This Summer, Go on a Home Shopping Staycation

Since we likely won’t be venturing too far from home this summer due to COVID-19 restrictions, it’s the perfect time to go house shopping in Edmonton!

With tons of new homes on the market and more free time on your hands to scope out new properties, you’ll be able to find your dream home for a great price.

In this blog post, I touch on the advantages for homebuyers in the current real estate market and I give some tips to those who are selling their homes right now. 

Advantages For Homebuyers 

Low-Interest Rates 

For many people, buying a home is the largest expense they’ll ever make in their lives. So, it can be difficult to know when to commit to starting your buying journey. 

If you’ve been thinking of buying a home, now is the time to take advantage of the record low-interest rates available.

 

Want to find out your true affordability?  Don’t just use the online mortgage calculators.  Let me set you up with a great mortgage specialist at your bank (who only deals in mortgages), or a mortgage broker that can shop you around to find the best individual rate and term specifically for you.  

Great Selection of Homes 

With a flood of new properties hitting the market, searching for that place you’ll soon call home is easier than ever!

Right now, Edmonton homebuyers have the advantage of looking at a great selection of properties for sale in our city. Who knows? You might even find the perfect home in your dream neighbourhood! 

 

Tips for Home Sellers  

Curb Appeal 

One of the most important things to do when selling a home in a competitive market is to try and make your home stand out from the rest. An easy way to do this is to make the outside of your home look pristine. 

Before putting your house on the market, give your front yard a little TLC. Try pulling out some of those weeds, mowing your lawn, planting some flowers, or power washing your siding. 

Another great tip to brighten up your home’s curb appeal on a budget is to update your front door with a fresh coat of paint and new hardware. 

 

Eliminate Clutter 

In a crowded market, you want your home to appeal to as many buyers as possible. Buyers may not have the same style or taste as you, so it’s important to make the inside of your home as generic and simplistic as possible. 

You can de-personalize your home by removing clutter and decorative items, taking down family photos, and painting the walls in neutral colours. Let your home be a blank canvas for a buyer to transform into their dream home!

Are you looking to buy or sell a home in the Edmonton area? Contact me (Jeneen Marchant, Re/Max Real Estate) by phone: (780) 904-4240 or by email: jeneens@remax.net.

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction.
Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.

The Benefits of investing in Real Estate

There are many benefits to investing in real estate. One of the major benefits includes the ability to generate an income. When you invest in real estate, you decide what you do with your property. 

 

Although you will need to comply with provincial and municipal guidelines regarding the design and requirements of specific kinds of properties, when you decide to invest in real estate, you acquire greater control over your earning potential, as well as your schedule. 

 

Passive Income

A significant benefit of investing in real estate for the purpose of renting out the property is that it creates a consistent income that can cover the property’s mortgage and result in long-term financial stability. As a landlord, you can create a strategy which will enable you to obtain the funds to pay off your mortgage, save money for more investment properties, or use the cash flow for daily expenses. Choosing a respectful and reliable tenant to rent your property can help you secure your financial future and provide you with steady pay. 

 

Tax Deductions

Another benefit of purchasing a revenue property are the multiple expenses which are tax deductions; these can reduce the amount that you are required to pay in taxes. In Canada, you can receive a deduction in property-related expenses that include advertising services, legal and accounting fees, and maintenance-related expenditures. You can also declare property taxes and utility fees in order to obtain a tax reduction. These incentives help property owners save money and invest in their futures, including their retirement.  However, you also have to file any profit as revenue as capital gains also applies. 

To Flip or Not To Flip

Purchasing a property for the purpose of renovating and selling it (aka- “flipping”) can also be a lucrative investment. Not only is there potential to earn thousands of dollars in profit, but because this option does not involve a commitment after the project has been completed and a sale has been made, there is no need to worry about the long-term condition of the property or the responsibilities that go along with it, such as maintenance and prospective tenants. It can also be a way to acquire a larger sum of money more quickly than you would be able to while renting out a property.  But also be aware that you may have to pay capital gains tax on the revenue just like income tax for employment.

Although there are many benefits to investing in real estate, there can also be some disadvantages. Some of these disadvantages include the accumulation of repairs, expenses, unexpected problems with the property, the risk of renting out a property to challenging tenants, and paying capital gains on rental or sales revenue. If you are willing to invest the time, energy and money into creating and sustaining your property, however, there are many rewards that come with investing in real estate. It is important to carefully consider and choose the option that will work best for your budget and schedule.  

If you are considering a revenue property give me a call! I can help you find the right investment property! Jeneen Marchant, Re/Max Real Estate – (780) 904-4240

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction.
Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.

Is Real Estate a Good Investment?

Real estate is a good investment, but there are many things you should take into consideration. Investing in real estate is an important decision which requires a lot of time, effort, and resources.

What is your Real Estate Investment Goal?

 Tierra Mallorca https://www.tierra-mallorca.com/

By understanding your goals, budget, and the current real estate market, you can decide if now is the time to start investing in real estate. It’s always best to give yourself the time to determine whether it is an investment that you want to undertake. Like anything in life, there are pro’s and con’s to investing in real estate, but it is up to you to decide whether this is a venture that you want to take on. This article will help you make sense of the complex world of real estate and determine if it is something that you are interested in pursuing.

In cities across Canada, more and more people are interested in investing in real estate, because they see and understand the potential benefits of their investment. TV shows like Property Brothers and Flip or Flop have inspired many to invest in residential and commercial properties, restore them, and either rent or sell the property for turnover. But what are the potential benefits and consequences of investing in real estate? Is real estate a good investment, or is it an undertaking best left to professionals?

Real Estate Investing In Today’s Market

Edmonton’s real estate market has moved slowly so far this year due to the number of properties for sale and other factors like the federal mortgage stress test (which places limitations on the amount of money that potential homeowners can borrow to purchase a home). Though it may take time for Edmonton’s real estate market to recover, this does not mean that real estate is a bad investment. In fact, it is a great time to buy an investment property as you do have a ton of selection, prices have come down several percents over the last couple years, and mortgage rates are low.

Types Of Real Estate Investments

There are a variety of options where it relates to property ownership and deciding how to garner a profit from your investment.
Some investors choose to buy and flip a property, in which a property is purchased, renovated and sold to gain a profit.

Others choose to buy a property to be used as a rental. This is a common investment choice for people because they have the opportunity to have someone else down the mortgage, have equity grow over time, and pull in a bit of cash flow or monthly revenue.

There is even the option to own commercial properties like apartment buildings, commercial bays for rentals, and land. However, the type of financing and closing costs involved for a commercial purchase is vastly different than residential.

Deciding which options will work best for you will depend on several different factors such as how long you want to own the property for and what purpose you want the building to serve.

HOW TO CHOOSE A GOOD INVESTMENT PROPERTY

  1. Look for areas of the city that are growing.
    Population growth is a considerable factor in property investment. Look for areas in the city that are expanding.
  2. Invest in familiar areas
    Get to know the area you are thinking about investing in. You want to know your investment location as well as your own neighbourhood.
  3. Look for low vacancy areas
    When it comes to choosing an area to invest in, look for places with low vacancy rates. Investing in areas with a tight market, you can significantly increase your chances of finding the right renter quickly, and reduce the time between tenants.
  4. Think about the future
    It’s a great idea to find out what’s in the works in the area, so you can have an idea what the future looks like. It’s also a great idea to keep an eye on any residential developments that could be going up near amenities, such as schools and shopping hubs.
  5. Choose low-maintenance properties
    If you are looking to start investing and you don’t want to have to spend a lot of money in upgrades and renovations, look for a property that is ready to rent out immediately. However, be prepared to pay more for a fully finished home as someone else has built up the sweat equity getting it ready.
  6. Think about your tenants
    Choose a property that appeals to the people who are actively renting in that area; it will make it much more attractive. For example, a small apartment may be a more affordable rental property than a house, but if the local rental market is mostly families, your investment property might not be as appealing. Think about your tenant’s lifestyle… do they need parking, do they take public transit, etc.? This kind of questions should help when choosing a great investment property.

Bring in the professionals

I always suggest you speak to a professional Realtor (such as myself) when you are looking at an investment property. We can advise on which properties would be ideal for your investment portfolio. Want Market Information? Give me a call! (780) 904-4240