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Archive for the ‘Edmonton Home Buyers’ Category

Buying YEG Real Estate? Here’s why you might want to consider a new build

Wednesday, January 31st, 2024

If you are in the market for a new home in Edmonton, there are a variety of options available to you. One option that is becoming increasingly popular is buying a brand new build. While some people may prefer the charm and character of an older home, there are many compelling reasons to consider a new build. In this blog post, we will explore some of the benefits of buying a new building in Edmonton.

Customization

One of the biggest advantages of buying a new build is the ability to customize your home to your exact specifications. When you purchase an older home, you are often limited by the existing layout and design. With a new build, you can work with the builder to create a home that meets your specific needs and preferences. From the layout of the rooms to the finishes and fixtures, you have control over every aspect of your new home.

Energy Efficiency

Another benefit of buying a new build is the energy efficiency that comes with modern construction standards. New homes are built with the latest energy-efficient technologies, including insulation, windows, and appliances. This can lead to significant savings on your utility bills over time, as well as a reduced carbon footprint.

Warranty

When you buy a new build, you will receive a warranty from the builder. This can provide peace of mind knowing that any defects or issues that arise within the first few years will be covered. You can learn more about Alberta New Home Warranty Program here. This is not always the case with older homes, where the buyer is often responsible for any repairs or maintenance that are needed.

Low Maintenance

New builds require less maintenance than older homes. With a new build, you don’t have to worry about replacing the roof, upgrading the electrical system, or dealing with other costly repairs that may come with an older home. This can save you time and money in the long run, and allow you to focus on enjoying your new home.

Community

New builds are often part of a larger community development, which can provide a sense of community and belonging. Many new developments include amenities such as parks, playgrounds, and community centers. This can be especially appealing for families with young children or anyone who is looking for a tight-knit community.

Buying a brand-new home in Edmonton can be an excellent investment for many reasons. Our team has expertise and relationships with numerous builders across the Edmonton region, from spec homes (ready to move into) to custom options, from starter to luxury, and everything in between – we have you covered. The best thing to do is reach out and start discussing your Edmonton home-buying goals.

Wednesday, January 24th, 2024
Buying or selling Edmonton Real Estate, the good news is that there may be some positive shifts when it comes to the economic factors at play. The economic projections for residential mortgage rates in Canada in 2024 indicate a trend toward rate reductions and a stabilization in the housing market. Here are some highlights from various expert analyses and forecasts:

Mortgage Rate Projections Interest Rate Cuts:

There’s a strong consensus among financial experts that the Bank of Canada will initiate rate cuts by the second half of 2024. These cuts are expected to be in the range of 50 to 100 basis points, bringing the overnight target rate down from the current level of 5%​​.
  • Fixed Mortgage Rates: The bond yields, which influence fixed mortgage rates, are anticipated to decrease throughout 2024. This suggests that fixed mortgage rates will likely follow a downward trend, although the exact timing and magnitude of these changes remain subject to economic conditions​​​.
  • Variable Mortgage Rates: With the projected rate cuts by the Bank of Canada, variable mortgage rates are expected to become a more popular choice among borrowers. These rates are directly affected by the Central Bank’s decisions and are likely to see reductions following the policy rate cuts​.

If you have a variable-rate mortgage, or if you’re considering buying an Edmonton home, the anticipated rate cuts could lead to lower interest rates on mortgages. This means your monthly mortgage payments could be reduced, making homeownership more affordable in Alberta. This may also increase buyer interest and competition, so our ongoing advice of buying when the time is right for you is important.

Housing Market Trends Home Price Growth:

Various forecasts suggest a modest increase in national average home prices, with predictions ranging from 0.5% to 5% year-over-year by Q4 2024. This growth reflects a stabilizing market after the rapid changes experienced in recent years. Specific to Edmonton, lower price ranges will favour more competition due to more accessible affordability.

Home Sales Activity:

Throughout Canada, an increase in home resales is expected, with predictions of a rise of around 5.2% in 2024. This increase indicates a recovering market, although it’s important to note that regional variations can significantly affect these numbers. For Edmonton, “the average price for all types of housing is expected to rise 1.2 percent overall” according to the Realtors® Association of Edmonton.

 

Economic Factors Influencing Mortgage Rates Inflation and Central Bank Policy:

The Central Bank’s efforts to combat inflation have led to the current high interest rates. As inflation is brought under control, the Bank is expected to lower rates to stimulate the economy. This relationship between inflation control and interest rate adjustments is a critical factor in mortgage rate projections​.

Bond Market Movements:

The bond market’s expectations play a crucial role in determining fixed mortgage rates. As bond yields drop in anticipation of rate cuts by the Central Bank, fixed mortgage rates are likely to decrease accordingly​​​.

Global Economic Conditions:

The economic environment in the United States and globally can influence Canada’s economic policy decisions, including those related to interest rates. Factors such as U.S. inflation and economic growth will be closely monitored for their potential impact on Canadian mortgage rates​.

Housing Demand and Supply Dynamics:

Canada’s growing population, coupled with a relatively static housing supply, suggests continued demand for housing. This demand is likely to support home prices and influence the mortgage market​.

In summary, the residential mortgage rate landscape in Canada for 2024 is expected to be characterized by declining interest rates, modest growth in home prices, and a gradual recovery in home sales activity.

Whether you are looking to purchase your first home, making a move due to a lifestyle transition, or seeking an investment, we are here to support your Edmonton Real Estate goals. It is never too early to discuss your home-buying or selling goals. Let’s chat today. 

Exploring Home Buying Savings Options: FHSA, HBP, and TFSA (Canada)

Tuesday, January 2nd, 2024

 

Buying a home in the Edmonton area is a significant milestone, and saving for a down payment is a critical step. Canadians/Edmontonians have several saving options, each with its benefits and considerations. Here’s a breakdown of three popular choices: the First Home Savings Account (FHSA), Home Buyers’ Plan (HBP aka RRSP), and a Tax-Free Savings Account (TFSA).

First Home Savings Account (FHSA)

The First Home Savings Account (FHSA) in Canada is a tax-advantaged savings account designed to help individuals save for their first home. This account aims to make homeownership more accessible by providing significant tax benefits for first-time homebuyers.

Pros:

  • Contributions are tax-deductible, and withdrawals (including investment income) for qualifying first home purchases are tax-free.
  • Offers flexibility and significant tax advantages for first-time homebuyers.

Cons:

  • The annual contribution limit is capped. The annual contribution limit for the First Home Savings Account (FHSA) has been $8,000 in recent years, and there is a lifetime contribution limit of $40,000.
  • Specifically designed for first-time homebuyers, limiting its use for others.

Home Buyers’ Plan (HBP)

The Home Buyers’ Plan (HBP) is a program in Canada that allows individuals to withdraw from their Registered Retirement Savings Plans (RRSPs) to buy or build a first home, without immediate tax penalties.

Pros:

  • Allows you to borrow up to $35,000 from your RRSPs to buy or build a first home, interest-free.
  • A repayment period of 15 years gives ample time to return the funds.

Cons:

  • Requires repayment, otherwise, it is added to your taxable income.
  • Using RRSP funds can interrupt the growth of your retirement savings.

Tax-Free Savings Account (TFSA)

A Tax-Free Savings Account (TFSA) is a flexible investment account in Canada that allows contributions to grow tax-free. Withdrawals can be made at any time for any purpose, also tax-free. It’s available to individuals 18 and older with a valid Social Insurance Number. While contributions are not tax-deductible, the account offers significant tax advantages, especially for long-term savings and investment growth.

Pros:

  • Contributions aren’t tax-deductible, but investment growth and withdrawals are tax-free.
  • Offers flexibility; funds can be withdrawn anytime for any purpose, including a home purchase.

Cons:

  • Annual contribution limits may restrict how much you can save over time.
  • Doesn’t offer the same direct home-buying incentives as FHSA or HBP.

When considering these options, think about your timeline for buying an Edmonton home, your current and future tax situation, and how much you can save. Consulting with a financial advisor and an Edmonton mortgage broker can also provide personalized advice tailored to your specific circumstances. Whichever path you choose, start early and review your strategy regularly to keep your home-buying dream on track.

Did you know we offer complimentary Home Buyer consultations to talk about your unique goals and desires? Based on where you are at in the process, we can also connect you to top-tier professionals who can further guide you in getting ready to become a homeowner.

Buying YEG Real Estate? Here’s why you might want to consider a fixer upper

Sunday, March 12th, 2023

 

 

 

When it comes to buying real estate in Edmonton, many homebuyers are drawn to new or recently renovated homes. However, there are several reasons why you might want to consider a “fixer-upper” instead. Firstly, a fixer-upper is typically priced lower than a move-in ready home. This means that you can often get more square footage and a larger lot for your money. Additionally, if you’re willing to put in some sweat equity, you can potentially increase the value of your home over time.

Another advantage of buying a home that requires renovations is the opportunity to customize the space to your liking. With a move-in ready home, you’re limited to the existing layout, finishes, and features. When renovating, you have the freedom to turn something with “good bones’ or the “perfect ” location, into your dream home – whether that means knocking down walls, installing new appliances, or adding a deck or patio.

Of course, buying a fixer-upper does come with some challenges. You’ll need to have a solid understanding of your budget and the costs associated with renovations, as well as a clear idea of what you’re looking for in a home. You’ll also need to be prepared to handle the logistics of the renovation process, including obtaining permits, hiring contractors, and managing timelines.

However, for those who are up for the challenge, a fixer-upper can be a great investment. By putting in the work to renovate and customize your home, you can create a space that truly feels like your own, while potentially increasing its value over time. So if you’re in the market for a home in Edmonton, don’t overlook the potential of a fixer-upper!

Community Spotlight: Garneau

Thursday, November 25th, 2021

 

You’ve probably already guessed it, the TruHome team is a huge fan of Edmonton. Most of us on the team are born and raised Edmontonians with no plans to move to a new city! We know that Edmonton is an amazing place to live, and we want to share our love for it with you.

Because we’re fortunate to work with clients living in every neighbourhood in the city, we’ve come to know Edmonton from many different perspectives. In this blog post, we want to show you all the hidden gems in the neighbourhood of Garneau. 

Ride on the High Level Streetcar

After being closed for the COVID season, the High Level Streetcar is back in action! Take it to get from one end of the river to the other ($4 one-way for $7 round trip), or book it for a special event at an hourly rate, where you can invite friends and family to spend an hour or two on the streetcar. 

Paint your own ceramics

At Crankpots Ceramic Studio, you can pop in to shop or book a time to paint your own masterpiece. Both reservations and walk-ins are welcome! Simply pick your piece, paint colours, then start painting—and with unlimited studio time and paints, you can truly relax and enjoy your painting experience.

Experience French culinary mastery

A little bit of France in the centre of Garneau, Eleanor & Laurent is a French restaurant offering many different French dishes, such as baguettes, sandwiches, rotisserie chicken, desserts, wine and takeaway items. This description isn’t giving this restaurant the credit it deserves, so check out their Instagram to see the stunning dishes and treats that Eleanor & Laurent create.

Visit a hidden bistro

And if you wanted to stay in the area (or the same building), La Petite Iza is a rooftop terrace bistro located on Eleanor & Laurent’s uppermost floor. It serves patrons during the day and night, with two different menus for the time of day. With limited hours of Wednesday-Sunday, be sure to snag a reservation before stopping by.

Go thrifting

Though big box thrifting stores like Value Village or Goodwill are in the area, we’re all about supporting local, which is why you should check out Antique Treasure House Edmonton—a hidden gem located at 10701-85 Avenue at the base of an apartment building. Antique Treasure House is filled with everything, such as fine china, antiques, prints, toys, clothes, jewelry, furniture, kitchen goodies and more.  

Upgrade your kitchen knife-wear

It’s hard to find a shop that specializes in knives, but Knifewear in Garneau does. A Canadian business with locations in Edmonton, Vancouver, Calgary and Ottawa, Knifewear is a destination and hangout spot for those who love Japanese steel. They carry exclusive, scary sharp, high performance blades, and offer expert knife knowledge, expert purchasing experiences and support.

Purchase some antique collectables

If you didn’t overspend at the Antique Treasure House that we featured above, walk on over to Black Swan Antiques & Collectibles. With a lot of different treasures inside, this shop specializes in antique jewelry. You are bound to spend hours in this eclectic store!

Have a spa day

At Healing Waters Spa, you can have a full spa day to relax and rejuvenate—or, you pop on in (by appointment) to get something specific. Healing Waters Spa offers an array of services including facials, waxing, tinting, massages, scrubs and saunas, as well as experiences like full packages or Hammam treatments. Keep an eye out for their monthly specials!

Visit a cigar shop

La Tienda is the friendliest cigar shop in the city, offering service, knowledge and honesty. They sell only cigars—no vapes, chew or cigarettes. Not only are they open for walk-ins, but they also offer private memberships: a monthly or premium private selection cigar club.

And when you’re done shopping, head on over next door to Farrow to grab a sandwich, coffee or donut. If you’re an Edmontonian, you probably already know about this well-loved sandwich shop.

Take a walk down Saskatchewan Drive

Lastly, nothing beats a free walk down Saskatchewan Drive where you can take in the wonders of the view. With a complete view of our Downtown, a walk (or jog!) down Saskatchewan Drive never gets old.

If you’ve fallen in love with all the goodies Garneau has to offer, reach out to one of the agents on our TruHome team – we’d love to show you some homes in the area! 

 

The Home Inspection Series: Why Home Inspections are Important

Thursday, November 11th, 2021

Home inspections are a crucial step in the home buying process. Not only does it allow you to learn more about your future home, but it is the step that gives you the opportunity to either move forward with your purchase or walk away. We could go on and on about home inspections, so that’s why we decided to write a series on them!

Though many are familiar with the standard home inspection (which we will go further into detail in future blog posts), we thought we start out with why home inspections are important. If you’re thinking of purchasing your first home, be sure to set alerts for when we post new articles on our Instagram! Let’s dive in.

What is a home inspection?

A home inspection is the buyer’s last chance to learn the details and specifics of the home they put a deposit on and are looking to purchase. If any problems with the home arise during this step in the home buying process, the buyer can contact the seller to negotiate, or simply walk away from the purchase and get their deposit back.

Though home inspections are technically not necessary, we at TruHome strongly suggest performing one before purchasing your home. We get it—buying a home is already a lot of money and hiring a home inspector is just adding to the list of ever-growing costs. However, if you don’t go through with a home inspection, you could be left with tens or even hundreds of thousands of dollars in repairs that you could have learned about before. Beyond the cost, you could also be buying a home that simply isn’t safe to live in. No one wants that!

What do home inspectors look for?

Home inspectors look for anything and everything in a home. Probably not the answer you were looking for, right? Well, inspectors will look at the big and small—from leaks to small dents in the drywall. But in general home inspections, inspectors take a special interest in water damage, the structural integrity of the building (uneven floors, cracked walls, leaning stairs, etc.), roof damage, electrical, plumbing, bug or pest presence, and heating & cooling systems. 

The list above only scratches the surface, but once you get your home report back after the home inspector is finished, you’ll see what we mean.

What to expect during a home inspection

We always recommend that the buyer comes along for the inspection along with your realtor. Not only can you speak with the inspector one on one to clarify any issues that arise, it also gives the buyer another chance to view the home. Sometimes during these inspections, the buyer brings along measuring tapes and paint samples to get some planning in ahead of time before possession day.

Home inspections usually take between 1-3 hours, depending on the size of the home and the amount of reported issues. In very unique circumstances, home inspections can take a full day.

Once the home inspector is done looking at the home, they will chat with you and give you an in-depth report of the things that the home needs fixed. The length of this list differs between each home. Though the list can sometimes be long, you need to remember to pay attention to the severity of the issues. There may be missing light switches and cracks in the sidewalk, which are more of an aesthetic issue and not necessary to fix right away. However, if the inspection report tells you that there are major issues with your pipes or foundation, that is when you need to decide with your realtor if those are deal breakers or not. Always keep your budget in mind during this step—even though the home may seem perfect, it may not be worth it to fork out thousands of dollars to fix the issues.

What to expect after a home inspection

After the home inspection takes place, it’s time to sit down with your realtor. If the report shows only a few minor things, then your realtor will likely suggest to move forward with the purchase without any changes to your deal.

However, if your home inspection report comes back with major issues, your realtor will give you three options: 1) to negotiate with the seller to get a smaller selling price of the home, 2) to negotiate with the seller to have them fix the issues before possession day, or 3) to walk away from the home altogether. If the seller agrees to fix the issues for you, it is important to have a follow-up walk-through before your possession date to ensure that the problems were properly tended to.

If you decide to walk away from the home, your realtor will go back to step one and send you listings of homes that are similar to the one you just walked away from. Though it’s extremely disappointing for our clients (and for us!) when this happens, we have never regretted backing away from a bad investment. 

Hiring a home inspector in Edmonton

Edmonton is filled with many credible home inspection companies. Did you know that Alberta and British Columbia are the only two provinces that require home inspectors to have certifications? This means that here in Alberta, all home inspectors are licensed and you can sleep soundly knowing that trained professionals are inspecting your home. We at TruHome work with a couple specific companies that are amazing. Here they are:

Brent Moffat

Edmonton, AB T5T 2Y5, Canada

Phone: 780-224-5035

brent.moffat@abuyerschoice.com

Visit the website

 

Edgar Castillo, 

Canadian Residential Inspection Services NE Edmonton

Namao Center PO Box 31085 Edmonton AB T5Z 3P3 (Street Address: 10315 – 178 Avenue NW, Edmonton)

Phone: 780-910-2857

ECastillo@CanadianResidential.com

How much does a home inspection cost?

During most purchases, the buyer usually pays for the home inspection. However, there’s no rule that says that you can’t negotiate that the seller pays for the home inspection when you’re in the negotiation stage before the inspection takes place.

There are some cases when the seller performs a home inspection before they put their house on the market. In those cases, it is up to the buyer to either accept that home inspection or perform a second home inspection on their own dime. However, we at TruHome definitely recommend hiring your own inspector—someone that is unbiased and can give you an honest report.

That being said, if you are hiring the home inspector yourself, you can expect to spend between $200-$400. 

In conclusion

We know home inspections can be daunting—especially when you’re a first-time home buyer. But like we mentioned earlier in this article, home inspections are important and necessary, even if they aren’t required to purchase a home. 

More often than not, there will be an issue with your home, even if it’s only a year or two old. But know when this happens, you’re not alone. Your realtor is there to help you throughout your journey to home ownership—even when it gets difficult!

We at TruHome take pride in being a shoulder to lean on during the home buying process. At each and every step, we’re only a call or a coffee hang away! If you’re looking to purchase your next place to call home, feel free to book a Buyer’s Consult with us to get started.

The Unexpected Costs Of Buying Your First Home

Thursday, October 28th, 2021

The purchase of your first Edmonton home is an exhilarating and monumental event. However, many homebuyers are unaware of the “hidden”, one-time expenses that come with buying a home. When you budget for a real estate purchase, you should have a good understanding of what investments will have to be made alongside your down payment. Doing so will allow you to prepare properly, save accordingly, and make the acquisition of your new Edmonton home much less stressful.

Edmonton Home Inspection

While not mandatory, it is often recommended to have a home inspection done prior to closing the deal on your new home. An Edmonton home inspection allows the buyer to better understand the condition of the house, including its structural integrity and mechanics. Doing an inspection before closing a sale means that potential issues can be brought to the seller’s attention before it becomes the buyer’s responsibility. Additionally, knowing that there are no major defects to surprise you in the future may provide more security for your lender.  

Legal Representation

You will require legal assistance to facilitate the transaction between yourself, the bank, and the seller. Only a portion of this cost will pay the lawyer’s fee, while the remainder will be used to execute the title transfer and all other details regarding the purchase (disbursements). Legal feels will vary depending on the complexity of the transaction. 

Adjustment Costs

Adjustment costs refer to the costs that the previous owner prepaid (property taxes, utility bills, maintenance services, etc.). You as the buyer may be required to reimburse the seller for expenses they may have already been paid in a prorated fashion. This cost is dependent upon the possession date. 

Property Appraisal Fee

In order to determine the value of the property you’re purchasing, and whether or not it meets its lending criteria, your bank may hire an independent appraiser to assess the property. This, of course, depends on the type of property being purchased.

Estoppel Certificate Fee

If the property you’re purchasing is a condominium or strata unit, an estoppel certificate allows you as the buyer to know if the previous owner has any unpaid condominium contributions. Outstanding payments and associated interest owing on unpaid condominium fees are carried with the unity and not the owner.

Land Registration

Before the sale closes, you have to register the property’s title under your name. This is also referred to as a land transfer tax, deed registration fee, or property transfer tax. 

If You’re Buying a Brand-New Home

Often only associated with the purchase of a brand-new home (not just new to you), you will likely have to pay goods and services tax (GST) on your home purchase. 

Home Insurance

As a condition of getting a mortgage, oftentimes the lender will require proof of home insurance before approving a loan. The cost of your home insurance policy will vary depending on your personal assets, the features of your new home, and the type of policy chosen. 

A general guide is to have an additional 3%-4% of the purchase price as cash-on-hand. Keep in mind, the estimates of these costs will differ based on the type of property you are buying and what kind of services are available to support your purchase. If you’re unsure of what fees will be associated with your first home purchase, consult your real estate agent. They are on your side and are eager to ensure you are making a quality investment. 

Our TruHome real estate agents take great pride in facilitating your purchase by making sure you’re well-informed before any documents are signed. We are always happy to aide our clients – especially if you’ve chosen us to help you find your first TruHome! 

Regaining Your Garage Space

Thursday, October 21st, 2021

Whether you’ve moved into a new home and have to find a place to put all your belongings, or you’ve been in your home for years but can’t find anything anymore, optimizing your garage space can save a lot of stress. Your garage offers important square footage and should be treated as such, but you’re not alone if you open the door and think “I don’t even know where to start…”

We can’t fix up your garage for you, but we can offer a few tips to help get you started:

Decide what you want to use the space for

Establishing your list of priorities for how the garage should function is step number one. Are you using it primarily as a car park with a bit of extra storage space? Is it a workshop and utility closet all in one? Will a part of it be turned into a home gym? Whatever the case, you should identify what wants and needs can be met with the space that you have. Start by grabbing a piece of graph paper and a pencil to make a to-scale drawing of your space so you know how much room you have to work with after you fill it with all the essentials. 

Declutter

This is a big step. We know. However stressful it may be, it is just as satisfying. Sorting through old sporting equipment, neglected hobby projects, tools that haven’t seen the light of day, and that old patio furniture you keep saying you’ll brush the cobwebs off for next season, is the second step in regaining garage space. Unless it holds sentimental value, serves a true purpose, or brings you some kind of joy, get rid of the extra clutter so you know what has to be organized. Who knows, you may even part with enough stuff to put on a garage sale (we won’t tell anyone if you secretly want to show off your new and improved garage). 

Pick the proper storage and garage mechanics

Once you know what items have to find homes in the garage, it’s easier to find storage solutions to match. First you have to decide on an organizing system. Some of us like clear bins so we can see everything in them without have to search high and low. Others like closed cabinets to hide the clutter and keep everything organized. After you’ve decided how to organize, find a system that works for you and the people that have to access these things. That might be labels, sections of the garage for certain activities, or a color-coded filing system that would impress Sheldon Cooper. 

Another part of optimizing garage use is making sure the mechanics of the garage work as they should. This includes door hinges and handles, lighting, heat, surrounding foliage, and more. If you can’t even access the garage, what’s the point of making it functional?

Use vertical and overhead space

An often-underused area of space is the wall space that’s just out of reach. Hanging floating shelves or adding a few extra stackable shelves to your storage system can produce new indoor real estate you didn’t have before. Storing the seasonal gear or “dangerous goods” (washer fluid, paint, etc.) keeps them out of the way but still accessible. We’ve also seen many functional garage spaces with racks that hang from the ceiling to hold life jackets, snowboards, and other equipment that’s hard to store. 

Make it a welcoming space

You won’t use your garage to its fullest potential if it’s not a space you want to spend time in (even those 3 minutes to get the winter gear of out storage or to flip a breaker). Maybe this means adding extra light sources (adhesive, battery-operated lights if you don’t want to re-wire), insulation for warmth and sound absorption, or paint to make the space look bigger and brighter. Whatever the case, part of regaining your garage space is making sure you actually want to go in there to access the things you need. 

As the needs of you and your family change over the years, consider tackling the garage every 2-3 years to make sure it’s still functional for you. Who knows, your most recent garage update might be the thing that seals the deal for you to list your Edmonton home with us at TruHome. Homebuyers love a practical garage!

Buying an Edmonton Home: Determining your Non Negotiables

Thursday, July 15th, 2021

We’ve seen it time and time again: a client looking for a new Edmonton home is viewing properties and walks into a potential home that seems perfect. A newly finished kitchen, beautiful hardwood floors, elegant lighting fixtures… you name it. But sometimes, experiencing all the rainbows and butterflies that a home may have can make you forget what you’re really looking for. So let’s talk about non-negotiables.

When Searching For An Edmonton & Area Home 

Before even beginning your home-buying search, we recommend you put together a list of things you need in your next home. Then, when viewing homes, you have a good idea of what you absolutely can’t live without—or, on the flipside, can’t live with.

Number Of Bedrooms

This is a big one for younger first-time home buyers. Even though that one-bedroom open-style loft may be perfect for your lifestyle right now, we often suggest visualizing what your lives could look like in the next 10 years. In the event that you have children, or even long-term guests, or a work-from-home job, it may be a good idea to have one or even two extra bedrooms.

Style Of Home 

Even though most Edmonton home buyers have an idea of the type of home they’re looking to purchase, try to get a solid idea of the style of home you’re looking to purchase before even getting started. Do you envision yourself in a condominium, a townhouse, a home or maybe even an acreage?

Neighbourhood

Do you prefer living in the quiet suburbs or the lively downtown core? Here in Edmonton, each part of the city is vastly different and offers distinct, unique perks in each area. And if you’re a parent or looking to be one within the next 10 years, which Edmonton neighbourhoods are in close proximity to your desired school districts?

Commute

Similar to choosing the right neighbourhood, determining your commute to work, daycare or the in-law’s place can make it or break it. Is your home within walking distance to those things, or is there a major bus or LRT route near it?

Accessibility

Do you, someone in your family or a good friend needs a home that is easily accessible, such as being wheelchair friendly? There are a lot of things to consider there—an open floor plan or a ramp or elevator may be something that you will need to ensure your next home has available.

Garage

Are you a one, two or maybe even three or four car family? Ensure that you have space to protect and store your vehicles, bicycles, tools or toys. Though two parking stalls are sometimes included when buying a condominium, most of the time it’s only one… or none. Don’t even bother viewing a home if it doesn’t meet your car storage requirements!

Storage

This one goes for those living in condominiums or even smaller homes. Is there enough closet or garage space for your ever-growing list of belongings? Sure, your patio cushion set may be fine outside during the summer months, but where will they go once the snow comes around? Some condos include storage cages outside of the unit itself, which can be incredibly helpful in this case. Alternatively, some buyers factor in external storage away from their residence to store seasonal items. 

Price

Arguably the most important thing to consider before shopping for homes is the price. Depending on the market and the home you are looking for will determine a range of negotiation that is reasonable, so considering what your honest budget really is, is important. Being “house poor” is a real thing, so ensure whatever you purchase allows you to comfortably pay your mortgage, basic needs, entertainment and savings account!

When Purchasing Your Home 

So you’ve found your dream home and your offer has been accepted. Congratulations! Even though this is an exciting step, the non-negotiables don’t stop here. Here are a number of non-negotiables to look for when the purchasing and agreements come into play at this phase in the home buying process, so let us enlighten you.

Downpayment 

A mortgage lender can loan only the amount of the appraised value of the home. So if the appraisal comes back lower than what you offered the seller, it may put you in a bit of a conundrum. A TruHome team member is there to support you in navigating the various options for handling this. There are also times when the lender will only give you your desired loan if you put down a specific down payment amount. Let’s say you planned to put down 5% but your lender is asking you to put down 10%. Most of the time, this means dipping into a savings account that you weren’t looking to use or maybe using the money you planned to renovate the kitchen with. Either way it’s not ideal and you will want to determine what moving forward looks like. By getting pre-approved in advance, you can avoid some of these headaches pre-offer. 

Timeline

Did you just sell your last home and are looking to move to a new one as soon as possible? Or maybe you still need to sell your home and the current owner of the new home wants you to move in next week. Sometimes, timelines simply don’t match up. It’s stressful when this happens, but our team can help you navigate the right ways to move forward. 

Home Inspection

It’s time for your home to get professionally inspected and, to your surprise, the hardwood floors need a complete replacement before moving in. Large projects like this can cost a lot of money and sometimes may become non-negotiable. However, we always like to stress that once we know all the information we can work on figuring out the best strategies to move forward both positive for you the buyer and the seller respectively. 

Your Instinct 

Even though you’ve made a verbal deal and put down a deposit on the home, it doesn’t mean you’re stuck moving forward with it if things come up in the purchasing process. Don’t ignore red flags—if something feels wrong, it probably is. There is a time period when you can walk away from the process, get your deposit back and start fresh. The right home will come to you in due time and your REALTOR® should be there advising and supporting you throughout the whole process!

And there you have it—a starting list of standard non-negotiables that most people look for when searching for their next home. Remember: when looking for your Edmonton home, those upscale finishings can be upgraded in due time—the barebones and the unchangeable features of a home is what’s most important. And during the purchasing process, it’s most important that it feels right.

 

If you’re in the market to purchase your next home, talk to us about scheduling an Edmonton home buyer consult to discuss your goals for homeownership. 

How To Furnish Your Home on a Budget: Edmonton Edition

Thursday, April 29th, 2021

Picture this: you’ve been saving up for years to purchase your first Edmonton home, and you finally found a house that checks all the boxes. You put an offer on it, and after some negotiations, it gets accepted—score! You complete all the paperwork and you get possession in four weeks. Wait… hold up! You now have the dream house, but what about the furniture that goes inside of it? It can often take months, even years, to fully furnish your home to completion! Good quality furniture and decor is not only expensive, but it’s hard to come by. But… it doesn’t have to be. Here in Edmonton, we have a lot of second-hand furniture stores that have one-of-a-kind pieces that will fit in your budget. Here they are:

More Than A Fad

This thrift store carries everything, from clothing to furniture to wall art to jewelry. This shop carries everything—from clothing to children’s toys to decor to kitchen supplies. And of course, a lot of furniture! Not only is this thrift shop good for your wallet, but it’s also good for Edmonton’s economy, as all profits directly support the Adeara Recovery Centre—an addiction recovery centre for women and their children in Edmonton. More Than A Fad has two locations: one in Argyll and another near Kingsway Mall!

Find

Another store that positively impacts the Edmonton economy is Find. Find has two goals: to provide essential furnishings free of charge to individuals and families who are moving out of homelessness, and to supply low-cost, quality furniture and housewares for sale to the public.

Old Strathcona Antique Mall 

Owned by a mother-daughter duo, the Old Strathcona Antique Mall is filled with unique pieces of furniture and decor that you won’t find anywhere else in Edmonton. This shop has over 300 booths of unique vintage & antique treasures, and is Western Canada’s largest antique mall!

Habitat ReStore

Yet another Edmonton thrift store that is helpful for our community! Owned by Habitat for Humanity, the Habitat ReStore sells new and gently-used items like appliances and furniture—all at incredible prices. All the profits help Habitat Edmonton provide affordable home ownership to families in our community. The Habitat ReStore has 5 locations total: South Edmonton, North Edmonton, West Edmonton, Sherwood Park and Grand Prairie.

 

The second-hand furniture stores definitely don’t stop there, but the ones mentioned above always have a lot of stock and a lot of selection. They’re staples in Edmonton, and we’re proud that they chose our city to operate in. We hope this is helpful!

 

Featured Guest Blogger:

Alli Harrison is an Edmonton-based marketing & communications professional with extensive experience working with small businesses. Learn all about her by visiting her Instagram, Twitter & LinkedIn.

 

 

 

 

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The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.