If purchasing a home is one of your goals in the next few years, planning to save money for a down payment should be your top priority. In order to qualify for a mortgage in Canada, banks require a minimum of 5% of the sale price of a home. Depending on the price of the home you ultimately wish to purchase, this will necessitate accumulating a substantial sum of money.
Putting some thought into the amount you're willing to put down as a down payment is crucial; it will have a significant impact on the size of your mortgage payments. Naturally, a larger down payment will translate into smaller mortgage payments. Also, if you pay a down payment of 20% or more, you're not obligated to pay for mortgage default insurance, which can add anywhere from 1% to 3.5% of the principal amount.
Once you've calculated your ideal down payment amount, it's time to brainstorm...
Basement builders are seeing a rising popularity in ‘the man cave”. More basement renovations in Edmonton include transforming the home’s lower level into a room custom-built for recreation and though it’s named for the man in the house, it’s typically used by the whole family.
A man cave can provide a space for entertaining, socializing, relaxation and personal time. It can 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?
The resale value of a man cave at resale can go either way.
Basement renovations do have value and a decent return on investment, but a man...
For many people, Winter is the least favorite season. The roads are slippery, dressing up takes longer, and leisurely strolls to the local cafe become a hassle, especially when its 30 below with the windchill. And let's not forget having to put on those winter tires!
If you're seeking to get a great deal on a home, however, the winter season could be a blessing.
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.
Those wanting to sell their home in the new year will be met with some not-so-good news. With an excess of houses up for sale, the Edmonton housing market forecast hints at slower sales and lower prices.
According to real estate firm, Royal LePage, the median home price in Edmonton is expected to decrease 1.9 percent to $378,691 near the end of 2019.
The Realtor Association of Edmonton has come to a similar conclusion, showing single family homes sold for an average price of $421,715 in November. This is 4.55 percent lower than the previous year.
Condominium prices fared even worse, averaging at $218,443, a 6.07 percent...
Congratulations on the purchase of your new home! Now that you’ve unpacked all the boxes and set up your furniture how you like it, there are some easy home maintenance jobs you can do that will help improve your home’s energy efficiency and reduce your energy bills.
1. Seal the windows and doors.
Give all your windows and doors a visual inspection inside and outside of the home. If you’ve noticed any cracks or damaged seals, they could be allowing energy to escape. Your windows are the number one culprit for energy loss in the home, so you want to install new weather stripping and caulking right away. If your windows are noticeably warped, damaged or very old, you should contact some ...
Do you have a fondness for collecting, be it comic books, coins, sport memorabilia, shoes, or ninja weapons?
Stars Wars fans fork over insane amounts of money for anything even tangentially related to the Star Wars franchise. Basketball fans wait for hours, even camping out near stores, in order to get their hands on the the latest sneakers. Bibliophiles search far and wide to acquire rare and elusive first editions of iconic books.
Most people have at least one personal obsession they dedicate time and money to. The question is: Are you a collector or a hoarder?
The Characteristics Of A Collector
Collectors have a keen eye for what is valuable and worth procuring. They are passionate and dedicated, and ensure what they purchase is cared for and has some underlying purpose....
On Monday, October 7, new guidelines from Canada Mortgage and Housing Corp. (CMHC) came into effect that could make it easier for self-employed individuals to qualify for mortgage financing.
The changes apply to individuals who have put down a down payment of 20 percent or less, as well as all mortgages not already insured under the 20 percent down payment rule.
Under these new guidelines, lenders will be given more flexibility when it comes to providing mortgage financing for self-employed individuals. The options will allow them to assess a broader array of variables when determining self-employed individuals' qualification for a mortgage.
Prior to the changes, it was difficult for self-employed individuals to obtain mortgage financing. Some could not meet the qualifications at all, despite having adequate savings and low expenses, while others would be forced to seek out financing from alternative lenders, who would aptly charge them higher interest rates, due to their perception as being...
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! While this may seem like a monumental task, some shrewd and careful planning can make the process smoother than you think.
Assess Your Personal Financial Situation
Is it economically feasible for you to buy and sell a new home at the same time? 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
How To Find The Right Insurance For Your Condo
If you own a condo, there are a few things you need to know to keep yourself from the different risks that come from owning one. Although a condominium association covers different parts of the complex, you're still required to get separate home insurance.
Having building insurance policy is the best way to protect a condo building. A building insurance policy covers areas such as elevators, the lobby, and the gym. Building insurance only covers these areas and does not include the personal things owned by the condo owner. Also if you make improvements or cause damage to another unit, this insurance will not provide you with coverage.
After learning this, you now understand why it's important to get insurance for your condo. Although it's not something you have to get it provides you with protection from the different risks that come with owning a condo. Just like having home insurance having this type of coverage is required for the protection...
Drones: The New Way to Sell Real Estate
A great number of real estate companies are turning towards drones to sell their properties. Although this option is not authorized in every city of the world, Edmonton MLS has gained a lot of resources by using this flying device which shoots compelling photographs.
Reasons for Using Drones
While this option is still pretty new for many real estate agents selling Edmonton homes, it’s rapidly gaining popularity. Before, real estate agencies would use it to sell luxurious properties which needed a shot from every angle. Here are a couple of reasons why more and more companies felt the need to turn towards the use of drones:
- It beats ground-based photography – Try to compare a photograph of the front of a house with the dramatic angles provided by drones. You just can’t...
Have you ever heard the saying one bad apple spoils the whole barrel? Well it is wholly untrue and, unfortunately, the same stereotype exists in every profession, including the real estate business. There are those who conduct themselves unprofessionally in every industry and those are the ones that people tend to remember. Conversely, there are numerous Edmonton realtors that do their job and do it well – those that will get you the best return on your investment. Finding these types of agents is crucial to home buying and selling.
To help you identify who will help you and who will not, here are some potential hoodwinks you should to watch out for to ensure you find the right Edmonton realtor for you.
The Imaginary Buyer
A common gimmick that some realtors use is the imaginary buyer. It involves receiving...
Anyone who is familiar with the Art of War will know that military deception can be a key to success, in particular, diversion tactics. If a commander is outnumbered in warfare, creating a diversion can be what decides the outcome. Create a diversion, then, while the enemy is distracted, attack. Home buying during the holiday season is very similar, the only difference being the diversion is already provided. While everyone else is busy marveling at lights and eating copious amounts of sugar, you can slip in and snag yourself a pretty great gift – the home that you want at a great price.
Home buying during the holidays gives you, the buyer, an advantage in the Edmonton Real Estate market....
Energy efficiency is a topic of particular importance to modern consumers. As more consensus is reached regarding how humanity’s actions affect the planet’s climate, it has become clearer to more people that environmentally conscious efforts are the best way to move forward. Here are some of the top technologies and methods to boosting the energy efficiency in your home.
1. Smart Home Technology
Many new smart appliances and other home tech (including temperature control systems) have the ability to link to mobile devices. This allows homeowners to monitor their energy output with real-time data. Some smart appliances even have the ability to pair with smart thermostats like Nest, which can monitor who is in the home and what is in use, adjusting energy use of devices and ...
So, you’ve decided to renovate your outdated kitchen in the hopes of improving their property value and accelerating your sale. You’ve always wanted to try out customized, concrete countertops, and are 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 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.
When renovating or updating, Edmonton home owners often choose concrete countertops because of the versatility and customizability they provide. Unlike granite, marble, or laminate, which come in more or less preset...
For Karen Becker, the sale of her home in the Southwest Edmonton neighbourhood of Skyrattler will be the end to an almost year-long saga. More than three years ago, Becker bought a 1980s-built house in the mature, treed neighbourhood with the intention of coming within inches — the width of the house’s external walls — of tearing it down. But, instead of demolishing the four-level split, 1,400-square-foot home, she hired contractors to strip it down to the studs, turf the popcorn ceilings and start over.
“It was an opportunity to build a house in a mature area without having to start right from zero. It was fun — it was something you want to do once in your life, and that’s good enough,” explains Becker.
Located on a tree-lined street and featuring an easy-to-landscape yard and quick access to Blackmud Ravine, Becker’s house should have sold quickly. Undertaking a large renovation to this attractive home was supposed to...
Prices in the Edmonton and Area market remain stable. For people looking to sell this is a good thing. Because the inventory is still high it remains a “Buyer’s Market”. So Seller’s definitely needed to price their homes correctly or find creative ways of generating traffic to get the price for their home.
When choosing the type of property you want to purchase there are many factors that come into to play. Most often they include price, but for a lot of people they also include lifestyle, family, location, pets and even privacy. This infographic helps breakdown those choices. If you have any questions, or need help choosing the right property for you and your family feel free to let us know.
Edmonton home buyers who are waiting for the market the market to bottom out before they buy a home will have to wait a little longer. Edmonton-area home prices rose slightly in March compared to the same month last year despite Alberta’s economic downturn, Realtors Association of Edmonton figures show Sale prices have dropped during the economic downturn which means Sellers have to price their home aggressively and accordingly.
Right now every community has a large number of homes to choose from, so if you’re in the market for a home or condo as a Buyer you definitely have the upper hand. If you have any questions in regards to the Edmonton and Area real estate market feel free to let us know, firstname.lastname@example.org
Mortgages are not a subject we learn about in high school, although I wish they were.
Credit, interest rates and qualifying for a mortgage are all things that will greatly affect your lifestyle going forward. Some hear about them through friends, family or the Internet.
My concern with this is the mortgage market is a changing and evolving model and it can be a challenge to ensure you’re getting accurate information.
We have mortgage specialist that have been working in the mortgage industry for over 30 years and are still learning new things every day. That being said, there a few mortgage “myths” I hear regularly that I want to take to time to clear up, as I think the more you know about the biggest debt of your life, the better!
You can get a mortgage even if you have a low credit score: Your credit score is only a small piece of the mortgage approval puzzle. In addition to income, down payment, assets and property details, a potential lender will also closely view your credit report, which includes...
Residential inventory in Edmonton & surrounding areas saw another increase in February, surpassing 6,000 listings on the market, ending the month with 6,681 properties for sale on the MLS System. If you are in the market or thinking of purchasing a home this presents a great opportunity for you to buy.
Despite this inventory growth, prices have moderated only slightly compared to last year, so home owners and sellers can maintain some confidence that housing prices are remaining stable.