4 Best Neighbourhoods in Edmonton for Kids and Families

Searching for real estate, house or new home

As older Millennials start their families and Gen X are well into raising theirs, it’s a natural next step to consider moving to a bigger home.

For many young families, finding the best neighbourhoods in Edmonton that have easy access to amenities like walking trails, community centres, well-maintained parks, and friendly communities are essential!

The thing is, there are so many great neighbourhoods to choose from – it can get overwhelming.

While it is not an exhaustive list, here are a few of my recommendations for the best family-friendly neighbourhoods in Edmonton.

 

1. Windermere

With low crime rates, a variety of schooling options, and plenty of young families, the southwest Edmonton community of Windermere is highly sought after for its proximity to walking trails, parks, shopping and dining, and new housing developments. 

Windermere primarily features single-family residences and is an ideal, long-term residence for families looking to grow!

2. Terwillegar Towne

Nestled in southwest Edmonton, Terwillegar Towne is a picturesque, family-focused, and uniquely designed community that encourages pedestrian traffic and resident interaction.

Sometimes referred to as a ‘city within a city’, Terwillegar Towne is a marriage of all the amenities of a large town with the charm of a small neighbourhood – complete with low crime rates. 

Full of parks, plenty of schooling options, and a town square – Terwillegar Towne is perfect for a young and growing family. 

3. The Hamptons

Located in west Edmonton, The Hamptons is a newer community renowned for its abundance of well-lit streets, green spaces, and charming ponds. 

With a fair amount of schooling options – including daycares – The Hamptons is ideal for young and growing families. 

Featuring a variety of living options, including apartments, single-family homes, and townhouses – there’s something for everyone in The Hamptons.

4. Edgemont

Located in Edmonton’s west-end, Edgemont is perfect for the outdoorsy young family. It is a newer community that is still growing but I does have a lot to offer already. 

Edgemont boasts several parks, a low crime rate, biking trails, a robust school system with options for Catholic, private, and public learning, and plenty of new developments and townhomes to select from.

Residents of Edgemont enjoy close proximity to the West Edmonton Mall and are only a stone’s throw from the Wedgewood Creek Ravine. 

Additionally, there are plenty of options for indoor exercise and recreation, a golf course, a zoo, and dining options. 

The Bottom Line

 

While I consider these communities to be among the best neighbourhoods in Edmonton, there are, of course, so many others to select from. These are newer suburb communities that appeal to many families that want something newer. There are also many central or older communities that appeal to people like myself who want a larger yard and mature tree.

Being from Edmonton myself, I have a firm sense of how each community differs and I take each client’s family lifestyle, budget, and desires into account when recommending different neighbourhoods in Edmonton.  Tell me what you are looking for and we will find the perfect community for your family! 

If your family is growing, and you find yourself needing more space, I’m here to help! I’m Jeneen, and as one of Edmonton’s top REALTORS®, I want to work with you to find your dream location while making the transition as smooth as possible.

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.

With So Many Houses For Sale In Edmonton, What’s Driving Demand?

The high demand that we’ve been monitoring for houses for sale in Edmonton continues to hold steady – with some peaks and valleys here and there.

Local real estate statistics show that after a more modest August and September, the average selling price accelerated around Christmas, then dipped again to around 426,300 – with just 39 days on the market. Year over year, it’s still about a 3 percent increase from January 2021. While it might seem daunting – there’s never been a better time to buy: interest rates continue to be low and sellers continue to be motivated. So, what is driving this demand? Let’s dive in:

 

A Change In How We Work

Our first significant driving factor in the demand for Edmonton houses for sale is the permanent switch to telecommuting for many in the workforce. 

 

This about-face in how we work as a collective is in no small part brought about by the impact of the COVID-19 pandemic.

 

An offshoot of this switch has been what’s termed The Great Resignation by younger generations like Millennials and Gen Z. Many individuals in these age groups have gone through significant personal change during these last two years. As a result, many have resigned from unfulfilling jobs to pursue careers that align more with their professional goals and personal values. Almost all of these career changes involve working from home, often outside of the typical 9 to 5 structure – usually with a larger income attached.

 

Mass resignation coupled with many forward-thinking corporations deciding to never return to the in-office model means there’s an even bigger demand for more space. 

 

Not only is income rising amongst the younger generations, individuals who work from home feel more equipped to pursue their dream neighbourhoods without taking into account their morning and evening commute and other now-obsolete considerations.

 

Growing Families and Retirement

Another large factor in increased demand for houses for sale in Edmonton is family structure changes as well as retirement plans for Baby Boomers and even older members of Generation X. 

 

It goes without saying that many retirees look to downsize and move to areas that accommodate a more relaxed lifestyle, like condo buildings or luxury retirement living villas. 

 

Many millennials have started their families. This coupled with the claustrophobic nature of the pandemic and, of course, the rapid onset of working from home – this generation is chomping at the bit for more space. Particularly in desirable suburban neighbourhoods with easy access to good schools and supermarkets. 

 

Final Thoughts

Of course, it’s important to remember that this is just a sampling of the driving forces for homes. It’s nuanced, complex, and certainly depends on where you live in Alberta.

 

Remember to always consult with your REALTOR® about your lifestyle, budget, and family life. They will be knowledgeable about market trends and be able to provide you with budget-friendly listings for houses for sale in Edmonton.

 

Whether you’re listing your home or looking for a new place to call your own, I’m here to help! I’m Jeneen, and as one of Edmonton’s top REALTORS®, I want to work with you to find your new property or make that upcoming home sale as smooth as possible.

 

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.

Want to Find the Most Affordable Houses for Sale in St Albert? Here Are 3 Neighbourhoods to Consider

As I predicted, St. Albert is still enjoying that pandemic boom. 

After a slight slump over the summer months, our local real estate stats report that the average selling price of single family homes is the highest it’s been in a year at $485,869 – with homes spending an average of only 34 days on the market. 

Of course, I don’t think this should deter our first-time homebuyers or those looking to live in beautiful Alberta. In fact, I want to get granular with one of my favourite cities – St. Albert.  I’ve taken a look at the houses for sale in St. Albert and determined the top 5 neighbourhoods you should consider for your next home purchase. 

Top Neighbourhoods in St. Albert 

St. Albert is a marriage of tree-lined suburbs and a thriving metropolis. Not quite as bustling as Edmonton, but nothing to sniff at. It has a great blend of older homes and new builds along with absolutely every service and amenity you could want.

When analyzing houses for sale in St. Albert, it’s important to consider more than just the price tag and look at the community. St. Albert has lower crime rates, low unemployment, a robust schooling system, and plenty of recreational activities. I am focusing on older communities in this article as they really do showcase the best of St.Albert with the path systems, mature trees, and close proximity to commute to Edmonton. 

 

Let’s take a look at some neighbourhoods that stand out: 

 

Akinsdale: Nestled on the southeast side of St. Albert, Akinsdale has an average age of 35 and above. With plenty of single-family homes, townhomes, condos, and apartments for sale, this area is perfect for the working professional or budding family. 

Most properties in this area were built between the 1970s and 1980s. Home prices for this area currently range from $120,000 to $420,000 with a few higher ticket homes on occasion. 

 

Braeside: Located next to the Sturgeon River, Braeside is one of St. Albert’s oldest communities. Primary real estate consists of 1970s era single-family homes, which is another excellent choice for young families. This cozy, family-oriented 70s style has long been maintained and cherished for the space you have as well as yard sizes. 

Home prices in Braeside range from the high $150,000s to the 400,000s.

 

Grandin: Grandin is located in south St. Albert, and is one of the largest neighbourhoods in the city.  This neighbourhood is predominantly townhomes and single-family homes, sprinkled with schools, parks, trails, and a large commercial sector – Grandin is perfect for a larger family. 

Prices in Grandin range from $150,000+ for townhomes/ condos and usually up to $400,000 for single family homes. There are also some higher-priced huge homes in this community exceeding these prices.

 

Final Thoughts

Of course, this is just a small sampling of the many lovely communities in St. Albert.  I grew up there and know how each community is different and how they individually appeal to all types of buyers.

Remember to always consult with your REALTOR® about your lifestyle, budget, family life, and desires for community living. They will be knowledgeable about market trends and be able to provide you with budget-friendly listings for houses for sale in St. Albert.

Whether you’re listing your home or looking for your new dream home, I’m here to help! I’m Jeneen, and as one of Edmonton’s top REALTORS®, I want to work with you to find your new property or make that upcoming home sale as smooth as possible.

 

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 Are The First Steps To Selling A House?

person holding model house selling a house

Deciding to sell your home is a big step and it’s almost always in conjunction with another major change in your life, be it marriage, divorce, children, a new job, retirement, etc. That, or you may just want a larger space or you’re getting ready to list your first flip project.

Whatever the scenario is, knowing the first steps is key to ensuring that the home selling process is as smooth as possible for both you and your buyers. 

Let’s dig into some of these first steps and what they mean for you as a seller.

selling a house

Find a trusted REALTOR®

Your real estate agent will be your go-to during the selling process. They will go to bat for you and ensure that you get the best price and terms possible! They’ll help stage the property for sale, conduct walkthroughs, showings, and bring their market expertise to the sale. 

With this in mind, it’s important to enlist an experienced REALTOR® that will operate with your best interests in mind during the whole process. Be sure that you are both comfortable with the person you have decided to work with, as well as happy with the marketing strategy they have for your property. 

In this day and age, google makes it so easy to find reviews and feedback. Not only is this information easy to find, but it will also show you how long they’ve been in business, any designations or certifications they’ve earned, as well as how happy their past clients have been with their service. 

Find out the value of your home

Your first priority is determining the value of your home, let’s consider a few contributing factors:

    • You could conduct a pre-listing home inspection. A home inspection will prepare you for any surprise repairs and make your home a more attractive option for prospective buyers. Getting ahead of this step will also leave you well prepared for any buyer questions. 
    • Consult with your REALTOR®. One of your REALTORS® jobs is to stay abreast of market changes and trends. They will be able to give you a range of realistic listing prices. 
    • Take a look at what’s on the market.  The REALTOR.CA website will list the Edmonton homes for sale, which will give you a great touchpoint for your own home. Be sure to look at key factors like location, size, age, and finishings of the home to come to an accurate comparison.

Get organized and begin showings

You can start getting organized at any time, but this step leads right into and prepares you for the showing process. 

Here are a few actionable starting points:

    • Begin a deep clean. Make a list and determine what rooms you’ll organize and declutter first. It’s a good idea to start with guestrooms, crawlspaces, and otherwise lightly used areas. Be sure to sell or donate items you don’t use or want anymore.
    • Make only necessary repairs. Make the repairs as directed by your home inspector (if you decide to do this step), but don’t get carried away with upgrades without consulting with your REALTOR®.  Some touch-ups may be necessary before getting your property on the market, while other items may be something the buyer will want to do (eg- choose new flooring) 
    • Stage your home. When you start showings, it’s a good idea to stage your home. You can hire a staging service or look after the process yourself. Staging creates a neutral (no family photos or personal knick-knacks) and inviting space that your prospective buyer can easily picture themselves in.  Your REALTOR® can also give advice on what items need to be moved or packed away. 
    • Be prepared for many showings. The showing process can be tiring, but worth it. The process involves people viewing your home and showings can occur multiple times a week. Your agent will ask for other viewing REALTORS® to give notice for showings, but it is also important to have your home show ready for any last-minute showings that might happen when you are at work for example. 

 

Closing steps

Once these critical steps have been successfully completed and your house is sold, you’re left with the final countdown! 

This involves transferring utilities to your new address, forwarding your mail, organizing the proceeds and taxes from your home sale, and enjoying a job well done!

 

Need advice for your upcoming move? Looking for a new home in Edmonton? I’m Jeneen, and as one of Edmonton’s top REALTORS®, I want to work with you to find your new dream property or make that upcoming home sale as smooth as possible.

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.

4 Key Factors When Looking at Real Estate Listings in Edmonton

Light boho style and real estate design. Bed with pillows and blanket, carpet, tables with dry

Here are 4 Key Factors When Looking at Real Estate Listings in Edmonton

When looking for your dream home amongst the thousands of Edmonton real estate listings, you can easily spend hours “virtual touring” every house on the market without finding the right one. Luckily I have four factors to consider when looking at real estate listings in Edmonton.

1. Get your mortgage pre-approval

Before you even start searching for a home, it’s highly recommended you get the pre-approval for your mortgage in place first. It might not seem like the most exciting first step, but getting pre-qualified helps you – and your REALTOR® – search for homes within your budget. During this step, you will find out how much you’ll be approved to borrow from the bank, what the payments to expect should be, and what you’ll need for your down payment and closing costs. 

 

Having this information will help you narrow your search. Shopping within your pre-qualified budget can save you from being heartbroken later if you fall in love with a home outside of your budget.  Having that pre-approval in place also makes the whole purchase process easier as your lender will have all of the documents they need to finalize your financing condition for the sale. 

 

2. Research the Location

 Edmonton real estate listings are available on REALTOR.CA, which allows you to view properties on a map or search by neighbourhood, making it easy to research the community and the surrounding area. You may also want to consider the amenities these areas offer, such as parks, playgrounds, schools, and shopping. It’s also a great way to figure out how long your commute to work will be if you don’t work from home, or what the walkability score is.

 

The neighbourhood you buy your home in is crucial because you can update the house, but it’s a lot more challenging to move it to a different community. 

 

3. Features of the home 

Before you even start looking at listings, it is important to determine which features you want for your home. Knowing this early on can save you and your REALTOR® a lot of time and prevents you from touring homes that aren’t suitable for your needs. If you are having trouble figuring this out, ask yourself:

What features are essential to my lifestyle? 

  1. How many bedrooms?
  2. How many bathrooms?
  3. What home layout do you prefer?
  4. How about the kitchen layout?
  5. Do you need a big backyard, or would you prefer a low-maintenance home?
  6. Do you want a finished or unfinished basement? Are you looking for one with a legal basement suite?
  7. Work from home? What kind of office space do you require? 
  8. How big of a garage do you need? Would a single or a double work?

4. The Age of the Property 

Buying a newly built home versus buying an older home can have its pros and cons. Although you may have fallen in love with the charm of an older home, including the design features you love that you can’t find in newer homes, it’s important to remember that older homes may require more TLC than newer ones. Of course, that doesn’t mean you should avoid older homes, but it’s a good idea to know how much maintenance and repairs are required before purchasing the house, so you have a little extra money saved. This is why I always recommend a home inspected by a licensed home inspector. A small investment of time and money can save you a lot of money and headaches later.

 

A new home may be intriguing for it’s modern features and the ability to customize it from day one, but you also have to know what the cons will be.  Construction delays, overpaying for upgrades, and future community development are items that may arise.  This is why you need a good REALTOR® to accompany you while showhome shopping from the very start.

 

Need some help going through listings to find your next home? As one of Edmonton’s top REALTORS®, I have the experience and the knowledge to help you find the perfect place for you and your family! Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net Find me on Instagram

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.

Housing Market Predictions: Trends on St Albert Real Estate

Real estate banner.

If you’re looking for real estate, St.Albert should definitely be on your list of places to consider when you’re looking to buy. St.Albert has all of the appeals of living in a small town – from its unique historical sites, beautiful parks, trails, and community events – with the advantage of being just minutes away from Edmonton.

Founded in the mid-1800s St. Albert is the epitome of classic and contemporary with historical buildings and all the modern amenities. St.Albert’s real estate scene is a mixture of established neighbourhoods that have had time to mature, and modern subdivisions with newer builds. 

Whether you’re looking to buy your first home, downsize/upsize, or buy an investment property, St. Albert real estate is a solid choice. It is great for those who don’t want the hustle and bustle of Edmonton – but still want the convenience of not being too far away from its perks.  Having grown up in St.Albert, I can speak to how amazing this city is firsthand.

That’s why we’ve put together our housing market predictions for St.Albert to help you make an informed choice about whether or not this is the community for you. 

1. St.Albert is booming – and will continue to do so

The St.Albert housing market is currently enjoying the pandemic boom – similar to many other communities- but that does not mean that first-time homebuyers are pushed out of the market.  Many people are also realizing that they need to upsize as working from home becomes more permanent, their family is growing, or they need more space. 

Our prediction: now is a great time to get in on St.Albert real estate. According to Zolo, the average home in St.Albert is currently $435K, with homes spending an average of just 36 days on the market. 

Are you a first-time homebuyer? Check out our tips for first-time buyers!

 

2. If you’re looking to sell – now is the time

If you live in St.Albert and have been humming and hawing about selling your home – now may be a perfect time. Homes are going quickly due to increased demand as the market continues to flood with interested buyers.  Many people who lived closer to work can now move to their dream communities (like St.Albert) as they can now work from home at least part-time. 

Zolo states that in the last 28 days, there were 128 new listings with approximately 109 homes sold. As we stated above. With turnaround times of just over a month – this could be the perfect time to sell your current home to upsize or to move to a different location within the Greater Edmonton Area.

 

I am a Realtor in the Greater Edmonton Area who can help you find or sell your home in St.Albert. Whether you are selling your property or finding your forever home, as one of Edmonton’s top REALTORS, I have the experience and the knowledge you need! Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net.

Tips for First Time Home Buyers

Buying a home for the first time can be both stressful and exhilarating.  It is easy to feel out of your depth as it is a completely new experience with many steps and options. But don’t worry! Here is my list of tips for first-time homebuyers!

1.  Identify Your Needs and Do Your Homework

Before you start looking at homes, identify your needs. Consider how many bedrooms you need, the number of bathrooms, and whether or not you need additional features such as a garage. It’s also a good idea to know which neighborhoods or areas you’d like to live in. I would also recommend creating a flexible “wants” list which can include possible features you would like to have.

Identifying these top priority needs will also help your Realtor know what you want in a home.  Afterall, you don’t want to waste your time looking at properties that won’t meet your requirements. 

Check out my previous blog post on what to consider before buying a home to help you identify what kind of property you are looking for.

Additionally, do some research on what kind of programs may be able to help you with the purchase of your home – such as tax credits. For example, the Home Buyers’ Plan (HBP) in Canada allows first-time homebuyers to withdraw funds from their Registered Retirement Savings Plans (RRSP) to buy or build their first home.

 

2. Never Skip the Home Inspection

Once you have found the right property and write an offer that is accepted, you then have your condition period.  One of these conditions is usually to do a home inspection before you purchase the house – especially with older homes. 

A home inspection is a thorough assessment of the property’s structure and mechanical systems, which can result in the identification of potential problems or things that need to be repaired that aren’t necessarily evident to the untrained eye. 

Having an inspection can impact the cost of the property – either you may need to pay more after purchasing the property to fix these issues, or you can ask for the seller to fix some issues the inspector identified prior to you taking possession. 

However, a home inspection is not your chance to completely renegotiate the price.  The initial negotiations which got you a price reduction allows for most small and regular home maintenance repairs like caulking, grading, etc.  Bigger items or safety concerns are discussed on a case by case basis to figure out what resolution can be made, or if it is just too big of a deal breaker for a solution to be found.

 

3. Find a Real Estate Agent You Can Trust

Hiring a good real estate agent that you can trust to have your best interests and housing needs at the forefront of all of their decisions is important. It can be the difference between finding your dream home or giving up your search completely. Make sure you take a look at your real estate agent’s online presence including their reviews and testimonials to gauge their knowledge.  Also doing a Realtor interview (phone or in-person) can help you decide whether or not you feel that they would be the right fit to help your homeownership journey. 

 

Buying your first home? Work with a real estate agent you can trust! Jeneen Marchant is a Realtor in the Edmonton area who can help you buy your first home or dream home! 

 

I am a Realtor in Edmonton who can help find your first home. Be it your forever home or just a starter home, as one of Edmonton’s top REALTORS, I have the experience and the knowledge to help you find the perfect home for you! 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.

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

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.

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.

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.

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What to Consider Before Buying a Home

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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.

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.