West Edmonton Homes For Sale: Why They’re Worth It

The broker recommends real estate insurance packages to clients.

West Edmonton has long held a reputation for being a family-friendly neighbourhood.

Residents of West Edmonton enjoy close proximity to the zoo, most major highways, and of course – the iconic West Edmonton Mall. Yet, many buyers may be cautious about pricing in the area – especially in the current market. The price points for homes for sale in West Edmonton tend to be moderate-to-high, especially in residential areas that primarily feature single-family homes. Additionally, the real estate market continues to move like lightning, with homes spending an average of only 25 days on the market before selling. This can feel like a lot of pressure, but that’s where the expertise of a REALTOR® helps! Let’s discuss how to determine whether West Edmonton is right for you

The broker recommends real estate insurance packages to clients.

About West Edmonton

Developed in the early 1900s, West Edmonton was a standalone village until 1917, when it was absorbed into the City of Edmonton. Primarily middle class, West Edmonton has plenty of new, modern neighbourhoods sprinkled amongst older neighbourhoods, many of which still feature the occasional pre-war home.  There are apartments and condos on the market currently, but single-family homes are the most common in West Edmonton.  From shopping to golfing, West Edmonton offers plenty of recreational options. Love the outdoors? Many of the homes for sale in West Edmonton feature close access to the Wedgewood Creek Ravine, which is full of parks and trails for the whole family to explore.

Budget Ranges In West Edmonton Communities

West Edmonton has a significant mix of neighbourhoods – there’s something for every budget! I’ve compiled a few touch points to get you started when looking for homes for sale in West Edmonton:

  • Under $350,000

Those looking for a modest price point for either rentals or single-family homes might consider West Edmonton subdivisions like Glastonbury, Belmead, Callingwood, and The Hamptons.  Quiet and family-oriented, these neighbourhoods feature plenty of public and private elementary schools, nearby daycares, and plenty of parks.

  • Under $550,000:

Prospective buyers with a more flexible budget may look to West Edmonton communities like Aldergrove, Lymburn, and Suder Green,  Primarily featuring single family structures or townhomes, these subdivisions all boast quiet, suburban streets with plenty of parks to enjoy. Both communities have a handful of elementary schools close by and a few local dining options to select from.

  • $750,000 and above:

Those with a robust budget may consider West Edmonton communities such as Jamieson Place, Oleskiw or Westridge. These neighbourhoods have close proximity to daycares, elementary schools, nearby grocery stores, and plenty of green areas to explore. Jamieson Place, in particular, is fairly close to a handful of secondary schools.  The more mature neighbourhoods also feature larger single-family structures, many with 4+ bedrooms – perfect for growing families!

Is West Edmonton Right For You?

With the help of an experienced REALTOR®, it’s absolutely possible to find your dream home in West Edmonton. While the price points for West Edmonton homes for sale may seem high in some areas, there is absolutely room for flexibility, and there are plenty of West Edmonton communities with more modest price points as well. When looking for homes for sale in West Edmonton, keep the following in mind:

  • Bedroom and bathroom requirements. This information is essential for your REALTOR® to find homes within your budget.
  • Whether you have school-aged children. We know that West Edmonton has an elementary school and a junior high school, so if you have children in those age groups – West Edmonton may be the choice for you!
  • Location requirements. Consider where you work, where you attend school or other activities, where your friends and extended family live, where your doctor’s office is, or even where you go to the gym.

Contact Jeneen Today

Want to learn more about the homes for sale in West Edmonton? I’m here to make the process as smooth as possible! I’m Jeneen, and as one of Edmonton’s top REALTORS®, I want to work with you to find your new dream house or make that upcoming home sale as smooth as possible. Contact Jeneen by phone at (780) 904-4240 or via email at jeneens@remax.net. 

jeneen-marchant

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.

What Are The Questions To Ask Before Investing In Real Estate?

Home sales brokers and real estate investors are exchanging with investors being filing cash

Investing in real estate can be incredibly lucrative, but it isn’t for the faint of heart. The time is now for you would-be house flippers or prospective rental property moguls as the winter months can mean the best deals.

While the potential for a high ROI is here, it’s important to approach real estate investment with a healthy dose of realism. With this realism in mind, let’s discuss the essential questions to ask before investing in real estate.

How much risk do I want to absorb?

There are three main ways to invest in real estate:

  • Purchase shares in a REIT or become an inactive investor’s partner. If you’ve got the know-how, these options are the easiest and most passive ways of investing in real estate. Returns are somewhat quicker and more streamlined, and there’s no on-the-ground work aside from a few hours of research and the occasional meeting. 
  • Rental Properties. Rental properties are much more hands-on, but if you find a good property in a good location with minimal repair requirements, you won’t wait long to see long-term ROI. Taking the time to find a good tenant is essential.
  • House Flipping Projects. House flipping is by far the most difficult real estate investment route, but it does have the highest ROI potential. Depending on the condition of the property at purchase, this can be a serious undertaking.

 

What are the risks of investing in real estate? 

If you decide to flip a property, there has to be a significant amount of work put in to ensure that it sells at a profit. Not only will you have to spend money on improvements and renovations, but the market also has to either stay the same or improve by the time you’re ready to sell – which is a gamble. You have to choose good finishings that will attract buyers and sell fast to minimize carrying costs.  

 

Rental properties may not be as labour intensive, but a good tenant can be difficult to find – and retain. Take your time screening tenants, check their employment status, social media accounts, and any other resource you can. This is not foolproof, but it can help to find a long-term tenant that pays rent on time.  

 

Many tenants prefer snow removal, lawn care, and other heavy-duty maintenance tasks included in their monthly rent. This is easy for a large rental corporation, but if you’re independently renting out your property – the costs can add up.   

 

Being an In-active, money only investor is a gamble the same way flipping is depending on the strategy used, the market at the time of sale, and numerous other factors.  You really have to research whether this option is right for you.

 

How do I find the right investment property?

When looking for houses for sale in St. Albert or Edmonton, it’s important to narrow down the neighbourhood you’d like your investment property to be in, as well as make notes of promising listings online.   

 

Additionally, crunching the numbers is the key to success. Whether you are flipping a home or buying a rental property, calculate the realistic income you’ll make from the property (either per year or as a whole), and subtract costs for taxes, maintenance, renovations, and other miscellaneous costs. Divide the number you arrive at with the market value of the home, and you’ll have your capitalization rate – which should hover between 4 and 6 percent in most cases, but some properties can even see cap rates 8%+.   

 

Note that while helpful, this is a very basic formula and should always be clarified and discussed with a REALTOR®.

 

Do I need a REALTOR® to invest in real estate?

While it is possible to successfully invest in real estate without a REALTOR®, it’s generally safer to work with one.   

 

For beginners and seasoned buyers/ investors alike, the real estate market can be unpredictable and daunting. A qualified REALTOR® will act in your best interests and will take care to identify the ideal properties and neighbourhoods, help secure pre-approval for financing, and answer questions as they arise. 

 

The Bottom Line

When it comes to looking at Edmonton homes for sale as investment properties, always consult with a REALTOR®. REALTOR®S®are knowledgeable about market trends and will be able to provide you with listings that reflect your investment goals.   

 

Whether you’re listing your recent flip or looking for your new investment property, I’m here to help! I’m Jeneen, and as one of Edmonton’s top REALTOR®S®, I want to work with you to find investment-worthy listings to diversify your portfolio! Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net.  

 

Summary

Investing in real estate can be incredibly lucrative, but it isn’t for the faint of heart. The time is now for you would-be house flippers or prospective rental property moguls as the winter months can mean the best deals.    How much risk do I want to absorb? While the potential for a high ROI is here, it’s important to approach real estate investment with a healthy dose of realism.    There are three main ways to invest in real estate:

  • Purchase shares in a REIT or become an inactive investor’s partner. If you’ve got the know-how, these options are the easiest and most passive ways of investing in real estate. Returns are somewhat quicker and more streamlined, and there’s no on-the-ground work aside from a few hours of research and the occasional meeting. 
  • Rental Properties. Rental properties are much more hands-on, but if you find a good property in a good location with minimal repair requirements, you won’t wait long to see long-term ROI. Taking the time to find a good tenant is essential.
  • House Flipping Projects. House flipping is by far the most difficult real estate investment route, but it does have the highest ROI potential. Depending on the condition of the property at purchase, this can be a serious undertaking.

These choices have clear risks so it’s important to consult with a REALTOR®. REALTORS® are knowledgeable about market trends and will be able to provide you with listings that reflect your investment goals.   

 

Whether you’re listing your recent flip or looking for your new investment property, I’m here to help! I’m Jeneen, and as one of Edmonton’s top REALTOR®S®, I want to work with you to find investment-worthy listings to diversify your portfolio!   Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net.

jeneen-marchant

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.

What to Know When Purchasing a Foreclosure

Real estate concept

When you’re buying a home, it can be tempting to look at foreclosure properties. They are often priced lower and you can find some great homes in areas you may not be able to afford otherwise. However, there are some things you need to know before you buy a foreclosure. 

 

You might not be getting the steal of a deal you think you are.

While the perception around buying a foreclosure has always been that you are getting a better deal, that doesn’t necessarily hold true anymore. 

 

Foreclosures typically occur when the lender (the bank) repossesses a home after the previous owners fail to pay their mortgage. Foreclosures can also occur as a result of a court ruling. In both scenarios, banks and the court system have an obligation to sell foreclosed properties for a fair market value. The market value of the home is typically determined by a realtor and a property appraiser. 

 

From my personal experience, the appraised value usually ends up being what the property is listed for, but it doesn’t always coincide with market value, meaning the property can be over or under-valued. 

 

At the moment, however, the current market could work in your favour. Read more about taking advantage of the spring housing market in my most recent blog post

Real estate concept

 

Bank sale vs Court-ordered

As mentioned, foreclosures can be a result of the bank’s decision or a court ruling, each of which will shape your experience when purchasing the property. 

 

Bank sales usually go a bit faster, as the bank is eager to sell the property and recuperate costs. Negotiations are handled by a bank employee using certain guidelines, meaning that it usually takes at most a few days to hear back with counteroffers. That doesn’t mean there isn’t the potential for delays, in some circumstances, offers can take longer due to legal red tape. 

 

Court-ordered sales are different. In the case of judicial foreclosures, a court date is set and a judge decides on the best price for the property from all of the offers submitted. This means your timeline is decided by the courts, and you may not even get to purchase the property. 

 

Be prepared to do a home inspection

When you are buying a home, you can typically make a property inspection a condition of the sale. However, foreclosures can often require that any offer submitted does not have conditions.  This means that you may be required to get an inspection, which can cost about $650, prior to even submitting an offer. Inspections will also give you a better idea of what the potential costs of fixing up the home may be. 

 

Additionally, just because it’s a foreclosure property doesn’t mean there won’t be competition. Paying for an inspection can be risky, as there could be others doing the same thing in preparation to purchasing the property. 

 

What you see is what you get, literally

With other properties, you may be able to negotiate for certain terms like a professional cleaning or items to be removed from the property like an old playset. Foreclosure properties are sold as-is, where is at the time of possession, leaving no room for these types of negotiations. If you by chance find a foreclosed property that is considered to be a steal deal, be prepared for that property to need (potentially costly) renovations. 

 

Want some renovation suggestions? I’ve got them for you here.

 

Additionally, if a seller or a tenant is living in the property prior to your possession date, there is always the risk that the property may not be in the same state that it was when you originally viewed or inspected the property. Unfortunately with foreclosure properties, you are responsible for whatever damages may have occurred, or whatever items are left on the property.

 

Overall, foreclosure properties can be an interesting option when purchasing a home. It is critical to have an experienced and knowledgeable realtor to walk you through the process and ensure that the property is right for you. 

 

Due to the many extra steps and potential risks involved with the purchase of foreclosure properties I am hesitant to recommend them for first-time home buyers. However, they can be great properties for investors to add to their portfolios, or for someone who isn’t afraid to do some (or a lot) of home renovations. 

 

Looking into foreclosure properties? Let me help you with that!

As one of Edmonton’s top REALTORS, I have the experience and knowledge necessary to guide you through the process of purchasing a foreclosure property.  Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net

jeneen-marchant

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.

This Summer, Go on a Home Shopping Staycation

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 home buyers in the Edmonton 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 home buyers 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 neighborhood! 

 

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.

jeneen-marchant

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

small-white-house
jeneen-marchant

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?

Edmonton Real Estate

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 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