Thinking of tackling the complex, time-consuming and emotional world of real estate on your own? Think again.

The sale of your home is one of the biggest financial transactions you’ll ever make in your life. No one would ever try to manage a major tax, or legal problem on their own – they bring in the professionals. The same goes for real estate – when you’re buying or selling your home, the only choice to minimize risk and maximize your financial potential is to bring in the experts.

Your expert is a REALTOR®, who is a member of the Canadian Real Estate Association. Your realtor is subject to a high degree of professionalism, ongoing education and Subject to a Code of Ethics and Best Business Practice. Realtors treat all members of the transaction fairly and come to you with the highest level of knowledge of the market you’re buying or selling in.

In the last ten years, using a commission-free service to buy and sell property became available in Alberta. The premise appears easy and profitable – you list your home without the aid of a realtor and get to keep the entire sale price of your home to yourself!

The truth is, selling your home is a full-time job and when buyers see a Com-Free sign on your lawn they think – ‘cheap and fast deal’. Without the knowledge of an expert, buyers believe the home is, or should be, listed below market value. And, when you list your home on your own, your ability to market to the widest market of potential buyers is limited. When it comes to negotiating the sale without a mediator who is trained to navigate contracts, commission-free buyers and sellers are often involved in a financial transaction they cannot handle. The end result usually ends with bringing in a realtor anyways. Or, the worst-case scenario – you lose more money than you would of spent hiring a professional.

Leave the buying and selling of your home to a property specialist who cares. More reasons you should never bear the burden of the housing market alone:

THE MARKET

• Realtors provide you with a CMA – a competitive market analysis. Your CMA provides up-to-date information on market trends and recent sale prices in your area. With this knowledge, you and your realtor can price your home competitively to attract the most buyers at the best price.

• Realtors provide a detailed marketing plan for how they plan to sell your home. The marketing plan could include listing your home online and in newspapers, buying ads, distributing brochures and hosting an open house.

• For buyers, realtors have key inside knowledge about potential neighborhoods. They know about noise levels, zoning, schools, taxes and resale value. Realtors possess information to ensure you buy in your ideal location.

ADVERTISING

• Realtors recommend the necessary repairs and cosmetic changes to present your house in the best condition. Realtors are experts in the staging of a home to ensure a quick sale at the best price.

• A realtor has a network. They advertise your property not only to the public but through their network of brokers and buyers. Their established network of contacts ensures your property is maximized to its potential ensuring a quick sale at the top price. A common misconception is that properties sell solely through advertising. Properties sell through an agent’s past clients, fellow realtors, family, friends, referrals, and personal contacts. Realtors don’t allow strangers into your home, they pre screen clients before arranging a viewing

• More than 50% of the time homes sell cooperatively. This means, another realtor brings in the buyer. Having a realtor represent you, means they abide by a code of ethics that ensures you are protected and your agent always acts in your benefit.

• Realtors have full access to the Multiple Listing Service, Canada’s most powerful real estate listing service which ensures your home is marketed to the right buyer.

FINANCING

• Realtors are experts you can maximize your buying power by evaluating your savings versus your borrowing capacity. Realtors put you in touch with the financial professionals and lenders who maximize your potential to get the best property for you at the best price.

• Realtors objectively price and evaluate buyer proposals. Realtors don’t have the emotional stake you do in your home, which can get in the way of closing with the best deal. Realtors price your home to attract the best, and right kind of buyers. Realtors also evaluate buyer’s proposals without compromising your market position. Proposals get complicated, they involve appraisals, financing, inspections and closing costs – all details you’d never want to manage on your own.

• The closing of a real estate transaction is intricate. Realtors negotiate possession date, repairs, furnishing and appliances. Realtors put you in touch with the best professionals to ensure the inspection and final financing and legal details are taken care of right, the first time. Realtors also provide due diligence on the title of your property. Title belongs to the owner of the property but can get confusing with past owners and rights of access. Your realtor, along with attorney, helps to make sure you are protected every step of the sale process.

Overall, when you hire a realtor, you are PROTECTED. Realtors adhere to a code of ethics and professionalism. Realtors possess insurance to protect you from errors and omissions or the rare occurrence of fraud or breach of trust. The business conduct of all realtors is supervised to ensure compliance with Alberta law.

When you are buying or selling – a REALTOR® is the only choice.

As with any real estate purchased, it is important to inspect the land before purchasing. Check it for important issues such as suitability for building, any trees that may have to be removed or cut, and hills that may need to be graded. You should also check for a well and see if there is a septic system in place. If planning a future build,  you will need an  inspection to see if hookups for power and phone need to be installed.

Regulations

Every county has different rules and regulations for land use. By visiting you planning and development they will be able to inform purchasers about zoning restrictions and by speaking to the Assessors office, obtain tax information for the property.

Investment

A purchaser can make money through the purchasing of vacant land. To do this the purchaser should study the area’s present and future development to detect the desirability of the area. This is where the relationship with a Real Estate agent will be beneficial. Also, with vacant land, GST may be applicable. Important to contact your accountant to look at different options available to you with this type of transaction.

Borrowing

Banks or lenders will view raw land as a risky investment, and often require a larger down payment. The terms of the loan may be shorter than what it would be with a conventional home loan. Also, the investment rate can be higher than it is on a regular purchase. Even though vacant land can be costly and more may be involved with the purchase than with the house, vacant land is still seen as a real opportunity for investment, personal growth, and enjoyment. Sherwood Park Real Estate, Sherwood Park Houses for Sale, Sherwood Park Apartments for Sale. Sherwood Park Real Estate, Sherwood Park Houses for Sale, Sherwood Park Condos for Sale.Sherwood Park Real Estate, Sherwood Park Houses for Sale, Sherwood Park Condos for Sale

For the first-time homeowner, purchasing an unfinished new home may be just the answer. With mortgage interest rates still at record lows, there has not been a better time to purchase a home in decades.

Purchasing an unfinished home can save tens of thousands of dollars, allowing perspective homeowners the opportunity to buy a house that they may not have otherwise afforded. Unfinished homes are particularly attractive to young couples just starting out who are afraid to sweat equity.

The unfurnished home has a completed kitchen, bath, and one bedroom. This is pretty much required by mortgage lenders and building inspectors as the home would otherwise be considered unacceptable for living standards.

When purchasing an unfinished home there are a few items to consider, such as: what is the expected time-line for finishing the house? what is the expected completed floor plan and who will complete it? All these questions should be answered prior to signing a Purchase Agreement. Second, ask the builder/prior owner for a copy of the floor plan to the completed house. Usually a builder/owner has these and it will help when the time comes to complete the unfinished space. In the case of new construction, you may want to negotiate with the builder to complete a portion of the unfinished area such as the rough framing, electric or plumbing. Finally, you need to determine who will complete the work.

Purchasing an unfinished home can be the means of fulfilling a buyer’s dream. For many it is also a way to buy a larger home. For others it enables them to not sacrifice quality in the initial home purchase. Whatever the reason, the purchase of an unfinished home has traditionally been an excellent investment. Sherwood Park Real Estate, Sherwood Park Houses for Sale, Sherwood Park Apartments for Sale. Sherwood Park Real Estate, Sherwood Park Houses for Sale, Sherwood Park Apartments for Sale.Sherwood Park Real Estate, Sherwood Park Houses for Sale, Sherwood Park Apartments for Sale

When you put your property on the market, you want to receive the best sale price in the shortest period of time.  Nothing is more important to buyers than your home’s first impression. A house that “shines” will sell faster than one that doesn’t.

When getting your property ready for sale, your first concern is the home’s exterior.

Rule of thumb: if the outside of your home looks great, buyers will be excited to see the inside. Keep lawns manicured, trim bushes, and depending on the season, plant flowers.

Be sure your front door door gives a welcoming feeling. A fresh coat of paint with a splash of colour will do just the trick.

Make sure your driveway access and everything around it (this includes fences, driveway, lane, gate and landscaping) gives you a favourable impression. Repair, clean up, and paint where needed.

If it is winter time, when you sell your property keep the driveway cleared and walkways shoveled for easy access. Any garbage or debris, try to get removed off your property. Ensure you have good lighting, and yard lights are operational.

On the inside of your home make sure your kitchen and bathroom is appealing. Declutter if you have to. Get rid of any excess items on the counters and above cupboards. There areas should look bright, spacious, and clean.

If you need to freshen up the area, a fresh coat of paint in a neutral colour and even changing the handles on the cupboards will give it a fresh look. Since you want your home to look as spacious as possible, remove any excessively large furniture. Make sure table tops, dressers and closets are clutter free.

Walls and doors should be free of marks or damage, and look for anything that might indicate a maintenance problem, such as cracked windows, stained ceilings, holes in the walls, sticky doors, torn screens, cracked tiles, caulking, and dripping faucets.

Getting rid of these minor repairs won’t create a bad impression to the buy, but one of a well-maintained home.

Make sure your basement doesn’t show any sign of dampness or leakage. If it does, get a professional in to fix problem areas. Check your furnace filter, make sure it’s clean, and if you have a humidifier make sure it’s operational. If it isn’t, get rid of it.

Other sample tips: replace burned out light bulbs, open all drapes and blinds, have clean windows, clean carpets, make sure your front and back entry are clutter-free

Just remember that your property will be on the market for a short period of time. Always look at your home from the buyer’s point of view. You want to create a favourable impression and make your property stand out from the competition.Sherwood Park Real Estate, Sherwood Park Houses for Sale, Sherwood Park Apartments for Sale. Sherwood Park Real Estate, Sherwood Park Houses for Sale, Sherwood Park Apartments for Sale.Sherwood Park Real Estate, Sherwood Park Houses for Sale, Sherwood Park Apartments for Sale

A buyer considers purchasing a rural property and finds a Realtor to represent him/her. The Realtor determines his/her needs and will want to discuss finances. Once a relationship has been formed, the Realtor finds the right property for the buyer. An offer is written and presented to the seller’s agent and seller. When an offer is accepted and all terms agreed upon, there may be several conditions with specific time-lines and dates that need to be met before the property becomes sold.

Condition dates are dates required for the buyer to perform his/her due diligence for the property. These conditions can take between 7-10 days and gives the buyer an opportunity to honour any agreements in an allotted time frame.

A typical example of conditions could be financing the property with a bank, pending inspection, or water testing. Part of the financing conditions will usually include an appraisal.

The role of an appraiser is to provide objective, impartial, and unbiased opinion about the value of the property, analyze data and develop an opinion of value. Once the report is complete, it is sent to the lending institution for final approval.

For the property inspection, the buyer will hire a certified inspector who will come out and examine all facets of the property. Upon completion the buyer will receive a detailed report which offers the buyer a glimpse as to the general condition of the property.

If something should arise from the report, the buyer will contact his agent to relay the information to the selling Realtor. This way both parties will be able to resolve any issue and come to a mutual understanding to proceed forward with the sale.

A water test is performed at the seller’s cost. Samples are retrieved from different sites on the property and taken to provincial labs for testing. They will perform both clinical and bacterial analysis to ensure the water is fit for human consumption.

When a buyer is happy with the results of all conditions, he then has to serve notice to the seller that conditions have been satisfied and is now ready to proceed with the purchase of the property. It is at this point the property is SOLD. The buying process does not have to be a stressful one if all parties involved are able to work together to make the transaction happen. The result is often pleasant for everyone. Sherwood Park Real Estate, Sherwood Park Houses for Sale, Sherwood Park Apartments for Sale. Sherwood Park Real Estate, Sherwood Park Houses for Sale, Sherwood Park Apartments for Sale.Sherwood Park Real Estate, Sherwood Park Houses for Sale, Sherwood Park Apartments for Sale

Rutherford House at the University of Alberta (reposted form the Government of Alberta)

Heritage buildings are important to Edmonton’s landscape. They build beautiful character in older neighbourhoods and revive Edmonton’s history as the gateway to the North. They honour our great community leaders, architects, and visionaries while giving city streets monumental icons that typify only Edmonton’s culture. One only needs to drive through the communities of Glenora, Grandin, and Westmount to see how heritage buildings become keystones of community culture.

Identifying Edmonton’s Heritage Buildings
With our fair city just over 100 years old, we are seeing more and more residential properties turned into heritage buildings. It is a common misconception that all heritage buildings are old. Albeit, most buildings need to be at least 50 years old to qualify for the Register and Inventory of Historic Resources in Edmonton, but not every 50-year old building is historic.
If you are looking to apply to The City of Edmonton to mark your house as a historical landmark, (more information in Part 2) remember there are a number of criteria to meet qualification for a historical resource. The City will want to know if your residence has an architectural style that represents one of the significant development periods, or if there are any special aesthetic features (artwork, function, layout etc.) highlighting its uniqueness. Furthermore, your residence will attract more attention if you can associate it with a person or group who claims historical significance to the City.

Sarah McLellan House - Garneau. (Reposted from the City of Edmonton)

Of course, you need proof to back up your claims. Applicants will need to produce photos of their residences throughout the ages, highlighting prior residents, and potential changes to the buildings, which could affect its original style, design, construction or character.

Your Residence as a Heritage Building
Applying to have your residence listed as a historical site can be of direct benefit to you. The City of Edmonton will give you a substantial amount of money to help sustain the façade and structural integrity of your home. Also, you have the option of rezoning your building – for example turning a residence to office space – with reduced difficulty.
Interested to see if there is a building you know that may qualify for heritage funding? You can find it here.  If you’re interested in having your residence on the registry, you can apply here.

The “Transforming Edmonton Blog” has many interesting tidbits about what the city planners have in store for us. In a recent post regarding Edmonton’s Heritage buildings, they outline the application process and the organizations the City works with to determine heritage.

“Rather than solely using age to determine heritage, we at the Heritage Conservation Unit (link) with the City, along with our partners at the Edmonton Historical Board, look at the building’s history, its architecture, its potential to provide new information, and its role as a landmark in the city or community. These criteria are used by all municipalities in Alberta, and are similar to those used throughout Canada. (Link to the Amending the Inventory page for a full breakdown of the criteria used.)”

The Catch
Having your building registered as a historical residence does have major benefits, but don’t forget that your residence has just become precious in the eyes of the city. As a result, you can not change the interior structure, outward façade, or demolish it entirely. The City of Edmonton will place a caveat on the title of the land, restricting your actions. Apart from rezoning the property, the residence needs to preserve the historical features of the home as much as possible.