The Do’s and Don’ts on Buying Investment Properties

residential street with 3 single family homes single garage

It’s no secret that investing in real estate can benefit you financially by allowing you to generate passive income.  This is done through positive cash flow either by purchasing properties to “flip”, or by purchasing properties to rent out to others. Before you get started though, I’ve got a list of do’s and don’ts when it comes to buying investment properties.

What is an Investment Property? 

First things first, what is an investment property? According to Investopedia, “an investment property is a real estate property purchased with the intention of earning a return on the investment either through rental income, the future resale of the property, or both.”

Investment properties can be long-term or short-term investments. 

Buying a  “flip” is purchasing a property in order to update/ remodel it, and ideally sell it for a profit; this is considered to be a short-term investment.

Buying a property to rent out to tenants is considered to be a long-term investment.  Yes it will take a 20% down payment, but after that, the tenants are paying down your mortgage over time.  Once the mortgage is paid down after a few years, you can even refinance to get money back in order to buy more investment properties.

Thinking about buying an investment property? Here are some do’s and don’ts to consider first.

modern interior shot of home with light brown leather couch and green walls

Do: Consider the Real Estate Market

It is easy to get so over-excited about the prospect of taking on an investment property that you forget to consider important external factors. Before you make any concrete decisions, it is important to consider the real estate market.

When shopping for an investment property, you need to consider if there is a high demand for houses or if there is a surplus of houses available.  High demand could mean that you have to act very fast and pay a bit more for a flip, but the returns when it is renovated could be worth it.

Conversely, if there is a surplus, consider why that surplus exists. Is it due to economic fluctuations, shifting rules surrounding mortgage approval, or is it due to the current interest rates? A surplus is not a bad thing as it can actually mean that you can buy a property for cheaper.  However, be careful as it is a fine line between a good price and a salable flipping property.

You should consider these same elements if you are looking to buy a property to rent out. Is there a surplus of rental properties, or are they in high demand? Is the area where you are considering purchasing in also high demand for renters?  If there is high demand, you may be paying more for a property, BUT this could mean that the cash flow is also higher.

Don’t: Immediately Seek out a foreclosure

It may be tempting to check out foreclosures when considering investment properties as they are thought to be priced lower.  However, banks and judicial foreclosures come with some hidden costs that aren’t immediately apparent. 

As I’ve previously discussed, there are a few things you need to know before purchasing a foreclosure. Foreclosure properties can come with hidden costs in the form of buying the property “as is, where” upon possession. Yes, you can sometimes have a property inspection done before buying, but not always.  Finding more issues than expected, major problems, or a property needing significant repairs can eat away at the renovation budget or mean a significant additional investment into the property during the flip or before renting it. 

Additional costs can also occur if you need to sanitize the property if mold is found, abate asbestos, or if you need to clear out garbage and debris left behind.  When you buy a foreclosure, what you see is what you get, which can include anything that’s been left behind. 

Do: Consider the Cost of Materials

If you are thinking of purchasing a foreclosure property, it is important to look into the cost of the materials and resources you will need to complete that renovation. Depending on the economy and the demand for specific goods, those materials could cost more than you were expecting (like lumber currently), so it is important to consider if the budget you have set aside for renovations will cover all that you need it too with the cost of materials and labour.

Don’t: Forget to Consider the Area You are Buying In

Sometimes properties come onto the market that seems like a steal of a deal for what you would be getting. Sometimes that can be contributed to the area they are in. Some areas are not good for rentals as they are isolated, far away from amenities, and require a vehicle to get into due to limited transit options. Or for flips, these properties are simply in an area that is considered old or undesirable by first-time buyers and seasoned homeowners. Some areas may have reasonably priced housing, but costly property taxes. 

Therefore, it is very important to consider which area of Edmonton you are buying your investment property in, and what aspects of these neighbourhoods potential buyers may be attracted to or repelled by.

Do: Know the Different Types of Properties

highrise apartment

Don’t marry yourself to a particular property type before you even begin looking for your investment property. Take the time to research all of the different options, such as condos, townhouses, single-family homes, and multi-family homes. 

Additionally, consider what types of properties are in demand and which better fit your property needs. Condos can be great rental properties, especially if they are located in desirable areas such as in the downtown core or close to the Universities. Single and multi-family houses can make better investment properties for remodels or “flips”, especially if they are located close to desirable amenities such as parks, schools, or recreation centers.

Don’t: Forget to Plan

It is no secret that the real estate market is steady right now. For many Edmontonians, this is the perfect time to buy a home or sell their current home. It is important not to be tempted to buy a property just because the market is appealing. You must have a solid plan as to what you would like to do with the property and if you have the time necessary to execute any plans you do have.

In terms of buying a property to remodel and sell, it is important to take advantage of the market while it is beneficial for you and you can make a significant return on your investment. That means you need to have a strategic plan of action for purchasing and remodeling the property promptly while also ensuring the quality of the renovations. 

Purchasing a property before you have a plan can lead to your cash flowing investment property into becoming a money pit.

Are you ready to purchase your first investment property? Make sure you are working with a real estate agent you can trust. 

As one of Edmonton’s top REALTORS, I have the experience and the knowledge to help you find the perfect investment property, and to help you sell it! Contact Jeneen 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.

Five Excellent Options For Your Real Estate Investment

real estate investments options

If you’re looking for your next investment opportunity, the real estate market has a lot to offer.

When you invest in property, you have a strong chance of making a great return on your investment and, the best part is, you don’t necessarily need to have hundreds of thousands of dollars at your disposal to get started. Here are five excellent options to consider if you are interested in investing in real estate.

1. Buy a Rental Property

Buying a property and renting it out to tenants on a long-term basis is a great way to build wealth and generate a steady stream of passive income at the same time. However, this option will require some work on your end and extra costs can come up while you own the property.

Owning a rental property means you’ll have to find the right tenants for the property, manage their lease, and manage any issues that come up during their rental term. For example, if something breaks it’s up to you to get it repaired in a timely manner. 

You’ll also need a reserve fund for unexpected costs like repairs or vacancies. 

2. Buy a Vacation Rental Property

Investing in a vacation property and renting it out to tenants on a short-term basis has similar benefits to buying a long-term rental property. In fact, you may actually end up making more on this kind of investment than you would on a long-term rental. 

The catch is, managing short-term rentals is a lot more work than managing long-term rentals. If you decide to go this route, you would likely want to consider hiring a property management company to manage the rental process on your behalf. This will definitely save you a significant amount of work, but it’s an extra cost. You can expect a property management company to charge 10-25% to manage a short-term vacation rental.  

3. Rent Out a Room or Suite in Your Home

Companies like Airbnb have made renting out a room in your home—or renting out your entire home—on a short-term basis a really popular way for homeowners to create some extra income. 

If you have a legal basement suite in your home (or are willing to invest in the renovations required to create one), renting out some space in your home may be an excellent long-term option for you. Or, if you are considering moving or buying a new home in the Edmonton Real Estate market, look for any homes for sale now that have legal basement suites.

Similar to buying a long-term rental property, you will have to find a tenant who is a good fit for space, manage their lease and handle any issues that come up during their tenancy. 

4. Flip a House

This option is probably the most work-intensive of all, but it can have a strong payoff more quickly than some of the other real estate investment options available. Flipping a home, which involves buying a house, fixing it up and reselling it for a profit, can be an incredible investment if it’s done well.

Flipping a house can be a full-time job, so it’s not a good passive income strategy. It also involves a lot of costs upfront, from buying the home in the first place to the materials and labour for the renovations. This strategy can be quite risky as well, especially if the property doesn’t sell as quickly (or for as much money) as you estimated at the beginning of the project. 

This type of investment definitely requires a lot of due diligence before jumping in! You’ll need to look into everything from acquisition costs to holding costs to the cost of the renovations and repairs. It is also a better idea if you are handy yourself as you can save a lot of money in contractor or renovation costs.

5. Invest in a real estate investment group project 

If you don’t want to take on an entire property or manage the rental process, you could consider investing in a group real estate investment project as a lender. Now, this doesn’t necessarily mean directly lending money to someone you don’t know. You could help finance a real estate project through a relationship with a reputable mortgage broker or through an online lending platform or business. 

Real estate crowd funding is growing in popularity. This kind of crowd funding connects individual investors with professionally managed real estate deals. A third-party crowd funding company vets potential real estate partners, making sure they’re well-established with a track record of success. Then they offer individual investors opportunities to help fund real estate projects these vetted companies are managing. They assess these projects for their potential growth and return before bringing them to investors through their platform. 

 

This is a far more complicated form of real estate investment and is not for the faint-hearted.  Doing your due diligence as well as making sure you find partners you can trust is essential

If you are considering real estate investment opportunities in Edmonton, contact Jeneen Marchant today! She understands Edmonton’s real estate market and will use that knowledge to help you find the best investment for you.

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 Consider Before Buying a Home

Buying a home is one of the biggest investments you’ll make in your lifetime, so it’s important to make the best decision possible for you and your family. There are a lot of options when it comes to buying a home, which means there are tons of things you need to think about before making your choice. 

Here are 10 things to consider before buying a home:

Location

City centre, the suburbs, an acreage on the outskirts of the city—location is everything! You’ll want to make sure the location of your home fits your lifestyle. Ask yourself questions like:

  • How long would my daily commute be?
  • How far is it from main roads or highways? 
  • How far is it from the friends and family I visit most often?

Then consider the neighborhood itself. What amenities does it offer? Schools, recreational facilities, shopping, walking or biking paths, playgrounds and libraries, for example.

Price

This may seem obvious, but it’s important to make sure the house you choose fits your budget and financial goals. You’ll also want to make sure you’re working with a REALTOR® who has experience with the market you are considering and can advise you on a fair price for the home you’re interested in.

Layout

Think about what kind of layout will work best for your lifestyle. Do you like an open concept for entertaining and your family to gather in,  or do you prefer having separate spaces within your home so everyone has their own space? 

 

Now think about a typical day in your home. Is the layout functional for your lifestyle? How big is the entryway? Is the kitchen big enough? Where are the bedrooms and bathrooms located? What about the laundry room? Are there a lot of stairs? DO you have enough storage?

The Yard

The size (and even the shape) of your yard can make a difference. Proximity to your neighbours and privacy (trees, fences) are also important things to consider in a yard. 

You’ll also want to note the direction your home faces. If the house back south, it means you’ll get a lot of sun in your yard. If it faces north, you’ll get the shade.

Age and Condition

The age and the condition of the home often indicate how much money or maintenance you’ll need to put into the property after you purchase it. Repairing and replacing things like appliances, fixtures, plumbing systems, or heating and cooling systems can be costly, so it’s important to consider what kind of shape they’re in before you buy.

A good home inspection is important before buying any home and will give you an expert opinion on the home’s condition. 

Style

Whether or not a home fits your taste and style (or how willing you are to renovate and update the home) is a crucial consideration. If you want to buy a home “as is” and don’t want to have to make a lot of changes, you’ll want to make sure you like the colours and materials as they are. 

If you’re willing to renovate, take some time to research the extent of the changes you will want to make. How much money will you need to invest in materials and labour, and how long will the renovations take? 

Number of Bedrooms and Bathrooms

How many bedrooms you need will, of course, depend on the size of your family. However, it’s also important to consider other uses for bedrooms. Do you need one to be used as an office space or craft room? What about overnight guests? 

The number of bathrooms you need not only depends on your family but also your lifestyle and preferences. Does each person need their own bathroom or are some family members okay to share a bathroom? Do you need a tub-and-shower combo in each bathroom or is one of the other fine? 

Storage Space

Not having enough storage space can be a big headache. Think about how much space you actually need for your things (or whether or not you’re open to downsizing). Does each family member have enough closet space? What about dishes and kitchen appliances? Where will you put your coats and shoes? How about your holiday decorations?

If the storage isn’t quite up-to-snuff at the buying stage, take some time to research what storage options are available and whether or not they’ll work for the home you want to buy. 

Maintenance

Maintenance includes everything from cleaning to lawn maintenance to repairs to replacements. 

The bigger the home, the more time and energy will be needed for cleaning and upkeep. Think about how much time and energy you and your family want to put into your home on a regular basis. Or, is this something you would hire out (and how much would that cost)? 

 

Your REALTOR®!

Buying a home can feel overwhelming at times. You are faced with tons of tough decisions as you compare the pros and cons of each property you consider. A good REALTOR® knows the market you are purchasing your home in and is with you every step of the way, answering your questions and offering you solutions.  

Open and honest communication with your REALTOR® is key. Your REALTOR® should take the time to answer all of your questions during your home buying experience and make sure every detail is clear.

If you’re looking to Buy Homes in Edmonton area, contact me, Jeneen Marchant today! I understand that your home is one of your most valuable assets, and want you to be comfortable with every decision you make during its purchase.

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

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.

It’s Time To Take Advantage of the Spring Housing Market

woman looking at laptop

Now that the chill of winter is being replaced by the warmth of spring, it’s the perfect time to start thinking about the benefits of buying your first home or moving on to another as the spring housing market ramps up!

Quarantine has inspired many people to look for a change of scenery, especially as many continue to work from home, and maybe doing so for the foreseeable future as many businesses decide to ditch brick and mortar and continue operating remotely. Changes to people’s career requirements have forced people to reconsider their space as their housing needs shift, resulting in many looking for bigger homes. 

woman looking at laptop

According to the Realtors Association of Edmonton, total residential unit sales were up 47.1% in January 2021 compared to January 2020 for the Greater Edmonton Area. Predictably, listings are spending less time on the market, with the average coming in at 65 days across all types of residential property, decreasing 14 days year-over-year. 

It’s clear that the Edmonton real estate market is eager to get going despite the weather and the pandemic. 

As discussed in my previous blog post, historically low-interest rates are a great reason to consider selling and/or buying a new home. Low-interest rates can make your dream home more attainable, and for those selling it means more home buyers are able to enter the market as homeownership becomes more affordable. 

Thinking about selling your home but want to put a bit of work into it first? Check out my blog post about home renovations that increase the value of your home and result in higher offers. 

While the Bank of Canada forecasts that interest rates will stay low until 2023, that doesn’t mean mortgage rates will. Mortgage rates (the rate of interest charged on a mortgage) have already started to bounce back as our economy begins to recover. Therefore, spring 2021 is the prime time to consider buying or selling your home if you’d like to take advantage of low interest and low mortgage rates. 

Understandably, the pandemic might still be a point of apprehension for most when it comes to home buying and selling, but as mentioned in this blog post, the pandemic has resulted in favorable market conditions that have increased the number of people wanting to buy. We have safety measures in place when viewing properties in order to protect the buyers and sellers. Furthermore, the housing market has been leveraging technological advances so that the market can continue to thrive and while keeping home sellers and buyers safe by using tools like virtual tours. 

With all those points aside, it’s always easier to move in the spring and summer months when you don’t have to worry about slipping on ice or getting frostbite from hauling boxes and furniture in the cold. 

Do you or someone you know want to take advantage of the spring housing market by either buying or selling a home? 

As one of Edmonton’s top REALTORS, I have the experience to sell your home for top dollar while helping you find your dream home! Contact Jeneen 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.

3 Reasons Why You Should Buy or Sell a Home in 2021

Welcome to 2021!!! It’s a new year with new possibilities, new challenges, and a new real estate market to explore! 

 

After both a long and then whirlwind of a year in 2020, Edmonton’s real estate market is expected to stay balanced in 2021, with most buyers looking to purchase single-family homes, townhomes, and duplexes with yards. 

 

Although many homeowners are still apprehensive about buying or selling during this time, the vaccine rollout means that the pandemic is hopefully nearing an end.  Buying or selling a home will become a more realistic option for many Edmontonians in 2021.

As one of Edmonton’s top Realtors, I’m here to educate homeowners about the real estate market and guide you in buying or selling a home at the right time for your family.

 

That being said, here are 3 reasons why I think you should take the plunge and buy or sell a home in 2021: 

city of edmonton river valley

 

1. Low-Interest Rates 

If you’re looking for a sign to buy a new home, here it is! Now is the time to take advantage of historically low-interest rates as it can mean that you can afford a bigger house or a slightly higher price point than you can when interest rates increase. 

 

Online mortgage calculators are great, but a personalized rate from a mortgage broker is even better! Contact me today and I’ll 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 terms specifically for you. 

 

2. People Need to Move 

Despite the impacts of the COVID-19 pandemic, there are still steady numbers of individuals who are looking to buy or sell a home in Edmonton in 2021. 

 

No matter what is happening in the world, homeowners are constantly faced with circumstances that require them to either sell their current home or purchase a new home. Maybe they are looking to upsize to welcome a new family member? Or maybe they are relocating for work? 

Whatever the case, there will always be homeowners looking to buy or sell a home in Edmonton and surrounding areas – which means that it’s the perfect time for you to buy or sell a home, too! 

 

3. Home Prices Continue to Rise 

According to RE/MAX Canada, home prices in Edmonton are expected to rise 2% to 3% by the end of 2021. 

 

Due to a widespread housing supply shortage in Canada, many markets will be facing higher home prices because of a lack of competition.  The Edmonton area is its own market with its own statistics, but we have had a relatively steady market since June 2020, and forecasts for 2021 look positive.  

If you’re ready to buy a new home this year, you may want to think about purchasing a home sooner rather than later to avoid the expected rise in home prices later in 2021. 

 

Are you thinking of buying or selling a home in 2021? Work with one of Edmonton’s most trusted Realtors! Contact Jeneen Marchant by phone: (780) 904-4240 or by email: jeneens@remax.net to get started.

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.

Staging Tips for Selling Your Home During the Holidays

Young couple in love assembled christmas tree

 

When selling your home, the right decor matters. Especially when selling during the holidays! 

If you are planning to show your home to prospective buyers during the holiday season, it’s important to stage your home in a way that attracts as many potential buyers as possible. 

Young couple in love assembled christmas tree

In this blog post, I outline some of my favourite staging tips for selling your home during the holidays! 

 

 

 

1. Keep it Traditional 

When staging your home for the holiday season, be sure to use traditional and neutral festive decor and colour schemes that will appeal to as many potential buyers as possible. 

 

This year, skip the bright, in-your-face holiday colours and instead, decorate with warm, deep reds and forest-like greens, with subtle hints of white, gold, and silver. 

 

Potential buyers are much more likely to connect with a home that feels warm and sophisticated than one that looks childish or playful. 

 

2. Don’t Over-Decorate

When showing your home to potential buyers during the holidays, over-decorating can make your home feel cluttered and can draw the eye away from the great features of your home. 

 

No one is going to notice your great, wood-burning fireplace if the entire mantle is filled with glitter, garland, and holiday figurines. 

 

Instead of setting up the entire Christmas village this year, bring a small sprinkle of holiday cheer into your home by using small, subtle decor and spacing out your decorations so that they don’t overpower the room. 

 

If you are setting up a Christmas tree, be sure that it is the right size for your space. If your tree is too big, it can end up making the room look much smaller than it actually is. 

 

3. Bring In the Warmth of the Holidays 

A great way to impress potential buyers during showings is to bring the warmth and coziness of the holidays into your home. 

 

Let your home be an escape from the snow by turning up your thermostat during showings. As soon as potential buyers step through your door, they will be greeted with the warm hug of your home. 

 

Another way to make your house feel like home is to bake some holiday treats like gingerbread cookies, roast chestnuts, or light a holiday scented candle during showings. The sweet smells of the holiday season are sure to spark joy for potential buyers. 

 

Do you need to sell your home during the holidays?

As one of Edmonton’s top REALTORS, I have the experience to sell your home for top dollar as fast as possible! Contact Jeneen 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.

Selling Your Home During COVID-19

Young couples first home together. Buying real estate during corona virus covid 19 pandemic

 

Are you thinking of selling your home during the COVID-19 pandemic? 

Right now, many homeowners are concerned about how COVID-19 might impact the ability to sell their home and are thinking about waiting until the pandemic dies down before listing their home for sale. 

 

On the other hand, many others aren’t able to delay the sale of their home. Whether they’ve already purchased a new house, are relocating for work, or are growing their family—selling a home is often something that has a time limit attached to it. 

 

Listing your home for sale during a global pandemic may seem scary, but it doesn’t have to be! In this blog post, I list some benefits to selling your home RIGHT NOW, instead of waiting until the pandemic dies down. 

 

 

Young couples first home together. Buying real estate during corona virus covid 19 pandemic

 

1. There are Tons of Buyers Out There

In the last few months, many potential home buyers have taken advantage of low-interest rates and are pulling the trigger on buying a home. This means that if you choose to sell your home, you’ll have more eyes on your listing, increasing its chance to sell! 

 

For some tips on how to get the most bang for your buck when selling your home in Edmonton, check out this recent blog post of mine that talks about renovating your home for sale. 

 

2. Home Sales are Up Year-Over-Year 

Due to the increase in potential buyers, home sales were up 11% in June and 18% in July year-over-year! This means that your home has a much better chance of selling over the next few months in this market. 

 

The increased use of real estate technology due to social distancing recommendations has made it incredibly easy to view and purchase a new property from the comfort of home. 

 

As a seller, incorporating virtual tours and high quality real estate photos into your listing, along with utilizing old school methods like open houses, gives potential buyers more options to view and assess your home, leading to a better chance of a sale. 

 

For tips on how to leverage technology to make it as easy as possible for people to view and assess your home virtually and remotely, check out this blog post

 

3. Real Estate Professionals are Here to Help

Navigating the real estate market alone can be daunting, especially during a global health crisis. With the help of a real estate agent, you can better understand what your home is worth in the current market, selling it quickly and for the best price. 

 

Your real estate professional will also be able to help you implement any safety precautions necessary, staying up-to-date with Provincial and local COVID-19 regulations during the selling process.  

 

Without professional guidance, home sellers often make mistakes that end up costing them. In this blog post, I’ve listed three of the biggest mistakes people can make when trying to sell their home in the Edmonton area. Check it out! 

 

4. Seasons Greetings 

This year, the spring real estate market was heavily affected by the pandemic. With extra social distancing precautions and uncertainty over the severity of COVID-19, many buyers and sellers put a halt to their real estate plans to keep themselves and their families safe. 

 

To combat the slow spring market, this year’s fall market is ramping up and looking favourable for those buying property or selling their homes. 

 

As fall approaches, both buyers and sellers are wanting to make moves before the snow falls and Edmonton winter kicks into full gear—which means potential buyers are more likely to pull the trigger on purchasing your home! 

 

Do you need to sell your home during the COVID-19 pandemic? As one of Edmonton’s top REALTORS, I have the experience to sell your home for top dollar as fast as possible!
Contact Jeneen 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.

How To Get The Most Bang For Your Buck On Your Home Renovation

Renovating your home for sale can increase your home’s value and lead to higher offers, but many homeowners are unsure of what to renovate or where to start.

As you can imagine, home renovations are as individual as people are. Even two homes with the same layouts can have different finishing’s, natural lighting, or features that make them stand out to potential buyers.

Part of my service as a realtor is coming over to discuss whether any renovations need to occur before we can list your property for sale. Usually, it’s small things like paint touch-ups and decluttering, but sometimes larger projects can get you more bang for your buck!

Here are a few renovations that I recommend when listing your home for sale:

 

1. Painting

One of the easiest ways to upgrade your home without a hefty price tag is to patch and repaint your walls. If you see any holes or cracks in your walls from hanging photos and shelves, or from general wear and tear, fill or patch them before you paint.

Woman reaching up using roller to paint wall

When picking paint colours, try to pick neutral tones like whites, creams, light greys, and beiges. When your home is painted in neutral colours, it will act as a blank slate for potential homebuyers. This allows them to see themselves living in your home and inserting their personal style into the space.

 

2. Decluttering

When potential homebuyers come to view your home, they will want to see every square inch of your space. This means that they will be looking in every nook, cranny, closet, and even the shed.

Living room

Before putting your home on the market, be sure to remove any of the clutter that exists in your home. Tidy up the old shed, clean out your closets, and remove any personal items, like mail or photos from surfaces. It feels good to purge, donate, or rehome any items you do not need or use.

 

Neatly storing items in the corner of a room, the basement, or garage is an option if you have space to put the decluttering pieces you want to keep. And if you do not have anywhere to put these items, companies like PODS allow you to pack it up, store it, and then they move it to your new home.

 

3. Updating Light Fixtures

Another simple way to renovate your home before selling is to upgrade and replace outdated or broken light fixtures. Replacing light fixtures in places like your entryway, kitchen, or bathroom will modernize your home for very little money. All burnt out light bulbs should also be replaced.

A modern loft chandelier made of black wire in a stylish white interior

Before investing in new light fixtures, it is recommended that you chat with your realtor to understand what type of light fixtures are in style and what your target buyer will prefer.

 

4. Kitchen Renovations

If you are willing to invest a bit more in your renovation before selling your home, I always recommend starting in the kitchen. The kitchen is one of the main selling features in a home, so it’s important to ensure that your kitchen appeals to potential buyers.

Kitchen bench

One of the most beneficial kitchen renovations you can do to increase the value of your home is to install new countertops and backsplash. Many buyers prefer granite or quartz countertops and will pay more for a home that already has these types of countertops installed.

 

If you are unsure of what type of new countertops to install, ask your realtor! They will know which countertops appeal most to potential buyers and which will increase the value of your home.

 

However, if the kitchen is just too dated and needs a complete overhaul, pricing the home accordingly will help with your sale without spending money on a renovation buyers may not like.

 

5. Bathroom Renovations

The bathroom is another great space to renovate when selling your home. This could be as simple as replacing hardware like faucets, towel bars, and knobs, or as complex as re-tiling your shower or installing a new bathtub or toilet.

Worker Sealing Ceramic Tiles

Bathroom vanities are surprisingly inexpensive changes that can be updated for a few hundred dollars but will make the bathroom seem like it’s completely updated. Staging your bathrooms with a new shower curtain and towels when listing your home for sale is also helpful.

 

6. New Flooring

Floors that are outdated or that need to be replaced/ refinished are a huge turn-off to potential homebuyers. To get the biggest bang for your buck, we recommend replacing old vinyl flooring in your home with new vinyl, laminate or hardwood floors. Some popular wood flooring colours include white oak, dark walnut, and brown stained oak, and grey vinyl.

Working with laptop on the floor

Again, setting up a consultation for your specific home will help us decide whether the house should be priced to need these updates or if it worth changing the flooring before the sale. After all, the buyer may want a completely different type of flooring and a flooring credit at the time of possession or a price reduction to accommodate this may be the best and easiest option for everyone.

 

Unsure of what repairs or renovations you should be making before you sell your home? Contact me, Jeneen Marchant, Re/Max Real Estate, today for a one-on-one advising appointment! I’ll take a look at your home and let you know what changes I think you should make to put more money in your pocket!

 

Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net. RE/MAX Real Estate

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

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.

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.