Real Estate Blog - August, 2016

Things to Do After You Buy Your First Home

1. Get Rebates and Tax Credits

There are only a few ways that your home will give you cash before you sell it, and one of those instances happens right away in the form of GST rebates. You can apply for these after the purchase has gone through, but there are a couple of stipulations. First, the home has to be new or substantially renovated. Next, it needs to purchased for less than $450,000, which is actually fairly easy in Edmonton’s current market.

The First Time Home Buyer’s Tax Credit is an absolute must as well and can land you up to $5,000. This money can go a long way in helping you pay off the closing costs and hidden fees of buying a home, including legal fees, disbursements and land transfer taxes.

2. Get a Nest Egg or Two

When you…

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Federal Government Appoints New Real Estate Council

The Federal Government has recently announced a new board to track and oversee changes in the Canadian housing market. Set up by Finance Minister Bill Moreau, the group will monitor housing markets across the country in an effort to create better policy for home owners and the housing sector.

The group was initially announced to deal with complaints about housing affordability in the Greater Toronto Area and Vancouver area, where inflated housing costs have frozen most of the population out of home ownership. The council, however, will also seek to help housing markets across the country, including Edmonton.

In a statement by Moreau, he noted that the council will help all Canadians. “The Government of Canada will continue to evaluate whether…

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Tips For Canadian Newcomers Who Want to Buy A Home

If you’re new to Canada, I would first like to say hello and welcome to your new home. It’s more than likely much, much colder than you’re used to, especially here in Edmonton, but this is a truly wonderful country. That being said, if you’re new to Canada and wanting to buy real estate, you may be surprised at the differences here compared to what you may be used to. Here are some handy guidelines for people new to Canada, like yourself, who want to buy a home and get a mortgage.

If you are not a citizen of Canada, the documents on which you are here will affect what kind of mortgage you can get, and if you can get one at all.

For those of you on a valid work permit (ie. your employer sponsored you to come and work in Canada), then you are…

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Living That Basement Life

Paying off your mortgage can be a long and arduous process, but it can go a lot faster with rental income. If you live on your own or are willing to live in your basement for a few years, you can make serious headway on your mortgage, but you have to do it right. Here are some simple tips to help you rent out your main floor, make some extra cash, and get mortgage-free faster.

1. Make Sure Everything’s Above Board

Illegal home renting may seem like a good idea in the short term, but long term, it will be a disaster. First and foremost, you probably don’t want people who are willing to live in illegal circumstances right above you, they will more than likely make terrible renters. But even more importantly, if something happens, you will be on the…

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Mortgage Apps to Help You Manage Your Finances

“There’s and app for that” became one of the defining catchphrases of the early 2010s, mostly because it’s true. You can find an app for almost anything, from comparing car costs in your area to on-the-go access to professional mortgage advice. Here are some apps about mortgages and real estate that almost everyone, including homeowners, will find handy.

1. Mortgage Brokers City

This Ottawa-based company developed their app to help people make smarter buying decisions across Canada, not just in our nation’s capital. The app provides a complete breakdown of the many hidden costs involved in purchasing a home. They also provide access to real-time rates that are happening right now, and plenty of useful advice for buying and having a mortgage. Plus,…

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The Pros And Cons Of Buying An Older Home

As Edmonton’s real estate market starts constructing less and less new homes, many people are left with looking at older homes if they want to move or get into the real estate market. While Edmonton has been blessed with plenty of new developments for many years now, that doesn’t mean the older homes aren’t worth a look. In fact, many older homes have distinct advantages over their newer counterparts, but extra caution needs to be used when looking at the older ones. Here are some things to look for when looking at an older home, and some reasons you may love living in one.

Pro: They’re Often Cheaper

Older homes are, comparatively, cheaper than brand new ones, and this will increasingly be the case in Edmonton as new homes become more scarce. The…

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Simple Reasons Why Downsizing Is A Good Idea

Downsizing, for many, is almost a dirty word. It can imply that you’re not on the path to success, or that you can’t afford what you have. This type of thinking is patently untrue. In fact, downsizing can actually be an excellent idea, even if you’re doing well financially. Here are just a few reasons why you may want to downsize.

1. You Enjoy Your Spare Time

Bigger houses and bigger properties require more maintenance and care. If you’re getting bored of shovelling snow, mowing lawns, and all the regular maintenance that goes into a larger property, then maybe it’s time to find something smaller or simpler. Condos are an excellent way to have someone else do the major work, while a smaller property will simply take less time to maintain. And with…

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The 3 Biggest Mistakes Made When Selling A Home

Selling your home is a very complicated process. It involves not only a lot of paperwork, but a lot of know how. Many people who sell their homes make at least a couple of the following mistakes and, as a result, have their home listed for longer or get less money than they could have. Here are the mistakes that cost home sellers time and money, and how to avoid them in your own sale.

1. Showing a Dirty, Cluttered Home

At some level, people understand that the home they’re viewing is still being lived in, but that doesn’t mean they’re forgiving of any kind of mess. It’s best to think of your home showings like an interview. You wear your best suit, not the suits you’ll wear when you start the job. The same goes with your home. Be sure to give it a…

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Simple Ways To Pay Off Your Mortgage Faster

Mortgages, while relatively low on the interest front, are usually our biggest source of debt. Especially in the early days of your mortgage, it pays to focus on your mortgage. Doing so could help you pay off your mortgage sooner and pay less in interest overall. Here are just a few tips to help you get ahead of your mortgage and pay it off more quickly.

1. Make an Extra Payment Every Year

Many banks and mortgage lenders allow you to make a payment every year that you can apply directly to your home’s principle. You’ll have to call your lender and make sure that this is the case. If it is, then be sure to save up some money every year to make a substantial payment. An extra $100 every month, when you consider your entire mortgage, can help cut your…

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