonton Infill Houses" class="img_box_center" style="vertical-align: top;" width="529" height="264" />
The urban environment is constantly changing, affecting the lifestyle of all residents of Edmonton. One of the major projects undertaken by the City is the <a href="https://gis.edmonton.ca/portal/apps/storymaps/stories/96c9f0ebe91c46dd97d8f40758913abc" target="_blank">Edmonton infill Roadmap</a> which has been in effect since 2010. Since then, considerable progress has been made. The project is expected to conclude in 2022, and we figure this is a better time than ever to remind Edmontonians about how far the project has come! In today's post, you'll learn about the most important things you should know about the project, including how the city and the owners and buyers of Edmonton homes are benefiting from it.
Understanding the Edmonton Infill Concept
While it is applied in various spheres of life and scientific fields, the concept of infill is most commonly used in residential development and construction. It is the filling of empty lots within existing neighbourhoods. That is why it is often formally referred to as urban infill. The term is often used to describe the building of single-family homes.
However, in the case of Edmonton, the concept is much broader and includes a wide range of structures.
It’s important to note that the infill concept has been around for quite some time in urban construction and development. However, its importance has grown significantly in recent years in line with the broader concept of sustainable development. This has led to its adoption in many cities of various sizes, including ours.
Details of the Edmonton Infill
The City announced the infill in 2009 and launched a complete plan for the execution of the project in 2010. It involves the building of new housing in established neighbourhoods. The City defines established neighbourhoods as predominantly residential, mostly planned and in existence before 1995.
They are generally within the area defined by Anthony Henday Drive.
Types of infill housing:
Semi-detached and detached houses<img src="https://assets.site-static.com/userfiles/573/image/Edmonton_Infill_Homes.jpg" alt="Edmonton Infill Homes" class="img_box_right" width="319" height="206" />
Rowhouses
Apartments
Duplexes
Garage suites
Residential suites
Other residential buildings and ones with mixed-use can also be built. As the list suggests, it is perfectly possible to find many different Edmonton homes constructed as part of the infill project.
Next, let's talk about the specifics.
Initially, the minimum allowed width of a lot for building a single-detached house was 39.37 feet (12 meters). But it changed to 25 feet (7.6 meters) in 2015 to provide further flexibility to developers.
This has naturally led to an increase in the number of smaller homes. However, this is actually in line with the local housing market’s demand, given that the <a href="http://www.city-data.com/canada/Edmonton-family-households.html" target="_blank">average household size</a> in the city is 2.5 people.
(Speaking of the housing market, take a <a href="https://www.bestedmontonrealestate.com/blog/how-to-determine-the-market-value-of-a-home-in-edmonton/" target="_blank">look at this post next</a> to read about determining the market value of Edmonton homes)
The Edmonton infill project summary for 2017 reveals that the City had completed 15 of the 23 actions set out in the initial plan while the remaining eight are in progress.
Now, in 2022, the <a href="https://www.edmonton.ca/city_government/urban_planning_and_design/residential-infill" target="_blank">Roadmap</a> is set to complete later this year, with even more progress being made in the meantime.
How Infill Benefits Edmonton
The project is good for the city and everyone living in it in several ways. Let’s take a closer look at them.
Protecting the natural environment and keeping taxes low
The current forecast suggests that the city's population will grow by 170,000 people by 2025. <a href="https://edmonton.taproot.news/briefs/2021/07/13/chart-of-the-week-edmontons-future-population-growth#:~:text=The%20Edmonton%20Metropolitan%20Region%20Board,by%202040%2C%20outpacing%20other%20projections." target="_blank">As of 2021</a>, "the City of Edmonton’s City Plan predicts <a href="https://www.edmonton.ca/sites/default/files/public-files/assets/PDF/City_Plan_FINAL.pdf" target="_blank">the city alone</a> will reach a population of two million by 2040, outpacing other projections."
This poses the need for thousands of new Edmonton homes.
Many of these will be built in established neighbourhoods rather than new ones thanks to the infill project. This will help preserve the natural environment around the city, which is valuable to all citizens in more ways than one.
Additionally, infill will minimize the need for new infrastructure projects and the establishment of more police and fire stations and other essential facilities. As a result, the taxes for local residents will not increase sharply. This is a direct monetary benefit for everyone.
Reviving established neighbourhoods
This is another one of the major purposes of the Edmonton infill.
In the past 40 years, the population of these neighbourhoods has declined by 73,000 people. The newly built homes will attract more buyers to these communities. Existing ones will prosper, and new ones will come in. As the population increases, the demand for the goods and services of local businesses will naturally rise.
(Are you planning to make some changes to your home any time soon? <a href="https://www.bestedmontonrealestate.com/blog/10-ways-to-increase-your-home-on-a-budget/" target="_blank">Visit this post next</a> to read about some budget-friendly home improvement ideas)
Giving Edmonton home buyers quicker access to more amenities
If you buy a home in an established neighbourhood, you will be able to reach the downtown area and most other major attractions in the city much faster, no matter what mode of transportation you use.
The shorter distances to work and school are significant advantages for every household. Besides, as your neighbourhood revives, you will be able to do a lot more things there. Imagine your new house or apartment being just a walking distance away from cafes, shops and restaurants.
Many established neighbourhoods also have beautiful landscaping and well-designed and maintained parks and children’s playgrounds.
Overall, the Edmonton infill project presents excellent new opportunities for the city and its existing and new residents. It has achieved remarkable progress to date. There are over 8,400 new Edmonton homes built as part of it. You can easily find out if any of them are available for sale.
(There are also several benefits to buying a home in the winter, which makes now a good time to start your search! Read about what makes the timing right <a href="https://www.bestedmontonrealestate.com/blog/benefits-of-buying-a-home-in-the-winter/" target="_blank">in this post</a>)
<a href="https://www.bestedmontonrealestate.com/property-search/search-form/" target="_blank">Click here</a> to use our comprehensive Edmonton real estate search tool to find what you're looking for.
As always, you can also <a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">contact us</a> directly so we can help you find your dream home as soon as possible.
Did you learn a lot from this post? Here are three more to read next:
<a href="https://www.bestedmontonrealestate.com/blog/tips-for-running-an-airbnb-property/" target="_blank">Tips for Running an Airbnb Property in Edmonton</a>
<a href="https://www.bestedmontonrealestate.com/blog/tips-for-running-an-airbnb-property/" target="_blank">3 Signs You are Overpaying for a House</a>
<a href="https://www.bestedmontonrealestate.com/blog/3-signs-you-are-overpaying-for-a-house/" target="_blank">How to Find the Best Real Estate Agent For You</a>
This article was first published in 2017, but it was updated in 2022 just for you.<a href="https://www.bestedmontonrealestate.com/blog/3-signs-you-are-overpaying-for-a-house/" target="_blank"></a>2022-02-11T09:04:00-07:002022-10-14T11:27:56-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:12759Edmonton Neighbourhoods: Guide To Choosing The One For YouIf you're starting your search for a new home in Edmonton, you want to be sure you're choosing a home in a neighbourhood that has everything you're looking for. For example, good schools and lots of playgrounds could be at the top of your list of must-haves. Or perhaps living in a walkable neighbourhood is more important to you. But regardless of what you're looking for, this guide to Edmonton neighbourhoods will help you find the right fit.
Your Guide to Edmonton Neighbourhoods
Downtown (and surrounding areas)
Oliver: One of Edmonton's oldest neighbourhoods, Oliver is packed with charm. It has a mix of older homes and new apartments, and there are lots of amenities, including shopping and dining, to keep residents busy.
Cloverdale: Many downtown residential neighbourhoods are more commercial than residential, but Cloverdale remains a residential neighbourhood in Downtown Edmonton. At the same time, it's also one of the quietest neighbourhoods in the city, and it's located just across the river.
(Planning to buy a home this year? <a href="https://www.bestedmontonrealestate.com/blog/benefits-of-buying-a-home-in-the-winter/" target="_blank">Visit this post</a> to learn about some of the benefits of buying in winter)
West
West Edmonton was first developed in 1910, and it's also home to the world-famous <a href="https://www.wem.ca/" target="_blank">West Edmonton Mall.</a>
It's one of the most coveted Edmonton areas that's also known for being family-friendly.
Within the West Edmonton District, there are several desirable neighbourhoods, with Glenora, <br />Parkview, and Crestwood topping the list. On top of the great shopping at West Ed, there are many other shopping opportunities to keep you busy in West Edmonton. There's a nice mix of single-family homes, condos, and apartments in West Edmonton, meaning it has something for everyone!
(Want to browse some of the homes for sale in West Edmonton? <a href="https://www.bestedmontonrealestate.com/west-edmonton/" target="_blank">Click here</a>)
North
The North District in Edmonton is filled with a variety of lively and interesting Edmonton neighbourhoods. Some of these neighbourhoods are known for higher crime rates, including Abbotsfield, Beverly, Hermitage, Norwood, Chinatown, and McCauley. That being said, there are plenty of safe, sought-after areas in this district that make a great place to call home, too.
Two options to consider are Castle Downs and Oxford.
Castle Downs: This area is home to 11 Edmonton neighbourhoods:
Baranow
Baturyn
Beaumaris
Caernarvon
Canossa
Carlisle
Chambery
Dunluce
Elsinore
Lorelei
Rapperswill
Within these neighbourhoods, you'll find plenty of playgrounds, parks, fields, rinks, and other family-friendly amenities that make it a great place to call home.
Oxford: The vast majority of residences in the Oxford neighbourhood in Edmonton are single-family homes. It boasts a protected wetland area and plenty of green space to explore on foot.
(<a href="https://www.bestedmontonrealestate.com/property-search/results/" target="_blank">Click here</a> to take a look at some of the Oxford properties available)
South
South Edmonton neighbourhoods are generally considered very desirable, family-friendly, and safe. As such, it's one of the most sought-after areas in the city, with several great neighbourhoods within it.
Old Strathcona: This is one of the most popular neighbourhoods in Edmonton, and it's also the main arts and entertainment district. It offers excellent shopping and dining near the University of Alberta, and there's always something fun to do.
Mill Woods: This neighbourhood offers many of the appealing features of south Edmonton neighbourhoods, but it tends to be more affordable than other areas in the South. The area has a hospital, police station, and recreation centre.
Summerside: This is a newer residential neighbourhood where you'll find many families in new houses.
Lake Summerside is a private, man-made lake that's perfect for skating in the winter as well as beach days and boating in the summer.
Let Us Show You the Best Edmonton Neighbourhoods
Are you ready to explore Edmonton neighbourhoods for yourself while you search for the perfect home?
We're here to help! As Edmonton's Best Real Estate Team, we know this city like the back of our hands. We also know how to find our clients the ideal home for them, and we can't wait to do this same for you. <a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">Click here to contact us today!</a>
<a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">Did you learn a lot from this post? Here are three more to read next:</a>
<a href="https://www.bestedmontonrealestate.com/blog/steps-to-apply-for-a-mortgage-you-need-to-know-the-first-time/" target="_blank">Steps To Apply For A Mortgage For The First Time</a>
<a href="https://www.bestedmontonrealestate.com/blog/steps-to-apply-for-a-mortgage-you-need-to-know-the-first-time/" target="_blank">3 Signs You are Overpaying for a House</a>
<a href="https://www.bestedmontonrealestate.com/blog/tips-for-running-an-airbnb-property/" target="_blank">How to Find the Best Real Estate Agent For You</a>
2022-01-28T13:39:00-07:002022-03-15T09:23:15-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:9136Backyard Office: Creating One At HomeHave you heard? The backyard office is the new way to go about your workday. Sitting in an office all day, many of us dream about grabbing our work and heading outside. Especially when the spring and summer months roll around. Since working from home has become far more prevalent, why not do just that? While adapting to “working from home” life, people have started moving their offices outside.
And there are so many benefits to moving your office outside! You can get more natural light, fresh air, and privacy, for starters.
And it’s no surprise so many people are considering this option—transitioning to working from home has been quite a challenge for many.
It’s become a lot harder to balance work and life. It’s hard to escape your work. Some people don’t have much additional space indoors to create an at-home office space. They end up with their work all over the kitchen table or counter, making it much harder to escape when it’s time to clock out. It also increases the risk of losing something important, losing track of things, accidents, or simply feeling trapped by it.
Using your outdoor space to work and contain your work-life can be a great solution and help you get back some of the important “life” parts of your day.
So, how do you get started?
Creating a Backyard Office
Transforming an existing shed or building one is a great place to start. It doesn’t have to be fancy, but it can be if you want. It’s your space and how it’s designed is entirely up to you!
You could easily make this into a fun DIY weekend project. Clean out the existing shed, paint, decorate, and set up your office exactly the way you like it. It’s a bit more complicated if you have to build or choose to have one built.
Here are four steps to get started creating your backyard office:
Step 1. Get a permit
You may not need a permit. If you decide you want to build a structure, it’s essential to look into whether or not you will need a permit to build one. This depends on the size of the structure and where you live. Some smaller structures may not require a permit.
(<a href="https://www.bestedmontonrealestate.com/blog/5-remodeling-upgrades-that-might-not-add-resale-value/" target="_blank">This post</a> fills you in about other renovations you might be making to your home and whether they'll add resale value or not)
Step 2. Find a spot
Figure out where you want to put it.
Here are some tips for doing just that:
Choose somewhere that provides you with the things you are looking for, like how much natural light that spot gets.
Keep in mind the weather.
Make sure the spot you pick will not cause your office to flood.
Don’t forget you will need to have access to the internet and electricity. You’ll need to consider running electrical wires when choosing a spot and incorporate that into your building plans.
(Is adding a man cave another change you're considering for your home? Find out if it really boosts resale value <a href="https://www.bestedmontonrealestate.com/blog/can-a-man-cave-improve-resale-value/" target="_blank">in this post</a>)
Step 3. What’s your budget?
Do you intend to build your shed from scratch? Or are you looking at something prefabricated? Each option will impact your budget differently.
A prefabricated backyard office could be very convenient and potentially faster than building one from scratch. However, they can also be more expensive. Shop around and choose the option that works best for you. If you already have a shed, even better!
(If you're hiring a contractor to help, here are <a href="https://www.bestedmontonrealestate.com/blog/questions-to-ask-a-contractor-when-discussing-renovation-plans/" target="_blank">some questions to ask</a> them before they begin their work)
Step 4. Build and decorate
Make sure you create a space that you can work in. Something comfortable, clean, and bright. A space that suits your needs. You can spruce it up with cozy furniture and decor. Make sure it’s easy to get to and that it’s somewhere you will want to go. You can create a path leading to your outdoor office from your home and even design landscaping around the path.
There you have it. No more need to sprawl your work across the kitchen counter and try to figure out where to put it when it’s dinnertime—no more worrying about the kids spilling juice on your important documents. And no more work cluttering your home and mind!
At the end of the day, you slip out of your new work oasis, turn out the lights as you leave it behind you and embark on quite possibly the shortest commute you ever had.
Did you learn a lot about creating a backyard office in this post? Here are three more posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">Tips For Buying A Home In Edmonton</a>
<a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">The Only Moving Checklist You Need in Edmonton</a>
<a href="https://www.bestedmontonrealestate.com/blog/turn-your-home-into-a-rental/" target="_blank">How to Turn a House into a Rental Property: Ask These Questions First</a>
This post was first published in 2020, but it was updated in 2022 just for you.<a href="https://www.bestedmontonrealestate.com/blog/turn-your-home-into-a-rental/" target="_blank"></a><br /><br /><a href="https://www.bestedmontonrealestate.com/communities/">Search Edmonton Homes By Communities</a>
<a href="https://www.bestedmontonrealestate.com/market-statistics/">Edmonton Real Estate Market Statistics</a>
<a href="https://www.bestedmontonrealestate.com/edmonton-condos/">Edmonton Condos For Sale</a>2022-01-21T10:13:00-07:002022-03-15T09:52:57-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:3346Investing vs Mortgage Payments: What's Your Priority?Not sure whether to put more of your resources toward investing or whether you should pay off your mortgage faster? This "investing vs mortgage payments" dilemma is common for many Canadians.
Investing or paying off a mortgage faster is one of the biggest questions many people want the answer to. It's a question most people struggle with in their quest for financial freedom. The truth is the answer to this question depends on different factors. Each situation is different, and you must understand your situation before you decide. If you'd like more information on whether you should invest your money or whether you should pay off your mortgage faster, then you'll find this information valuable.
Investing vs Mortgage Payments
In this post, we’ll take a look at why it might be better to pay off your mortgage first in some situations, how to do it, and why it might sometimes be a better option to invest your money first.
(Learn more about your options for investing in real estate <a href="https://www.bestedmontonrealestate.com/real-estate-investing-options/" target="_blank">in this post</a>)
Should you pay off your mortgage faster?
For many people, the dream is to get out of debt and start living their lives. Waking up and not having to worry about making a mortgage payment is the dream of many. For this dream to become a reality, a person must get rid of their debts first.
A mortgage consists of two parts, and they are the principle and the interest. The principle is the amount of money you've borrowed, and the interest is the amount you have to pay for borrowing that money.
Whether or not you should invest your money or pay off your mortgage faster depends on what you're trying to accomplish financially. For instance, if you pay off your mortgage faster, you’ll get out of debt quicker and save more money.
There's also the option of investing your money while making regular payments to your mortgage, which gives you a head start on your savings. You can have an emergency fund and money if there's ever a situation that arises. The truth is there are positives to both.
The Benefits Of Paying Off Your Mortgage Faster
Obviously, the first significant benefit is that you get out of debt quicker, thus making it easier to save more money. This is not the only benefit, though, because the faster and more money you pay to your mortgage, the less money you have to pay over time.
When you get a mortgage, it typically comes with an amortization schedule. This plan determines how much money goes to the principal and how much goes to interest over several years.
Although this helps you stay on track, it causes you to pay more money when paying off your mortgage.
However, if you were to pay extra money to your principal, you would end up paying less money towards the interest on your mortgage.
(Find more information about the mortgage process <a href="https://www.bestedmontonrealestate.com/the-mortgage-process/" target="_blank">in this post</a>)
Paying off your mortgage faster comes down to paying more to the principal. The lower the principle, the less money you'll have to pay in interest. First, you must find out if there are any prepayment penalties.
Any extra cash you have should go to your mortgage. Accelerated or lump sum payments are what you do to pay off your mortgage faster.
Another benefit to paying off your mortgage faster is the financial freedom that comes with it.
By paying off your debts faster, you'll have more money to save and do other things with. Imagine being able to build your savings, invest in your children's future and have money to do things you want to do and not worry about losing everything. By paying off your mortgage faster, you give yourself this freedom.
It’s a good feeling to know you own your home, and you don't have to worry about making monthly mortgage payments.
Again though, if your situation is different, there is always the other option of investing your money first.
Investing First Mortgage After
Although getting your mortgage paid off faster is a good thing, there's another side where you invest your money while sticking to your regular payment schedule. There may be times when it's better for a person to invest first while paying their mortgages.
For instance, if you are self-employed, your mortgage interest is tax-deductible, and this deduction reduces your taxable income.
(Speaking of taxes, take a look at this post next: <a href="https://www.bestedmontonrealestate.com/blog/edmonton-tax-assessment-vs-market-value/" target="_blank">Edmonton Tax Assessment vs Market Value</a>)
Also, investing your money earlier means you get to take advantage of the power of compounding earlier. In turn, this gives you the chance to have more money in the later years of your life.
The biggest problem for most people when paying off their mortgage faster is not having money in times of emergency.
It’s always a good idea to have an emergency fund. But if you are focused on paying off your mortgage fast, there could be a situation where you need money, and you don’t have it. A situation can force a person to take another loan, thus adding to their debt. So, there are also positives to investing your money first rather than pushing everything towards your mortgage.
Conclusion
The decision to invest your money or pay off your mortgage faster comes down to your unique situation.
Paying off your mortgage faster can mean financial freedom earlier and not worrying about the debt later on in life. However, it's also a good idea to continue paying your mortgage and investing your money first, which helps you build a safety net if an emergency ever arises. Take your personal situation into account first, and you'll be in a better position to make the right decision.
As always, we're here to discuss your needs when it comes to finding the perfect property for you.
<a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">Click here</a> to get in touch with the Best Edmonton Real Estate team today!
Did you learn a lot about investing vs mortgage payments in this post? Here are three more posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">Tips For Buying A Home In Edmonton</a>
<a href="https://www.bestedmontonrealestate.com/blog/benefits-of-buying-a-home-in-the-winter/" target="_blank">Looking for a New Home? Here are the Benefits of Buying in Winter</a>
<a href="https://www.bestedmontonrealestate.com/blog/benefits-of-buying-a-home-in-the-winter/" target="_blank">3 Signs You are Overpaying for a House</a>
This post was first published in 2017, but it was updated in 2022 just for you.<a href="https://www.bestedmontonrealestate.com/blog/tips-for-running-an-airbnb-property/" target="_blank"></a><a href="https://www.bestedmontonrealestate.com/blog/tips-for-running-an-airbnb-property/" target="_blank"></a>2022-01-14T11:17:00-07:002022-03-15T09:36:38-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:125635 Reasons Investing In Real Estate Is A Smart Move<br />There are more investment opportunities than ever before. But if you're like most of us, you<img src="https://assets.site-static.com/userfiles/573/image/Reasons_to_invest_in_real_estate.png" alt="Reasons to invest in real estate" class="img_box_right" style="float: right; margin: 1px; border: 1px solid black;" width="450" height="253" /> need to pick and choose which opportunities you take advantage of carefully. If one of those opportunities you've been considering is investing in real estate, then this is one post you can't afford to miss! We know how overwhelming it can be to dip your toes into the world of real estate investing or investing in general. By learning as much as you can about the benefits and drawbacks of certain investments, you're giving yourself the best chance of success and a great ROI!
Today, we'll share reasons why investing in real estate is a smart move, as well as how to start.
5 Reasons Investing in Real Estate is the Right Move
Generating cash flow
Not every investment is known for its ability to generate cash flow. Investing in real estate, on the other hand? Once you pay off your mortgage and operating expenses, the net income you receive from this investment is cash flow you can save or invest in other ways!
(It's important to choose your investment properties wisely. <a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">Visit this post next</a> for some tips about buying a home in Edmonton)
Tax benefits of investing in real estate
Another big draw when investing in real estate is the tax breaks and deductions it can come with.
When you own a rental property in Canada, you can deduct all kinds of rental expenses from your taxes.
These include:
Advertising
Insurance
Interest and bank charges
Office expenses
Professional fees (includes legal and accounting fees)
Management and administration fees
Repairs and maintenance
Salaries, wages, and benefits (including employer's contributions)
Property taxes
Travel
Utilities
Motor vehicle expenses
Other rental expenses
Prepaid expenses
(Source: <a href="https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/completing-form-t776-statement-real-estate-rentals/rental-expenses-you-deduct.html" target="_blank">Government of Canada</a>)
(To get the best return on your investment, it's important to make sure you aren't overpaying for the property to begin with. With that in mind, here's another post you'll want to read next: <a href="https://www.bestedmontonrealestate.com/blog/3-signs-you-are-overpaying-for-a-house/" target="_blank">3 Signs You are Overpaying for a House</a>)
Building equity and wealth
Investing in real estate doesn't mean you'll build equity and wealth overnight. However, as you pay down the property’s mortgage, you’ll begin to build equity!
The great thing about equity is that it becomes part of your net worth. That way, you'll have more leverage to continue buying rental properties. Then, you can generate even more cash flow and wealth as your investments grow.
Appreciation
Investing in automobiles? Not the best idea if you're hoping your investment generates a great return. But when it comes to investing in real estate, you'll have the peace of mind of knowing more investments appreciate over time.
Of course, this means it's important to keep an eye on the market when you're buying and selling to ensure you have good timing. (We can help with that!)
But it's not only when it comes to selling your investment properties where you can enjoy the benefits of appreciation.
Because property values and the cost of living also go up, this means you can increase your rental rates from time to time. That way, you're also increasing the cash flow you get from these properties at the same time.
(Considering adding concrete countertops to your investment property? Find out if they're worth it <a href="https://www.bestedmontonrealestate.com/blog/concrete-countertops-are-they-worth-the-investment/" target="_blank">here</a>)
Diversifying your portfolio
Let's turn to <a href="https://www.investopedia.com/articles/mortgages-real-estate/11/key-reasons-invest-real-estate.asp" target="_blank">Investopedia</a> to explain this next reason to consider investing in real estate:
"Real estate has a low—and in some cases negative—correlation with other major asset classes. This means the addition of real estate to a portfolio of diversified assets can lower portfolio volatility and provide a higher return per unit of risk."
<br />Did you learn a lot about investing in real estate in this post? Here are three more posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/benefits-of-buying-a-home-in-the-winter/" target="_blank">Looking for a New Home? Here are the Benefits of Buying in Winter</a>
<a href="https://www.bestedmontonrealestate.com/blog/edmonton-tax-assessment-vs-market-value/" target="_blank">Edmonton Tax Assessment vs Market Value</a>
<a href="https://www.bestedmontonrealestate.com/blog/edmonton-tax-assessment-vs-market-value/https://www.bestedmontonrealestate.com/blog/real-estate-supply-and-demand/" target="_blank">Real Estate Supply And Demand</a>
2021-12-24T09:45:00-07:002022-03-15T09:08:17-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:298010 Budget-Friendly Home Improvements to Try TodayLooking for ways to improve your home without breaking the bank? Whether you're getting ready to sell your home or want to give your home a fresh new look for your own enjoyment, we've got ten simple ideas for home improvements on a budget to get you started!
Keep this in Mind When it Comes to Home Improvements on a Budget
The best way to improve home values on a budget is to do what needs doing–and nothing more. Why buy a new ceiling fan when replacing the blades will do? Why paint the entire interior of your home when a feature wall works just fine. This approach allows you to make several small improvements instead of taking several larger projects.
In short: Know your buyers. Choose projects carefully. Know when to quit.
The actual cost and payback for each project can vary, depending on both your home's condition and the overall real estate market. But here are ten ideas that can make your home look and feel that much better!
<img src="https://assets.site-static.com/userfiles/573/image/quick_home_improvements_1800.jpg" alt="" class="img_box_center" width="600" height="1700" />
10 Home Improvements on a Budget
Spruce up your yard
Your yard is often the first impression people (including prospective buyers) get of your home. Spruce up your yard to make sure it's a good one! This includes staying on top of picking weeds, mowing your lawn, and removing any debris or unsightly additions.
Give your walls a fresh coat of paint
Talk about an instant facelift! The power of a fresh coat of paint is enough to make your home look dramatically better, which makes it one of the most popular home improvements you can make on a budget.
(Are you considering adding a man cave to your home? Find out if it boosts resale value in this post)
Add new handles to your cabinet doors
As simple as it seems, upgrading the hardware on your cabinet doors can make a big impact on the overall look of your home. Even without breaking the bank, you can find elegant options that make your home look thoughtfully and tastefully designed.
Re-caulk your sinks and tubs
It might not be the most exciting of our home improvements on a budget, but re-caulking your sinks and tubs is a step that pays off in spades! Not only does it freshen up the look of your bathroom, but it's also important for preventing the growth of mould and mildew in damp spaces.
Matching front panels for appliances
With matching front panels for your appliances, they can seamlessly blend with the rest of your cabinetry. It's amazing the effect can have on kitchens and laundry rooms. This is also something that offers you a lasting impact that improves the value of your home for years to come.
Deep clean
This option doesn't technically require adding anything to your home, but it could mean taking some things away. Performing a deep clean and decluttering might not be fun, but it does profoundly affect your home. Your home will instantly look more valuable, and keeping it clean helps preserve its value for years to come.
New shades for old lamps
No need to buy all new lighting for your home! Instead, upgrade your existing lamps with new and improved lampshades that are modern and on-trend.
(Are you looking for ways to upgrade your home's efficiency along with its value? Here are some tips for doing just that)
Upgrade your faucets
Those leaky, outdated faucets that came with your home are dragging your property down! Consider upgrading the faucets in your kitchen and/or bathrooms for your next home improvement on a budget task.
Protect your home with warranties
A home warranty can offer you some financial coverage for repairs in your home. That way, if issues arise over time, you aren't left covering all of the repair costs on your own. Often, this means the difference between letting things sit broken in your home or improving them right away.
(Rather than performing these home improvements on a budget, you might be considering a full-blown remodel. But before you take this step, find out whether these upgrades add resale value or not in this post)
Upgrade your carpeting
It's time to upgrade from that old dingy carpet to a modern, luxurious option! If you're working with a tight budget, consider starting with one room and saving for different rooms to complete over time. Bonus: new carpet can be a great incentive for prospective home buyers to choose your property!
Did you enjoy reading about making these home improvements on a budget? Here are three more posts to read next:
Concrete Countertops: Are they worth the investment?
How to Turn a House into a Rental Property: Ask These Questions First
3 Signs You are Overpaying for a House
This post was first published in 2016, but it was updated in 2021 just for you.<br /><br />Related Links
<a href="https://www.bestedmontonrealestate.com/blog/" target="_blank">Edmonton Real Estate Blog</a>
<a href="https://www.bestedmontonrealestate.com/ne-edmonton/" target="_blank">Northeast Edmonton Homes & Real Estate</a>
<a href="https://www.bestedmontonrealestate.com/sitemap/" target="_blank">Edmonton Real Estate</a>
2021-12-17T08:48:00-07:002022-01-23T23:04:40-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:2875Study the REIT Market Before Taking the Plunge<br /><img src="https://assets.site-static.com/userfiles/573/image/REIT_Market.png" width="450" height="253" alt="Investing in a REIT" class="img_box_left" style="float: left; margin: 2px; border: 2px solid black;" />So you’re looking into investing in a REIT. Just as in any financial enterprise, doing a bit of investigation into the REIT market before taking the plunge could help you get the maximum return. One decision you’ll face is whether to make that REIT a private or public one.
What's a REIT (Real Estate Investment Trust)?
Before we discuss taking the plunge into the REIT market, let's first talk about what real estate investment trusts are, to begin with.
<a href="https://www.reit.com/what-reit" target="_blank">REIT.com</a> shares this helpful definition:
"REITs, or real estate investment trusts, are companies that own or finance income-producing real estate across a range of property sectors. These real estate companies have to meet several requirements to qualify as REITs. Most REITs trade on major stock exchanges, and they offer many benefits to investors."
(Not sure whether you should invest or pay off your mortgage faster? <a href="https://www.bestedmontonrealestate.com/blog/investing-vs-paying-off-your-mortgage-faster-which-one-is-right-for-you/" target="_blank">This post</a> helps you determine which option is right for you)
Study the REIT Market Before You Invest
Having an RIET, or real estate investment trust, is one way to diversify your financial holdings.
Investors are becoming more interested because of the housing market’s current state and its ups and downs. They are also taking a second look because firms such as Allied Properties <br />REIT is <a href="https://www.alliedreit.com/press_releases/allied-properties-reit-announces-continued-expansion-in-western-canada-and-toronto-with-179-million-in-acquisitions-and-90-million-public-equity-offering/" target="_blank">continuously expanding in Western Canada,</a> to the tune of $179 million in acquisitions and a $90 million public equity offering.
However, it's incredibly important to study this market before investing in it. To start, you'll want to know the differences between public and private REITs.
(Are you curious about buying real estate with Bitcoin and cryptocurrency? Learn about this concept <a href="https://www.bestedmontonrealestate.com/blog/buying-real-estate-with-bitcoin/" target="_blank">in this post</a>)
REIT Structures
The primary difference between public and private REITs is their structure.
A REIT in a public offering takes its valuation on a property’s current market value. That means if an announcement comes along that causes that particular market to decrease and you invest in that particular REIT, you aren’t necessarily purchasing the property’s true value.
Private REIT investments have their valuations done based on a private appraisal. The properties you are investing in are done so at their appraised value.
(Are you also considering investing in a new home this winter? <a href="https://www.bestedmontonrealestate.com/blog/benefits-of-buying-a-home-in-the-winter/" target="_blank">Here are some reasons</a> this season is the best time of year to buy!)
Important Considerations About the REIT Market
Other things to consider with a public REIT include:
Public REITs are publicly traded, resulting in fees and commissions being charged. That decreases your unit value. Private REITS are not constantly on the block, thus not racking up these charges. These tend to better hold their value over the long run.
Private REITs make it easier to access your money. If a property in your portfolio shows an increase in value, you can take advantage of that by withdrawing funds or refinancing to provide money for new projects.
Investors thinking of jumping into REITs should seek advice from an accountant or lawyer to not miss out on the tax advantages available to those in the securities market.
Do your research and find out who manages the REIT you are interested in. Look into their history and the individuals on the management team. You entrust your money to that team because you have no say on how the portfolio runs once you’ve invested.
Also, look into the lease situation. Putting your money into an REIT that has long-term leases with the due dates staggered keeps your cash flow coming in at a steady pace. Avoiding scenarios when all or most leases expire at once could avoid putting a serious kink in your return.
Did you learn a lot in this post? Here are three more to read next:
<a href="https://www.bestedmontonrealestate.com/blog/edmonton-tax-assessment-vs-market-value/" target="_blank">Edmonton Tax Assessment vs Market Value</a>
<a href="https://www.bestedmontonrealestate.com/blog/investment-risks-worth-thinking-about/" target="_blank">Investment Risks Worth Thinking About</a>
<a href="https://www.bestedmontonrealestate.com/blog/buying-or-selling-during-the-covid-19-pandemic/" target="_blank">Buying or Selling During the COVID-19 Pandemic</a>
This post was first published in 2019, but it was updated in 2021 just for you.<a href="https://www.bestedmontonrealestate.com/blog/buying-or-selling-during-the-covid-19-pandemic/" target="_blank"></a>2021-12-10T06:53:00-07:002022-01-23T22:59:34-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:12398Why You Should Use A Realtor To Sell Your Home<img src="https://assets.site-static.com/userfiles/573/image/Selling_Your_Home_in_Edmonton.jpg" alt="Selling Your Home In Edmonton" style="margin: 2px; border: 2px solid black;" width="450" height="299" />
Why You Should Use a Realtor to Sell Your Home
A can-do attitude is an admirable trait. Maybe you apply this attitude to learning a new hobby, mastering a new skill, or perhaps you're even thinking of trying to sell your home by yourself.
While this attitude serves you well in many cases, this isn't always true for real estate. Instead, the benefits of using a realtor far outweigh the benefits of going it alone. And today, we're going to tell you all about why you should use a realtor to sell your home.
The Benefits When You Use a Realtor to Sell Your Home
Of course, you won't be surprised to hear an Edmonton real estate company suggest that you should use a realtor. But we think once you read through these benefits, you'll be just as convinced!
Access to the MLS®
MLS® stands for multiple listing services. As for why access to this service is beneficial? This database of property listings across Canada is the central registry through which most homes are sold in Canada. But if you sell your home yourself rather than use a realtor to do so, you don't have access to list your property on it.
You must be a realtor to list a property on this database. Then, once you do so, the property can be found by real-estate agents and buyers far easier than listing it elsewhere.
(Read more about the <a href="https://www.bestedmontonrealestate.com/the-mls-advantage/" target="_blank">MLS® advantage here</a>)
FSBO homes can be viewed as a red flag
Many home buyers and real estate agents are reluctant to look into FSBO homes (for sale by owner). Real estate transactions become a lot trickier without an experienced real estate agent guiding them.
So, many home buyers avoid looking into these properties in general because they aren't worth the headache that comes with buying them.
Marketing vs. listing
Listing your home by yourself is one thing. But marketing it? That's a whole different ball game.
Not to mention, it's a game for which realtors have a very special set of expertise. This expertise and the marketing resources they have at their disposal are invaluable in the home buying/selling journey.
So, even if you're convinced you could list your home by yourself, you'll often realize some of the bigger challenges come with marketing it and getting eyes on your property.
(When you use a realtor, they can help you navigate the world of real estate closing costs, so there are no nasty surprises down the road. Read more about those costs <a href="https://www.bestedmontonrealestate.com/blog/what-are-real-estate-closing-costs-for-home-buyers/" target="_blank">in this post</a>)
One word: paperwork
Unless paperwork is your favourite hobby and you have endless time to spend on it, this is one benefit that applies when you use a realtor you can't miss. With a realtor handling most of the paperwork for you, you save yourself countless hours and a lot of confusion spent on pages of complicated paperwork.
Not only is real estate paperwork time-consuming, but it's also highly technical and complicated.
That means it leaves you vulnerable to errors and omissions that can lead to more trouble down the road… including costly mistakes!
Use a realtor to keep emotion out of the process
Your home is your pride and joy. You've created incredible memories there and spent copious amounts of time and money on making it just right.
(Speaking of, read about the <a href="https://www.bestedmontonrealestate.com/blog/5-remodeling-upgrades-that-might-not-add-resale-value/" target="_blank">home upgrades that might not boost its resale value here</a>)
As such, you have an emotional attachment to this property. The problem is, emotions and real estate don't mix well. So, if you're selling your home yourself, you risk potential issues because of this emotion.
For example? Listing the property for more than it's worth because of the sentimental value it holds.
We're Here to Help
Now you know more about the reasons you should use a realtor to sell your home. As for your next steps? Call the Best Edmonton Real Estate Team! We'll help you reap the greatest reward from the real estate journey and support you every step of the way.
<a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">Click here</a> to contact us today.
Did you learn a lot about why to use a realtor to sell your home in this post? Here are three more posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/tips-for-buying-and-selling-a-home-at-the-same-time/" target="_blank">Tips For Buying and Selling a Home at the Same Time</a>
<a href="https://www.bestedmontonrealestate.com/blog/buying-or-selling-during-the-covid-19-pandemic/" target="_blank">Buying or Selling During the COVID-19 Pandemic</a>
<a href="https://www.bestedmontonrealestate.com/blog/buying-or-selling-during-the-covid-19-pandemic/" target="_blank">Real Estate Supply And Demand</a>
2021-11-26T09:52:00-07:002022-03-19T00:59:52-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:4522Looking for a New Home? Here are the Benefits of Buying in Winter<img src="https://assets.site-static.com/userfiles/573/image/Buying_a_home_in_the_winter.jpg" width="800" height="450" alt="Buying a home in the winter" class="img_box_center" style="vertical-align: top;" />
Many people list winter as their least favourite season. And when you live somewhere with bitter winters like Edmonton, this is understandable. The roads are slippery, and it takes longer to get everywhere. Not to mention, leisurely strolls to the local cafe become a hassle...especially when it's 30 below with the windchill. And let's not forget having to put on those winter tires! But let's say you're planning to buy a home. Did you know buying in winter comes with all kinds of benefits? It’s true! And these benefits just might change how you feel about this season?
It's true—if you're looking for a great deal on a home, the winter season could be a blessing!
The Benefits of Buying in Winter
Here are some of the benefits of buying a home in Edmonton in the winter:
Fewer buyers to compete with
During winter, people are less keen on venturing out to search for a home. The poor weather conditions make the entire process more cumbersome. Unsurprisingly, most homes are sold in late spring and throughout the summer.
The lull in the market during winter means less competition. With fewer buyers available, homes remain for sale for a much longer period of time. But this means you have access to more options and more time to find your ideal one.
It also means there’s a better chance of you being able to buy a home relatively quickly. That’s because sellers are more motivated to accept your offer. In turn, this means they'll be less ambitious with their sale price with fewer buyers competing.
Still, home shopping in the winter requires proper planning.
So, if you’re scheduling home viewings, remember to consider all possible contingencies. This includes things like harsh weather conditions and holiday commitments.
The same goes for the closing date and moving schedules which might need more time and effort.
More opportunity to negotiate
Most sellers generally don't want their homes listed on the market for too long. That means you'll be able to exercise greater bargaining power when it comes to price and other concessions.
During the winter, it's normally the buyers who dominate. When many buyers are competing in the summer? Then it's to the seller’s benefit because they can take their time to wait for the right buyer.
But, remember to always be respectful and never lowball your offer. You don't want to offend the seller and lose the opportunity to open to a mutually beneficial negotiation.
Never assume all sellers are desperate to sell during the winter. Ensure you do some research on the trend of home prices in your area. <a href="https://www.bestedmontonrealestate.com/buying/" target="_blank">Here's a helpful resource</a> to get you started.
It's also wise to keep an eye on your finances. (Read about applying for a mortgage for the first time <a href="https://www.bestedmontonrealestate.com/blog/steps-to-apply-for-a-mortgage-you-need-to-know-the-first-time/" target="_blank">in this post</a>)
Don't get seriously into debt to the point your debt-to-income ratio begins looking unattractive to lenders. Even though the winter months are more buyer-friendly, there is no guarantee that you'll receive a sizable discount on the price of the home you buy. So, don't go on a spending spree with your arsenal of credit cards!
(If you're buying in winter, you might also be selling a home at the same time. <a href="https://www.bestedmontonrealestate.com/blog/tips-for-buying-and-selling-a-home-at-the-same-time/" target="_blank">Here's a handy blog post</a> with tips for buying and selling a home at the same time)
More affordable services
With the purchase of a new home, you'll undoubtedly have to defer your authority to different professionals at some point. To name a few, this includes lawyers, home inspectors, moving companies, and realtors.
The demand for the services of these professionals is much lower during the winter months.
This means their fees will generally be much lower during that time too. Also, with fewer clients filling up their schedules, they have more time to dedicate to you and your move. Ultimately, this offers you greater flexibility and convenience.
Other considerations
Buying in winter does have a lot of benefits, as you've seen.
But don't assume things can't go wrong.
Winter also brings with it problems that don't present themselves during the summer. Does the home need repairs or renovations? Keep in mind they often can’t be completed during periods of heavy snowfall or low temperatures.
So, always be on the safe side and add some buffer time for the closing date of your new home! After all, you don't want any surprises, especially when the weather isn’t cooperating.
Did you learn a lot from this post about the benefits of buying in winter? Here are three more posts you won't want to miss next:
<a href="https://www.bestedmontonrealestate.com/blog/tips-for-running-an-airbnb-property/" target="_blank">Tips for Running an Airbnb Property in Edmonton</a>
<a href="https://www.bestedmontonrealestate.com/blog/tips-for-running-an-airbnb-property/" target="_blank">3 Signs You are Overpaying for a House</a>
<a href="https://www.bestedmontonrealestate.com/blog/3-signs-you-are-overpaying-for-a-house/" target="_blank">How to Find the Best Real Estate Agent For You</a>
<a href="https://www.bestedmontonrealestate.com/blog/how-to-find-the-best-real-estate-agent-for-you/" target="_blank">This post was first published in 2019, but it was updated in 2021 just for you.</a>
<a href="https://www.bestedmontonrealestate.com/blog/"> </a>2021-11-19T09:34:00-07:002021-11-22T03:02:02-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:2966Edmonton Tax Assessment vs Market Value<br />Have you ever wondered about Edmonton tax assessment vs market value? What do these terms mean, and how are they different? You'll find out in today's post! Paying property taxes, some say, is the beauty of owning real estate. At times, we meet people who want to sell their homes and use the value on their property assessment to determine the selling price of their homes. We also meet buyers who compare the asking price of a home with the city’s property assessment. However, your property tax assessment reflects the estimated market value of your property on July 1st of the previous year and the home’s physical condition as of <br />December 1st the year before.
Let's look more at the difference between Edmonton tax assessment vs market value.
(Are you planning to remodel your house? Be sure to <a href="https://www.bestedmontonrealestate.com/blog/5-remodeling-upgrades-that-might-not-add-resale-value/" target="_blank">read about these five upgrades</a> that might not add to resale value first)
Tax Assessment vs Market Value
One of the best ways to remember the difference between the two is this: tax assessment is less likely to fluctuate as much as market value. Why? Well, your tax assessment is largely based on the value of your property.
On the other hand, market value involves several fluctuating factors, including supply and demand, trends, and comps. We'll elaborate more on these points in a moment.
(Learn more about using comparative analysis when buying or selling a home <a href="https://www.bestedmontonrealestate.com/blog/comparative-market-analysis-when-buying-selling-home/" target="_blank">in this post</a>)
How Edmonton Assesses the Market Value
But first, let's talk about the different ways the city of Edmonton determines the market assessed value of a property:
To determine the market assessed value of your home, the city of Edmonton uses one of three ways, depending on the type of property:
The Sales Comparison: meaning the sales of similar properties
Income: capitalize the income being generated by the property when it is a rental
Cost: land value, plus the depreciated replacement cost of the improvement.
The city assessment to determine a selling or buying price for a home will most likely not be accurate, as the numbers used are based on July of the previous years. What is also important to understand is that REALTOR®S® also look at the curb appeal of a home and the maintenance inside the home.
(Are you planning to make energy efficiency upgrades to your home? <a href="https://www.bestedmontonrealestate.com/blog/tips-to-save-energy-and-add-value/" target="_blank">Here are smart upgrades</a> that also add to your home's resale value)
The City will not look at the fact that a home might be dirty, is outdated or that the walls have been painted orange. However, all situations that would impact the market value assessed by a REALTOR®.
Learn more about real estate in Edmonton
Do you want to talk more about buying or selling a home in Edmonton? Or do you have further questions about tax assessment vs market value? The Best Edmonton Real Estate Team is here to help! <a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">Click here</a> to get in touch with us today.
Did you enjoy this post about tax assessment vs market value? Here are three more posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/zoning-in-edmonton/" target="_blank">Your Handy Guide to Edmonton Zoning Regulations</a>
<a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">Tips For Buying A Home In Edmonton</a>
<a href="https://www.bestedmontonrealestate.com/blog/moving-checklist/" target="_blank">The Only Moving Checklist You Need in Edmonton</a>
<br />This post was first published in 2019, but it was updated in 2021 just for you.<a href="https://www.bestedmontonrealestate.com/blog/moving-checklist/" target="_blank"></a><a href="https://www.bestedmontonrealestate.com/blog/moving-checklist/" target="_blank"></a><br /><br />2021-11-12T10:01:00-07:002021-11-22T02:58:02-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:12185How to Determine the Market Value of a Home in Edmonton<br />There are several reasons you might want to determine the market value of a home. Perhaps you're planning to sell your home, and you're wondering what to list it for. Or maybe you're looking into buying a home, and you want to ensure the property is priced fairly. Or maybe, you're simply curious.
You could even be a combination of all of these things. But either way, there are several steps to take to help you determine the market value of a home, and we're going to tell you about them in today's post. We'll also cover important points like the difference between the market price and the market value of a home, so don't miss the rest of this post!
What is the Market Value of a Home?
Let's begin with a helpful definition of market value. Here's the one <a href="https://www.canada.ca/en/revenue-agency/services/charities-giving/charities/operating-a-registered-charity/issuing-receipts/determining-fair-market-value-gifts-kind-non-cash-gifts.html" target="_blank">Canada Revenue Agency</a> offers:
"The highest price, expressed in terms of money, that a property would bring, in an open and unrestricted market, between a willing buyer and a willing seller who are both knowledgeable, informed, and prudent, and who are acting independently of each other."
When it comes to a home specifically, you can also think of the market value as the price a particular home (in its current condition) would sell for within 30-90 days.
The differences between market value and market price
Because this relates to the price of a home, it's understandable that market price and market value are often confused with one another. But the truth is, there are differences between these terms.
As this <a href="https://www.inman.com/2015/03/26/the-difference-between-market-price-and-market-value-in-real-estate/" target="_blank">Inman article</a> explains:
"The major difference between market value and the market price is that the market value, in the eyes of the seller, might be much more than what a buyer will pay for the property or its true market price. Value can create demand, which can influence the price. But, without the demand function, value alone cannot influence the price. As supply increases and demand decreases, the price goes down, and value is not influential. As supply decreases and demand increases, the price will rise, and value will influence the price. Market value and market price can be equal in a balanced market."
With all of this in mind, let's talk about how to determine the market value of a home in Edmonton—whether you're buying or selling a home or simply curious.
(Are you planning to make some changes to your home in hopes of boosting its resale value? <a href="https://www.bestedmontonrealestate.com/blog/5-remodeling-upgrades-that-might-not-add-resale-value/" target="_blank">Here are some</a> that might not be worth the investment.)
Determining Market Value of a Home in Edmonton
Take advantage of online tools
There are several helpful tools to help you figure out the fair market value of a home. Zillow is now available in Canada, for example. This <a href="https://explore.communities.ca/sellers?h=Property%20Price%20Valuation&_s=Punch%20In%20Your%20Address&adpos=&locphisical=9001329&locinterest=&adgrp=90558372405&kw=property%20price%20valuation&nw=g&cpn=9123740835&device=c&pl=&gclid=CjwKCAjwzaSLBhBJEiwAJSRokoTR3g29VzGnnNIiIeUQg1RvTxqW35v4xEApqgvfsg6hQNECqMyoABoCR4IQAvD_BwE" target="_blank">Alberta Value Calculator</a> also lets you punch in a home's specs, including the number of bedrooms and bathrooms, for a free home valuation.
(Pricing a home right based on market value is important if you want to sell a property fast. But there are also other steps to take, and we cover them <a href="https://www.bestedmontonrealestate.com/blog/how-to-sell-your-home-fast/" target="_blank">in this post</a>)
Run a CMA (comparative market analysis)
Another option is conducting what's known as comparative market analysis or <a href="https://www.bestedmontonrealestate.com/comparative-market-analysis/" target="_blank">CMA</a>:
"If you are a Seller, the real estate agent might bring a CMA or Comparative Market Analysis to show you what houses in the market are listed for or selling for, when you are listing your home. If you are a home Buyer, a real estate agent might also use a CMA to show you the worth of a home based on the market. The CMA is a helpful tool to both Buyer and Seller because the market is what dictates what a home is worth."
(Take a look at <a href="https://www.bestedmontonrealestate.com/blog/comparative-market-analysis-when-buying-selling-home/" target="_blank">this post next</a> to learn more about using Comparative Market Analysis when buying or selling a home)
Check recently sold properties nearby
It's also helpful to check what other similar properties nearby have recently sold for. Just be sure the properties you're looking at are similar in size, square footage, condition, features, bedrooms and bathrooms, and age to ensure you're getting an accurate depiction of what another property nearby might be.
We Can Help
Whether you're preparing to buy or sell a home or you simply want an idea of the market value of a home in Edmonton, let us help you ensure you're getting accurate information. We offer several <a href="https://www.bestedmontonrealestate.com/property-search/search-form/" target="_blank">different tools on our website</a>, and we are also available by phone or email to answer any questions you might have.
<a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">Get in touch</a> with the Best Edmonton Real Estate Team today!
Did you learn a lot about determining the market value of a home in this post? Here are three more posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/what-are-real-estate-closing-costs-for-home-buyers/" target="_blank">What Are Real Estate Closing Costs for Home Buyers?</a>
<a href="https://www.bestedmontonrealestate.com/blog/3-signs-you-are-overpaying-for-a-house/" target="_blank">3 Signs You are Overpaying for a House</a>
<a href="https://www.bestedmontonrealestate.com/blog/the-art-of-making-the-low-ball-offer/" target="_blank">The Art of Making the Lowball Offer for a Property</a>
2021-10-22T10:03:00-07:002021-11-22T02:54:02-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:4562Can a Man Cave Really Boost Resale Value?<img src="/blogphotos/thumb/573/4562-edmonton-man-caves.jpg" style="display: block; margin-left: auto; margin-right: auto;" />
Basement builders are seeing rising popularity in “the man cave.” In fact, more basement renovations in Edmonton include transforming the home’s lower level into a room custom-built for recreation than ever before. And although it’s named for "the man" in the house, it’s typically used by the whole family. After all, a man cave can provide prime space for entertaining, socializing, relaxation, and personal time. It can certainly make your home more enjoyable for yourself while you’re living in it.
But can a man cave increase property value? What happens if you decide to sell your house?
That's what we're going to talk about in today's post. Not only will we talk about what a man cave will or won't do to your home's resale value, but we'll also share some tips for making your man cave more enjoyable and more valuable.
The Truth About Man Caves & Resale Value
Basement renovations do have value and a decent return on investment. But a man cave that's too personal or too specific to an individual’s or family’s taste can turn off some buyers.
For example, if you’re a passionate sports fan and do a custom renovation dedicated to one team. In that case, someone who isn’t into sports, or a fan of that team, will not be a fan of your man cave.
(Speaking of resale value, take a look at this post next: <a href="https://www.bestedmontonrealestate.com/blog/tips-to-save-energy-and-add-value/" target="_blank">Tips for Energy Efficiency & Adding Value to Your Home</a>)
There is a market for a man cave and having a space for entertaining and relaxing is an attractive selling feature. Just don’t go overboard with it.
How to Create a Man Cave That's Enjoyable & Boosts Resale Value
If you’re not too personal, bold, and specific, there is a resale market for man caves. So, how can you create the man cave of your dreams without diminishing your home’s resale value?
(Here are five other upgrades to consider carefully during home renovations: <a href="https://www.bestedmontonrealestate.com/blog/5-remodeling-upgrades-that-might-not-add-resale-value/" target="_blank">Remodeling a House? 5 Upgrades That Might Not Add Resale Value</a>)
If you want to cover your man cave with eccentric or you-specific décor, make sure it's all something that can be removed if you choose to list your house for sale.
For example, maybe don’t paint your team’s logo on the wall or have it embossed on the floor.
Instead, put up banners, posters and décor that can be removed. When buyers come to look at your home, they can see what the place looks like with that type of décor but won’t have to worry about repainting the wall if it doesn’t match their taste.
(Are you considering adding concrete countertops in your home? Perhaps for the bar in your man cave? <a href="https://www.bestedmontonrealestate.com/blog/concrete-countertops-are-they-worth-the-investment/" target="_blank">Read this first</a> to find out if they are worth the investment)
Remember: an extravagant man cave is a luxury.
So, make sure your basement renovations are within an acceptable budget. Some luxury items won’t recoup costs at resale, so only splurge if you can afford it. Going overboard on your man cave renovation might create a stressful financial burden, and this reno is supposed to be enjoyable and relaxing. Not to mention, if you go too far out of your budget creating your man cave, anything you might gain in resale value will be lost!
Are you looking for more inspiration for your man cave? <a href="https://www.pinterest.ca/sammy815/man-cave-inspiration-and-essentials/?lp=true" target="_blank">Start here</a>.
Did you enjoy this post? Here are three more to read next:
<a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">Tips For Buying A Home In Edmonton</a>
<a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">The Only Moving Checklist You Need in Edmonton</a>
<a href="https://www.bestedmontonrealestate.com/blog/moving-checklist/" target="_blank">3 Signs You are Overpaying for a House</a>
This post was first published in 2015, but it was updated in 2021 just for you.<a href="https://www.bestedmontonrealestate.com/blog/moving-checklist/" target="_blank"></a><br /><br />Related Links
<a href="https://www.bestedmontonrealestate.com/property-search/results/?searchtype=3">Edmonton Homes Map Search</a>
2021-10-15T08:39:00-07:002021-10-24T03:45:20-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:5037Discussing Renovation Plans with a Contractor? Ask These Questions
<img src="https://assets.site-static.com/userfiles/573/image/Contractor_Questions.jpg" width="777" height="437" alt="Edmonton Contractor" class="img_box_left" style="float: left;" />
Renovating your home is fun and exciting. It allows you to bring to life those renovation plans you've had stashed away—a vision to make your home truly your own.
While you may not lack the enthusiasm, you may not have the time or possess the expertise to carry out the task of renovating your home. Unless you're prepared to put in the work (and learn things along the way), it's always a better option to hire a professional.
Ask a Contractor These Questions About Your Renovation Plans
When discussing your renovation plans with a prospective contractor, it's important to focus on some of the more crucial aspects of the job they will be doing.
Asking the following questions will help ensure the project is carried out smoothly, on time, and without hurting your wallet.
Is my plan achievable?
Asking your contractor if your renovation plans are realistic should be your first question.
A good contractor will carefully assess your plans and tell you whether they are feasible, rather than just accepting the job and stringing you along. They'll explain to you what to expect, suggest alternatives, and propose solutions, ultimately crafting a plan to match your vision as closely as possible.
(<a href="https://www.bestedmontonrealestate.com/blog/5-remodeling-upgrades-that-might-not-add-resale-value/" target="_blank">Take a look at this post next</a> to find out if your renovation plans could add resale value to your home or not)
Is the budget for my renovation plans realistic?
Your budget can make or break your renovation plans. Always ask the contractor for a cost estimate of the renovation plans. This can help you avoid any nasty financial surprises down the road.
Good contractors are more than willing to have a frank conversation about your budgetary constraints. At the same time, they should be willing to help bring the cost down to a manageable level.
Remember: a renovation should make you feel more comfortable in your home and increase its value. So, ensure you get the best estimate possible for the project!
If a contractor is giving you vague responses regarding the question of cost, consider this a red flag. It's best to avoid them altogether.
What is your prior experience?
You don’t want to hire a contractor whom you know nothing about. Knowing that the contractor you've hired has a stellar portfolio of work gives you the peace of mind that your home is in good hands. You can be confident in the contractor's ability to work within your budget, use quality materials, ensure any necessary permits are obtained, observe safety protocols, and complete the renovation on time.
Before deciding on a contractor, follow these steps:
Check some reviews about them online
Ask for photos of similar finished projects they've done in the past
Ask for references from previous customers
What is your payment schedule?
This is a critical question to ask. Why? Well, you should be aware of when you need to make payments because these can be substantial depending on the size of the project. As such, you want to make sure you have the funds available when payment is due.
Most payment schedules require a small upfront payment (typically around 10%). These are followed by several equal periodic payments and one final payment once the project is complete.
Keep in mind that no good contractor will ever ask for the full payment upfront. This is another type of contractor to avoid!
Do you have a contracting license, insurance, and any required permits to do the job?
It's imperative to ensure your contractor has gone through all the legal channels to obtain certifications relevant to their field of expertise. As a homeowner, you don't want to hire someone who is not properly licensed. Otherwise, you risk them causing damage to your property or not completing your renovation plans to your specifications.
It's also important to inquire about the contractor's insurance coverage. They should have both workers' compensation and liability insurance.
If required, your contractor should also know what permits they need for the job and obtain them.
(Before you go, you won't want to miss <a href="https://www.bestedmontonrealestate.com/blog/how-to-paint-over-ceramic-tile-in-a-bathroom/" target="_blank">this post</a> about painting over ceramic tile in a bathroom.)
How will you clean up the site, store materials, and keep my property safe during the job?
Ask questions about the policies in place regarding the end-of-day cleanup, materials and equipment storage. And, of course, the overall protection of your property from damage.
A good contractor will have policies in place to ensure the workplace is safe and clean. Not to mention that all necessary precautions are taken to minimize the risk of damage to your property during the renovation. They will have a competent and well-trained crew to ensure the project is carried out professionally.
(Do your renovation plans include adding concrete countertops? Find out if they're worth the investment <a href="https://www.bestedmontonrealestate.com/blog/concrete-countertops-are-they-worth-the-investment/" target="_blank">here</a>.)
Can we draw up a contract?
After discussing the particulars of the project, it’s time to get things in writing. Ensure you have a well-detailed contract drawn up. It should cover the payment schedule, materials used, cost breakdown, the employment of any sub-contractors, and the dispute resolution plan, among other things.
Because it's always possible for the unexpected to occur during a renovation, it's worthwhile to discuss how disputes will be resolved and contingencies addressed with your contractor.
Knowing these details in advance can help resolve issues that may arise in a timely and cost-effective manner.
Before You Move Forward with Renovation Plans...
Asking all the right questions is essential for the successful completion of a home renovation. Be sure to take the time to obtain all the relevant information to help you decide on your choice of contractor. Your home is where you spend most of your time, so never hesitate to ask as many questions as possible.
Eventually, doing so will narrow your list down to the contractor that can help make your renovation plans a reality.
Did you learn a lot in this post? Here are three more posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/zoning-in-edmonton/" target="_blank">Your Handy Guide to Edmonton Zoning Regulations</a>
<a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">Tips For Buying A Home In Edmonton</a>
<a href="https://www.bestedmontonrealestate.com/blog/moving-checklist/" target="_blank">The Only Moving Checklist You Need in Edmonton</a>
This post was first published in 2019, but it was updated in 2021 just for you.<a href="https://www.bestedmontonrealestate.com/blog/moving-checklist/" target="_blank"></a><a href="https://www.bestedmontonrealestate.com/blog/moving-checklist/" target="_blank"></a><br /><br /><a href="https://www.bestedmontonrealestate.com/st-albert/">St. Albert Homes & Condos</a>
<a href="https://www.bestedmontonrealestate.com/blog/automated-home-security-system/">Automated Home Security</a>
<a href="https://www.bestedmontonrealestate.com/beaumont/">Beaumount Homes &Condos</a>2021-10-08T09:42:00-07:002021-10-10T02:15:04-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:12053Steps To Apply For A Mortgage For The First Time<br />Are you preparing to apply for a mortgage for the first time? This is an incredibly exciting time in your life and undoubtedly a big step! As exciting as it can be, it's also a step that can come with a lot of stress. And when you're not entirely sure how the mortgage process works, what to expect, or what you'll need to apply, it's particularly challenging and stressful. But we're here to help! In today's post, we're going to discuss the steps you'll need to follow to apply for a mortgage for the first time.
7 Steps to Apply for a Mortgage for the First Time
Of course, it's one thing to apply for a mortgage, but it's another thing to qualify for a mortgage.
These tips we're sharing today have both of those goals in mind to give you the best chance of a successful mortgage application.
(<a href="https://www.ratehub.ca/blog/7-tips-to-get-approved-for-a-mortgage/" target="_blank">Here's another helpful resource</a> about the mortgage process in Canada to read next)
Check your credit score
Your first step is checking your credit score. This gives you a baseline of your financial health, and it will let you know if there's anything that needs to be addressed before you apply for a mortgage. Canadian credit scores range from 300-900 with Poor, Fair, Good, Very Good, and Excellent classifications.
Before you apply for a mortgage, you'll want your credit score to be at least 660, but the higher, the better. At the same time, the higher your score, the lower your mortgage rate can be! After all, this is what lenders look at to determine how trustworthy you are and how likely you are to maintain your mortgage payments.
Save your down payment before you apply for a mortgage
Planning to buy a home in Canada? It's important to have your down payment saved up before you apply for a mortgage.
<a href="https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html" target="_blank">In Canada</a>, the minimum down payments are as follows based on home prices:
Under $500,000: The minimum down payment will be 5% of the purchase price.
Between $500,000 to $999,999: Homeowners will need 5% of the first $500,000, and 10% for the portion of the purchase price above $500,000.
$1 million+: This requires 20% of the total purchase price.
Whenever possible, paying more than the minimum down payment is ideal. If you pay less than 20% of the home purchase price on a home in Canada, you'll need to buy mortgage loan insurance. This will come with insurance premiums which ultimately increase your monthly mortgage payments.
(Are you planning to buy a home in Edmonton? Of course, <a href="https://www.bestedmontonrealestate.com/buying/" target="_blank">we can help</a>! But in the meantime, don't miss this post: <a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">Tips For Buying A Home In Edmonton</a>)
Maintain a stable income
AKA: don’t quit your day job yet! It's also important to maintain a stable income for as long as possible before you apply for a mortgage. Any signs of financial insecurity or instability are big red flags to lenders.
Manage existing debt
While they don't necessarily need to be paid down to zero, your debts should be well-managed before you apply for a mortgage. When other forms of debt, including student loans, lines of credit, and credit cards, are paid down, it means you'll be able to borrow more for your mortgage at a better rate.
Get pre-approved
Now it's time to start learning about mortgage pre-approval in Canada!
As the <a href="https://www.ratehub.ca/blog/7-tips-to-get-approved-for-a-mortgage/" target="_blank">Government of Canada</a> explains:
"Mortgage lenders have a process which may allow you to:
know the maximum amount of a mortgage you could qualify for
estimate your mortgage payments
lock in an interest rate for 60 to 130 days, depending on the lender
The mortgage preapproval process may be divided into various steps. It may also be called mortgage prequalification or mortgage preauthorization. Different lenders have different definitions and criteria for each step they offer.
During this process, the lender looks at your finances to determine the maximum amount they may lend you and at what interest rate. They ask for your personal information, various documents, and they likely run a credit check. This process does not guarantee your approval for a mortgage."
Find the best rate
Start your search for the best mortgage rates in the country to give you an idea of what you can expect. With this information on hand, you can shop around with different lenders or mortgage brokers to help you find the best rate for your mortgage.
Be clear about what you can and cannot afford
It's always important to be realistic about what you can afford in the long run in terms of a mortgage and running a home. Even once your mortgage is nailed down, there will be other costs to consider, including closing costs on a home—these can add up!
(Read all about closing costs in real estate in <a href="https://www.bestedmontonrealestate.com/blog/what-are-real-estate-closing-costs-for-home-buyers/" target="_blank">this post next</a>)
Make sure you're honest with your lender, broker, real estate agent, and yourself so you don't get in over your head and end up in a house you can't afford.
(You should also be on the lookout for signs you might be overpaying for a house. We cover three of them <a href="https://www.bestedmontonrealestate.com/blog/3-signs-you-are-overpaying-for-a-house/" target="_blank">in this post</a>)
Did you learn a lot about how to apply for a mortgage for the first time? Here are three more posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/tips-for-buying-and-selling-a-home-at-the-same-time/" target="_blank">Tips For Buying and Selling a Home at the Same Time</a>
<a href="https://www.bestedmontonrealestate.com/blog/buying-or-selling-during-the-covid-19-pandemic/" target="_blank">Buying or Selling During the COVID-19 Pandemic</a>
<a href="https://www.bestedmontonrealestate.com/blog/buying-or-selling-during-the-covid-19-pandemic/" target="_blank">Real Estate Supply And Demand</a>
2021-09-24T09:32:00-07:002021-10-10T02:12:30-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:2789Tips for Energy Efficiency & Adding Value to Your Home<img src="https://assets.site-static.com/userfiles/573/image/pexels-cleyder-duque-3637739.jpg" width="1000" height="667" />
Energy efficiency is on everyone's minds these days. Many of us are more concerned with our environmental impact than ever before, and we also know our efforts start at home. But we also know you don't want to make changes to your home that could lower its resale value. What if, however, we told you there are several tips for energy efficiency that also add value to your home simultaneously?
(These tips for energy efficiency are just the tip of the iceberg!<a href="https://www.bestedmontonrealestate.com/contact/"> Call the Best Edmonton Real Estate Team today</a> for more actionable tips and tricks)
Now that we've got your attention let's dive in!
Tips for Energy Efficiency & Adding Value to Your Home
When it comes to energy efficiency, look for smart features and expertise to help you save energy and money and add value to your home.
Here are four specific tips for energy efficiency and adding value to your home to help you get started.
Begin with the Right-Sized Home.
If the home you buy is simply too large for you or your family’s needs or plans, you stand a good chance of wasting energy through excessive heating and cooling costs. If it’s too small, you’ll feel cramped and uncomfortable. It’s a big investment, so seek balance and buy it “right” from the outset.
(A great real estate agent can help with this.<a href="https://www.bestedmontonrealestate.com/blog/how-to-find-the-best-real-estate-agent-for-you/"> Here's how</a> to find the right one for you)
Purchase ENERGY STAR® Appliances Such as Your TV, Dishwasher, Washer and Dryer, and Microwave.
And especially the refrigerator, as it alone contributes about 10 percent of the energy use. Also, unplug electronics not in use or turn off power strips to avoid phantom charges.
Are you new to ENERGY STAR® appliances?
"ENERGY STAR® is the government-backed symbol for<a href="https://www.energystar.gov/about/about_energy_efficiency"> energy efficiency</a>, providing simple, credible, and unbiased information that consumers and businesses rely on to make well-informed decisions. Thousands of industrial, commercial, utility, state, and local organizations—including nearly 40% of the Fortune 500®—partner with the U.S. Environmental Protection Agency (EPA) to deliver cost-saving energy efficiency solutions that protect the climate while improving air quality and protecting public health. Since 1992, ENERGY STAR and its partners have helped American families and businesses save 5 trillion kilowatt-hours of electricity, avoid more than $450 billion in energy costs, and achieve 4 billion metric tons of greenhouse gas reductions."
Install Efficient Lighting Such as Compact Fluorescent (CLF) or LED Bulbs in Every Fixture.
Did you know lighting accounts for about six percent of an energy bill each year? If you don't want to make this investment all at once, you can simply replace your lights with more efficient options as they burn out around your home. One of our top tips for energy efficiency is also one of the simplest: switch your outdated lighting for efficient options, including compact fluorescent or LED bulbs.
(On that note, are you planning to hire an electrician in Edmonton?<a href="https://www.bestedmontonrealestate.com/blog/electrician-in-edmonton/"> Visit this post next</a> to learn more about what and how they charge)
Get an Energy Audit and Have Tests Performed to Identify Ways of Improving Your Efficiency.
You can always upgrade your heating, ventilation, and air conditioning (HVAC) system as well as your thermal envelope, which includes insulation, windows, and doors and the seals or weather stripping around them. Visit<a href="http://energyefficiency.org/resources/efficiency-tips/"> http://energyefficiency.org/resources/efficiency-tips/</a> for more tips for energy efficiency.
Did you enjoy these tips about energy efficiency and adding value to your home? Here are three more posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/concrete-countertops-are-they-worth-the-investment/">Concrete Countertops: Are they worth the investment?</a>
<a href="https://www.bestedmontonrealestate.com/blog/turn-your-home-into-a-rental/">How to Turn a House into a Rental Property: Ask These Questions First</a>
<a href="https://www.bestedmontonrealestate.com/blog/3-signs-you-are-overpaying-for-a-house/">3 Signs You are Overpaying for a House</a>
This post was first published in 2016, but it was updated in 2021 just for you.2021-09-17T16:00:00-07:002021-09-22T05:02:28-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:2911Remodeling a House? 5 Upgrades That Might Not Add Resale ValueAre you planning on remodelling a house? Whether you plan to live in the house after or sell it right away, chances are part of your focus is on adding upgrades that will boost its resale value.
As a homeowner you know you should be spending money on remodelling projects, maintenance, and home repairs in order to keep looking its best and operating at its peak.
Some maintenance projects add beauty to your home, like kitchen and bathroom upgrades, making it more attractive to potential buyers and improving functionality.
Boosting Resale Value by Remodeling a House
Sometimes, homeowners decide to add a feature to their home that will provide enjoyment or whimsy, and the hope that these features will be seen as adding value to their home at the time of sale.
However, many of these projects may seem attractive to the owner. But unfortunately, may be seen as an eyesore, unattractive or even too expensive to maintain, thus detracting value.
Reconsider These Upgrades Before Remodeling a House
So, before you start calling contractors to schedule appointments, it’s best to make sure that you’re not spending a lot of money on one of these low-value projects, especially if you are planning on selling soon.
1. Adding a swimming pool
A swimming pool has often been referred to as “a hole in your backyard into which you pour a lot of money”.
Swimming pools are nice for hot summer days and an occasional swim, but they are very high maintenance that not everyone will appreciate. (Especially in places like Edmonton where they can't be used for many months of the year!)
In fact, a lot of home buyers will look at a home with a pool as too costly to consider. They will have to pay to maintain and heat it. Plus it could be a disaster for a family with small children.
Do your research first and you’ll be surprised to find that a pool has much value to your home. <br />Considering how much they cost (anywhere from $10,000 to $100,000) and the high cost of annual maintenance, that’s a lot of money to pour into an upgrade. There are, however, some parts of the US where having a swimming pool is expected, like Arizona and Florida.
Carefully consider the neighborhood comparables and your local market before deciding to add a swimming pool. (Or remodelling a house in any way!) And keep in mind that the next buyer may not want a pool at all.
<a href="https://www.bestedmontonrealestate.com/blog/comparative-market-analysis-when-buying-selling-home/" target="_blank">(Here's how to use comparative marketing analysis when buying or selling a home)</a>
<a href="https://www.bestedmontonrealestate.com/blog/comparative-market-analysis-when-buying-selling-home/" target="_blank">2. High-end upgrades in modest neighborhoods.</a>
Granite countertops and stainless steel appliances are very attractive. But if the kitchen is over built-in comparison to the rest of the neighborhood? You aren’t doing yourself or your home any favors by remodelling a house this way.
Over upgrading or overbuilding may not attract the right buyers. This is because home sales are based on recent sales in the neighborhood and this will always override any high-end upgrades you’ve made to your home. It will be unrealistic to expect more than the average sale in your neighborhood.
Before you decide to upgrade, speak to your local REALTOR® and ask them what sales are in your neighborhood, and then decide if this upgrade will provide a good return on your investment.
(Speaking of high-end upgrades, here's another post you won't want to miss next: <a href="https://www.bestedmontonrealestate.com/blog/concrete-countertops-are-they-worth-the-investment/" target="_blank">Concrete Countertops: Are they worth the investment?</a>)
3. Too much carpet
Carpets are a lot more comfortable than hardwood, especially in a cold climate. But before you start ordering carpet when you're remodelling a house, consider the value.
Carpet can start looking dingy pretty fast, traps allergens, and just doesn’t have the longevity of hardwood floors.
If you already have hardwood, tile, or any other hard surface, think carefully before you start covering it with carpet.
Today’s buyers like to see solid flooring. In fact, many buyers will check to see if any valuable flooring is hidden under the carpeting. Then, they'll reduce the offer because they will consider they will have to remove the carpet and refinish the floor. If you have carpet in any rooms, then you should have them cleaned thoroughly and all stains removed.
4. Rooms designed for specific purposes
No one will expect to see a bowling lane in your home! Unless you live in a mansion, no one will expect to see a bowling alley, yoga room, fitness gym, or sewing room.
If you are a typical homeowner living in a typical detached single-family home, you’ll want your rooms to have a general-purpose so that more buyers can relate to your home.
Home stagers are experts at helping homeowners see their homes through the eyes of prospective buyers. You may be using your spare bedroom as a painting studio or sewing room but you’ll find that a home stager will most likely recommend turning it into a room that appeals to the widest audience possible – like a bedroom.
(Are you remodelling a house to turn it into an AirBnB property? Then don't miss <a href="https://www.bestedmontonrealestate.com/blog/tips-for-running-an-airbnb-property/" target="_blank">this post next!</a>)
5. High maintenance landscaping
You might focus largely on remodelling a house from the inside, but there are many exterior upgrades worth reconsidering too.
Curb appeal is very important to your home and everyone loves a beautiful, well-tended garden. Not everyone wants a landscape that requires a lot of money, water, and time to maintain. Yards that look like they will take a lot of maintenance every week or appear as though an expert landscaper is paid to tend it? These are more likely to be perceived as too high maintenance for the average buyer. This applies to water fountains or specialty landscape items.
It’s best to have a simple, well-manicured yard. One that gives the impression it is self-maintaining and has great curb appeal. Expensive plants and shrubbery that take a lot of work to maintain may not be seen as having any value to a new buyer. In fact, they may be seen as a deterrent and drive otherwise buyers away.
Are you thinking of remodelling and selling a house?
We're here to help! Let's discuss which upgrades will be worth their cost, as well as any considerations unique to your Edmonton neighborhood. Call <a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">The Best Edmonton Real Estate Team</a> today to get started!
Did you learn a lot from this post? Here are three more posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">Tips For Buying A Home In Edmonton</a>
<a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">The Only Moving Checklist You Need in Edmonton</a>
<a href="https://www.bestedmontonrealestate.com/blog/moving-checklist/" target="_blank">3 Signs You are Overpaying for a House</a>
<a href="https://www.bestedmontonrealestate.com/blog/3-signs-you-are-overpaying-for-a-house/" target="_blank">This post was first published in 2014 but it was updated in 2021 just for you.</a>2021-09-10T07:16:00-07:002021-09-13T07:24:45-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:11920What Are Real Estate Closing Costs for Home Buyers?Closing costs are a hot topic in the real estate world. They're also one that can cause a lot of stress for home buyers, particularly when they don't know what to expect with who pays what and how much they'll have to pay in the first place. But today, we're going to cover everything you need to know about real estate closing costs to prevent any confusion or frustration on your part!
What are real estate closing costs?
When someone buys a home, there are a number of legal and administrative processes that need to happen to close the deal. Of course, there are also fees associated with these legal and administrative processes. And those are what we know as real estate closing costs!
How much are real estate closing costs?
Real estate closing costs are different for every single home sale. That being said, they tend to total between 1.5-4% of the home's total value. The reason the costs vary for every home is because the same administrative actions aren't needed for each sale. Other factors, including the location of the home, will also play a role.
(If you have real estate closing costs on your mind, you might also be in the process of saving for a down payment. <a href="https://www.bestedmontonrealestate.com/blog/how-the-50-30-20-rule-can-help-you-save-for-a-down-payment/" target="_blank">Check out this post next</a> to learn about the 50-30-20 and how it can help you save!)
What do closing costs include?
Closing costs in Canada consist of several components.
Title Insurance: Typically between $100-$300, this fee protects you against any property ownership disputes
New Home Warranty Fee: If there are any issues with a newly built home, this fee can protect homeowners from the financial fallout of any defects. Depending on the particular transaction, this fee is sometimes included in the cost of the home rather than being purchased separately.
Real Estate Lawyer Fees: This fee tends to run around $1500 per home sale.
Provincial Sales Tax on CMHC Insurance: If you purchase a home with less than 20% down, this is the <a href="https://www.cmhc-schl.gc.ca/en/consumers/home-buying/mortgage-loan-insurance-for-consumers/cmhc-mortgage-loan-insurance-cost" target="_blank">default mortgage insurance</a> you will need. It's included in the monthly mortgage payments. However, some provinces require provincial sales tax upfront. Mortgages are another hot real estate topic, and we answer several important questions about them <a href="https://www.bestedmontonrealestate.com/blog/answers-to-the-most-common-mortgage-questions/" target="_blank">in this post</a>.
Land transfer tax (LTT) is another real estate closing cost that's worth discussing in greater detail. Many home buyers forget to account for this tax when they're considering the total cost of purchasing a home.
If you're a homebuyer in Alberta or Saskatchewan, you'll pay a small transfer fee rather than a more substantial LTT. In other provinces, the LTT rate is based on the purchase cost of your home.
Depending on your province and the value of your property, this tax can range from 0.5-5% of the total cost.
<a href="https://www.ratehub.ca/land-transfer-tax" target="_blank">Visit this link </a>next to learn more about land transfer taxes in different provinces across Canada.
Who pays real estate closing costs?
Finally, we get to another big question on the topic: who is responsible for paying all of these closing costs? The buyer or the seller?
Generally, the buyer pays the closing costs associated with the home. But there is one closing cost sellers cover, and that's the real estate agent's commission.
In some cases, the seller may also agree to cover the closing costs as an added incentive for the buyer.
(Do you think you might be overpaying for a home? <a href="https://www.bestedmontonrealestate.com/blog/3-signs-you-are-overpaying-for-a-house/" target="_blank">Here are some signs</a> to be on the lookout for)
Next Steps
We've covered several important points about closing costs in this post but we know you might still have more questions on the topics. Don't hesitate to get in touch with the Best Edmonton Real Estate Team to get the answers you're looking for! <a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">Click here</a> to contact us today.
Did you learn a lot in this post?
Here are three more to read next:
<a href="https://www.bestedmontonrealestate.com/blog/tips-for-buying-and-selling-a-home-at-the-same-time/" target="_blank">Tips For Buying and Selling a Home at the Same Time</a>
<a href="https://www.bestedmontonrealestate.com/blog/tips-for-buying-and-selling-a-home-at-the-same-time/" target="_blank">Buying or Selling During the COVID-19 Pandemic</a>
<a href="https://www.bestedmontonrealestate.com/blog/buying-or-selling-during-the-covid-19-pandemic/" target="_blank">Real Estate Supply And Demand</a>
2021-09-03T08:05:00-07:002022-03-07T19:29:56-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:3033Tips for Running an Airbnb Property in Edmonton<img src="https://assets.site-static.com/userfiles/573/image/10.jpg" alt="Airbnb tips" class="img_box_center" style="vertical-align: middle;" width="600" height="1250" />
Since it was founded in 2008, Airbnb has seen exponential growth in the vacation rental industry. The innovative company is not without its controversy. But, regardless, it remains the easiest way for virtually anyone to list their property for vacationers. As you can imagine, running an Airbnb takes work. But there are some steps you can take to ensure a smoother process for everyone involved.
Tips for Running an Airbnb
If you are considering running an Airbnb yourself, here are some tips for success you don't want to miss.
Great photos can make or break your success
First of all, quality photography makes a huge difference. Consider hiring a professional photographer as the average quality of photographs on the site is quite high. If you are an inexperienced photographer, it will show in your photographs.
Prepare to put in the work
Second, a considerable amount of time must be devoted to the process of running an Airbnb if it is to be successful. Dedicating some time each day will increase your chances of solidifying clients.
First impressions are critical when you're running an Airbnb
Since an Airbnb rental requires multiple interactions with guests, being prompt with responses and anything else will help immensely. Prompt, friendly communication with guests will give your interactions a more personal touch and guests will remember. Rapport and connection are your friends. Quick responses are key to making your guests feel welcome and help create the best overall experience. (Creating canned responses for certain situations can also help save time)
Create an individualized experience for your guests
Highlighting features of your location and nearby activities will help your listing stand out from others. More detail will likely increase your chances.
(As you start weighing your options and considering running an Airbnb, here's another post that can help: How to Turn a House into a Rental Property: Ask These Questions First)
Fair pricing
One of Airbnb’s draws to guests is the upper hand it holds over hotels when it comes to cost-effectiveness. Reasonable pricing will get your listings more traffic and can get you better reviews – snowballing into more business.
(Considering adding concrete countertops to boost the value of your Airbnb property? <a href="https://www.bestedmontonrealestate.com/blog/turn-your-home-into-a-rental/" target="_blank">Find out if they're worth the investment here</a>)
Security
Installing a lockbox can allow guests to essentially check themselves in. When travelling, many unexpected things happen such as flight delays. Having a lockbox or smart box means you won’t have to give guests keys in person.
Follow the laws in your area for running an Airbnb
Laws regarding property rented through Airbnb differ from city to city and country to country. Be aware of the laws in your city to avoid any legal issues.
Professional cleaning services
Hiring a cleaning service for your property will save you much time and effort. To offset the cost, you can charge guests a cleaning fee for particularly short stays.
(Are you planning to renovate your property so you can start running an Airbnb? <a href="https://www.bestedmontonrealestate.com/blog/questions-to-ask-a-contractor-when-discussing-renovation-plans/" target="_blank">Here are the questions</a> you need to ask your contractor when you discuss your renovation plans)
Stock appropriately
As they say, the devil is in the details – this remains true for Airbnb properties. Stocking your property with not only essentials but with books, board games or movies and other entertainment will help create a better experience for your guests. Also, make sure the kitchen contains condiments, coffee, and tea.
Ready to start running an Airbnb?
In conclusion, Airbnb is an incredible platform for short-term property rental. It can be a viable source of income and if done right can even generate five or six figures of revenue off of multiple listings.
Did you learn a lot about running an Airbnb in this post?
Here are three more posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/airbnb-edmonton/">Renting Your Home On Airbnb</a>
<a href="https://www.bestedmontonrealestate.com/blog/how-to-paint-over-ceramic-tile-in-a-bathroom/" target="_blank">Top Tips for How to Paint Over Ceramic Tile in a Bathroom</a>
<a href="https://www.bestedmontonrealestate.com/blog/zoning-in-edmonton/" target="_blank">Your Handy Guide to Edmonton Zoning Regulations</a>
This post was first published in 2016 but it was updated in 2021 just for you.<a href="https://www.bestedmontonrealestate.com/blog/zoning-in-edmonton/" target="_blank"></a>2021-08-27T10:22:00-07:002021-08-27T15:30:28-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:3024Concrete Countertops: Are they worth the investment?<img src="https://assets.site-static.com/userfiles/573/image/pexels-max-vakhtbovych-7031213.jpg" width="1280" height="895" alt="Concrete Countertop" />
So, you’ve decided to renovate your outdated kitchen in the hopes of improving their property value and accelerating your sale. Of course, you’ve always wanted to try out customized concrete countertops. But now you're left wondering if concrete is the best choice in Edmonton’s market.
While not as common or popular as hallowed and oft-envied granite countertops, cement countertops have gained popularity in recent years. This is primarily because of their versatility, customizability, and durability. Still, as a real estate agent looking to turn over the property, there are a few variables you need to consider before giving your go-to contractor the green light.
What Are The Benefits Of Concrete Countertops?
When renovating or updating, Edmonton homeowners often choose concrete countertops because of the versatility and customizability they provide. Unlike granite, marble, or laminate, which come in more or less preset patterns that, while “unique,” look more or less the same, concrete countertops can genuinely be made one of a kind. Because concrete is, at its core, simply cement mixed with an aggregate. This means owners can add any color pigment and endless elements, such as broken glass, river stones, even contrasting hardwood inserts.
And, unlike granite or other stone countertops, which are typically precut at a factory after (often less than accurate) measurements are taken from the home, concrete countertops are laid in liquid form. Ultimately, this allows for even more customization options. For example, some <a href="https://www.renovationfind.com/ab/edmonton/countertops/concrete" target="_blank">Edmonton concrete countertop</a> specialists offer countertop knife block inserts, customized sink inserts, and any curve you can dream up.
<img src="https://assets.site-static.com/userfiles/573/image/Concrete_sink.jpg" width="361" height="241" style="display: block; margin-left: auto; margin-right: auto;" />
Are Concrete Countertops Worth The Cost?
As probably predicted, the answer to this question is “possibly.”
One of the undeniable advantages of granite countertops is that, despite their high cost, their unceasing popularity virtually guarantees the renovating owner’s money back and more upon sale of the property.
Of course, this is barring any costly installation mistakes or unforeseen market developments. And, sure, the same can be said in some markets. But in others, the popularity and appearance of concrete countertops just haven’t taken off. Yes, the end result may look stunning. But a potential buyer just may not be able to shake the mental association of “concrete” with “dirty,” “dusty,” and “sidewalk.”
(You might be considering concrete countertops to turn your house into a rental property. Learn more about <a href="https://www.bestedmontonrealestate.com/blog/turn-your-home-into-a-rental/" target="_blank">making this adjustment here</a>)
Important Considerations
Homeowners should also consider the status and build of their current cabinetry. For example, many concrete countertops are of similar weight to granite. But at around 20 pounds per square foot at 1.5-inch thickness, some heavier aggregates may weigh in significantly higher. This leads to potentially costly damages and repairs, particularly those meant to enhance the concrete’s durability and strength.
Finally, the main selling point of concrete over granite, laminate, and other, more traditional materials is its customizability. However, this word is a double-edged sword when it comes to home renovations intended to increase the sellability of a home.
(Discover five other tips for selling your home fast <a href="https://www.bestedmontonrealestate.com/blog/how-to-sell-your-home-fast/" target="_blank">in this post</a>)
<img src="https://assets.site-static.com/userfiles/573/image/concrete_table.jpg" width="358" height="269" style="border: 7px solid black; display: block; margin-left: auto; margin-right: auto;" />
Your vision for enhancing the home with concrete countertops, with inlaid river stone, black and blue pigments, and a minor water feature, may come across as perfect to the right seller and add $10,000 to their offer. Or, it may come across as unnecessary and tasteless. On the other hand, it could be the grounds for an intended major renovation and a heavily discounted offer.
So, if you do decide to go with concrete countertops, elect for a sleek design with a neutral color and pattern. Instead of flashy, keep your customized elements as functional as possible. For example, knife inserts and a cutting board inlay will likely leave an impression on any potential buyer, especially one previously unfamiliar with concrete as a countertop medium. Meanwhile, remember you can keep your “vision” for your new home (water feature and all).
(Itching to perform more home improvement tasks? Learn more about painting over ceramic tile in a bathroom <a href="https://www.bestedmontonrealestate.com/blog/how-to-paint-over-ceramic-tile-in-a-bathroom/" target="_blank">here</a>)
Market, Market, Market
Keep this in mind with any home renovation intended to increase the value and selling potential of a home: the most important factor in determining your concrete countertops’ success is the local market.
Do your research!
See how properties with cement countertops stack up in sales against those with granite and other, more traditional mediums. Perhaps concrete countertops are all the rage in Edmonton this year. But maybe buyers in the Red Deer or Camrose markets just don’t see their potential.
Finally, become acquainted with the concrete countertop installation process. That way, you can gain a better understanding of what can and should be done.
Many believe concrete countertops are one of those improvements that falls firmly on the DNDIY (Do Not Do It Yourself) side of the fence. This is because working with concrete indoors requires special, somewhat expensive equipment. And because you are working with a liquid, unforeseen complications can have disastrous consequences on those brand new hardwood floors. So, hire a contractor. But do your <a href="https://www.wikihow.com/Make-Concrete-Countertops" target="_blank">research on concrete countertop installation</a> first.
Did you learn a lot in this post? Here are three more to read next:
<a href="https://www.bestedmontonrealestate.com/blog/zoning-in-edmonton/">Your Handy Guide to Edmonton Zoning Regulations</a><br /><a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/">Tips For Buying A Home In Edmonton</a><br /><a href="https://www.bestedmontonrealestate.com/blog/moving-checklist/">The Only Moving Checklist You Need in Edmonton</a>
This post was first published in 2016 but it was updated in 2021 just for you.
Sink Photo Credit: <a href="https://www.renovationfind.com/companies/ab/edmonton/bultena-concrete-5474">Bultena Concrete</a>
Table Photo Credit: <a href="https://www.renovationfind.com/companies/ab/edmonton/sparling-concrete-inc-5466">Sparling Concrete</a>
2021-08-13T16:46:00-07:002021-08-24T08:32:18-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:117523 Signs You are Overpaying for a House<img src="https://assets.site-static.com/userfiles/573/image/pexels-pavel-danilyuk-7937211.jpg" width="1280" height="854" alt="3 Signs You are Overpaying for a House" />
You find your dream house that ticks all of your boxes. It has just the right amount of bedrooms and bathrooms, that perfect office space for your remote job, and a yard your kids and pets will enjoy for years to come. There's just one problem: it's a bit out of your budget. But how will you know if that home is accurately priced or if you would be overpaying for a house that isn't worth breaking your budget for?
3 Signs You are Overpaying for a House
Well, you'll get that answer in this post today! Here are three signs you are overpaying for a house.
The listing price is drastically different than others in the area
This is one of the most obvious signs a home is overpriced. If it has most of the same features, is the same age, the same size, etc, as other homes in the area, prices won't vary too much. Sometimes, an overly attached homeowner isn't willing to be realistic when it comes to pricing their home. This is something to ask your REALTOR® about and get them to explain the price difference. If they aren't able to offer a valid explanation, you may be able to negotiate a lower price.
(Get to know Edmonton communities better by <a href="https://www.bestedmontonrealestate.com/communities/" target="_blank">visiting this link</a>)
It's been on the waitlist for a long time
Just like you, other buyers may have been wary of the price of the home. Ultimately, this means it's been on the market for a long time. If you think you might be overpaying for a house, take a look at how long it's been on the market. If it's been up for months, the reason it hasn't sold could be the price!
(You won't want to miss this post next: <a href="https://www.bestedmontonrealestate.com/blog/the-art-of-making-the-low-ball-offer/" target="_blank">The Art of Making the Lowball Offer for a Property</a>)
Hidden costs
Even if a home seems like a good value at first glance, there's a chance there are all kinds of problems waiting for you that could ultimately mean you are drastically overpaying for a house. For example, you could be delighted to find your dream home listed for $500,000 when your budget is $550,000. But if hundreds of thousands of repairs are waiting for you, this isn't the deal you thought it was.
This is one reason a comprehensive home inspection is essential before you set your heart on a particular house. If your budget allows for these repairs, it could still be your dream home. But if these issues are hidden, your dream home can quickly become a nightmare that costs you more than you ever get out of it.
(Selling your home soon? Here's a helpful resource: <a href="https://www.bestedmontonrealestate.com/blog/sellers-checklist/" target="_blank">The Ultimate Real Estate Seller's Checklist</a>)
How to Avoid Overpaying for a House
Working with a trusted and experienced Edmonton REALTOR® is one of the best places to start. In addition to helping you avoid overpaying for a house, they'll help you maintain your sanity and make the process go much more smoothly.
Another helpful step is including an appraisal contingency. <a href="https://www.rockethomes.com/blog/home-buying/overpaying-for-house" target="_blank">This is </a>"a clause included in your purchase offer that states if the home isn’t appraised for the agreed-upon price, you can walk away from the deal with your deposit." That way, if the appraisal value doesn't add up to what you're paying, you won't lose your earnest money deposit on the home.<br /> <br />Are you on the hunt for your dream home in Edmonton? The Best Edmonton Real Estate Team is here to help you find it! We'll help make sure you're not overpaying for a house, as well as ensuring the home buying and selling process is as enjoyable as possible. <a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">Call us today</a> to get started.
Did you learn a lot from this post? Here are three more to read next:
<a href="https://www.bestedmontonrealestate.com/blog/turn-your-home-into-a-rental/">How to Turn a House into a Rental Property: Ask These Questions First</a><br /><a href="https://www.bestedmontonrealestate.com/blog/buying-or-selling-during-the-covid-19-pandemic/" target="_blank">Buying or Selling During the COVID-19 Pandemic</a><br /><a href="https://www.bestedmontonrealestate.com/blog/real-estate-supply-and-demand/" target="_blank">Real Estate Supply And Demand</a>2021-07-23T12:13:00-07:002021-08-16T06:24:53-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:4149Tips For Buying and Selling a Home at the Same Time<img src="https://assets.site-static.com/userfiles/573/image/tierra-mallorca-rgJ1J8SDEAY-unsplash.jpg" width="1920" height="1442" alt="Tips For Buying and Selling a Home at the Same Time" />
Selling your home can take up a lot of time and energy. Showcasing your home to prospective buyers, advertising, negotiating, preparing a mountain of paperwork, etc. Now try doing that and buying a new home at the same time! Although buying and selling a home simultaneously may seem like a monumental task, some shrewd and careful planning can make the process smoother than you think.
Buying & Selling a Home at the Same Time
Today, we're going to discuss some of our best advice for buying and selling a home all at once and how to ensure the process runs as smoothly as possible.
Assess Your Personal Financial Situation
Is it economically feasible for you to buy and sell a new home at the same time? First, you should review your income, expenses, job stability, level of debt, and credit rating, among other things.
Given the difficulty of the undertaking, you should ensure that you have the financial flexibility to weather any contingencies that might arise.
Research The Real Estate Market
Buying and selling a home at the same time is a process that requires careful planning and coordination. It's unlikely that you'll be able to sell your home at the exact same time that you purchase a new one. Homes take time to market and sell, financing is not always easy to obtain, the economic outlook may turn bleak, depressing home prices, and a host of other unforeseen issues may emerge.
Keep a close eye on the economy: What is the average number of days properties are on the market? Are prices moving up or down? Is the inventory of properties on the market increasing or decreasing? All of these questions can help you determine whether you should buy first or sell first.
In general, if your research suggests a buyer's market, sell first. If the market favours sellers, buy first. Your personal financial circumstances should also be factored into your decision, as there are different costs associated with both scenarios.
The final step in your research includes an honest, objective appraisal of your home. It's imperative that your optimism doesn't cloud your judgement; ensure that you're reasonably conservative in your expectations.
(To learn more about selling your home fast, <a href="https://www.bestedmontonrealestate.com/blog/how-to-sell-your-home-fast/" target="_blank">check out this article</a>)
Qualifying For A New Mortgage
The rules for obtaining a mortgage for your new home still apply. The first step to take is to obtain pre-approval. You should also consult with your lender about what additional documentation you'll be required to submit.
Keep in mind that if you decide to buy first, you could be paying dual mortgages for a certain time; this can negatively skew your debt-to-income ratio, making it harder to qualify for a new mortgage. There may also be penalty fees you'll have to incur when you pay off your existing mortgage.
Your current mortgage may be portable to a new property, so ensure you speak to your lender about this option. When you port your mortgage, you transfer your existing mortgage from one property to another, with your current rate and term intact. This may prove to be a beneficial option, especially if the interest on your current mortgage is very low. You may also be able to blend the rate on your existing mortgage with the new one, possibly avoiding penalty fees associated with paying off your mortgage early.
(Do you have more questions about mortgages? <a href="https://www.bestedmontonrealestate.com/blog/answers-to-the-most-common-mortgage-questions/" target="_blank">Take a look at this post next</a>)
Other Options To Consider When Buying and Selling a Home
Bridge financing: It's very possible the possession date of your new home occurs before the closing date of your old home. As a result, you may not have enough cash to cover the down payment, land transfers taxes, legal fees, etc. Your lender can provide financial aid with bridge financing, a short-term loan to cover these costs.
Contract contingency: Depending on market conditions, it may be possible to incorporate a contingency into your contract that requires the successful sale of your existing home before purchasing the new one.
Rent-back agreement: A potentially good option if you'll be selling first and haven't secured a new home yet. A rent-back agreement allows the seller to "rent" their old home after they've sold it. The lender and buyer agree that the seller will be able to live in the property for a predetermined period of time. The benefit to the buyer is the ability to collect rental income or negotiate a more favourable price. At the same time, the seller is relieved of the stress of purchasing a new home right away.
(Before you go, be sure to <a href="https://www.bestedmontonrealestate.com/blog/comparative-market-analysis-when-buying-selling-home/" target="_blank">look at this post</a> about using comparative market analysis when buying and selling a home)
Although buying and selling a home at the same time comes with many challenges, you can alleviate much of the stress and keep unpleasant surprises at bay by crafting a logical and thorough plan. Assess your financial situation, research the market, schedule carefully, understand your financing options, and plan accordingly for contingencies.
And, of course, we're here to help! So give the <a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">Best Edmonton Real Estate Team</a> a call today to find out how we can help with buying and selling a home and everything in between.
Did you learn a lot about buying and selling a home in this post?
Here are three more to read next:
<a href="https://www.bestedmontonrealestate.com/blog/zoning-in-edmonton/" target="_blank">Your Handy Guide to Edmonton Zoning Regulations</a><br /><a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">Tips For Buying A Home In Edmonton</a><br /><a href="https://www.bestedmontonrealestate.com/blog/moving-checklist/" target="_blank">The Only Moving Checklist You Need in Edmonton</a>
This post was first published in 2018 but it was updated in 2021 just for you.2021-07-16T07:01:00-07:002023-05-13T07:24:50-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:2953The Art of Making the Lowball Offer for a Property<img src="https://assets.site-static.com/userfiles/573/image/toa-heftiba-suELIpGlptM-unsplash.jpg" width="1920" height="1248" alt="The Art of Making the lowball Offer for a Property" />
Are you looking to buy a piece of Edmonton real estate in the near future? Then you’re probably planning out strategies you can use to get the best possible price on your ideal home. And if one of those strategies you're considering is a low-ball offer, you don't want to miss the rest of this post.
How to Make a lowball Offer More Appealing
Buying a starter or move-up home can include lots of different costs. That's why negotiating for the lowest possible selling price is always in your best interest. A lower selling price will give you more room in your budget for repairs or renovations, closing costs, and furnishings. But if you’re planning to lowball a seller, you’ll want to take some steps to make your offer more appealing.
lowballing puts you at a disadvantage in a bidding war and could even offend the seller. But with these smart lowballing strategies, you’ll have a much better chance of getting your home at your preferred price.
Offer To Handle Repairs And Closing Costs
When buying a home, the buyer and seller usually negotiate who will pay for repairs and closing costs. Most buyers who make higher offers will try to convince the seller to pay these expenses. That means if you’re planning to make a lowball offer, you can make your offer more attractive by volunteering to foot the bill.
Arrange for an information-only home inspection, so you know what needs to be repaired, and then, if the repairs are within your budget, offer to cover the costs. Usually, the seller will cover closing costs – like brokerage fees.
But if you’re low-balling, you can offer to pay these costs to better compete with other buyers.
Include An Escalation Clause
If you make a lowball offer on a hot ticket property, it’s a virtual certainty that you’ll be outbid. And although a straight lowball offer won’t win you any points with the seller and will undoubtedly cause you to lose a bidding war, you can put up a fair fight for the home by including an escalation clause with your offer.
Essentially, an escalation clause is a clause in a real estate offer that increases the amount of your offer in the event that you get outbid. For instance, if you offer $300,000 for a home and you have a $2,500 escalation clause, you’ll pay up to $2,500 more than the highest competing offer, up to a maximum value that you decide. So if another party offers $350,000, your $300,000 offer will automatically increase to $352,500.
Know The Home’s Fair Market Value
In real estate, knowledge is power. (Click here to access our<a href="https://www.bestedmontonrealestate.com/buying/"> real estate knowledge base</a> for home buying)
Some overzealous sellers will try to get more for their property than it is actually worth. This isn't necessarily out of greed but out of sentimentality. And if that’s the case, then low-balling can work quite well if you’re armed with hard facts and statistics.
For this to work, you’ll need to dig up<a href="https://www.bestedmontonrealestate.com/market-statistics/"> home sales statistics</a> over the past year for the neighbourhood where your potential new home is located. You’ll also want to get an independent appraisal to determine how much the home is objectively worth.
If the seller is asking for more than fair market value, you can back up your lowball offer with sales statistics and make a strong case that they’ll have a very difficult time getting what they want for the home. Making a lowball offer isn’t easy, but it can be successful if you use the right strategies.
With an Edmonton real estate agent on your side, you’ll have an expert negotiator who can help you get your new home for below the asking price. And when you successfully lowball a property, you’ll have plenty of extra money left over to make it your own.
Are you looking for the best help with buying or selling a home in Edmonton? We are here to help!<a href="https://www.bestedmontonrealestate.com/contact/"> Click here</a> to get in touch.<br /><br />Did you learn a lot from this post about lowball offers?
Here are three more posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/turn-your-home-into-a-rental/">How to Turn a House into a Rental Property: Ask These Questions First<br /></a><a href="https://www.bestedmontonrealestate.com/blog/buying-or-selling-during-the-covid-19-pandemic/">Buying or Selling During the COVID-19 Pandemic<br /></a><a href="https://www.bestedmontonrealestate.com/blog/real-estate-supply-and-demand/">Real Estate Supply And Demand</a>
This post was first published in 2015, but it was updated in 2021 just for you.
2021-07-12T07:55:00-07:002021-07-16T06:37:30-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:11658How to Find the Best Real Estate Agent For You<img src="https://assets.site-static.com/userfiles/573/image/pexels-energepiccom-313691.jpg" width="1280" height="960" alt="How to Find the Best Real Estate Agent For You" />
It's easy to find a real estate agent in Edmonton. But finding a great one is a whole different ball game. That's why, in this post, we'll share our top tips for choosing the best real estate agent for your unique needs to help you buy the home of your dreams or get a great deal on the property you're selling.
How to Find the Best Real Estate Agent
First, it's also important to note the best real estate agent for one person might not be the same for the next. Some REALTOR®S® specialize in certain areas, <a href="https://www.bestedmontonrealestate.com/communities/" target="_blank">communities</a>, or property types, for example, so it's important to keep things like that in mind.
Let's explore that, and other things that help you find a great REALTOR® next.
Get referrals
Starting your search simply by asking friends or family about great experiences they've had with REALTOR®S® is a helpful place to start. This gives you a good idea of what you can expect from that REALTOR®, and it helps build trust if you know someone else who has worked with that REALTOR®.
Of course, a friend or family referral isn't necessarily the only way to find the best real estate agent. There are plenty of other things you'll want to look into to make sure it's the right fit!
Research your options
You might be drawn in by a flashy ad and tempted to choose the first REALTOR® you come across in your search. But in most cases, we encourage you to research at least five REALTOR®S® in your area before you make your final decision. You can also do a Google search to seek out any red flags you should be aware of. Often, a simple search is all it takes to cross someone off your list!
(Are you curious about the best season to sell a home in Edmonton? <a href="https://www.bestedmontonrealestate.com/blog/what-is-the-best-season-to-sell-a-home-in-edmonton/" target="_blank">Visit this post next</a>)
Interview three of the best real estate agent options
Once you've made your list of five REALTOR®S® and done your research, narrow that list down to your three best options. Now it's time for interviews!
Real estate agents should be eager to spend the time answering some of your questions. If it's too difficult to meet with them or their team, this could be a sign of future trouble down the road.
During these interviews, you'll want to ask about what you can expect working with them. This is also an excellent time to find out how well they know the area you're buying/selling in and addressing any of your other questions or concerns.
Follow up with references
Potential REALTOR®S® should also be eager to provide you with contact information for references. In particular, ask for references who have worked with the REALTOR® in the past year. You can ask this reference any of the questions you'd ask a friend or family member about their own REALTOR®!
For example, find out what kind of support that REALTOR® provided and how they communicated. Of course, you'll also want to determine if that person would choose that real estate agent for their next transaction.
Find the Best Real Estate Agent in Edmonton
Ready to start your search? You're in the right place! The Best Edmonton Real Estate Team is on standby to answer your questions and achieve your real estate goals. Whether you're buying or selling a home in Edmonton (or both), we can help you make the process as seamless and enjoyable as possible.
If you have any questions or need more detailed information, please feel free to contact us via phone at (587) 803-0444. Or, click here to <a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">fill out this form</a> and let us know how we can help with your real estate needs.
Did you learn a lot about finding the best real estate agent in this post? Here are three more posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/turn-your-home-into-a-rental/">How to Turn a House into a Rental Property: Ask These Questions First</a><br /><a href="https://www.bestedmontonrealestate.com/blog/how-to-sell-your-home-fast/" target="_blank">How to Sell Your Home Fast: 5 Tricks You Can’t-Miss</a><br /><a href="https://www.bestedmontonrealestate.com/blog/sellers-checklist/" target="_blank">The Ultimate Real Estate Seller's Checklist</a>2021-07-06T08:50:00-07:002021-07-12T06:12:29-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:5675Answers to the Most Common Mortgage Questions<img src="https://assets.site-static.com/userfiles/573/image/pexels-kindel-media-7579354.jpg" width="1280" height="960" alt="Answers to the Most Common Mortgage Questions" />
Purchasing a home may be the largest and most complex transaction you'll make during your lifetime. It's not an easy process, with many things to consider, the most notable of which is the mortgage. It's no wonder we get all kinds of mortgage questions daily!
Answering Your Top Mortgage Questions
Mortgages come in all shapes and sizes, and the one that's the most ideal will vary from person to person. Therefore, gaining an understanding of the basics of mortgages is something you should devote some time to.
That's why, in this post, we're going to answer your top mortgage questions to give you the answers you need!
How much do I need for a down payment?
In Canada, buyers must have a minimum of a 5% down payment to be approved for a mortgage. A mortgage where the buyer puts down 20% or more is called a conventional mortgage. These don't require the buyer to take out mortgage insurance.
On the other hand, a mortgage where the buyer puts down less than 20% is called a non-conventional mortgage. In that case, the buyer needs to buy mortgage insurance, usually through the CMHC (Canada Mortgage Housing Corporation).
(While you're here, don't miss this recent post: <a href="https://www.bestedmontonrealestate.com/blog/better-than-comfree-flat-fee-listings/" target="_blank">Better Than Purplebricks: A Flat Fee Listing</a>)
Should I get pre-approved?
Getting pre-approved for a mortgage is recommended. That way, you'll be given a clear picture of how much house you can afford. This allows you to focus on shopping only for houses that work within your budget.
A pre-approval means the lender has specified to you in writing the amount they are willing to lend to you. In addition to giving you a budget to work with, it also provides you with leverage when negotiating with home sellers because they have assurances you have the funds to afford the home.
In addition to these mortgage questions, take a look at these <a href="https://www.bestedmontonrealestate.com/blog/mortgage-secrets-everyone-should-know/" target="_blank">top mortgage secrets next</a>.
How much can I borrow?
The size of the mortgage you can get approved for is based on a variety of factors. The most vital ones include the size of your down payment, credit score, amortization period, and income.
Lenders prefer to lend to those who can demonstrate they have the means to service mortgage payments and that their risk of defaulting on the mortgage is low. In general, lenders will examine your income and debt levels to determine how comfortable you'll be making mortgage payments.
Should I obtain a mortgage from my bank or shop around?
While most buyers value familiarity and will seek approval for a mortgage from their bank, it's wise to shop around and see what is available at other financial institutions. In some cases, it might work in your favour to hire a mortgage broker to gain access to some of the non-traditional lenders.
A tip: make all your inquiries within a two-week time period. The reason for this is because every time a lender requests your credit report, your score can drop. If all the lenders you have met check your credit report within two weeks, all the searches will be registered as only one search.
What information do I need to provide to lenders?
Lenders will need to review your credit history over the last 2 years and examine your bank statements. They will also require you to provide proof of income. In addition, they will need to verify that the down payment has been made.
What's the difference between fixed-rate, adjustable-rate, and variable-rate mortgages?
We get a lot of mortgage questions specifically relating to the differences between primary mortgage types.
The three main types of mortgages are fixed-rate, variable-rate, and adjustable-rate.
Fixed-rate mortgages lock in the interest you'll be paying over the term of the mortgage, so your mortgage payments will always stay the same each month.
Variable-rate mortgages don't lock in the interest rate you'll be paying - your mortgage payment will change in relation to the market rate. If interest rates rise, so too will your monthly payments. Conversely, if interest rates drop, your payments will decrease.
Adjustable-rate mortgages function similarly to variable-rate mortgages in that the interest rate you pay fluctuates based on the market rate. However, your monthly mortgage payments will remain fixed. Instead, more or less of the payment will go towards paying down the principal, depending on which way rates go. For example, if interest rates rise, more of the fixed payment will go towards the interest and less towards paying down the principal.
Can I get a mortgage if I have a poor credit score and unstable income?
If your credit score is less than stellar and your income stream is unstable, it may be tough to get approved for a mortgage from a traditional lender. However, it may still be possible to obtain a mortgage from an alternative lender, one who specializes in arranging mortgage products for individuals who don't qualify under traditional lenders' standards.
Your best bet is to talk to a mortgage broker - they can put you in touch with lenders who specialize in this area of mortgage products.
How long does a mortgage last?
This is another of the top mortgage questions we're asked. Amortization periods (the length of time it will take to pay off your mortgage in full) vary widely, with some lasting a few months to some lasting many years. The maximum amortization period allowed for CMHC insured mortgages is 25 years. For non-insured mortgages, it's 40 years.
Can I pay off my mortgage early?
Yes, but it could cost you. Each lender has different rules regarding lump sum payments used to pay off the mortgage faster. You may incur penalties if you decide to pay off your mortgage early, and these penalties vary depending on the terms of your mortgage contract. Ensure you review your mortgage contract to fully understand the financial implications of making additional payments on your mortgage.
Can I break my mortgage to go with a new lender?
Yes. But as with making additional payments to pay off your mortgage early, there may be costs attached. If you want to break your mortgage and obtain a new one from a different lender, you may have to pay a penalty.
What are closing costs? How much should I expect to pay?
Closing costs include things like title insurance, prepaid escrows, and legal costs. A good rule of thumb is to put away 2-3% of the home's price in anticipation of these outlays.
Get Answers to Your Other Mortgage Questions
If you have more mortgage questions or you're looking for help with any other real estate topics in Edmonton, we're here to help! <a href="https://www.bestedmontonrealestate.com/contact/">Contact</a> the friendly and professional crew at The Best Edmonton Real Estate Team to learn more.
Did you enjoy reading these mortgage questions?
Here are three posts to check out next:
<a href="https://www.bestedmontonrealestate.com/blog/sellers-checklist/">The Ultimate Real Estate Seller's Checklist</a><br /><a href="https://www.bestedmontonrealestate.com/blog/buying-or-selling-during-the-covid-19-pandemic/">Buying or Selling During the COVID-19 Pandemic</a><br /><a href="https://www.bestedmontonrealestate.com/blog/real-estate-supply-and-demand/">Real Estate Supply And Demand</a>
This post was first published in 2019, and was updated in 2021.<br /><br /><a href="https://www.bestedmontonrealestate.com/foreclosure-homes/">Edmonton Foreclosure Homes & Condos</a>
<a href="https://www.bestedmontonrealestate.com/edmonton-townhouses-for-sale/">Edmonton Townhouses For Sale</a>
<a href="https://www.bestedmontonrealestate.com/property-search/results/?searchtype=3">Edmonton Homes & Condos Map Search</a>2021-06-23T09:46:00-07:002021-06-29T06:54:23-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:2979How to Turn a House into a Rental Property: Ask These Questions First<img src="https://assets.site-static.com/userfiles/573/image/pexels-kindel-media-7766930.jpg" width="1280" height="720" alt="How to Turn a House into a Rental Property: Ask These Questions First" />
Have you been preparing to move into a new home but aren’t sure what to do with your old property? You have three options: sell, keep, or rent. In this post, we're going to focus on that last option: how to turn your house into a rental property.
How to Turn a House into a Rental Property
The key to making the right decision about your best option is researching and being well-informed. So take a look at a few of the tips and guidelines below. We hope this information will help you figure out whether renting is the best solution for you!
Down Payment
Want to get into your new home but don’t quite have that down payment saved up?
You can go the same avenues as first-time home buyers. These include borrowing money from a family member or applying for an unsecured line of credit. Or, if you’d like to keep or rent your current property, you can leverage the equity in the home by borrowing against it through refinancing.
Qualifying
If you do decide renting is for you, your rental property will figure into qualifying for your next mortgage.
Existing property carrying costs will be bundled in with your debt ratios. But, if you already have a tenant, you’ll also be able to declare this income. This increases your chances of qualifying at a competitive rate.
Keep in mind that qualifying calculations, especially those pertaining to rental properties and income, vary wildly from lending institution to institution.
So if you don’t qualify with one company, shop around.
Essential Factors to Help You Turn a House into a Rental Property
If you’ve done any research on rental ownership at all, you’ve probably been told that owning rental properties isn’t as easy as beginners first assume.
Real estate can either be a money-printing machine or a money, time, and energy suck. Unfortunately, it’s sometimes difficult for inexperienced investors to understand the differences between these two outcomes.
However, the good news is that many of the headaches associated with renting can be avoided by correctly making a few critical decisions as you begin your renting project.
So, do your research and learn how to manage your property responsibly and efficiently.
Below, we’ve included a list of questions you should research and address to help you figure out how to turn a house into a rental property. At the same time, these questions help you determine if that's the best course of action in the first place.
(Are you working on improving your property to prepare it for renting? Take a look at this post next: <a href="https://www.bestedmontonrealestate.com/blog/how-to-paint-over-ceramic-tile-in-a-bathroom/" target="_blank">Top Tips for How to Paint Over Ceramic Tile in a Bathroom</a>)
Who will manage the property and the tenants?
This is, perhaps, the most under-considered factor that is often overlooked by first-time rental owners when they're figuring out how to turn a house into a rental property.
All perhaps rental income management options aim to maximize monthly cash flow. Management costs and property maintenance are the most important (and potentially dangerous) part of the cash flow equation.
If you’ve always embraced a do-it-yourself attitude and don’t think you’ll mind the occasional 3 AM, “my water and furnace have both imploded” service call, then managing the property yourself may be the most cost-effective solution.
But, what about those among us that enjoy rest and can’t tell the difference between the furnace and water heater? Then outsourcing basic property management tasks, such as repairs, rent collection, and key making is another option.
Property managers typically charge a present of the rent paid. This fee varies based on the number of properties you recent and your current research market, so research the services available in your location and ask around.
Are there going to be significant tax implications?
As with property managers, the tax implications for a specific property and situation will vary wildly, so I highly recommend that you consult a knowledgeable tax professional (instead of just some guy on the internet).
That being said, there are several general rules we can discuss here.
First, the bad news—your surplus rental income will be taxed.
However, since you’ll be running a business, the rental property expenses that come up will be tax-deductible. These include property taxes, costs that are the result of renting, and mortgage interest. And they can help cut that tax bill by knocking you down to a lower bracket!
Tax-wise, rental owners almost always come out ahead in the end. But let's say you decide to only rent for a short time and plan to sell or flip the property soon. Then you should consider the tax costs when deciding whether renting is worth your time.
If you decide to sell the property, the profit will also generally be taxable (although there may be some capital gains exemptions you can evoke). Contact your accountant for further details.
Insurance
The best place to find rental property insurance is probably your current homeowner insurance policyholder, as they are already familiar with you and with the property. While new tenants can purchase renter’s insurance, their policy will only cover their personal belongings, not the physical property itself.
How much does my property cost per month?
This is, perhaps, the most important factor in determining positive cash flow and renting are feasible. And the most significant component of this monthly cost will likely be your mortgage rate and term.
Fixed-rate mortgages are an obvious advantage for rental owners. That's because they remain consistent! This makes it much easier to calculate the monthly rent you will need to charge to cover your expenses and make a little profit on the side. Figuring all this out on a property with a variable rate is a bit more complicated. But it can still be done.
When deciding on a rent price, make sure to consider all potentially negative scenarios. This includes an interest rate hike. Property taxes and home insurance costs can also change with the market as your property increases and decreases in value.
Finally, expect that your property will be vacant occasionally. When doing the math, it’s generally a good idea to assume that you will only receive 11 instead of 12 rent payments a year. The extra cushion created will help with unexpected expenses and prolonged vacancies, should either occur.
What amount of rent should I charge?
Location is probably the most critical factor in determining how much you should charge for rent.
Are you close to downtown? Schools? Parks? These factors are important to renters and should be considered in your calculation in conjunction with the property’s condition. With a bit of luck and favourable conditions, you can command a higher rent amount while still being picky with tenants.
Alberta does currently have excellent rental rates when compared to property values. But the market will always be subject to change and uncertainty. And your property doesn’t, and won’t, exist in a bubble.
So, check to see what <a href="https://www.bestedmontonrealestate.com/edmonton-neighbourhoods/" target="_blank">other properties in the neighborhood</a> are renting for. And if the rent you need to charge is higher than your area’s average? Then you should definitely consider whether converting your owner-occupied property into a rental is a sound financial decision.
If you're looking for more guidance with renting, selling or buying homes in Edmonton, we're here to help! <a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">Contact us today</a> so we can help you with all of your real estate needs.
<br /><br />Did you learn a lot about how to turn your house into a rental property in this post?
<a href="https://www.bestedmontonrealestate.com/blog/sellers-checklist/">The Ultimate Real Estate Seller's Checklist</a>
<a href="https://www.bestedmontonrealestate.com/blog/buying-or-selling-during-the-covid-19-pandemic/" target="_blank">Buying or Selling During the COVID-19 Pandemic</a>
<a href="https://www.bestedmontonrealestate.com/blog/real-estate-supply-and-demand/" target="_blank">Real Estate Supply And Demand</a>
This post was first published in 2016, and was updated in 2021.2021-06-15T05:20:00-07:002021-06-20T21:12:28-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:11393How to Sell Your Home Fast: 5 Tricks You Can’t-Miss<img src="https://assets.site-static.com/userfiles/573/image/pexels-pixabay-210617.jpg" width="1280" height="857" alt="How to Sell Your Home Fast: 5 Tricks You Can’t-Miss" />
More often than not, homeowners come to us wanting to know, "How can I sell my home fast?" Of course, they also want to get a great deal, but the speed of this deal matters to them as well. As real estate experts in Edmonton, we have seen and done it all. That includes insider knowledge of the most successful strategies for selling your home fast.
How to Sell Your Home Fast
In today's post, we'll cover five tricks for selling your home faster you won't want to miss. Let's get started!
Price it right
One of the first things we look at if a home isn't selling fast is its pricing. Overpricing is a common culprit of slow-moving homes. If you really want to sell your home fast, you need to price it competitively. Otherwise, you risk scaring off buyers who aren't even willing to view the property because the price is entirely too high.
Optimal staging
Don't overlook the importance of strategic staging when it comes to selling your house fast! The proper staging helps you attract more potential buyers. Not only does this help it look its best in listing photos, but it also makes your home look more welcoming and warm during showings. Cleanliness is essential, of course, but optimal staging puts the cherry on top and can make a world of difference for selling your house quickly.
(We share more tips for preparing for an open house <a href="https://www.bestedmontonrealestate.com/blog/tips-for-preparing-for-an-open-house/" target="_blank">in this post</a>)
Be open to negotiation
If you go into the home selling process with a close-minded view of what you will accept for your home, keep in mind this will limit how quickly your house sells. To sell your home faster, be open to negotiating with buyers. Sometimes, accepting a slightly lower rate from a buyer who is easy to work with and eager to close the deal pays off in other ways!
(While you're here, don't miss this post next: <a href="https://www.bestedmontonrealestate.com/blog/7-ways-we-help-you-sell-your-home/" target="_blank">7 Ways We Help You Sell Your Home</a>)
Comprehensive marketing strategy
In this modern world, buying and selling houses tends to take a lot more than good old-fashioned word of mouth. Now, social media posts, blogs, website listings, print ads, commercials, and several other marketing tactics are used to sell properties.<br /> <br />To sell your home fast, be sure to consider a comprehensive marketing strategy that implements a number of advertising tactics. Not only does this help you compete with other sellers, but it also gets more eyes on your home! And the more people who see your home, the more likely it is to sell.
Work with expert agents
We understand why some homeowners are interested in selling their homes by themselves. If this is the path you choose, just note that more often than not, it means a slower and more complicated selling process. When you work with experienced real estate agents in Edmonton, you'll benefit in a number of ways.
First, your home is likely to sell faster. But it also means a lot less work and stress for you. REALTOR®S® know the buying and selling process like the back of their hands, and they put this knowledge to work for their clients so they can get the best deal in the shortest time possible.
Trust the Best Edmonton Real Estate Team to Sell Your Home Fast
Are you ready to take advantage of the hot real estate market in Edmonton? The Best Edmonton Real Estate Team is here to help. We will put our extensive knowledge, network, and resources to work for you to get you the best results.
<a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">Get in touch</a> with us to tell us about your goals, and we'll provide all the help you need. Our website even has a special section dedicated to sellers where you can find a multitude of valuable free resources. <a href="https://www.bestedmontonrealestate.com/selling/" target="_blank">Click here to access it</a>.
Did you learn a lot about how to sell your home fast in this post?
Here are three more posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/what-is-the-best-season-to-sell-a-home-in-edmonton/" target="_blank">What Is The Best Season To Sell A Home In Edmonton?</a><br /><a href="https://www.bestedmontonrealestate.com/blog/sellers-checklist/" target="_blank">The Ultimate Real Estate Seller's Checklist</a><br /><a href="https://www.bestedmontonrealestate.com/blog/buying-or-selling-during-the-covid-19-pandemic/" target="_blank">Buying or Selling During the COVID-19 Pandemic</a>2021-06-04T07:18:00-07:002021-09-16T05:35:19-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:2936Better Than Purplebricks: A Flat Fee Listing<img src="https://assets.site-static.com/userfiles/573/image/pexels-mart-production-7414922.jpg" width="1280" height="853" alt=" Better Than Purplebricks: A Flat Fee Listing" />
When you’re selling your home, it’s obvious the first priority is that you keep as much of your equity as possible.<br /> <br />Sometimes the high commissions paid to REALTOR®S® might seem a bit much for you. Although without doubt, the commissions are pretty fair, and REALTOR®S® work hard for what they do, not to mention their high cost of doing business, licensing fees, real estate board fees, and the list goes on and on. That being said, it’s still understandable that sellers would like to keep as much as possible.
That's why, in addition to companies like Purplebricks, clients are curious about what a flat fee listing could look like for them.
Low-Cost Listing Fees
Commission-free listing services flourish in a seller's market. When there are fewer properties available than buyers, it’s a bit easier to sell your home. With the sheer numbers of buyers looking for homes, the chances of you selling your home yourself or with a company like Purplebricks that operates with a flat fee listing commission structure are much higher.
Better Than Purplebricks:
But what if you could have a flat fee commission and still have a full-service REALTOR®?
That means a REALTOR® would show your home, field all the calls, do all the paperwork, negotiate the offers on your behalf, provide the signage, hold an open house, brochures, etc. and put your home on the MLS®, all for a flat fee listing. That would indeed be the ideal situation.
Home sellers are many things, but salespeople typically are not. Even the best salesperson is too emotionally close to the deal to sell their own home effectively. Professional salespeople are emotionally detached and able to show and discuss the property to lead the buyer to view the home.
Since REALTOR®S® are in the business of selling homes, they also usually have an extensive database of buyers looking for homes. Often someone who thought they wanted to live in the <a href="https://www.bestedmontonrealestate.com/north-central-edmonton/" target="_blank">North End of Edmonton</a> will not look at homes on the Southside on their own. However, REALTOR®S® have been known to sell a home in a completely different part of the city than the buyer was initially looking for.
What About Open Houses?
You can hold all the open houses you want as a buyer. You have a better chance of winning the lottery than selling your house from people who come to your open house. Most REALTOR®S® work open houses all over the city, not just one house in one area. This means from an open house in the southeast, they may find a buyer actually looking in the southwest where your home is. That buyer may never see your home if it weren’t for coming in contact with a REALTOR®.
(Do you want to learn more about buying and selling specifically during the COVID-19 pandemic? <a href="https://www.bestedmontonrealestate.com/blog/buying-or-selling-during-the-covid-19-pandemic/" target="_blank">Take a look at this post next</a>)
What Happens In A Buyers Market?
In a buyer's market, when there are more homes for sale than there are buyers, buyers have the pick of many homes.
(We talk more about real estate supply and demand <a href="https://www.bestedmontonrealestate.com/blog/real-estate-supply-and-demand/" target="_blank">in this post</a>)
This usually drives prices down, and as the market shifts from seller to buyer market, buyers will sit on the fence waiting for prices to come down because they know that ultimately they will.
Sellers might not be aware of this, and most certainly, they will not like it, but that is the nature of the real estate market over time. It is in constant fluctuation and can and will be swayed by the economy of your region.
If there are many jobs and jobs are secure, buyers feel more confident to buy, then when jobs are being reduced, the economy is in a downswing, and they aren’t secure in the jobs they currently have.
Few sellers consider this on their own.
When the market switches to a buyer’s market, home prices naturally go down. However, if you’re putting your home on the market during this switch and base your pricing on what homes sold for in the past six months, you will be in for a sad reawakening. Your home will sit on the market without offers for months.
How We Beat Purplebricks In Any Market: A Flat Fee Listing Basis
Firstly Best Edmonton Real Estate Team takes listings on a flat fee basis. You can select the amount of service you want from our team, and we price the listing fee accordingly. We also advise you with proper, honest <a href="https://www.bestedmontonrealestate.com/blog/comparative-market-analysis-when-buying-selling-home/" target="_blank">Comparative Market Analysis</a> and value of homes either increasing or decreasing over the next 90 days.<br /> <br />Any home priced right for the market should sell in 30 days. Anything priced too high for the market or its condition and location will not sell quickly and will usually sell for less, regardless of it it’s the seller selling it on his own or via conventional real estate.
If you want to sell your home fast for the highest dollar, give us a call. We can provide you competitive fees and superior service. Why do all the work yourself when you can have someone else do it and still retain your equity?
Did you like learning about why a flat fee listing can be better than Purplebricks?
Read these posts next:
<a href="https://www.bestedmontonrealestate.com/blog/sellers-checklist/" target="_blank">The Ultimate Real Estate Seller's Checklist</a><br /><a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">Tips For Buying A Home In Edmonton</a><br /><a href="https://www.bestedmontonrealestate.com/blog/mortgage-approval-process/" target="_blank">The Mortgage Approval Process for Home Buying in Edmonton</a>
This post was first published in 2015, but we updated it in 2021 just for you.
Call us today for a free home evaluation and to discuss our Flat Fee Listing Fees.
587-803-0444
2021-05-26T09:54:00-07:002021-05-28T10:34:05-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:2939What Is The Best Season To Sell A Home In Edmonton?<img src="https://assets.site-static.com/userfiles/573/image/pexels-simon-berger-953241.jpg" width="1280" height="960" alt="What is the Best Time of Year to Sell a House in Edmonton?" />
The real estate market is different this year than at any time throughout history. However, some things remain the same, including the best time of year to sell a house.
What is the Best Time of Year to Sell a House in Edmonton?
Talk to any real estate agent, and they will tell you that certain seasons are more favourable to sell your home than others. Often, the best time of year to sell a house (particularly a single-family detached home) is in the spring.
Most families want to purchase their home and complete the transaction before the summer months when the kids and family are on summer vacation. Parents are keenly aware that school registrations need to be dealt with -- and who wants to be loading a moving truck in the middle of August? Knowing where you will be living is essential for school registration since where you can register your kids’ fall classes heavily depending on where you live.
It makes sense to sell in the spring. Spring offers the best time of year to showcase your home. After a long winter, the first hints of cherry blossoms and crocuses seem to trigger the “moving bug” in many people. Gardens tend to look their best in fresh bloom when the leaves are on the trees. Homes appear more appealing when the weather is warming up, and buyers tend to be in high spirits.
Spring in Edmonton can be very temperamental, snow and gloom one day, bright sunshine, and warmth. It takes a few ups and down for spring to finally arrive permanently in Edmonton. But when it does, it's a beautiful thing.
With lilacs blooming and the bright green of new leaves on the trees, the whole city comes alive. Homeowners are outdoors cleaning up the debris that winter and late fall left behind. Trips to the greenhouse for plants start, and the thoughts of gardens, vacations, and backyard barbecues are everywhere.
Benefits of Selling in the Spring
It’s also easier to get your home ready for sale at this time of year. If your home needs painting inside or out, it's much easier to get done when the weather is pleasant. And you're itching to be spending more time outdoors than anyway! It even seems easier to keep the house cleaner without the winter muck being traipsed throughout every time someone walks through the front door. The only downside of selling in the spring? You'll have heavier competition since everyone else has the same thoughts you do.
If your price is anything over 20% (depending on where you live, that might be lower or higher) you can expect the summer months to be a bit slow. To sell an expensive home, you need a buyer with deep pockets. And, those buyers are most likely away on vacation, are not looking for a home, so that's where selling in early spring or mid-fall comes in.
What's the Next Best Time of Year to Sell a House?
Fall is the next best time to put your home on the market – especially if it's a lovely long Indian summer. Connected to the “back to school” mentality, the leaves turning fabulous colours and pleasant cool crisp temperatures, you’ll have another good shot at selling a family home, often to someone in your neighbourhood. Even so, the changing weather also means leaves falling and debris again, which makes the curb appeal a challenge.
If you're selling a condominium or townhouse, they sell well any time of the year. Most often, buyers are not faced with the constraints of kids in school and are more concerned about the amenities like underground parking, recreation facilities, and nearby shopping and coffee shops. These buyers are happy shopping during any season, so sales will often be a bit steadier.
(If you're planning to sell your home soon, <a href="https://www.bestedmontonrealestate.com/preparing-your-home/" target="_blank">take a look at this page</a> for tips to help you prepare it for sale)
What About Vacation Properties?
Vacation properties, however, do their best in the spring and summer months. Buyers visit vacation destinations during spring and summer. Selling a vacation property will benefit from being where the vacationers are and won't just look at pictures online or in a brochure. It's impossible to imagine water skiing at the cottage when the temperatures are below zero, and there's a meter of snow on the ground.
There isn't a "wrong" time to put your home up for sale. If you price your home right and make every effort to present it at its best? Then your chances of selling your property quickly are still high. Of course, if you absolutely have to list in December because of a change in career or a job transfer, you'll have to be more realistic.
The most challenging time to sell is over the holidays. Buyers' minds are more on Christmas shopping and New Years’ preparations along with all the parties and special events happening around that season. Don't get frustrated, though. You never know! Listings have been known to sell even on Christmas Eve!
Are you ready to sell your home in Edmonton? No matter what time of year it is, we are here to find you the right buyer as fast as possible. Contact us today for all of your real estate needs.<br /><br />Did you like reading about the best time of year to sell a house?
Here are three other posts you might like to read next:
<a href="https://www.bestedmontonrealestate.com/blog/sellers-checklist/" target="_blank">The Ultimate Real Estate Seller's Checklist</a><br /><a href="https://www.bestedmontonrealestate.com/blog/buying-or-selling-during-the-covid-19-pandemic/" target="_blank">Buying or Selling During the COVID-19 Pandemic</a><br /><a href="https://www.bestedmontonrealestate.com/blog/real-estate-supply-and-demand/" target="_blank">Real Estate Supply And Demand</a>
This post was first published in 2015, and was updated in 2021.2021-05-18T12:21:00-07:002021-05-18T12:22:01-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:11214How to Use Comparative Market Analysis When Buying or Selling a Home<img src="https://assets.site-static.com/userfiles/573/image/pexels-photomix-company-101808.jpg" width="1280" height="853" alt="How to Use Comparative Market Analysis When Buying or Selling a Home" />
When you're buying a new home, you look for all kinds of things. You want to find out about the neighbourhood the house is in, the amenities nearby, and any structural issues, to name a few. When you're selling your home, there are just as many things to consider. But one thing that's important for both buying or selling a home is competitive market analysis.
Today, we're going to begin by explaining the basics of comparative market analysis. Then, we'll move on to explaining how to use it whether you're buying or selling a home in Edmonton.
Let's get started!
What is Comparative Market Analysis?
Comparative market analysis or CMA is a tool for estimating a property's current <a href="https://www.bestedmontonrealestate.com/market-value/" target="_blank">market value</a> based on nearby properties that have just sold.
Of course, homes in the same immediate area can still vary dramatically in size, land, and features. That means CMA isn't the only tool for estimating a home's current value, but it is an important one. In fact, it plays a role in both buying and selling homes.
When a real estate agent or broker conducts a comparative market analysis, they will create a report that details the findings that will typically include:
The address of the subject property and three to five comparable properties.
A description of each property, including elevation, floor plan, and the number of bedrooms and bathrooms
The square footage of each property
The sales price of each comp
Dollar adjustments for any differences
The adjusted sold price per square foot of each comp
The fair market value of the subject property
<img src="https://assets.site-static.com/userfiles/573/image/pexels-anete-lusina-4792498.jpg" width="1280" height="854" alt="How to Use Comparative Market Analysis When Buying or Selling a Home" />
How to Use Comparative Market Analysis
If you're buying a home, comparative market analysis can help you make a competitive offer on a property you love. With an understanding of what other people might be offering for the same property, you'll know where to come in with your offer. Of course, a CMA can also tell you if a property is drastically over or underpriced. (Home buyers: <a href="https://www.bestedmontonrealestate.com/blog/mortgage-approval-process/" target="_blank">don't miss this post </a>next!)
As for selling your home, CMA helps you and your REALTOR® set a listing price. There's always a sweet spot when it comes to listing prices that's just competitive enough based on the current market. With comparative market analysis, this sweet spot is much easier to find.
Whether you're buying or selling a home, there are a few ways a CMA helps you understand the listing price for that property. To begin with, a comparative market analysis will include the specs of the home, including size, floor plan, and elevation. Perhaps most importantly, this analysis will also have a handful of comparables and their sale price. The CMA will outline a fair market value for the property along with dollar adjustments for any differences and the adjusted sold price per square foot for each comp.
Based on this fair market value, you will have an idea of the offer to put in on a property or what to list your own property for if you're selling.
Are There Limits to CMA?
In 2021, the <a href="https://www.reuters.com/article/us-canada-economy-housing-analysis/analysis-excessive-exuberance-canada-home-prices-boil-over-as-policymakers-sit-back-idUKKBN2AZ0FJ" target="_blank">Canadian real estate housing market is red-hot</a>. But of course, this won't last forever. When the housing market cools down, a CMA isn't always the best option. Without enough recently sold properties in the immediate area, a comparative market analysis won't have enough information to determine a fair listing price. The same goes for properties in rural areas without many neighbouring properties. A <a href="https://www.edmonton.ca/residential_neighbourhoods/property-assessment.aspx" target="_blank">formal housing appraisal</a> could be the better route for selecting a listing price or your offer in these cases.
Buying or Selling a Home in Edmonton?
Now you know what a comparative market analysis is and how it applies to buyers and sellers. But we also know you might have more questions about buying or selling a home in Edmonton, and we're here to help! The Best Edmonton Real Estate Team is here to support you in making your dream a reality and finding a property you love.
Suppose you're not buying or selling a home, but you'd still like to learn more. In that case, our reliable Edmonton market stats will be extremely helpful for making future decisions regarding property ownership and investment. We encourage you to use our website as an effective tool for reaching your real estate goals! Please don’t hesitate to contact our specialists directly for a <a href="https://www.bestedmontonrealestate.com/contact/" target="_blank">personalized consultation</a>.
If you liked reading about comparative market analysis, here are three posts you might enjoy next:
<a href="https://www.bestedmontonrealestate.com/blog/zoning-in-edmonton/" target="_blank">Your Handy Guide to Edmonton Zoning Regulations</a><br /><a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">Tips For Buying A Home In Edmonton</a><br /><a href="https://www.bestedmontonrealestate.com/blog/moving-checklist/" target="_blank">The Only Moving Checklist You Need in Edmonton</a>2021-05-04T07:03:00-07:002021-05-05T09:32:32-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:11090The Ultimate Real Estate Seller's Checklist<img src="https://assets.site-static.com/userfiles/573/image/The_Ultimate_Sellers_Checklist.jpg" width="600" height="784" alt="The Ultimate Seller's Checklist" title="The Ultimate Seller's Checklist" style="vertical-align: middle;" />
In a perfect world, the home selling process should be as smooth as listing your home, getting a buyer, finalizing the paperwork, getting paid, handing over the keys, and you’re on your way. But you’ll soon realize that it’s not that smooth, and the home-selling process can drag on for months or even years.
Along the way, you’ll likely make mistakes, and it’s part of the trade. However, you can avoid these pitfalls of a first-time home seller and get the best value for your home by using a checklist.
We’ve compiled a checklist and broken it down into a 12-week plan that can help your property shine.
Jump to:
<a href="https://www.bestedmontonrealestate.com/#week-1">Week 1</a>
<a href="https://www.bestedmontonrealestate.com/#week-2">Week 2</a>
<a href="https://www.bestedmontonrealestate.com/#week-3">Week 3</a>
<a href="https://www.bestedmontonrealestate.com/#week-4-6">Week 4-6</a>
<a href="https://www.bestedmontonrealestate.com/#week-7">Week 7</a>
<a href="https://www.bestedmontonrealestate.com/#week-8-9">Week 8-9</a>
<a href="https://www.bestedmontonrealestate.com/#week-10">Week 10</a>
<a href="https://www.bestedmontonrealestate.com/#week-11">Week 11</a>
<a href="https://www.bestedmontonrealestate.com/#week-12">Week 12</a>
Your 12-Week Home Seller’s Checklist
Week 1: Declutter
Clear out your possessions to maximize space.
Give away or store the items you don’t need.
Ensure that all doors, cupboards, etc., are easy to open.
Week 2: Hire A Real Estate Agent
Learn the agent’s history, look at reviews.
Interview several real estate agents.
Talk numbers and cost.
Week 3: Home Inspection
Consult your REALTOR® on whether you should schedule a home inspection or not.
If you do, use their home inspection report as a home repair checklist.
Week 4–6: Home Improvement
Work on repairs but don’t overspend.
Week 7: Learn from your competitors
Scope out similar properties on the market.
Analyze real estate performance in your area.
Week 8–9: Curb Appeal is Key to Selling your home
Resuscitate your garden and lawn.
Clean your exterior and driveway.
Add a fresh coat of paint.
Week 10: Get professional photos
<a href="https://www.bestedmontonrealestate.com/preparing-your-home/">Stage your home</a> for a professional photoshoot.
Week 11: Deep Clean
Take out any unnecessary furniture.
Clean the house.
Week 12: REALTOR® Listing
Compile the necessary documents as you get ready to join thousands of home sellers on the listing sites.
Once the listing is complete, you wait.
Weekly Preparation for a Sale
Let’s break down everything you need to do when selling a home.
Week 1: Declutter
This is the first step to letting go of your home, both physically and emotionally.
Take photos of your entire home, sit down and look at each photo from a buyer’s perspective. What stands out in each photo?
The chances are that your belongings are getting in the way. So, that’s where you start. Clean everything out to maximize space and layout.
Remember: potential buyers are looking for a home to make their own and not one that’s lived in.
A potential buyer will want to access all the rooms and spaces in your home. If there’s a door or a cupboard, buyers will want to open it. Therefore, clear everything out, donate what you don't need and put the rest in a storage locker.
If you’re living in the home, decluttering means less cleaning up when a potential buyer schedules a viewing.
Week 2: Hire a Real Estate Agent
There are two types of real estate agents. You can hire a buyer’s agent or seller’s agent. Since you’re selling your home, you’ll need a seller’s agent.
The agent will help you put your property on the market at a reasonable price and secure a placing on different platforms to improve visibility.
With that out of the way, how do you engage a real estate agent?
Do your research just as you would when hiring a contractor. Ask for their resumes, references, and experience..
This is essentially a job interview, so don’t shy away from asking questions that will help you understand if they’re knowledgeable or not. Choose an agent that you’re comfortable working with.
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-essentially-a-job-interview.jpg" alt="Person signature" width="700" height="400" /><br />Source: <a href="https://pixabay.com/photos/sale-sold-hand-signature-house-3701777/" target="_blank" rel="nofollow noopener noreferrer">Pixabay</a>
Ask about their experience and if they have dealt with property in your area. Ask about how properties in the area perform. How long does a property spend on the market?
Don’t forget to ask about the agent’s performance. How many houses has the agent listed in the area, and how many sold?
Week 3: Home Inspection
There’s no perfect property.
However, buyers need to know that they’re not buying a home that needs expensive repairs to become habitable. You, as the seller, need to know the areas that need fixing before you can put your home up for sale.
The home inspector will focus on the following areas: structural issues, damaged floors, ceilings, walls, foundation, roof, air conditioning, heating, water damage, plumbing problems, and pest infestation.
A pre-listing inspection isn’t mandatory, and typically, the cost falls on the buyer. However, it’s a good idea to have it done before listing your house.
Get your house inspected and use the inspection report to fix the areas that need fixing. Keep receipts and provide them together with the inspection report to interested buyers. It will give your buyers more confidence in you and your home, as it’s visible that you care.
Week 4–6: Home Improvement
Now that you have an inspection report, it’s time to start fixing the areas that need improvements. You can do it yourself or line up contractors to handle the different home repairs.
Remember that you’re trying to impress the buyers, so let the professionals do most of the repairs.
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-home-improvement.jpg" alt="housebuilding craftsmen" width="700" height="400" /><br />Source: <a href="https://pixabay.com/photos/housebuilding-craftsmen-site-3102356/" target="_blank" rel="nofollow noopener noreferrer">Pixabay</a>
Also, you don't want to overspend on home improvements. Focus on the most important repairs and let the others be.
If the house is in poor condition, you can either put it on the market as is or hire contractors to fix it. If you choose the former, most of the offers will come from contractors and flippers themselves. You can expect that their offers won’t be mouth-watering.
The second option is to fix up the house and sell it for a markup. However, the repairs will be expensive and will significantly reduce your return on investment.
Even if the house is in decent condition, here are some repairs or improvements you may need to make:
Update your kitchen; it doesn’t need to be a full makeover. Instead, focus on <a href="https://www.thisoldhouse.com/kitchens/21019090/remodeling-your-kitchen-read-this" target="_blank">less expensive updates</a> such as installing new countertops or painting wood cabinets, etc.
Fix damaged floors.
Fix plumbing and drainage.
Fix water stains.
Repair pet damage.
Hire a lawn care service to improve your lawn
Week 7: Learn From Your Competitors
Check out other home sellers and similar properties up for sale in your neighbourhood. Similar homes will have similar features such as the number of bathrooms, bedrooms, style, square footage, etc.
With the help of your REALTOR®, identify the number of homes likely to compete with your home in the near future. The real estate agent can search to see how many homes have come onto the market in the last 6–36 months.
This will help you estimate the number of properties likely to come on sale during the same period as yours.
Also, analyze how similar properties have performed in the last three years. It’s not scientific, but it will help you understand if there is an oversupply of homes in your area.
If there’s an oversupply, you’ll have to develop a different marketing strategy to help your property stand out.
Week 8–9: Curb Appeal Is Key to Selling Your Home
Most home sellers understand that the checklist is incomplete without <a href="https://www.bhg.com/home-improvement/exteriors/curb-appeal/ways-to-add-curb-appeal/" target="_blank">curb appeal</a>, and so should you.
The first thing any interested buyers will see as they approach your home is the exterior and landscaping.
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-curb-appeal-key-selling-home.jpg" alt="Beautiful home garden" width="700" height="400" /><br />Source: <a href="https://pixabay.com/photos/beautiful-home-garden-1680789/" target="_blank" rel="nofollow noopener noreferrer">Pixabay</a>
If your home’s curb isn’t pleasant, it will set the tone of the tour. The interested buyers will form an impression based on what they see. You can avoid this by doing the following:
Tidy your garden by trimming any overgrown shrubs and wild weeds.
Clean your house. Get rid of the dirt, cobwebs, downspouts, chipped paint, etc.
Apply a fresh coat of paint.
Fix your roof
Clear the driveway, and prepare the porch or steps for potential viewers.
Maintain a clean landscape
Remember, don’t underestimate the importance of curb appeal, as it could be the reason you’re struggling to sell your home or getting low offers.
Week 10: Get Professional Photos
Although the idea of phone photography sounds enticing, don't do it. You’re looking to sell your home, and the last thing you need is low-quality photos getting in the way of your sale.
The photos will be grainy, blurry, and unedited. Avoid this by working with a professional real estate photographer. The photographer will understand the following:
How to prepare your home for a shoot
Which camera to use.
Home staging.
Best time to take the photos.
Shooting angles.
Whether to shoot in portrait mode or landscape.
A professional photographer also understands the importance of a quick turnaround time, especially in a competitive market.
Photos will attract buyers’ attention and ultimately prompt the initial contact with your REALTOR®. Therefore, you’ll need photos that resonate with your target market. Your REALTOR® should have connections with professional photographers who can produce high-quality images for home buyers.
Keep in mind that one or two photos won’t cut it. The more photos you have, the easier it is for buyers to view your home from different angles. If possible, you can also add a video or a <a href="https://magazine.REALTOR®/technology/feature/article/2020/11/a-step-by-step-guide-to-creating-a-virtual-home-tour" target="_blank">3D virtual tour</a> of your home.
Week 11: Deep Clean
By now, you’ve checked almost everything off your checklist, and the only thing remaining is to list your property.
Before you do so, there’s one more item on the checklist. You’ll need to deep clean your home.
Why? Because It’s time to leave your property and prepare it for viewing. This means that anything that doesn’t add value to the property needs to go with you. Ask your REALTOR® if you should leave the furniture as is or take it with you.
Don’t forget to clean all traces of pets, as some buyers might be allergic to dogs, cats, etc.
Once you’ve cleaned, don’t let your pets or little kids back inside the house.
With that out of the way, gather all the necessary documents and prepare for listing.
Week 12: REALTOR® Listing
Eleven weeks of preparation have led up to this moment.
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-REALTOR®-listing.jpg" alt="Remember to compile your documents" width="700" height="400" /><br />Source: <a href="https://pixabay.com/photos/real-estate-agents-house-sell-funny-1180176/" target="_blank" rel="nofollow noopener noreferrer">pixabay</a>
You’ve ticked off everything on your checklist except listing. So, where do you list your property?
How about with us, <a href="https://www.bestedmontonrealestate.com/contact/">The Best Edmonton Real Estate Team</a>?
We’re here to ensure that your property gets exposure through the MLS® system. We’ll also prioritize marketing and ensure that the sale and closing are as smooth as possible.
All this for a percentage that we’ll agree upon before listing.
<br />Featured Image: <a href="https://www.freepik.com/free-photo/architects-discussing-construction-plan-drawings_3955604.htm" target="_blank" rel="noopener noreferrer nofollow">Freepik</a> by <a href="https://www.freepik.com/yanalya" target="_blank" rel="noopener noreferrer nofollow">yanalya</a>2021-05-03T10:19:00-07:002021-05-03T10:28:29-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:2926Top Tips for How to Paint Over Ceramic Tile in a Bathroom<img src="https://assets.site-static.com/userfiles/573/image/Painting-tile.jpg" width="1280" height="853" alt="Top Tips for How to Paint Over Ceramic Tile in a Bathroom" />
It seems a shame to tear out perfectly good tile from a bathroom just because you don't like the colour, doesn't it? So, what's the alternative? Can you paint over ceramic tile?
Painting Over Ceramic Tile
You can paint over ceramic tile walls in a bathroom, but you will lose some of the interesting characteristics of tile since the grout lines will be the same colour as the tile.
First, let's talk about what you can and cannot paint. I would not recommend that you paint any tile surface that gets wet repeatedly.
If you try to paint your shower surround or even your tub itself, you will be cleaning paint chips out of the bottom of your tub within a matter of weeks. It just won't stick.
There are professional services available that will paint your ceramic appliances and fixtures. Things like your antique claw foot tub, your toilet, and shower stall can be painted with a highly specialized product that requires a good deal of skill to use.
But in this post, what we're talking about is painting wall tile or countertops that see everyday use but don't get drenched all the time.
Preparation is Key
As with most painting projects, preparation is an essential part. The goal is to create a surface that the paint will stick to. Since we have already established that most paints will not stick directly to the slippery tile surface, we need to get rid of that shine. The first step is to clean the tile vigorously with a commercial tile cleaner. Make sure you use one with a mild abrasive. Not only will this remove all of the buildups from the tile and make it nice and clean, but the abrasives will begin to break down the shiny surface.
Preparing the Ceramic Tile for Paint
At this time, also make sure that anything that might deteriorate underneath your paint job is addressed. Crumbling grout, mildew stains, and cracked tiles should all be taken care of now. You can't go back and fix them after you paint unless you want to repaint the entire thing.
Once you are confident that the surface is clean, you need to get a little more aggressive about taking that slippery shine off the tile. The best way to do this is with a handheld orbital sander. Use a 220 grit sandpaper. This is course enough to remove the gloss but still fine enough to prevent you from leaving any marks that may show later through your paint. If you don't have an orbital sander, you could do it by hand - it will just take a little longer.
After every surface that is going to be painted has been sanded, including the corners, ensure that all of the dust is thoroughly removed. I know sanding is tedious and is generally not very much fun. But I can't overemphasize how important this step is! If you skip the sanding or only do it half-heartedly, the paint simply will not stick.
(Is painting the ceramic tile in your Edmonton condo just part of your plan to rejuvenate the space? Check out these <a href="https://www.bestedmontonrealestate.com/blog/how-to-declutter-your-edmonton-condo/" target="_blank">tips for decluttering</a> your condo next)
Prime and Paint Ceramic Tile
Now you have a freshly sanded surface that is dry and free of dust. This means you have the perfect foundation for a good paint job.
Using high-quality and high adhesion primer, continue to build the base that you will apply your paint over. This is not the project where you want to skimp on paint costs. Don't buy the cheap primer - you need a strong bond for this to stick to the tile. Use an oil-based product, as you will be using oil-based paint for the finished coats.
Apply the primer using a brush to cut in the corners and then a short napped roller (1/8") to apply the primer to the flat surface. Go slowly and be sure you don't leave any lines due to paint squeezing out of the edge of the roller cover. These will show through later when you apply your finish coats. Allow the first coat of primer to dry for the amount of time recommended on the can, and then apply a second coat.
Once the primer is dry, take a fresh sheet of 220 sandpaper and make very light passes over the primed surface. Don't forget; you aren't trying to remove the primer; you simply want to remove any small burrs that may have risen out of your roller cover and make sure that the surface is perfectly prepared to receive paint.
(If you're planning changes to other surfaces in your home, you might want to take a look at this post next: <a href="https://www.bestedmontonrealestate.com/blog/quartz-or-granite-whats-the-difference/" target="_blank">Quartz or Granite: What’s the difference?</a>)
Top Coat
Some people suggest that you can use latex paint for your topcoat. But oil is usually a better choice. While it is messier and takes longer to apply and longer to dry, it provides a very durable finish when it dries. Latex paint often dries with a reasonably soft, rubbery feel. If you were to hit it with something hard, the chances that it could peel right off are pretty good.
Use an oil-based semi-gloss or high gloss alkyd for your topcoats. Apply multiple thin coats instead of trying to do one thick one. You want to build up the strength of the paint adhesion by adding multiple lightweight layers, not one heavy one.
Make sure you have paint thinner on hand to clean up the oil-based primer and paint, as well as a pretty good-sized supply of rags. Though it may be a little extra work, using the oil-based product on your tiles will give you a much higher quality finish, and in the long run, you will be glad that you did.
This post was inspired by an article published on DoItYourself. <a href="https://www.doityourself.com/stry/paintceramictile#ixzz3SstEFW00" target="_blank">Read the full article here.</a><br /><br />Did you enjoy this post about painting over ceramic tile in a bathroom? Here are three more to read next:
<a href="https://www.bestedmontonrealestate.com/buying/">Buying A Home</a>
<a href="https://www.bestedmontonrealestate.com/real-estate-investing/">Real Estate Investing</a>
<a href="https://www.bestedmontonrealestate.com/strathearn/" target="_blank">Strathearn Homes and Condos</a>
This post about painting over ceramic tile was first published in 2015, but it was updated in 2021 just for you.2021-04-27T07:24:00-07:002021-04-27T07:35:47-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:2891Your Handy Guide to Edmonton Zoning Regulations <img src="https://assets.site-static.com/userfiles/573/image/Edmonton-skyline.jpg" width="1920" height="1440" alt="Your Handy Guide to Edmonton Zoning Regulations" />
Like other cities in Canada, the city of Edmonton has bylaws and regulations in place regarding how property owners can use land in the region. These areas include those specifically zoned for commercial or residential properties. Our team knows how important it is to you to stay up to date on a variety of real estate topics. That's why, today, we're going to discuss the Edmonton zoning regulations you should know about.
Your Guide to Edmonton Zoning Regulations
Let's start by looking at the residential zones, which cover areas restricted to homes and residential properties.
Residential Edmonton Zoning Regulations
RF1: This is a zone restricted to single-detached properties, which means that the only homes allowed in this area are single-family residences.
RF2: This is a low-density infill zone that allows duplexes and other multiple-family dwellings, but most of the zone features single-family homes. (Want to learn more about infill homes in Edmonton? <a href="https://www.bestedmontonrealestate.com/blog/what-is-infill-and-why-does-edmonton-need-it/" target="_blank">Try this post next</a>)
RF3: This is a low-density redevelopment zone, which means buildings must contain four or fewer units. The area also houses a handful of row houses and properties designed for individuals and small families.
RSL: The residential, small lot zone, also known as RSL, is a zone designed for single-family homes. These homes often feature garages, but the houses often have small lots with little land attached to the home. RPL is a planned lot residential zone that features multiple single-family homes. Each home has a road running around the back of the house that gives residents access to their homes.
(Do you have a shed or another small building on your property? <a href="https://www.bestedmontonrealestate.com/blog/the-backyard-office/" target="_blank">Don't miss this post</a> about transforming that space into a backyard office!)
RF4, RF5 and RF6
Residential zones in Edmonton also include RF4, RF5 and RF6.
RF4 or the semi-detached zone features duplex homes and semi-detached properties, while row housing zone RF5 is limited to connected homes, including townhouses and housing for more than one family. RF6 is a medium-density multiple family zone filled with buildings with one to two stories, and some of the two-story buildings have units on the first and second floor.
Apartment Zoning Laws in Edmonton
Edmonton also has several apartment zones. RA7 is open to apartment buildings of four stories or less, while RA8 allows buildings of six stories or less. RA9 is a high-rise apartment zone that permits buildings of more than six stories.
Edmonton also has a rural residential zone called RR. The RR zone lets people build single-family homes in rural communities, and RMH, a mobile home zone. Some may find themselves researching the urban character row housing zone, also known as UCRH, which divides larger and smaller properties into different zones.
Commercial Zoning Regulations in Edmonton
Like many large cities, Edmonton also has areas zoned for commercial properties and businesses. The neighbourhood convenience commercial zone (CNC) allows businesses designed for local use, while the CSC shopping centre zone designates office space, entertainment facilities, and cultural businesses relating to the region.
Other commercial zones include:
Low-intensity business zone (CB1) for any businesses located near private homes
General business zone (CB2) for businesses located near or beside any major road or highway
Commercial mixed business zone (CB3) for any businesses located or related to transportation
Highway corridor zone (CHY) for businesses near any common roads and highways leading to the city
Commercial office zone (CO) for companies relating to public transportation
Industrial Zoning
Property owners should also be aware of industrial zoning in the city. The industrial business zone, light industrial zone, medium industrial zone, and heavy industrial zone are all open to businesses and companies relating to different industries. These zones have restrictions in place regarding how companies can store items and the level of noise permitted.
(<a href="https://www.edmonton.ca/city_government/bylaws/zoning-bylaw.aspx" target="_blank">Check out this article</a> from the City of Edmonton next for more information on zoning bylaws in Edmonton)
Urban Services Zoning
Edmonton also has several urban services zones, which are zones that hold private and public companies that help the region. Electrical companies, sewage companies, and water companies can all exist in a public utility zone or urban service zone. The public parks zone is open to recreational parks, while the municipal airport zone is zoned specifically for airports.
Other Edmonton Zoning Regulations
Edmonton also has a natural areas protection zone, metropolitan recreational zone, river valley activity node zone, and an alternative jurisdiction zone. Business and property owners should also look at community services zones, which only allow certain types of housing. They should also look at agricultural zones, which regulate how agricultural property owners can use their space.
Remember, Edmonton also has specific overlays limiting how and when an owner can use a property in a particular zone. Learning more about those zones and overlays can help a property owner learn more about the city’s laws.
Did you enjoy this post about zoning regulations in our great city? Here are three posts to read next:
<a href="https://www.bestedmontonrealestate.com/blog/tips-on-buying-a-home-in-edmonton/" target="_blank">Tips For Buying A Home In Edmonton</a><br /><a href="https://www.bestedmontonrealestate.com/blog/mortgage-approval-process/" target="_blank">The Mortgage Approval Process for Home Buying in Edmonton</a><br /><a href="https://www.bestedmontonrealestate.com/blog/moving-checklist/" target="_blank">The Only Moving Checklist You Need in Edmonton</a>
This post about Edmonton zoning regulations was first published in 2014 but was updated in 2021 just for you.2021-04-16T06:01:00-07:002021-04-16T08:15:53-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:11155Edmonton Real Estate Statistics - March 2021“The Edmonton market in March saw a significant increase in year-over-year residential unit sales as well as month-to-month sales,” says REALTOR®S®® Association of Edmonton Chair Tom Shearer. “There have also been more sales of single-family homes, condos and duplexes compared to March of last year as well as last month. It is important to keep in mind what we experienced last March with the global pandemic and provincial lockdowns as it relates to the impact on year-over-year numbers. With that said, we are still witnessing a very strong start to the spring market.”
<img src="https://assets.site-static.com/userfiles/573/image/Edmonton_Real_Estate_Stats_March_2021.jpg" width="800" height="1132" alt="Edmonton Real Estate Stats March 2021" title="Edmonton Real Estate Stats March 2021" style="vertical-align: middle;" /><br /><br /><a href="https://www.bestedmontonrealestate.com/edmonton-townhouses-for-sale/">Edmonton Townhomes For Sale</a>
<a href="https://www.bestedmontonrealestate.com/se-edmonton/">Southeast Edmonton Homes & Condos For Sale</a>2021-04-02T15:09:00-07:002021-04-25T15:34:16-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:3443Buying Real Estate With Bitcoin and Cryptocurrency — The Future is Here<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-bitcoin-and-real-estate.jpg" width="795" height="480" />
Blockchain is changing the way the world records transactions and how we invest in real estate.
It promises to revolutionize everything — from the monetary system to health care records, voting, the anti-counterfeit industry, and how people invest in real estate. It’s rapidly becoming part of the way society works, and most experts agree that it will play a huge role in the way we will do business in the future.
The world talks a lot about blockchain, but the concept can be a little difficult to wrap your head around when investing in real estate.
Change #1. Rise of Smart Contracts
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-rise-smart-contracts.jpg" alt="real estate developers invest in real estate and profit from owning and flipping" width="677" height="508" />
Transactions and documentation in real estate have always been offline — through face-to-face interactions and with several parties. In fact, it was only until recently that it was possible to make transactions via digital channels for real estate and other high-value assets.
But today, blockchain is challenging how the world is <a href="https://www.bestedmontonrealestate.com/blog/tips-for-buying-and-selling-a-home-at-the-same-time/">trading in real estate</a>. Blockchain platforms introduce smart contracts that tokenize real estate properties so that you can trade them like Bitcoin and other cryptocurrencies.
Unlike traditional contracts, two parties create an agreement — including the consideration to be paid.
Then, they create a code of the agreement and store it on a blockchain-based platform that replicates on multiple nodes of a blockchain to improve its security, immutability and permanence.
When the payment is due, and both parties meet the agreement’s parameters, the code auto-completes the agreed action.
For many years, real estate investors have been avoiding the smart contracts approach to executing agreements.
Nearly every investor has been shying away from the risk that bad actors could hack the code of a typical smart contract and change the contract’s terms.
Then came blockchain...
Its decentralized nature promises to store the smart contract’s codes in several blocks distributed across multiple computers in the network. In other words, for a party to manipulate a smart contract on the blockchain, he will have to alter all the codes on every block — on multiple computers on the network — which is close to impossible.
For that reason, blockchain platforms are improving codes’ security to the point where it’s virtually <a href="https://coinmarketcap.com/alexandria/article/why-nobody-can-hack-a-blockchain#:~:text=So%20far%2C%20nobody%20has%20single,to%20breach%20a%20blockchain's%20security." target="_blank">unhackable</a>. And this security assurance has popularised the idea of smart contracts and make it more feasible because one can trust the code to execute what it says it’ll do at a specific time.
And even more...
Smart contracts cut down the huge and hectic paperwork involved in real estate transactions. Blockchain can store all the documents and transaction records safely with lesser effort and cost.
Change #2. Elimination of Intermediaries
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-elimination-intermediaries.jpg" alt="owning equity in residential land and to invest in real estate" width="677" height="508" />
Can you imagine real estate transactions without banks, lawyers or brokers?
Blockchain is a serious threat to the roles of all these intermediaries in real estate. In fact, blockchain’s main promise is to eliminate the need for centralized entities and legal enforcement.
Instead of relying on human intermediaries, the blockchain relies on transparent computational protocols as an alternative.
Will that present broker-less real estate trading?
Let’s dive a little deeper into the structure of blockchain to find out.
The Architecture of Blockchain
A blockchain-based platform employs a replicated, shared, and distributed (i.e. decentralized) ledger.
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-arthicture-blockchain.jpg" alt="Architecture of Blockchain" width="700" height="400" /><br />Source: <a href="https://pixabay.com/vectors/blockchain-cryptocurrency-network-3277336/" target="_blank" rel="nofollow noopener noreferrer">Pixabay</a> by <a href="https://pixabay.com/users/mmi9-1424200/" target="_blank" rel="nofollow noopener noreferrer">mmi9</a>
Such a platform’s decentralized nature allows the transfer of tokenized real estate assets without a trusted third party.
And to ensure transparency, efficiency, and reliability of the system, every user in a blockchain network can access a full copy of transaction ledgers. More importantly, the platform ensures that every user’s copy reflects the current state of the transaction.
In simple terms, development in the blockchain network will handle the middlemen’s work of property listing, tamper-proof legal documentation, providing the buyer with a financing option, and ensuring payment. The platform will ensure the buyer gets a title, and the seller receives payment without any third party.
As a result, both buyers and sellers will save off commission fees, and the process of investing in real estate will quicken — especially when <a href="https://www.bestedmontonrealestate.com/buying/">buying a home in Edmonton</a>.
Change #3. Transformed Real Estate Trading
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-transformed-real-estate-trading.jpg" alt="an investor will profit from a condo, land, renting and owning residential equity" width="700" height="400" />
To date, the technology that real estate uses only focuses on matching sellers with buyers. However, the blockchain promises to redefine nearly everything.
The technology presents the possibility of revolutionizing commercial real estate. It will advance leasing, purchasing, and sales of properties, improve the search of rental properties, and even expedite pre-lease due diligence.
A simple example includes trade controls to ensure that tokenized real estate is only transferable to specific counterparts. The new blockchain-real-estate trading platform allows traders to tokenize assets — handling them like stock sales. Tokenisation further liquidates real estate assets by allowing token sales on the blockchain platform.
As a result, new trading platforms and online marketplaces are emerging to support all real estate transactions.
Organizations like <a href="https://atlant.io/" style="text-decoration: none;" target="_blank">ATLANT</a> have already developed a blockchain platform to facilitate real estate and rental property transactions.
Change #4. Liquification of Real Estates
For years, real estate has been an illiquid asset because of the long time it takes to sell.
However, tokenization makes real estate immediately tradable for crypto or fiat currencies. Selling and buying real estate as a token reduces the exchange time, making it more liquid.
Plus, blockchain will introduce fractional ownership, which will lower the barriers to investing in real estate. Investors can buy fractions of tokens whenever they want, and the seller won’t have to wait for a buyer who can afford the whole property to get value.
Partial ownership would come hand as it would spread the burdens on property upkeep like regular maintenance.
The only problem?
Liquifying real estate will create lender-owner problems. Lenders require security to offer and determine mortgage payments. It will be hard for the property manager and owners to use their tokenized real estate when the agreement’s terms need them.
Change #5. Simplification in Real Estate Investing
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-simplification-real-estate.jpg" alt="Real Estate Management" width="637" height="464" />
Real estate investing has historically been available to people who can put down a huge sum of capital
Plus, the current method that owners, buyers, brokers, and tenants access property listing is through third-party platforms, which are subscription-based and might demand high fees from subscribers./p>
These limitations restrict real estate investing.
But blockchain technology promises to improve ways to invest and manage real estate. The platform will allow listings in a single decentralized database, which will simplify the property search.
All that real estate investors will need is a trading app to buy or sell their tokenized property.
For property managers, blockchain technology will shoulder the heavy property-management task.
For instance, rental property owners find property management an excruciating task because it involves multiple stakeholders — property managers, landlords, tenants, and vendors.
However, with a single decentralized application backed with smart contracts, owners can eliminate all the manual paperwork and let the blockchain platform conduct all the property management processes. — from managing cash flow to filing maintenance requests and signing leases.
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-managing-cash-flow.jpg" alt="Smart contract" width="700" height="400" />
All the data in the platform is confidential and encrypted, except for information like property location. After all, blockchain’s core intention is to reduce legal, accounting, and transactional costs and reduce the risk of fraud.
Change #6. Decentralization (Improves Trust)
The blockchain is secure because the decentralized system has no single party in control — even the administrator cannot change the information that’s in the chain.
Transactions and documentation would be secured in several blocks (nodes) through cryptography and linked. Altering one record will require changing an entire series of data blocks, which are in the network. For that reason, fraud attempts reduce to nearly zero.
The best part?
Information stored in the blockchain is accessible to all the network peers, making data transparent and immutable. Everyone on the blockchain network can verify the data’s authenticity, giving buyers and sellers more confidence in conducting transactions.
Change #7. Reduction of Invest-in-Real-Estate Expenses
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-reuction-invest-expenses.jpg" alt="Blockchain real estate cost" width="651" height="508" />
Due to the extensive documentation and multiple intermediaries involved in real estate, the financing and payment models are usually expensive and inaccessible.
The blockchain’s first tool to reduce real estate costs is eliminating the intermediaries’ charges — bank charges, lawyer expense, and brokerage fee.
Second, the technology promises to record transactions and document everything in real estate, which will eliminate expenses on tax implications, registration fee, loan fee, and any other cost you’d incur in the traditional process.
More importantly, the decentralized network’s transparency will eliminate any hidden fees and miscellaneous expenses like inspection charges.
Is Buying a Home with Bitcoin or Other Cryptocurrencies an Option to Consider, Now?
The simplest answer is: yes.
In fact, the Canadian government already <a href="https://www.loc.gov/law/help/cryptocurrency/canada.php" target="_blank">acknowledges the use of cryptocurrency</a> for exchange. Suppose you <a href="https://www.bestedmontonrealestate.com/buying/">buy a home</a> with bitcoin (or any other cryptocurrency), the transaction will reflect as a separate layer of capital investment for tax purposes, in addition to the tangible property you have bought.
However, traditional escrow services are not familiar with cryptocurrency (for now). You’ll need mutual trust between the seller and buyer if you’re not operating under a smart contract.
Otherwise, all you need is a bitcoin and bitcoin wallet to <a href="https://www.bestedmontonrealestate.com/buying/">buy a house</a>.
And this begs the question:
Will Edmonton Homes Move to a Blockchain-Powered Platform?
Today, the global <a href="https://simonthorpesideas.blogspot.com/2020/05/the-value-of-real-estate-in-world-280.html" target="_blank">real estate value</a> exceeds US$280 trillion. However, its wealth is dominated by large corporations.
More people may access the markets through blockchain technology, where transactions, documentation, and overall trading are more transparent, secure, and equitable.
Eventually, real estate trading may become a peer-to-peer activity. And we want to make that possible for you, too.
We want you to:
Find and <a href="https://www.bestedmontonrealestate.com/buying/">buy quality real estate</a> properties in Edmonton with minimum friction possible
Get the <a href="https://www.bestedmontonrealestate.com/blog/mortgage-approval-process/">right mortgage</a> and tips to finance it regardless of the means of payment
Continue <a href="https://www.bestedmontonrealestate.com/blog/category/edmonton-real-estate-investing/">investing in real estate in Edmonton</a> no matter the <a href="https://www.bestedmontonrealestate.com/blog/category/real-estate-technology/">technological shift</a>
Get the best out of real estates
Even though the real estate industry is evolving right before our eyes, the transition should be as smooth as possible. It shouldn’t stop you from trading in real estate.
For that reason, <a href="https://www.bestedmontonrealestate.com/selling/">Edmonton Home for Sale</a> and <a href="https://www.bestedmontonrealestate.com/buying/">Homes to Buy</a> could be going peer to peer in due time.2021-03-18T08:28:00-07:002021-06-29T06:53:16-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:10892Tips For Buying A Home In Edmonton<img src="https://assets.site-static.com/userfiles/573/image/Tips_On_Buying_A_Home_In_Edmonton.jpg" width="800" height="450" alt="Tips On Buying A Home In Edmonton" class="img_box_center" style="vertical-align: top;" />So, you are seriously considering taking the big step. You want to join the great community of proud Edmonton homeowners. Well, congratulations! While buying a brand-new home comes with lots of benefits for you and your family, thinking of buying a home can be a daunting and exciting experience at the same time. Your mind is constantly plagued with questions:
“Where do I start?” “Who should I trust?” “Will this be easy?” “Am I prepared for it?” and a lot more questions.
Luckily, this blog will tell you everything you need to know about new homes in Edmonton and buying them, while attempting to answer some of these questions in the process. Think of it as a guide to buying new homes in Edmonton.
Step 1; Are you ready to own a home?
Wanting to own a home in Edmonton is simple but being ready for home ownership is not. Before everything else, you must decide if you are prepared to become a homeowner because a lot of effort goes into it. Look at your landlord, for instance; they must pay for repairs and maintenance and, on top of that, spend time overseeing these repairs.
Are you ready to shoulder these costs to your time and wallet? You will also have to make <a href="https://www.bestedmontonrealestate.com/the-mortgage-process/">regular mortgage</a> and utility payments, mow your lawn, among other things. What effect will these costs have on your wallet when compared to the rent you are paying right now? Do you see yourself moving out soon, or is Edmonton your permanent home? If you think your future will not be in the area, do not tie it down by buying a new home in Edmonton.
These are some of the topics you should explore before deciding if you are ready to own a home. While at it factor in your lifestyle costs, including your current household expenses and existing debt payments- student loans, credit cards, and car loan payments. There are also community guidelines that most Edmonton homes must adhere to. Therefore, you will want to know them and determine whether you will be comfortable sticking by them before becoming a homeowner.
These instructions should help you decide whether you are able to shoulder the responsibility that comes with owning new homes in Edmonton. Keep in mind that this is not the upfront cost of a house but rather the typical financial and other duties a homeowner in Edmonton faces. If you can handle them comfortably, then you are ready to grab one of the new homes in the area.
Step 2; Money Matters and the Cost of Buying
Now that you have decided you are ready to become a new Edmonton house owner, it is time to think about the purchase; and a home is no small purchase. <a href="https://www.bestedmontonrealestate.com/edmonton-neighbourhoods/">Homes for sale in Edmonton</a> can cost as low as $200,000 CAD and as high as CAD 900,000. With over 4,000 homes listed, the median price of a new home is $328,894.
Therefore, looking at your budget and earnings should give you a pretty good idea of the price range you can afford to purchase in. For those with enough funds, it becomes relatively easier to navigate and make the decision. While for others, it may involve mortgages. Down payments are also part of the finances involved in buying a new home. Here are a few tips on money matters and the cost of buying.
a new home in Edmonton.
· Mortgage, down payment, and mortgage pre-approval
For people lacking the funds to shoulder the full cost of a home out of their pocket, a mortgage is the only way to own their dream house. This is a financial arrangement where a bank or other financial institution lends them the funds needed to cover the Edmonton home’s price. They will then pay back the money over an agreed period at an agreed rate plus interest. Although it can be relatively cost-effective, it is an essential part of the homebuying journey that should be taken very seriously. It would be best if you looked through several institutions, weighing the features and interest rates of each in the process. Make sure you settle for the one whose terms will work in your favor, or you may end up losing thousands of dollars. A mortgage will usually not exceed 75% of the appraised value. Therefore, you need a down payment of 25% of the house’s purchase price to qualify.
A mortgage pre-approval brings a lot of convenience to your Edmonton real estate search. This is because it lets you know the maximum mortgage amount you can qualify for and estimate your mortgage payments, giving you an idea of how much you can spend on a home. It also lets you lock in an interest rate and, therefore, protects you against any sudden rises in the interest rate.
A pre-approval letter also inspires confidence in sellers, making it easier for you to make an immediate offer on the home of your choice. Thankfully, filling a pre-approved mortgage is an easy procedure that takes only a couple of minutes, with results coming out within a few days. As you seek out a pre-approved mortgage, look out for the following;
· Flexible payment options to suit your lifestyle
· Interest rates
· Closing costs
To make it easier to qualify for a mortgage and get your pre-approval, seek the guidance of a real estate agent from the Bested Edmonton Real Estate Team.
Step 3; Viewing Homes.
Once you have sorted out some of the financial matters of buying a new home in Edmonton, it is time to find the right home for you. Because a home is a long-term move, do not only factor in your present needs; think ahead about what you expect the next 5-10 years to hold.
With many homes for sale and a lot more being listed every day, home viewing exposes you to a lot of variables that will help you make a buying decision. Before any physical visits, you can start by visiting our web page, where we have featured listings of some of the best new homes in Edmonton. Our listings are updated regularly and should give you a good idea of the homes to visit.
During the viewing sessions, consider the following factors;
· Type of home
There are <a href="https://www.bestedmontonrealestate.com/edmonton-home-styles/">various home models</a> in Edmonton, including condos, single family homes, contemporary townhouse, cottages, and many more. Choose from home styles that appeals the most to your needs. For instance, a single-family home is an excellent choice for those after privacy and a high level of freedom. But if you are after low maintenance costs, a condo is the house for you.
· Size of the home
Home size is a very important feature that cannot be changed in the future. Therefore, you should choose a home with the ideal size for you and your family if you have one or plan to start. Things such as the number of bedrooms and bathrooms should be given close consideration. It would also help if you also chose a home with the appropriate kitchen and living room size based on your plans.
· Distance from work and school
This is another thing to look out for when home viewing. Depending on what makes you comfortable, you can look for homes close to or a bit further from your workplace. Those with school going kids also factor in the distance from the school their children go to or will be going to and the transit options available for the kids.
· Parking space
Ample parking space is a good thing in any real estate and thus, should be considered when home viewing.
· Outdoor space and lifestyle needs
When viewing, look for houses with a style that will fit your lifestyle needs. If you need a yard, factor in the outdoor space unless you want to be dissatisfied with the size of your lawn for the foreseeable future.
After using the basic considerations listed above to weigh homes, you will now be able to make an excellent buying decision.
Step 4; Choosing a Home and Making a Buying Decision
At this point, you know the type of real estate you want, your mortgage is going to plan; so, it is time to choose and buy. This is where all your planning and effort have led you, but unfortunately, it is also where a lot of people make costly mistakes.
Here are the most common buyer errors and how to avoid them;
· Ill-informed choosing
Many buyers make the mistake of going for the first home that seems to suit their needs. Doing this may not look outright costly, but you may miss out on a lot and lose thousands of dollars in the process.
Therefore, market research is essential before making your decision. Look at the market condition, compare the home with other similar homes, values, and respective neighborhoods.
If doing this by yourself is too challenging, you can seek the unbiased opinion of a real estate professional from The Best Edmonton Real Estate Team. They will estimate the home’s value based on prevailing market conditions and thus prevent you from making too high an offer. You may even land a great buying opportunity if you are lucky.
· Shopping without a pre-approval
As stated earlier, getting a mortgage pre-approval is a major convenience feature when shopping for a house. Sellers rarely take offers made by clients without a pre-approval seriously, making the home searching experience harder. Therefore, make sure that by this point, you have a mortgage pre-approval at hand; it only takes a couple of days to get one.
· Trusting outdated surveys
One cannot overlook the importance of studying a survey before making a buying decision, which makes relying on an outdated survey riskier. Therefore, you should ask for an updated survey as the report will inform you of any new changes made to the house and its surrounding.
· Making the decision without a copy of the title
A title tells you a lot about the property; who are the owners? Are there any leases on the house? What about debts? When you work with a real estate professional, they should be able to provide you with an exact copy of the title, giving you full knowledge of the ownership status of the home.
Step 5; Write an Offer
Once you have chosen your new Edmonton home, it is time to write a good offer on the property. Since it is a legally binding document, a reliable real estate agent should help you go about the steps of writing one without making any mistakes. If you do not have an agent, you can have your lawyer help you write the document. In general, an offer should clearly outline;
· Buyer and seller information
· Purchase price and all inclusions
· Deposit amount, down payment, mortgage, and other financial information in detail
· Possession date
· Obligations or work to be completed by the seller before the date of occupancy
· Conditions to sale
· When the offer expires and whether it can be re-negotiated after the date
· A Real Property Report
Once you sign it, you must honor or face legal consequences. Therefore, go through the document for any additional fees like lawyer, bank, and agent fees. Also, make sure to draft a reasonable offer that the seller is likely to agree to. If they do not, they may make a counteroffer or even completely refuse to sell to you.
Generally, there are two types of offers; firm, where you agree to purchase the home without conditions, and conditional, where certain stipulations must be met. Once the seller accepts your offer, you can now secure the transaction with a deposit (usually 3-5% of the purchase price).
Step 5; Closing
This is the possession day that you agreed with the seller you would take possession of the home. On this day, you will need a lawyer who will request your lawyer to release funds before transferring them to the seller’s lawyers. Once the financial transactions are complete and confirmed, the keys are released, and the new Edmonton piece of real estate is yours.
Why You Need a Real Estate Agent
For many people, buying new homes Edmonton may be a great move, but it is not an easy one. From deciding to own a home, getting a mortgage, and visiting homes for sale to making the buying decision and writing offers, it is a long and tiring process. Therefore, things can easily get out of hand, and you end up losing thousands of dollars in the process.
As such, you need a qualified real estate agent to guide you every step of the way and help you avoid fatal mistakes and errors. With our team, we have some of the best real estate agents in Edmonton. Our goal is to deliver excellence and value to our customers in their quest to own a brand-new dream home.
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<a href="https://www.bestedmontonrealestate.com/central-edmonton/">Search Central Edmonton Homes and Condos</a>2021-03-14T09:33:00-07:002021-03-14T09:58:40-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:10816How to Declutter Your Edmonton Condo<img src="https://assets.site-static.com/userfiles/573/image/Declutter_Edmonton_Condo.jpg" width="500" height="334" alt="Declutter Edmonton Condo" title="Declutter Edmonton Condo" class="img_box_left" style="float: left; margin: 3px; border: 2px solid black;" />Living in a cluttered condo can be an overwhelming experience, which is why you need to declutter. And looking at the amount of junk lying around in your home, you probably think that is easier said than done.
Well, it doesn’t have to be; using the following tips, you can get your condo to feel big again in no time. But before you start, let us look at the benefits you’ll enjoy after you declutter your Edmonton Condo.
Benefits of Decluttering Your Edmonton Condo
· Boost productivity- When one is surrounded by clutter, it can be quite difficult to focus. You will find it difficult to completely ignore all the mess at the periphery of your vision, and this split attention eventually results in reduced productivity.
Nonetheless, everything changes once you declutter. With a clean and organized environment, your concentration levels will increase, and with it, your productivity and creativity.
· Your Edmonton condo becomes easier to clean- Since decluttering involves getting rid of what you don’t need, you always end up with fewer things to clean. It also means you have less stuff to maneuver around, making it easy to access every nook and crack you want to clean in your condo.
· Get rid of allergens- Allergens like pet hair, dust, and pollen will quickly accumulate in a cluttered condo, which explains why you’re always sneezing. As you get rid of all the unwanted things in your home, you will also be removing the dust and pollen that might have settled. It also means improved airflow in your condo, improving the conditions of any residents with allergies or asthma.
· Find missing things- If a ghost didn’t steal them, items mysteriously disappearing in your condo could be explained by the amount of junk you have lying around. When you declutter, you are most likely to rediscover the important items you considered lost and gone. Therefore, you won’t have to repurchase some things or stress over a lost item of personal significance.
· Reduced Stress- Nobody wants to live in a cluttered home. You always worry about how you’ll clean your house, moving around is an inconvenience, your senses are overloaded, and having over can be outright embarrassing. But once you declutter, you break free of all these shackles. Your home feels calm again, your senses are free, and you can comfortably invite visitors for a meal or two.
· You sleep better- Once decluttering returns your peace of mind and confidence, you can now sleep better in your home. Also, clutter around the bed area can disrupt your sleep patterns by filling your mind with anxious thoughts. Once you get rid of these, you can now have a comfortable, good night’s sleep.
· Saves you money- Once you declutter, you have a sense of what you actually need and are thus able to avoid making unnecessary purchases. Sometimes, you will even have enough valuable junk to make some quick cash through garage sales, car boot sales, or on eBay.
These are just but a few of the benefits you will enjoy once you get rid of all the stuff crowding your <a href="https://www.bestedmontonrealestate.com/edmonton-condos/">Edmonton condo</a>. Now that you’re motivated to declutter your space let us talk about how you can go about it.
1. Take it a little at a time
If you have an overly cluttered condo, forget about ripping through your items all at once but rather think things through and take them slow. Many home design experts agree trying to do it all in one big swoop will probably create more of a mess and leave you stressed.
So, try to take it a space at a time. You can start with a corner of your living room today, another corner tomorrow, your bedroom the next day; just take it slow. By decluttering small areas of your home, the whole process feels manageable, and things fall into perspective. Over time, you will have a tidy Edmonton condo without feeling exhausted or making costly mistakes.
2. Set goals
As you plan to declutter your E<a href="https://www.bestedmontonrealestate.com/edmonton-condos/">dmonton condo</a>, set a goal for each session.
3. Create a decluttering checklist
Even as you slowly purge parts of your Edmonton condo, don’t let it be spontaneous. Create a decluttering list around the specific area of your apartment you are cleaning out. This means you have a broad idea of what to take out even before you start decluttering, rather than having to make a keep-or-not decision for every item you encounter as you declutter.
As you work through a particular room, check items off your list as you go.
4. Ask for help from friends and family
If you want to finish decluttering your Edmonton condo in a short period or just want some moral support, you can always ask those close to you to chip in. It can be a fun way to go about freeing up space and catch up while also giving each other some home care advice.
5. Use the 4-container method
This method is an extremely effective technique when it comes to decluttering an Edmonton condo. It is quite simple; you get four boxes and label them under the following categories
· Trash- In this box, you will put everything you do not need, but it is also not worth selling or donating. Things like worn out clothing and irreparable items fit in this category.
· Give away or sell- This box will include everything you don’t need but feel can be of use to someone else. Therefore, you can either donate them or get some quick cash from garage sales or eBay ads.
· Storage- This box fits items that you don’t need at the moment but may need at a future date or don’t want to part with. A good example is out-of-season clothing. Make a good inventory of these items, so you don’t forget where to find them when you need them.
· Put away- The final box will include items that you need and use on a regular basis. There shouldn’t be a lot of things as you have to ensure that you have adequate space for each. Therefore, assess and reassess your essential items and try to come up with a practical storage solution if your Edmonton condo lacks enough space to fit all.
6. Manage your Paperwork
Paperwork makes for the messiest look in a cluttered condo, and if you’re working from home, it is always piling up. Therefore, you need to manage it. You can start by setting aside a day to sort mail and shred unnecessary paperwork in your Edmonton condo. You can also switch to paperless billing and unsubscribe from all the catalogues and mailing lists you no longer find interesting.
7. Use the 90-day rule
This rule works well when you are caught between keeping a particular item or disposing of it. It is simple; keep it for 90 days and if you haven’t used it by then, get rid of it. Ninety days may seem like a long time, and if you are likely to forget about your pledge, you can select a timeframe that best describes your usage habits and stick by it. That way, you will get rid of items you are convinced you don’t need.
8. Manage duplicate items
Chances are, you have a lot of similar things taking up valuable space in your Edmonton condo. If you only ever need five coffee cups, why would you want to keep 10? Get rid of the surplus cups and free up some space in your kitchen cabinet. The same applies to all other small items that you need but seem to have too many of them. Keep enough for you or your family, a couple more for the occasional guest, and dispose of the rest.
9. If it can fold
Some home items can easily be folded and tucked away to avoid taking up space. While this mostly applies to clothed items, it can also be the case for furniture. If you have a table that takes up too much space, you can either sell or donate it and get a folding one in its place. The same applies to your home office space and kids’ stuff; get folding furniture that can be stored away easily when not in use. That way, you will reduce the amount of clutter in your home.
10. Embrace multifunctional items
Why have two different items when one of them can serve both purposes effectively? To save space in your Edmonton condo, use multifunctional furniture like tables with drawers or a sofa that can also be used as a bed if your room is too small.
11. The one in, one out rule
One in, one out is an excellent minimalist rule that comes in handy in decluttering a condo. The idea behind it is that for every new item you bring into your home, you must take out another. It works so that there is a constant number of items in your house throughout.
To make the most out of the one in, one out rule, pair similar items. For instance, when you buy a new handbag, you can donate or sell an old one. The same goes for a pair of shoes, or trousers, socks, and t-shirts.
Nonetheless, it will require a lot of discipline and works best when combined with other ways of decluttering your Edmonton condo. You can also so it such that more items leave your home than they come in.
12. The ‘clean as you go’ strategy
This means that you get rid of clutter as soon as it comes up in your Edmonton condo; sort your mail the day it is delivered and remove extra stuff the moment it appears.
13. Set aside a clutter spot
Rather than leave your clutter where it appears, designate a corner or space in your Edmonton condo where you store away the items you don’t need. This will not only give your home an organized look it will also make it easier to get rid of any unwanted stuff when the time comes.
14. Use ‘before and after photos
If your Edmonton condo was too crowded before you started, it can be hard to track any progress. Thus, you can lose your morale and beat this. One way to beat this is by taking photos before you start and others after the session is over. By comparing the two sets of photos, you will be able to track your progress and keep your spirits up.
Another excellent way to keep your morale high as you declutter is to design a reward system. Once you have made noticeable progress, give yourself a small reward for the hard work.
15. Hire a professional
Last but not least, you can always hire a pro to help you declutter your Edmonton condo. This works well if you are unable to spare time to do the work by yourself. The good thing about having a professional is that they will not only leave your condo cleaner but may also implement excellent storage solutions that will help reduce cluttering in the future.
Once is Not Enough
Although all the listed methods are an effective way to declutter your Edmonton condo, the results are not forever. Therefore, you need to take some measures to ensure you don’t have to go through large-scale decluttering again. Here is what you can do to preserve your home space.
· Identify whatever personal habits bring clutter to your Edmonton condo and try to change or at least minimize. For instance, if your mess comes from too much shopping, avoid visiting malls and online stalls unless you absolutely need what you want to buy.
· Set aside some day of the week to clean your home and get rid of whatever little unnecessary items you find.
· Regularly donate stuff you don’t use or sell them.
Also, Rome wasn’t built in a day, so remember to be patient in your quest for more space in your Edmonton condo.
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<a href="https://www.bestedmontonrealestate.com/st-albert/">St. Albert Real Estate Homes & Condos For Sale</a>2021-03-03T11:12:00-07:002021-03-03T12:06:15-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:11154Edmonton Real Estate Statistics - February 2021“The Edmonton market in February saw a significant increase in year-over-year residential unit sales as well as month-to-month sales,” says REALTOR®S®® Association of Edmonton Chair Tom Shearer. “There have also been more sales of single-family homes, condos and duplexes compared to February of last year as well as last month. The high level of activity we have seen in February is uncharacteristic for this time of year. We are witnessing a very strong market.”
<img src="https://assets.site-static.com/userfiles/573/image/Edmonton_Real_Estate_Stats_February_2021.jpg" width="800" height="1132" alt="Edmonton Real Estate Stats February 2021" title="Edmonton Real Estate Stats February 2021" style="vertical-align: middle;" /><br /><br /><a href="https://www.bestedmontonrealestate.com/edmonton-relocation-guide/">Edmonton Relocation Guide</a>
<a href="https://www.bestedmontonrealestate.com/foreclosure-homes/">Edmonton Homes Foreclosure</a> 2021-03-02T15:15:00-07:002021-04-25T15:00:04-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:11153Edmonton Real Estate Statistics - January 2021“The Edmonton market in January saw an increase in year-over-year residential unit sales as well as month-to-month sales,” says REALTOR®S®® Association of Edmonton Chair Tom Shearer. “There have also been more sales of single-family homes, condos and duplexes compared to January of last year, while we’ve seen an increase in month over month sales for single-family homes and condos and a decrease in duplex rowhouse sales. We are encouraged to see this kind of activity at the start of the year, which is typically a slower time in the real estate market, and especially in the current economic climate.”
<img src="https://assets.site-static.com/userfiles/573/image/Edmonton_Real_Estate_Stats_January_2021.jpg" width="800" height="1132" alt="Edmonton Real Estate Stats January 2021" title="Edmonton Real Estate Stats January 2021" style="vertical-align: middle;" /><br /><br /><a href="https://www.bestedmontonrealestate.com/southwest-edmonton/">Southwest Edmonton Homes & Condos For Sale</a>
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<a href="https://www.bestedmontonrealestate.com/edmonton-luxury-homes/">Edmonton Luxury Homes & Condos For Sale</a>2021-02-02T14:56:00-07:002021-04-25T14:14:59-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:10544The Mortgage Approval Process for Home Buying in Edmonton<img src="https://assets.site-static.com/userfiles/573/image/Mortgage_Approval_Process.jpg" width="800" height="1132" alt="Edmonton Mortgage Approval Process" title="Edmonton Mortgage Approval Process" style="vertical-align: middle;" />
Home buying can be the most exciting experience of your life. But unless you’re one of the country’s wealthiest few and have the luxury of paying for a home upfront — you’ll need to apply for a mortgage.
To make the mortgage approval process as smooth as possible, do your research, pay attention to the details, and always get help from a professional.
What Is a Mortgage?
A mortgage is a fancy word to describe a bank loan designed for purchasing a property. The properties could be residential (homes) or commercial (office buildings, small businesses).
The key differences between a regular bank loan and a mortgage loan depend on your region’s tax laws and which type of property you’re buying. Today, we’ll focus exclusively on residential properties.
But first, here’s a quick video on the mortgage approval process:
Getting Pre-Approved for a Mortgage
When you or your real estate agent finds the home you want, the mortgage approval process will eventually turn to the subject of payment.
Here’s the good news. You can submit a mortgage application to get pre-approved through your lender before your real estate agent finds your dream home.
This means you can present your mortgage approval to the seller upfront and get into your new home without delay.
However, mortgage pre-approval is not as simple as going to the bank and asking for money. The bank will need to make sure you qualify before it pre-approves you for the dollar amount you need.
Every bank or credit union is a little different, so meet with your preferred financial institution first to find out what they need. But generally, every mortgage broker will require the following for mortgage pre-approval:
A good credit score
Proof of employment
Proof of collateral/assets
A background check
Your Credit Score
Every working adult in Canada has a credit score issued by <a href="https://www.equifax.com/personal/" target="_blank">Equifax</a> and <a href="https://www.transunion.com/" target="_blank">TransUnion</a>.
These credit bureaus compile your score by collecting financial information (with your permission) from every financial institution you’ve ever dealt with — banks, credit unions, credit card companies, and even retail stores that offer credit cards.
When you meet with a mortgage broker for a mortgage application, your credit score is almost always the first thing they will check.
In Canada, your credit will range somewhere between 300 and 900 points. The higher the score, the more likely you are to get pre-approved. If your score is 749 or higher, mortgage pre-approval is nearly guaranteed.
Proof of Employment
When applying for mortgage pre-approval, you’ll also need to provide proof of employment. With this proof, the mortgage broker is looking for two things: income level and stability.
Income Level
A home costs money; a lot of money. A mortgage broker will want to know that you make enough money through your job or business to afford to make monthly payments without falling behind.
No mortgage broker will issue a mortgage approval to somebody who is unemployed with no job prospects.
Stability
Making a good salary or owning a profitable business is one thing. A lender will also want to know that you can generate income consistently.
If you’ve started a decent-paying job only within the last month, a lender will be cautious about the approval process because you haven’t yet demonstrated you can hold a job. There’s no way around this point.
Proof of Collateral/Assets
Beyond proof that you can generate income, a lender will want to know that you have something to give if you should run into trouble with your business or job.
Everyone understands that sometimes, a home buyer can run into a rough financial patch. That might be layoffs at work or a business closing unexpectedly.
If a challenging financial situation should arise, the lender will want to know you have money stored in assets or big-ticket items you can sell, such as a trailer or a boat, to keep up on your mortgage payments.
Background Check
A background check is not mandatory, but it’s common among most lenders. Depending on the lender’s policies, a mortgage approval or pre-approval could be denied if the applicant has a criminal history.
Ensure you check with your lender about their policies regarding background checks before entering the approval process. If the lender’s policies don’t line up with your record, checking first will save you time and you can instead find a lender that will work with you.
What’s in a Mortgage?
Once you’ve been pre-approved for a mortgage, the next step in completing the process is settling on the down payment, the mortgage rates of interest, and the length of the mortgage. Because this is a financial calculation, all three factors affect each other.
For example, a large down payment means a smaller mortgage, reflecting a smaller monthly mortgage payment or a shorter mortgage life. Let’s break down the options.
The Down Payment
The down payment is the amount of money you pay upfront when you complete the mortgage application. The more you can put towards the down payment, the less you’ll have to pay off over the life of the mortgage loan.
Also, the down payment size will dictate whether or not you need mandatory mortgage loan insurance.
In Canada, if you provide a down payment above 5% of the mortgage amount but less than 20%, you will be required to pay for mortgage loan insurance through the Canadian Mortgage and Housing Corporation (CMHC).
It’s in your best interest to make a down payment of 20% or higher. However, that’s not possible for everyone, so there are options available to you. But keep in mind those options will cost you more in the long run.
The Mortgage Rates
Mortgage rates and the life of the mortgage are linked together through a direct relationship.
The shorter the life of the mortgage, the lower the mortgage rates.
The longer the life of the mortgage, the higher the mortgage rates.
A lender is there to help you through the process of securing the funds to buy a home — but the lender still needs to make money. The mortgage rate is lower on shorter life mortgages because the monthly payment will be higher.
A long-life mortgage, say 30 years, will have a higher mortgage rate because, not only will the monthly payments be less, but the lender assumes there is a higher risk of loan default.
Also, mortgage rates fluctuate from day to day, so keep a close watch on the real estate market. Wait to secure a mortgage when the rates are as low as possible.
The Length of the Mortgage
A lender will typically agree to a mortgage life between 15 and 30 years. The longer the life, the more interest you’ll pay over the life of the mortgage. As with any loan, the sooner you can pay it off, the better.
What’s the Right Mix of Interest Rate, Down Payment, and Mortgage Life?
The right mix is the one that yields the monthly payment you can afford. A reputable real estate agent will say that you never want to be “house rich, cash poor”. That saying means you should reserve income to provide for your family’s expenses such as food, bills, and credit card payments.
Don’t pour all your finances into getting the biggest and best home.
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-right-mix-interest-rate.jpg" style="border: 1px solid #ccc;" width="700" height="400" /><br />Source: <a href="https://pixabay.com/photos/calculator-pink-office-desk-4201244/" target="_blank" rel="nofollow noopener noreferrer">Pixabay</a> by <a href="https://pixabay.com/users/kimgo-4244150/" target="_blank" rel="nofollow noopener noreferrer">KimGo</a>
When you include other factors such as bank-to-bank differences, loan consolidation, closing costs and tax credits, the calculations can get complicated. That’s why it’s always best to seek the help of a professional.
Where to Find Help
Thankfully, the staff at <a href="https://www.bestedmontonrealestate.com/">Best Edmonton Real Estate</a> are trained experts in walking you through every step of securing the funds you need. From filling out the mortgage application to finding a lender to work with you who will guide you through the entire mortgage approval process.
Before you start looking for a home, speak with the professionals at <a href="https://www.bestedmontonrealestate.com/">Best Edmonton Real Estate</a>. We’ll put together a plan of action that will get you the home you want — as quickly and painlessly as possible.
Featured Image: <a href="https://pixabay.com/photos/edmonton-city-downtown-urban-3398085/" target="_blank" rel="noopener noreferrer nofollow">Pixabay</a> by <a href="https://pixabay.com/users/bcl869-2479037/" target="_blank" rel="noopener noreferrer nofollow">bcl869</a>2021-01-18T03:24:00-07:002021-07-26T12:06:15-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:10683Edmonton Real Estate Statistics - December 2020“The Edmonton market in December saw an increase in year-over-year unit sales, compared to a decrease in month-to-month sales,” says REALTOR®S®® Association of Edmonton Chair Tom Shearer. “There have also been more sales of single-family homes, condos and duplexes compared to December of last year, while we’ve seen decreasing month over month sales in all markets, which is typical for this time of year.
Overall, all residential listings averaged 58 days on market, decreasing by 11 days year-over-year and increasing by 4 days compared to the previous month.
<img src="https://assets.site-static.com/userfiles/573/image/Edmonton_Real_Estate_Stats_December_2020.jpg" width="800" height="1132" alt="Edmonton Real Estate Stats December 2020" title="Edmonton Real Estate Stats December 2020" style="vertical-align: middle;" /><br /><br /><a href="https://www.bestedmontonrealestate.com/edmonton-neighbourhoods/">Search Edmonton Homes</a>
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<a href="https://www.bestedmontonrealestate.com/glenora/">Glenora Homes & Condos For Sale</a>2021-01-04T12:48:00-07:002021-02-08T14:52:54-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:10056The Cost of Hiring an Electrician in Edmonton<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-electrician-in-edmonton.jpg" alt="Male electrician works in a switchboard with an electrical connecting cab" width="795" height="480" />
Doing your own minor repairs around the house is a great way to save money and learn new skills.
As a homeowner, you want the opportunity to put some love into your house with your own two hands.
So, go ahead and beam with pride after conquering a clogged toilet or cleaning out the gutters.
However, there are some areas where doing it yourself might not be such a good idea.
Electrical repair? Yep, that’s definitely on the no-DIY list.
Fortunately for you, you can hire an expert for those critical tasks.
Electricians in Canada know their way around a circuit breaker. They’ve gained their expertise through extensive training and apprenticeship.
All so that you don’t have to get electrocuted while trying to snip a wire.
<a href="https://www.bestedmontonrealestate.com/">Best Edmonton Real Estate</a> is here to keep you informed. As your local real estate experts, we enjoy lending a hand on all of the issues related to your home buying or selling experience.
So, if you’re home buying/selling or living in Edmonton, let’s have a look at the costs of hiring an electrician.
But first: a quick primer on how electricians typically charge for their services.
How Do Electricians Calculate an Invoice?
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-electricians-calculate-invoice.jpg" alt="24-7 Professional electrical services tools for Edmonton AB and St. Albert" width="700" height="400" /><br />Source: <a href="https://unsplash.com/photos/knxuAKpRoxs" target="_blank" rel="nofollow noopener noreferrer">Unsplash</a> by <a href="https://unsplash.com/@cbpsc1" target="_blank" rel="nofollow noopener noreferrer">Clint Patterson</a>
Professional electrical work is quite specialized. Electricians are highly trained experts in a rather dangerous field.
To each job site, they bring significant skills, experience, and safety protocols.
The work that an electrician does typically cannot be performed by other contractors.
So, high quality electrical services don’t run cheap.
The hourly cost for residential and commercial professional electrical services in Canada is between $65 and $130. The average cost per project is between $205 and $646.
A number of factors will affect the final price. Rates differ depending on an electrician’s license type – this may also influence the rate for the first hour of work.
Hourly Rates for Electrical Services in Edmonton
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-hourly-rates-electrical-services.jpg" alt="Professional electrical service, commercial electrical services, and electricians in Edmonton" width="700" height="400" /><br />Source: <a href="https://pxhere.com/en/photo/705049" target="_blank" rel="nofollow noopener noreferrer">Pxhere</a>
Here’s a look at the hourly rates you can expect to pay for electrical services in Edmonton and elsewhere in Canada:
Electrician License Type
Rate: First Hour
Rate: Hourly Average
Master Electrician
195+
129
Journeyman Electrician
84+
71
Electrician Apprentice
84+
51
Source: <a href="https://homestars.com/cost-guides/electricians-cost/" target="_blank rel=" noopener="" noreferrer="" nofollow="">HomeStars</a>
You’ll most likely be charged for the cost of supplies, such as wires or light fixtures. Travel expenses will often be added to your bill as well.
Some electrical jobs involve extra challenges, skills, or hazards. For example, running new wiring through finished walls isn’t easy. More complex or difficult jobs often involve higher rates or extra charges.
Courtesy of <a href="https://homestars.com/cost-guides/electricians-cost/" target="_blank rel=" noopener="" noreferrer="" nofollow="">HomeStars</a>, here’s a look at some typical price ranges to expect for common services to electrical items:
Ceiling fan installation or repair — $65-260
Electrical breaker servicing — $130-200
Outlet, switch, and socket installation or repair — $195-325
Light fixture installation or repair — $195-972
Attic fan installation or repair — $260-520
Generator servicing — $325-1,296
Smart home equipment installation — $518-2,500
Home wiring — $700-972
Need 24/7 electrical services? Well, rates can be substantially hiked on evenings, weekends, and holidays.
Review this <a href="https://homestars.com/cost-guides/electricians-cost/" target="_blank rel=" noopener="" noreferrer="" nofollow="">guide to electrical service costs in Canada</a> for more information.
Remember to be an informed consumer. Before calling an electrician or any other contractor, always know what <a href="https://www.bestedmontonrealestate.com/blog/questions-to-ask-a-contractor-when-discussing-renovation-plans/">questions to ask</a>.
Your opening discussion should cover the electrician’s qualifications and payment process. They can also let you know if your plans and budget are realistic.
Here are some helpful questions you might want to ask your electrician:
What is your license type? What training and experience do you have?
What is your payment schedule?
How do you clean up the job site and keep my property safe while you work?
Is my budget realistic?
Do you provide a written contract?
This is good information to gather from any contractor. Most electrical service professionals will be well prepared to answer all of your questions.
Finding an Electrical Services Provider in Edmonton
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-finding-electrical-services.jpg" alt="Residential and commercial electrical services, customer service, and electricians in Edmonton, AB and St. Albert" width="700" height="468" /><br />Source: <a href="https://pxhere.com/en/photo/1448655" target="_blank" rel="nofollow noopener noreferrer">Pxhere</a>
There’s no shortage of electricians in Edmonton.
From Best in Edmonton, here’s a list of <a href="https://www.bestinedmonton.com/best-electricians-edmonton/">The 16 Best Electricians in Edmonton</a>. Expect high quality customer service from your electrician in Edmonton when working off of this list.
There’s always lots of activity in Edmonton’s real estate market — just check our <a href="https://www.bestedmontonrealestate.com/blog/?page=1">blog</a> for the most current stats.
Therefore, residential and commercial electricians in Edmonton are well versed in providing electrical services to property buyers and sellers.
Now, let’s discuss when it’s appropriate to get in touch with an electrician.
When Do I Need to Hire an Electrician?
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-hire-electrician.jpg" alt="24/7 professional electrical services materials for a residential and commercial electrician in Edmonton AB and St. Albert " width="700" height="400" /><br />Source: <a href="https://pixabay.com/photos/electrician-wiring-installation-3273340/" target="_blank" rel="nofollow noopener noreferrer">Pixabay</a> by <a href="https://pixabay.com/users/sid74-4893366/" target="_blank" rel="nofollow noopener noreferrer">Sid74</a>
You should contact an electrician to address any major concerns or upgrades to your home’s electrical wiring.
Residential electrical wiring is complex. And dangerous. Electricians understand how to plan, install, and maintain these systems.
Need some assurance? Well, electricians in Canada apprentice for at least 9,000 hours before <a href="https://careertrend.com/how-5036061-become-licensed-electrician-canada.html" target="_blank rel=" noopener="" noreferrer="" nofollow="">earning their license</a>.
Here are some specific reasons to get in touch with a professional electrical contractor:
Adding new light sockets — an electrician can handle the installation.
Your light sockets aren’t working — an electrician will diagnose and fix the problem.
A tripping circuit breaker — it might be overloaded. Or, there might be a problem with a wire or an appliance. An electrician can investigate.
Your landline phone isn’t working — an electrician can test the line and figure out what’s wrong.
Sparking, flickering lights, or odors coming from outlets — these are red flags for serious electrical hazards that an electrician can fix.
Heat around switch plates or outlets — this is another red flag you should call an electrician for. There shouldn’t be excessive heat emanating from around your electrical infrastructure.
Overuse of extension cords or power strips — most of your wiring should be located behind the walls. So, an electrician can help you rearrange your wiring if you’re overusing extension cords or power strips.
You’re buying or selling a home — we’ll discuss electrical home inspections below.
Electrical Safety Inspections for Real Estate Transactions
Are you buying or selling a home? Then you already know that inspections are critical for understanding what shape the home is in.
Inspections confirm a home’s good condition. Or they reveal issues that aren’t readily apparent.
Electrical safety inspections are one of the most important electrical services provided by an electrician.
These are especially important if you’re considering buying an older home.
All wires and other electrical components degrade over time. That means that a hidden expense could be around the corner. Or, worse, a safety hazard.
An electrical safety inspection will let you know if there are any electrical concerns you need to address.
A proper inspection will:
Check for any electrical shock risks.
Identify any overused fuses or breakers that may be causing a fire hazard.
Check for issues related to <a href="https://www.jadelearning.com/blog/grounding-versus-bonding-part-1/" target="_blank rel=" noopener="" noreferrer="" nofollow="">grounding and bonding</a>.
Identify problems with the arrangement of the wiring system.
Reveal any degraded wires or wiring components.
Confirm that none of the electrical circuits are overloaded.
As a prospective home buyer, your inspection will help you feel confident that you’ve found the right place.
A positive report from the electrician is like a clean bill of health from your doctor.
Taking a proactive approach to electrical concerns provides peace of mind. It can also prevent larger unforeseen expenses down the road.
Your Home Base for Moving House in Edmonton
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-home-base-house-edmonton.jpg" alt="Electrical service and electricians for commercial electrical work in Edmonton, Alberta (Edmonton AB) " width="700" height="400" /><br />Source: <a href="https://www.pexels.com/photo/white-wooden-cupboards-2724749/" target="_blank" rel="nofollow noopener noreferrer">Pexels</a> by <a href="https://www.pexels.com/@markmccammon" target="_blank" rel="nofollow noopener noreferrer">Mark McCammon</a>
We hope this guide helped you in understanding electrical services costs in Edmonton.
Services for electrical needs aren’t cheap. But, this is not an area where you want to cut corners.
The services of a trusted electrician are invaluable. Especially when you’re considering purchasing a new home.
For other topics related to home improvement in Edmonton, the Best Edmonton Real Estate team has you covered in our <a href="https://www.bestedmontonrealestate.com/blog/?page=1">blog</a>.
We’re also your destination for information on <a href="https://www.bestedmontonrealestate.com/buying/">buying</a> and <a href="https://www.bestedmontonrealestate.com/selling/">selling</a> a home in Edmonton.
Real Estate Transactions in Edmonton
Are you in the market to buy a new home?
Browse over 1,500 single family homes and condos in the Edmonton area <a href="https://www.bestedmontonrealestate.com/house-or-condos/">here</a>.
Don’t try to go it alone.
Connecting with a real estate agent will get you access to all of the listings in your area. The agent will also have all the facts that you need about a particular property.
And, of course, with an agent, you’ll get your home financed more quickly than you would on your own.
Are you hoping to sell your current home?
A real estate agent will customize a marketing plan designed just for you.
Your agent will spread the word about your property. They’ll connect you to potential buyers from inside and outside of your region.
An agent will also complete and file all your paperwork.
Plus, your negotiations will yield better outcomes when you’re working with an agent.
<a href="https://www.bestedmontonrealestate.com/contact/">Contact</a> our real estate agent team today to get started.
Featured Image: <a href="https://www.freepik.com/free-photo/male-electrician-works-switchboard-with-electrical-connecting-cab_8828895.htm" target="_blank" rel="noopener noreferrer nofollow">Freepik</a> by <a href="https://www.freepik.com/pvproductions" target="_blank" rel="noopener noreferrer nofollow">pvproductions</a>2021-01-03T09:09:00-07:002021-09-11T06:41:44-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:10006The Only Moving Checklist You Need in Edmonton<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-edmonton-moving-checklist.jpg" alt="Woman moving and using boxes" width="795" height="480" />
Moving is a lot of work. If you’ve already found <a href="https://www.bestedmontonrealestate.com/buying/">your new home in Edmonton</a>, then you’re entering a busy time as you prepare for your move.
We’ve got you covered. Welcome to the only moving checklist you need for a smooth and low-stress move.
We’ve organized the process into week-by-week steps to make sure you stay on task.
Move to:
<a href="https://www.bestedmontonrealestate.com/#6-8-weeks">6 to 8 Weeks Prior to Your Move</a>
<a href="https://www.bestedmontonrealestate.com/#4-weeks">4 Weeks Prior to Your Move</a>
<a href="https://www.bestedmontonrealestate.com/#2-weeks">2 Weeks Prior to Your Move</a>
<a href="https://www.bestedmontonrealestate.com/#1-week">1 Week Prior to Your Move</a>
<a href="https://www.bestedmontonrealestate.com/#day-before-move">The Day Before Your Move</a>
<a href="https://www.bestedmontonrealestate.com/#moving-day">Moving Day</a>
Moving Checklist
Here’s our moving checklist of everything that you must do, starting eight weeks before your moving date.
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-moving-checklist.jpg" alt="moving checklist calendar" width="700" height="400" /><br />Source: <a href="https://unsplash.com/photos/18mUXUS8ksI" target="_blank" rel="nofollow noopener noreferrer">Unsplash</a> by <a href="https://unsplash.com/@jazminantoinette" target="_blank" rel="nofollow noopener noreferrer">Jazmin Quaynor</a>
<a href="https://www.bestedmontonrealestate.com/#6-8-weeks-prior">6 to 8 Weeks Prior</a><a id="6-8-weeks"></a><br /><img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-icon-6-8-weeks-prior.png" width="160" height="175" />
Stroll through the house and make lists of:
What to keep
What to donate
What to sell
Make a budget for your estimated moving costs
<a href="https://www.bestedmontonrealestate.com/#4-weeks-prior">4 Weeks Prior</a><a id="4-weeks"></a><br /><img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-icon-4-weeks-prior.png" width="160" height="175" />
Print your moving checklist
Find and book your movers
Purchase packing supplies
Start packing
Purchase insurance
Make a moving plan for your pets
<a href="https://www.bestedmontonrealestate.com/#2-weeks-prior">2 Weeks Prior</a><a id="2-weeks"></a><br /><img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-icon-2-weeks-prior.png" width="160" height="175" />
Check furniture sizes to make sure that the pieces will fit in your new place
If your current home and/or new place needs cleaning before departing/arriving, book a service
Will you need time off work? Submit a request
Inform any contacts who need to know that you’re moving
Make arrangements for utility connections at the new home
Cut down on new food purchases and start using or discarding the food you currently have
Gather your important moving paperwork into an organized folder
<a href="https://www.bestedmontonrealestate.com/#1-week-prior">1 Week Prior</a><a id="1-week"></a><br /><img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-icon-1-week-prior.png" width="160" height="175" />
Finish your packing other than items you’ll need during your last week before the move
Prepare a personal bag for the day of the move
<a href="https://www.bestedmontonrealestate.com/#the-day-before-moving-day">The Day Before Moving Day</a><a id="day-before-move"></a><br /><img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-icon-day-before.png" width="160" height="175" />
Confirm date and time of move with your movers
Pick up the keys to your new home or arrange to meet landlord/agent there on moving day
Disassemble furniture and unplug/disconnect appliances
<a href="https://www.bestedmontonrealestate.com/#moving-days">Moving Day</a><a id="moving-day"></a><br /><img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-icon-moving-day.png" width="160" height="175" />
Greet the movers and help them get started
Walk through your current home to make sure nothing was left behind
Supervise the unloading at your new place
Confirm the movers are done with their work, then pay and thank them
Clean the floors and surfaces before arranging furniture
Unpack large items and set up your furniture
Introduce yourself to your nearest neighbors
Enjoy the feeling of being in a new home!
What Are the Steps to Moving House?
Let’s get into all the tasks, big and small, for your move.
6 to 8 Weeks Prior to Your Move
Take a stroll through your home. Open every cabinet, look behind the couch, and so on. Have your notebook and pen in hand — it’s time to make some lists.
Decide What to Keep, Donate, Sell, and Discard
If you don’t tackle this task early, it’ll drive you crazy at the last minute. Most people are surprised to learn how much stuff they have.
Make lists that divide up your possessions into groups:
Items you’ll take to your new address.
Items to sell – For the few items worth the hassle of selling, <a href="https://www.facebook.com/marketplace/">Facebook Marketplace</a> and <a href="https://edmonton.craigslist.org/">Craigslist</a> are your best bets.
Items to dispose of — Look into recycling and disposal rules for electronics and hazardous liquids.
Items to donate -– This is a great time to send some unwanted, lightly used items to a second-hand store.
These groups will become to-do lists, as you tackle packing up and getting rid of your items in the weeks to come.
Create a Budget
Create a budget to form a rough idea of your total moving costs.
Consider all the costs associated with:
Hiring movers
Cleaning your current and/or new house
New furniture, appliances, and other items for the new home
Pet care
Utility connections and start-up fees
Of course, these expenses only relate to the move itself. If you’re still working through your real estate transactions, review our guides for <a href="https://www.bestedmontonrealestate.com/buying/">buyers</a> and <a href="https://www.bestedmontonrealestate.com/selling/">sellers</a>.
4 Weeks Prior to Your Move
Find a Moving Company
Unless you’re planning a DIY move, get a moving company.
There are lots of moving companies in Alberta. Browse some online reviews to see who you’ll trust handling your possessions.
Check out a list of the <a href="https://www.mymovingreviews.com/canada/alberta-movers-ab-62">best movers in Alberta</a> to find a larger, well-known company.
Get a written estimate and ensure you understand the terms and charges.
The mover should visit your home for the estimate; a phone call really doesn’t cut it. Be aware that movers aren’t allowed to charge you more than 110 percent of the estimate they originally provided.
Give the movers a detailed inventory of what you’ll need moved. That way, they can provide an accurate quote.
The average <a href="https://homestars.com/cost-guides/moving-cost/" target="_blank">cost of moving</a> is around $200-700 for a one-bedroom apartment or $700-$1,300 for a three-bedroom home.
Your base cost will depend on hours, the number of workers needed, fuel, and travel time. Rates will be higher on weekends and holidays.
Thinking about a<a href="https://www.canadamoving.com/do-it-yourself-moving/" target="_blank"> DIY move</a>? You’ll likely need a moving truck or van, and maybe a storage container.
You can rent a vehicle from a car rental company or a moving company. With a standard Class 5 Driver’s License in Alberta, you can operate any two-axle vehicle and tow a trailer.
Your vehicle provider may also rent you other items needed for a DIY move, such as:
Trollies
Moving Blankets
Straps and Ropes
<a href="https://dolly.com/blog/moving-hacks-using-moving-blankets-straps-rope/" target="_blank">Using these properly</a> will help you move safely and efficiently.
Purchase Packing Supplies
Pick up some packing paper, tape, boxes, and bubble wrap. Your moving company may be able to supply you with <a href="https://www.marthastewart.com/1113994/moving-essential-packing-supplies" target="_blank">essential packing items</a>, or you can shop at an office supply or home improvement store.
Pack Your Belongings
It’s time to pack. Start with things you won’t need in the next few weeks. We’re talking about seasonal clothing, special occasion flatware, and the odds and ends lining the back of your closet.
Pack your valuables separately. These might include artwork, jewelry, and things with sentimental value. Photograph them before packing them up. That way, their current condition is documented in case any damage occurs during moving.
Check out some useful packing tips for <a href="https://moving.tips/packing-tips/how-to-pack-valuables/" target="_blank">valuables</a> and <a href="https://focusmoving.com/9-tips-packing-fragile-items/" target="_blank">fragile items</a>. It’s wise to carry some of these with you personally rather than send them with the movers.
Mark boxes that contain fragile items and let the movers know to handle them carefully.
There are some items that movers won’t transport, due to law or standard policy. These rules can be stricter for interstate travel. Prohibited items include:
Motor oil
Gasoline
Paints
Fireworks
Poisons, such as weed killer
Car batteries
Plan to move these items yourself or safely dispose of them ahead of time. Check with your mover to see what their prohibited items checklist includes. Get the basics <a href="https://highlevelmovers.ca/the-list-of-items-prohibited-by-moving-companies/" target="_blank">here</a>.
Maintain Insurance Coverage
Consider your insurance needs as they change with your move – home, contents, and car.
Contact your insurers to provide them with your new address.
Discuss any new insurance needs, such as those that may have shifted due to your new location. These could include removing or adding parts of your policy based on regional concerns such as security or natural disasters.
Make Moving Plans for Pets
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-make-moving-plans-pets.jpg" alt="get free moving tips for pet care in your moving house checklist" width="700" height="400" /><br />Source: <a href="https://www.pexels.com/photo/short-coated-black-and-brown-puppy-in-white-and-red-polka-dot-ceramic-mug-on-green-field-39317/" target="_blank" rel="nofollow noopener noreferrer">Pexels</a> by <a href="https://www.pexels.com/@pixabay" target="_blank" rel="nofollow noopener noreferrer">Pixabay</a>
You might need a plan for your pets if it won’t work to have them with you during the move.
Pet sitting websites like <a href="https://www.care.com/en-ca/profiles/pet-care" target="_blank">Care</a> and <a href="https://www.rover.com/ca/edmonton--ab--pet-sitting/" target="_blank">Rover</a> can connect you to a local sitter. Those platforms are useful when you just need a few hours of care.
If you’re new to the area, find a new vet. It’s best to do this before you need veterinary care. That way, you’re ready for an emergency.
2 Weeks Prior to Your Move
Make Sure Your Furniture Fits in Your New Home
Call your movers and confirm your plans.
Determine who will dismantle and reassemble your furniture — you or the movers. See what level of service your movers cover.
If you have furniture assembly needs that your movers won’t cover, ask them for a referral. Some handymen/women specialize in furniture assembly for Ikea furniture or other niche assembly needs.
Consider whether you’ll need any temporary or permanent <a href="https://movingwaldo.ca/local-storage/best-storage-units-in-edmonton/" target="_blank">storage</a>.
Can your largest items fit inside your new home? Make sure to:
Measure the dimensions of any large or oddly-shaped items, such as couches or dressers.
Measure the tight spaces, such as doorways and stairways.
Chat with your movers about which items will be most difficult to transport.
Sweep, Scrub, Mop
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-sweeep-scrub-mop.jpg" alt="cleaning house to get through your moving checklist" width="700" height="400" /><br />Source: <a href="https://www.pexels.com/photo/crop-woman-dusting-lamp-during-housework-4239031/" target="_blank" rel="nofollow noopener noreferrer">Pexels</a> by <a href="https://www.pexels.com/@karolina-grabowska" target="_blank" rel="nofollow noopener noreferrer">Karolina Grabowska</a>
Get started on some deep cleaning in your current home.
Discuss your maintenance obligations with the landlord or real estate agent. Plan for professional cleaning if needed.
Notify Contacts of Your Move
<a href="https://www.canada.ca/en/government/change-address.html" target="_blank">Update your address</a> with the government agencies that serve you. Then change your listed address with your:
Driver’s license and vehicle registration
Family and friends
Mail subscriptions
Bank
Employer
Electoral District
Then set up post office <a href="https://www.canadapost.ca/cpc/en/personal/receiving/manage-mail/mail-forwarding.page" target="_blank">mail forwarding</a> through Canada Post.
Arrange Utility Service and Installations
Arrange an end of service with the utility providers for your current address. Confirm your obligations for returning any hardware.
Schedule utility connections for your new residence. Be sure to get all major utilities turned on by moving day so that you don’t have to spend any time without essential services.
Organize Key Paperwork and Schedule Time off Work
Set up a moving house folder. Use it for all of your important papers like your moving checklist, lease agreement, and movers’ contract. Label the folder clearly.
Also, organize all of your important non-moving documents in a safe place. Avoid misplacing anything essential, such as:
Birth certificates
Passports
Financial, legal, and medical records
Will you need time off work to handle moving tasks? Submit your request now, with two weeks’ notice.
Use Up Your Perishable Foods
Start working through your frozen and perishable foods. Slow down purchasing new food.
Make a meal plan for the next two weeks. Gather some recipes that can utilize what you already have in your fridge, freezer, and cabinets.
1 Week Prior to Your Move
Finish the Packing Process
You want to have all of the household packing done before the big day. Have everything boxed, with lids sealed.
Don’t forget about your laundry. Collect any laundry, dry cleaning, or tailored items that you have out in shops. Get everything cleaned so you aren’t moving dirty laundry.
Return library books and any borrowed or rented items. Make sure that any service contracts like landscaping or newspaper delivery have been concluded or transferred.
Prepare one personal bag per family member. In it, stash a change of clothing, toiletries, phone charger, and other items that you’ll need during or right before moving.
The Day Before Your Move
Confirm the Day and Time with Your Movers
Time for a day-before check-in with the movers, to confirm your:
Appointment time
Cost and payment method
Mobile phone contact number
Obtain Your New Keys
Collect your new house keys from your landlord or agent. Or make a plan to meet them at your new address on the day of the move.
Confirm with any responsible parties that the new home is clean and ready for your arrival.
Disconnect and Dismantle Appliances and Furniture
Disassemble any remaining furniture. Place brackets, screws, etc. in labeled ziplock bags. Take photos as you dismantle so you have a guide when you reassemble.
Deep clean your appliances and disconnect the ones you’re done using. Defrost and clean your freezer. Turn off the hot water.
Moving Day
It’s here, at last!
Consult your day-of moving checklist:
In the Old Home
Welcome the movers to their job site and give them a tour. For a DIY move, pick up your truck or van.
Politely observe the movers while they load the truck, keeping an eye out for damage. For a DIY move, carefully start your loading.
Clean up the floors and surfaces as each room is cleared out. Photograph the empty room for proof of good condition.
Take a final walkthrough, making sure nothing is left behind. Lock the doors and windows.
In the New Home
Politely observe and supervise the movers as they unload the truck. Get items moved directly to the rooms where they’ll be placed.
Pay, thank, and tip the movers after confirming they’ve finished.
Clean up floors and surfaces before arranging your furniture.
Keep an eye out for damaged items. If you encounter any, photograph them and contact the movers.
Introduce yourself to your nearest neighbors. No need to delay, do this on day one and start building your new community.
Breathe a sigh of relief and enjoy your new home!
You Can Do This!
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-you-can-do-this.jpg" alt="moving checklist and free moving tips" width="700" height="400" /><br />Source: <a href="https://www.pexels.com/photo/woman-in-grey-shirt-holding-brown-cardboard-box-761999/" target="_blank" rel="nofollow noopener noreferrer">Pexels</a> by <a href="https://www.pexels.com/@olly" target="_blank" rel="nofollow noopener noreferrer">Andrea Piacquadio</a>
Moving is a challenge. But, if you stay organized and don’t procrastinate, you’ll have a smooth transition.
We hope this moving checklist helps. Be sure to peruse our blog for other topics related to your move, like <a href="https://www.bestedmontonrealestate.com/blog/answers-to-the-most-common-mortgage-questions/">answers to your mortgage questions</a> and <a href="https://www.bestedmontonrealestate.com/blog/what-you-should-know-before-renting-your-home-on-airbnb/">what you should know before listing your address</a> on Airbnb.
And if you’re still considering your move or real estate transaction, we’ve got you covered. <a href="https://www.bestedmontonrealestate.com/">Best Edmonton Real Estate</a> is the top online hub for home buyers and sellers.
<a href="https://www.bestedmontonrealestate.com/contact/">Contact us</a> today to get started with your move.
Featured Image: <a href="https://www.freepik.com/free-photo/woman-moving-using-boxes_8819136.htm" target="_blank" rel="noopener noreferrer nofollow">Freepik</a> by <a href="https://www.freepik.com/prostooleh" target="_blank" rel="noopener noreferrer nofollow">prostooleh</a>2020-12-18T08:38:00-07:002023-06-17T11:01:48-07:00Gerard Hagantag:bestedmontonrealestate.com,2012-09-20:9903What to Know About Edmonton Condos for Sale: Condominium Insurance<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-edmonton-condos-for-sale.jpg" width="795" height="480" />
After months spent planning your finances, visiting condos for sale in Edmonton, and talking to real estate agents, you've finally zeroed in on the condominium of your dreams. All you need to do now is purchase insurance to keep your dream home safe.
If you are wondering whether you should spend money insuring your condominium, our answer, as experienced real estate professionals who are members of the REALTOR®S® Association of Edmonton, is yes.
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-REALTOR®S®-city.jpg" alt="MLS®" width="700" height="309" /><br />Source: <a href="https://commons.wikimedia.org/wiki/File:Downtown-Skyline-Edmonton-Alberta-Canada-02-2.jpg" target="_blank" rel="nofollow noopener noreferrer">wikimedia.org</a>
Why Should You Purchase Condominium Insurance?
Purchasing individual condominium insurance is not a legal requirement in Edmonton. However, every bank will require you to have it in place, before financing your <a href="https://www.bestedmontonrealestate.com/blog/answers-to-the-most-common-mortgage-questions/">mortgage</a>. In most cases, there are some minimum coverage requirements.
The bank would want to know if the insurance protects your personal property, provides liability coverage if someone is injured in your unit, and covers the cost of any customizations to your unit.
Technically, you do not need insurance if you are not taking out a mortgage to buy a condo in Edmonton. But it is prudent to have it nonetheless. That way, you’re covered against unforeseen losses and you’ll protect your investments as well as future earnings.
But, What About the Condo Corporation's Insurance?
You might be wondering what’s the point of getting separate insurance for your residence in Edmonton because you are already paying a periodic maintenance fee to the condo association which includes insurance charges.
Your condo association in Edmonton will most likely have a master insurance policy that protects the bare bones of the building. It will also cover the common areas including amenities like the gym, swimming pool, etc. But, it won’t cover your personal belongings, furnishings, appliances, etc that are inside your condo unit.
Of late, depending on the property type, some new listings of condos for sale in Edmonton have been providing more comprehensive insurance that protects some basic items in the units as well. The list includes carpets, standardized kitchen appliances, internal walls, etc.
You can find out the details of the insurance the association has, and buy your own accordingly to cover the items that are not protected. You can also <a href="https://www.bestedmontonrealestate.com/contact/">reach out to our team</a> of experienced real estate professionals, who will be happy to help you.
How Does Condo Insurance Help?
Individual condo insurance helps cover a lot more than just the contents of your new residential unit in Edmonton. Let’s take a look at how condo insurance can help you.
Renovations
Many people who <a href="https://edmontonglobal.ca/quality-of-life/" target="_blank">move to Edmonton</a> and buy new condos spend a substantial amount of money in making renovations and upgrades to the basic builder model. They personalize their living space by installing furniture, kitchen tops, and appliances of their choice.
The majority of condos for sale in Edmonton do not have master insurance covering these customizations. So if the fancy fridge and the latest dishwasher you installed get damaged in a mishap, it is your insurance that will bail you out.
Protection for Contents
You will most likely be installing furniture and appliances in your new condo in Edmonton. You are also likely to own personal gadgets and jewelry. Individual condo insurance will cover you against the destruction, damage, or loss of any of these belongings.
Some condo insurances also protect your belongings if they are kept in storage or removed from the property temporarily. For example, if you take your laptop on a holiday trip and it gets stolen from your hotel room, such an insurance policy will cover the loss.
Accidental Damages and Expenses
Individual condo insurances will help you bear the expenses in case of major damages caused by water or fire. It will pay for any expenses you incur if you have to move out of the premises while your condo undergoes repairs. This includes hotel tariffs, food bills, condo association fees, etc.
Third-Party Liability
If the plumber or handyman gets injured while carrying out repairs inside your condo unit in Edmonton and decides to sue you for damages, your insurance will help you pay for the lawsuit. It will also help you pay for the injured person’s medical bills and cover their loss of earnings.
Moreover, it will cater for any inadvertent damage you might cause to somebody, their property, or their belongings. For instance, if you bump into a neighbour’s car by mistake while backing out of your driveway, good insurance will help you pay for the repairs.
Common Elements Loss
Condo associations in Edmonton cover damages and liabilities occurring in the common areas of the property. But, if the bills run too high, they may end up dividing to cost between the condo owners to offset their losses. Your insurance will help you pay your share.
It will also help cover expenses in case you cause any damage to the common property. Say, if your plumbing springs a leak and the water floods your neighbour’s house, the association might need you to pay for repairs. You will be glad to have bought insurance at that point.
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-common-element-loss.jpg" alt="MLS®" style="border: 1px solid #ccc;" width="439" height="285" /><br />Source: <a href="https://globalnews.ca/news/6363998/alberta-condo-owners-insurance-deductible-changes/" target="_blank" rel="nofollow noopener noreferrer">globalnews.ca</a>
Ask the association about the details of their master insurance when you are checking out new Edmonton condos on the market. They can provide you with their insurance paperwork which will help you purchase the appropriate individual coverage.
You can also direct your queries to us. As members of CREA (Canadian Real Estate Association), we will be happy to answer any question regarding new condo purchase in Edmonton.
Types of Condo Insurance in Edmonton
Condo insurances in Edmonton and everywhere else can be divided into a few broad categories depending upon the kind and extent of coverage they offer. Let’s take a look.
Comprehensive policy: This kind of condo insurance is the most expensive and provides the broadest range of coverage. It protects your home and all its contents from all kinds of risks, except --
Optional risks: These contingencies are not accounted for in normal condo insurance policies. You need to purchase coverage for such situations at an additional cost. Sewer backup and earthquake damages fall under this category.
Uninsurable risks: This factor comes into play if you are purchasing a condo in a part of Edmonton that is predisposed to any risk. For example, if you buy a new condo in a flood-prone area, you can’t claim water damages from flooding.
Basic policy: As the name suggests, this kind of condo insurance covers you against damages sustained due to reasons specifically mentioned in the paperwork. It is also your cheapest insurance option.
Broad policy: This is mid-range condo insurance both in terms of coverage and price. These policies generally provide comprehensive cover for your structural unit and basic coverage for the contents in it.
No frills policy: This is a custom-made policy for condos in Edmonton that do not meet standard insurance criteria. They are offered only by select insurance companies and generally do not apply to new properties.
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-residential-statistics.jpg" alt="MLS®" style="border: 1px solid #ccc;" width="700" height="411" /><br />Source: <a href="https://REALTOR®S®ofedmonton.com/WEB/Documents/pdf/MonthlyStatsBoard_2020_December_2.pdf" target="_blank" rel="nofollow noopener noreferrer">REALTOR®S®ofedmonton.com</a>
According to the <a href="https://REALTOR®S®ofedmonton.com/web/RAE_Public/Market_Stats/Monthly%20Market%20Statistics/RAE_Public/Market_Statistics/Monthly_Market_Stats.aspx" target="_blank">latest statistics</a> from the REALTOR®S® Association of Edmonton, condominiums in the area sold for an average price of $230,688 in November 2020. On the other hand, depending on the kind of cover, condo insurances cost between $27 and $33 per month.
This is a small expense to ensure you are protected in case one of the biggest investments of your life -- a condo in Edmonton -- is subject to any unforeseen mishap.
Why Choose Us
Purchasing a new condo in Edmonton and the adequate insurance coverage involves a lot of major decisions. Even the brightest of minds need help with the process, which is why we are here.
<img src="https://assets.site-static.com/userfiles/573/image/bestedmontonrealestate-why-choose-us.jpg" alt="MLS®" width="700" height="400" /><br />Source: <a href="https://www.bestedmontonrealestate.com/property-search/10205-114-avenue-edmonton-ab-t5g-3e8/13778803_spid/">Central Edmonton Condos</a>
We can help you:
Navigate through the mountains of paperwork involving complex legalese, mortgage rules, insurance details, etc.
Find your dream home faster, thanks to our up-to-date knowledge of the Edmonton real estate market and a <a href="https://corporatefinanceinstitute.com/resources/knowledge/other/multiple-listing-service-MLS®/" target="_blank">multiple listing service</a> (MLS®).
Decide on a budget for your insurance and the type of cover to purchase.
When you choose to work with us, we keep your best interest in mind. We provide you with guaranteed accurate <a href="https://www.bestedmontonrealestate.com/blog/choosing-the-right-property/">listings</a>, help you find a good condo in Edmonton, and assist you till the finalization of the purchase.
Featured Image: <a href="https://www.freepik.com/free-photo/happy-young-couple-broker-manager-handshaking-after-signing-contract_3938446.htm" target="_blank" rel="noopener noreferrer nofollow">Freepik</a> by <a href="https://www.freepik.com/yanalya" target="_blank" rel="noopener noreferrer nofollow">yanalya</a>2020-12-11T22:00:00-07:002021-01-07T05:41:25-07:00Gerard Hagan