condos for sale in edmonton alberta

A Buyer’s Guide to Edmonton Condos for Sale!

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Buying a condo is very different from buying a single-family home. There are several advantages that condos provide that single-family homes cannot. This is a determining factor as to why so many Canadians have made the decision to own a condo. If you’re thinking about making the switch to condo living, there are a few things to understand about the buying process. From rules and fees to the age of the unit, it’s good to do your research about what you’re investing in. To help you out, I have compiled a list of tips to help you as you work towards buying your first condo! Follow along below to learn more.

Edmonton Condos for Sale: Buying New Vs. Resale 

  1. Buying a New Condo

Buying a new condo often means buying a pre-sale condo. Pre-sale condos are condos that have been listed for sale before construction has been completed/started. This usually means that you will have to choose your unit based on a set of floorplans and a visit to the showroom. Buying a presale condo has its advantages and disadvantages. One advantage is that you may be able to request changes. However, the final product may not look like the plan or what you imagined. Additionally, the date of completion could be later than what was initially proposed. 

It’s worth noting that when you buy a new (presale) condo, you typically need to pay occupancy fees—colloquially known as phantom rent. These fees are paid to the developer until the building is registered. According to the Globe and Mail, “[t]he Condominium Act allows a developer to charge tenants for three main expenses in the period between occupancy and condo registration: property taxes, a prorated share of common operating expenses and interest on the unpaid balance of the purchase price”. 

  1. Buying a Resale Condo

While resale condos do not have the same new home feel, you do get the benefit of seeing the unit before you buy it. This makes it abundantly clear how much space there is, the quality of materials, building amenities, noise levels, etc. Additionally, you can get a feel for the condo community to see if the building is in good condition and if the people living there match your lifestyle.

Moreover, when buying a resale condo unit, it’s a good idea to research the building’s operating budget and financial status. You will also want to look into the reserve fund, bylaws, and who manages/maintains the property. 

Understanding the Building

  1. All About the Fees

Before you sign off on buying a condo (new or old), it is important to understand the condo fees and what they cover. Nearly every condo has a monthly, quarterly, or annual fee that must be paid by each resident. These fees are collected so that the building can pay for expenses like insurance and maintenance. However, you should talk with the developer or property manager to get a better sense of what your fees include. Understanding the cost of these fees can make a big impact on whether or not you can afford the unit. Lenders add condo fees to the monthly debts of the buyer. So, if the building has a steep association fee, there’s a good chance that some buyers will be priced out. 

  1. Know the Rules 

In condo buildings, there are often a set of rules and guidelines put in place to keep peace within the community. Unlike living in a single-family home, you cannot always do what you want, when you want to. Finding out about what rules are in place in the building is a good idea. After all, some condos have strict rules against pets, noise, age of residents, smoking, and more. Check to see what these rules are to make sure that they align with your lifestyle. 

  1. What Does the Condo Include?

Although it may seem silly, understanding what your condo comes with is important in the buying process. After all, you don’t want to assume that your unit comes with something it does not—for example, a reserved parking spot! Before you buy make sure you understand what’s available to you. Some common amenities include:

  • Additional storage
  • Guest parking
  • Reserved parking
  • Underground/covered parking
  • Bike storage
  • Pool
  • Gym
  • Outdoor common space

Contact me Today About Edmonton Condos for Sale!

Living in a condo comes with many benefits. From more time to better amenities, you’ll love the lifestyle that a condo affords. Contact me today to learn more about buying Edmonton condos for sale. I’d be happy to answer any questions you have about how to achieve your real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information. I look forward to working with you in the near future. 

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6 Reasons to Buy a Condo in Edmonton

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Living in a condo comes with a variety of benefits. Many of which, most homeowners aren’t aware of. While it is certainly enticing to have the space and freedom of a single-family home, a condo offers an entirely different lifestyle. From more time to focus on what you love to a better sense of community, a condo can change your life for the better. The debate over condo Vs. house living has gone on for years. However, with home prices on the rise and a collective desire to be closer to city centres, more and more people are realizing the benefits of condo ownership. In this article, I will be going over six different reasons why you should consider investing in a condo in Edmonton. Follow along below to learn more.  

Why Buy a Condo in Edmonton?

  1. Get Your Weekends Back

As a homeowner, your weekends often get chewed up by housework. Whether it’s cleaning or yard work, owning a house requires a lot of maintenance. Especially, if you want to maintain your property’s value. Because of this, there is usually little time left to enjoy yourself. When you own a condo, you don’t need to worry about dealing with maintenance 24/7. This means no more shovelling snow, mowing the lawn or weeding the garden. Instead, you can spend your spare time doing the things you love most. For instance, hanging out with friends, spending time with family, or enjoying the great outdoors!

  1. Spend Less

Another perk of condo living is that you won’t spend nearly as much. Condos by design are cheaper than most single-family homes. And, any major repairs or renovations will be covered by the building. While you will need to pay a monthly strata fee, the cost pales in comparison to the expenses of owning a house. By spending less on your housing costs, you will have more financial freedom to do the things you want. 

  1. Cut Down Your Commute 

Condo living is great for those who are eagerly looking for ways to minimize their commute time. Most often, condos are located in central places where residents don’t need to travel far to access local amenities. For example, workplaces, entertainment, grocery stores, pharmacies, and schools. Finding a condo in a walkable or transit-friendly location is relatively easy in a city like Edmonton. 

More Reasons to Downsize!

  1. Better Amenities

Are you sick of paying for a gym membership? Are you tired of maintaining your pool only to use it a few times per year? In the right condo building, you can have access to a gym, pool, and games room without having to worry about the additional cost and upkeep. One of the greatest benefits of living in a condo is that you get access to all of the awesome condo amenities! Whether it’s a rooftop patio or a community theatre, there’s so much to love about condo living. 

  1. Connect With Your Loved Ones

Living in a smaller space is a great way to connect with your loved ones. Connections tend to thrive in smaller spaces—be it with yourself, your family, or your pets. With more time to connect, you’ll be able to foster the relationships most important to you. In addition to this, living in a condo provides you with a built-in community. This is great for individuals who work from home or are new to the city. 

  1. It’s Safer

Living in a condo in Edmonton is often safer than living in a single-family home. Especially, if you live alone. Condos are typically equipped with security cameras, generous lighting, and underground parking. In some cases, buildings will even have security personnel on-site. You will also have the benefit of being in proximity to other residents who can alert the authorities if something seems out of the ordinary. Furthermore, condos are generally secured with a key fob, pin, or key card access to monitor who comes and goes from the building. 

Contact me Today!

Living in a condo comes with many benefits. From more time to better amenities, there’s a lot to love about condo living. Contact me today to learn more about buying a condo in Edmonton. For more information on selling or buying condos, contact me today. I’d be happy to answer any questions you have about how to achieve your real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information. I look forward to working with you in the near future. 

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Real Estate in Edmonton: Pros and Cons of Cashback Mortgages

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Buying a home in Edmonton is a big purchase. And, it often comes with unexpected expenses like closing costs, moving costs, and any immediate repairs that need to be made. After saving for a down payment and getting approved for a mortgage, you might find yourself scrambling to afford these additional costs. This is why many Canadians have been opting for cashback mortgages to aid in the purchase of real estate in Edmonton. With a cashback mortgage, homeowners receive a lump sum of cash on closing day to assist them in covering the additional costs of buying a home. In this article, I will be going over the pros and cons of a cashback mortgage. Follow along below to learn more. 

What’s a Cashback Mortgage? How Does it Help Me Buy Real Estate in Edmonton?

A cashback mortgage is a type of mortgage that provides homeowners with a lump sum of cash at closing. With a cashback mortgage, a person will take out a loan that is more than what is needed to pay off the house. The excess amount is then provided to the person once their mortgage closes. Homeowners can then use this additional money to pay for an assortment of expenses like closing costs, making renovations, moving, or furnishing their new residence. Typically, lenders offer 1-7 percent of the purchase price in a cashback mortgage. The most common amount is 5 percent. 

There are several lenders in Canada who offer cashback mortgages. In order to receive a cashback mortgage, you need to meet some specific criteria. These criteria may differ from lender to lender, however, they generally are as follows:

  • You need to have a reliable job where you earn a specific salary or are paid by the hour. (Self-employed individuals do not often get approved for cashback mortgages)
  • A credit score of at least 650
  • You are going to occupy the home you are purchasing—ie: you don’t have plans to rent it out. 

Pros of a Cashback Mortgage

A cashback mortgage can be advantageous for a number of reasons. For instance, it can help homeowners pay for the initial expenses of buying a home. Or, refinancing a current mortgage. This is especially helpful for those who are buying a home for the first time or homeowners who need a little extra cash. 

Another benefit to taking out a cashback mortgage is that you can complete any renovations you anticipate need to be done once you move in. It’s also smart for homeowners who need some extra wiggle room to cover basic expenses during the first few months after moving. Some homeowners even use this money to pay down high-interest debt or student loans. 

Those who are looking for some added financial security and flexibility can benefit from a cashback mortgage. The ability to use the lump sum for any expenses makes it an incredibly versatile option. However, this is not to say that a cashback mortgage is an entirely positive decision. 

Cons of a Cashback Mortgage

While a cashback mortgage certainly comes with its pros, it also has some significant drawbacks. One of the biggest being high-interest rates. When comparing the average interest rate of a traditional mortgage with a cashback mortgage, it’s easy to see that borrowers of the cashback option will pay more interest over time. Thus, resulting in a higher overall cost. 

Additionally, since the lump sum is tacked onto your mortgage, you will end up paying more for your mortgage and it will take longer to pay off. 

Besides being more expensive, cashback mortgages are also very restrictive when it comes to refinancing or prepaying. In turn, making it difficult for borrowers to switch their mortgages down the road. There are also major penalties for breaking/changing your contract! As well as, no variable-rate option. 

Lastly, if you have plans of paying your mortgage off quickly, a cashback is likely the wrong fit. This is because borrowers will delay paying off their mortgage and accrue more interest charges over time. 

Contact me Today About Real Estate in Edmonton!

Deciding on a mortgage is a big deal. This is why it is important to understand all of the details before you sign off. Contact me today to learn more about mortgages for real estate in Edmonton. I’d be happy to answer any questions you have about how to achieve your real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information or visit me on Facebook! I look forward to working with you in the near future. 

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Closing Costs to Consider When Buying Edmonton South Real Estate

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There are often more costs associated with buying a home than meets the eye. Unfortunately, when you purchase a home, it’s not just the house you have to pay for—there are an assortment of closing costs that must be paid before the home is officially yours. If you are a first-time home buyer, you may not be aware of what closing costs are or what they include. To help you out, I have created a list of typical closing costs associated with buying Edmonton South real estate. In addition, I included an overview of what closing costs are and an estimate of how much you can expect to pay. Follow along below to learn more about closing costs in Edmonton!

What Are Closing Costs in Real Estate?

After years of saving, you’ve finally gathered enough cash to put a down payment on a home. You’re overjoyed with your purchase, and possession day is rapidly approaching. But, amid your excitement, you find out that you need to pay closing costs. What are they? And, how much do they cost? 

Closing costs for homes in Edmonton depend on a few different factors. However, generally speaking, it is best to set aside two percent of your purchase price to cover these additional fees. Typically, closing costs are the expenses that are incurred outside of the property’s price that buyers and sellers must pay in order to complete a transaction. These costs might include, appraisal fees, title insurance, lawyer fees, taxes, home inspections, and more. It is important to note that both buyers and sellers can be subject to closing costs. 

Although it is not a closing cost per se, buyers should also be aware that if they do not put 20% down on the purchase price, they will need to pay for default mortgage insurance. This can add an extra 1.25 to 3.15 percent to your total mortgage amount. However, this is usually factored into your mortgage payments. Either way, be sure to keep this in mind when forming your budget. 

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The Buyer’s Closing Costs for Edmonton South Real Estate

  1. Legal Costs

When buying a home, a real estate lawyer will generally be needed to facilitate the transaction of the home purchase. Your lawyer will provide you with title insurance and make sure that all documents pertaining to your new residence are registered on your behalf. In Edmonton, the cost of your legal fees will vary depending on your unique circumstances. Generally, most homeowners expect to pay between $500 and $2,000. 

  1. Property Insurance

Typically, mortgage brokers will require that you can provide proof of property insurance to cover the value of your home and belongings. This value varies from homeowner to homeowner.

  1. Home Inspection

A home inspection is a step that you don’t want to skip as a buyer. It can prevent you from investing in a residence which will only cause you headaches down the road. Most buyers budget between $250 and $600—the lower end being for smaller homes, and the higher end being for larger homes.  

  1. Moving 

Once the house is in your name, it’s time to pack up and settle in. You’ll want to factor in items like moving supplies, vehicle rental, hiring movers, professional cleaning fees, utility setup costs, and other moving day expenses. This cost is different for everyone, so evaluate your scenario and make a budget that matches your needs. 

  1. Property Appraisal

In some cases, your mortgage broker may ask that you have a property appraisal done to get the most up-to-date information about the value of your new property. This usually costs between $300 and $600.

  1. Adjustment Fees

If the seller paid any costs for utilities or property taxes extending beyond the closing date, then you will be required to pay the seller for those amounts. These costs are specific to each real estate transaction. 

Contact me Today!

Closing your first home purchase is extremely exciting. But, it is important to stay focused until the transaction is complete. Contact me today to learn more about the closing costs involved with buying or selling Edmonton South real estate. I’d be happy to answer any questions you have about how to achieve your real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information. I look forward to working with you in the near future. 

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How Does an Agent Help Buyers of Homes in Edmonton South?

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Are you looking to buy homes in Edmonton South? If you are, you may be wondering how an agent will help you accomplish your goal. Many buyers often wrestle with whether or not they need an agent to represent them during the home-buying process. However, those who choose to work with an agent often experience greater success and satisfaction than those who don’t. An agent has many duties when it comes to helping the buyer. For instance, helping you identify your needs and negotiating a fair price. In this article, I will be going over all of the things that an agent does to help their buyer. Follow along below to learn more!

Tasks an Agent Does to Help Buyers Purchase Homes in Edmonton South!

  1. Taking the First Steps

When you are buying a home, there are many things you need to do before you can start looking at real estate. One of the most important steps is a mortgage pre-approval. Although mortgage pre-approvals are not necessary, they are extremely beneficial. A mortgage pre-approval helps you get a feel for your price range and lets sellers know that you are a qualified buyer. Besides a mortgage pre-approval, you’ll want to nail down a home-buying budget and get familiar with the market conditions. Taking these steps on your own can seem daunting. This is why so many Canadian buyers choose to work with a real estate agent. 

  1. Understanding the Needs of the Buyer

Another important item that a real estate agent helps with, is understanding your wants and needs. When buying a home, it is crucial that you come up with a list of must-haves, nice-to-haves, and non-negotiables. If you’re not sure what to include on these lists, an agent can help you. After all, understanding the wants and needs of the buyer is incredibly important. 

  1. Compiling Potential Listings

Once the agent knows what your needs and wants are, they can begin searching for areas and properties that might suit these criteria. Doing this step on your own can be incredibly time-consuming and frustrating. Especially, if you don’t know where to look or aren’t familiar with the area. Finding a good neighbourhood is just as important as finding a good property. An agent knows this, which is why they consider details like schools, transportation, location, crime, local amenities, and more. This is all done to ensure the buyer finds a home that suits both their lifestyle and real estate needs. 

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More Ways an Agent Guides the Buyer

  1. Setting up Showings

Once your agent has identified some key properties that you are interested in, they can arrange in-person showings so that you can view the home. Agents do so by contacting the listing agent and arranging a time for you to walk through the home. Typically, your agent will join you at the showing and point out key details about the home, potential deal-breakers, and other important factors.

  1. Negotiating a Fair Price

Having a real estate agent is incredibly important when it comes to negotiating a fair price. Once you’ve settled on a home that you love, it is time to put in an offer. Your initial offer is a critical move that can determine the outcome of the deal. For instance, if you put in an offer that is too low, the seller may discard it and move on to the next interested buyer. However, if you put in an offer that’s too high, you could end up spending more than the home is worth. Having an agent to help you through the negotiation process is extremely beneficial. 

  1. Closing the Sale

So the seller accepted your offer. Now what? After your offer has been accepted, you need to go through the closing process. This often entails a lot of paperwork, legal jargon, and correspondence between the buyer and seller. Having an agent during this step can help to make sure you aren’t blindly agreeing to things and that the transaction unfolds smoothly.

Contact me Today!

Hiring an agent to buy real estate comes with many benefits. From their expertise to connections with the community, hiring an agent is a must when buying a home. Contact me today to learn more about homes in Edmonton South. For more information on selling or buying apartments, contact me today. I’d be happy to answer any questions you have about how to achieve your real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information. I look forward to working with you in the near future.