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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. 

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Apartments in Downtown Edmonton: Creating Your Own Space in a Shared Home

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When living in apartments in Downtown Edmonton, it can be beneficial to have a roommate. Sharing an apartment with another person can help significantly reduce your cost of living. Moreover, it can help you afford nicer apartments in better neighbourhoods. Even if you have great housemates, it can be hard to get the privacy you are looking for in a shared apartment. A lack of privacy can cause all sorts of problems in a household. In order to avoid tension and maintain privacy there are a few things you and your housemates can do to create your own space. In this article, I will be going over some tips for living in a shared apartment in downtown Edmonton! Follow along below to learn more. 

Tips for Sharing Apartments in Downtown Edmonton:

  1. Set Rules and Communicate

Creating a set of ground rules for your shared apartment is essential. In order to avoid confusion and misunderstandings, it’s best to be on the same page. If you have one bathroom, you might consider having rules about when you get to shower, get ready, etc. Furthermore, you may want to come up with rules about noise and when it’s okay to bring guests over. Creating a written set of rules is a good idea because it will prevent you from stepping on each other’s toes. 

In addition, if you and your housemate come to a disagreement, it’s important to talk about it. Finding ways to resolve conflict is integral when living in a shared apartment. It’s best to resolve conflict sooner rather than later, so don’t avoid the situation. 

  1. Come up With a Cleaning Schedule

Living in clutter is a recipe for disaster. Not only can things get lost and broken, but it can also cause friction between you and your housemates. To avoid conflict, it’s best to establish a cleaning schedule. You can post this schedule on the fridge or email it to each other. Your cleaning schedule should include a list of cleaning tasks and the frequency at which they are to be completed. This way everyone contributes to the cleanliness of the home and there are no inequities. 

Further to this, as a good roommate, it’s critical that you clean up after yourself. After all, the home is not uniquely yours. Whether you spilled something on the floor or left a fork on the counter, be sure to leave each room clean once you are finished using it. Nobody wants to feel like they are living in an unsanitary environment, so be mindful of how your actions impact your housemates. 

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How to Create Your Own Space and Maintain Privacy in a Shared Apartment?

  1. Establish Boundaries and Keep Belongings Separate

When living with others, it can be easy for people’s belongings to get mixed up. This can cause all sorts of problems and tensions between household members. To avoid frustration and resentment, it is a good idea to establish areas for each person to store their belongings. For instance, you might allocate specific drawers/cupboards/shelves in the kitchen to different housemates. While coming up with rules about who gets what space and when, you should also discuss how to manage household supplies and groceries. 

  1. Soundproof Your Bedroom(s)

One of the best ways to maintain your privacy in a shared living space is to soundproof your bedroom. This is not to say that it needs to be studio quality. However, some additional padding could make all the difference in your privacy. By adding area rugs, putting furniture against the walls, and hanging tapestries, you can reduce noise pollution quite substantially. Furthermore, you may want to invest in soundproof curtains for added benefit. 

  1. Make Your Room Yours

Lastly, in order to make your shared living space feel like your own, consider giving your bedroom a makeover. A few personal touches can make you feel all that much more at home. Adding artwork, knick-knacks you love, painting the walls (if allowed), getting new bedding, or changing the lighting are all great ways to add some personal flare! Pro Tip: Be sure to consider storage when remodelling your bedroom. 

Contact me Today!

Living in a shared space comes with many benefits. And, with a little extra effort, it is possible to maintain your privacy! Contact me today to learn more about apartments in Downtown 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. I look forward to working with you in the near future. 

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All About Home Inspections For Properties in Sherwood Park!

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Home inspections are an important part of any buyer’s journey to finding the right home. Having a home inspection conducted by a trusted professional will ensure that your dream home doesn’t come with any costly issues. Although home inspections aren’t mandatory in Canada, they are strongly recommended! In this article, I will be going over everything you need to know about home inspections for properties in Sherwood Park. Continue reading below to learn more. 

What’s a Home Inspection and Why Get One?

A home inspection is a type of inspection that is done by a house inspector. House inspectors are trained professionals who evaluate homes to determine their condition. Usually, a home inspector is hired before closing to determine if there are any serious/non-serious issues with the home. The main purpose of a home inspection is to ensure that the buyer is investing in a home that is in good condition and worth the sale price. 

As I mentioned earlier, home inspections are not mandatory in Canada. Because of this, many buyers will choose to skip the home inspection in order to seal the deal before the home is snatched up by another buyer. This is especially common in aggressive markets like Toronto. It was also a common trend in 2021 and 2022 when Canada’s real estate market set numerous records because of the pace at which homes were selling. Despite this, nearly any real estate professional will advise you to have an inspection done before buying a home. After all, no one wants to discover costly issues after they’ve already closed the deal. 

Cost, Time, and How to Hire?

A home inspection is a cost that you’ll want to factor into your budget when buying a home. Unfortunately, there is no one-size-fits-all cost for home inspections. In Alberta, residents can expect to pay anywhere from $250 to $600 on average for a home inspection. This cost fluctuates depending on the square footage of the home that needs to be inspected. For instance, a small apartment or condo will likely cost about $250 for an inspection. Whereas, most single-family detached homes will be closer to the upper end of $600. 

Home inspections take roughly 1-3 hours to complete. However, this timeframe is again dependent on the size of the house. 

Unlike other provinces/territories in Canada, Alberta is one of the only places that regulates home inspectors. This means that finding a trustworthy inspector will be much simpler. Albertan home inspectors must satisfy a few key criteria in order to obtain their mandatory licensing. For instance, a completed application form, a criminal record or police information check, and proof of education. It should be noted that all Albertan home inspectors must have a license provided by Service Alberta. Be sure to do your due diligence when searching for a home inspector. Just like with any other trade, it is important to shop around so that you can find the most suitable candidate for the job!

What’s Covered in a Home Inspection for Properties in Sherwood Park?

Home inspections typically cover a wide range of evaluations of both the interior and exterior of the property. These inspections are non-invasive and meant to uncover any hidden/obvious defects within the home. The areas checked by your home inspector will likely depend on the size of the home. Some areas that are commonly checked include:

  • Electrical wiring
  • Plumbing
  • Ventilation
  • Heating/cooling systems
  • Insulation
  • Basement
  • Attic
  • Windows/doors
  • Ceiling, floors, and walls
  • Roof
  • Gutters
  • Garage
  • Decks
  • Fencing
  • Drainage
  • Foundation
  • The slope of the property (grading)

Once your home inspection is complete, you will receive a report usually within 24 hours. It is worth mentioning that homes never fully pass an inspection. In fact, it is quite common for things like doors and faulty faucets to be listed on the report. However, you’ll want to keep an eye out for issues with the roofing, foundation, plumbing, heating and electrical systems! These are often telltale signs of costly repairs. 

Contact me About Properties in Sherwood Park!

As you can see, getting a home inspection is an important part of the home-buying process. Contact me today to learn more about home inspections for properties in Sherwood Park. For more information on selling or buying real estate in Edmonton, check out my social media. 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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Want to Buy Houses in Sherwood Park then here are 5 Goals to set in 2023

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Happy new year everyone! 2023 is finally here and we are excited to bring you this year’s content. If you have plans of purchasing houses in Sherwood Park in the new year, this article is for you! Buying a home is one of the most challenging and important purchases that a person can make. In addition, buying a home requires extensive planning and lots of prior tasks. In order to make your dream of buying a home come true, it is important to set yourself some goals. In this article, we have listed the top five goals that you should set in 2023 if you are looking to purchase a house.

Continue reading below to learn more to get inspiration for your new year’s resolutions!

Goals to Help you Purchase Houses in Sherwood Park!

  1. Improve your Credit.

Your credit score is a crucial part of the home-buying process. In fact, your credit score can significantly affect the amount of money you pay for a home. Furthermore, it can determine whether or not you qualify for a mortgage. Depending on how good or bad your credit score is, you may need to pay a larger down payment and get charged higher interest rates on your loan. If homebuying is a near-future goal for you, then we recommend you start taking the necessary steps to raise your credit score. 

You can improve your credit rating by doing simple tasks every month. For instance, lowering your monthly spending, paying dues on time, eliminating debt, and not opening or closing credit accounts. Additionally, you’ll want to avoid applying for things that require a hard inquiry. Keep up to date with your score by checking your credit report via a credit bureau or by a creditor.

  1. Pay off Debt.

The amount of debt you carry will also significantly impact your ability to purchase a home. Not only does debt affect your credit score, but it also affects the size of the mortgage loan you can acquire. Most mortgage lenders will want to see a debt-to-income ratio of 40% or lower. Anything higher than 50% generally prevents you from attaining a loan with better interest rates. Focus on one payment at a time and make minimum payments on other cards or loans while you work to pay off debt. 

  1. Avoid Big Purchases!

If buying a home is your main goal in 2023, then we suggest that you avoid making large purchases. This means no vacations, no new cars, and anything else that is non-essential. Making an effort to reduce spending will help fast-track your way to buying a home. 

More Goals!

  1. Save for a Downpayment.

Any person who is planning on buying a home should have “saving for a down payment” as their number one priority. Downpayments are one of the most challenging and tedious processes of buying a home. It takes lots of planning and effort in order to wrangle the funds for a down payment on a home. Moreover, the larger your down payment is, the more you’ll save in the long run on interest and insurance. In order to successfully save for a downpayment, it is important to budget each month, spend less, and find resources like grants in your local area for first-time home buyers!

  1. Don’t Start a New Job!

Many people make the mistake of switching jobs when they are looking to purchase a home. Especially at the beginning of the year when most people have new year’s resolutions to improve their lifestyle or change their career path. While it might seem like common sense that a higher-paying job would make you look better at a lender’s office, it’s not necessarily true. In reality, most lenders require you to be at your current job for a specific amount of time in order to prove financial stability. However, if a job change is absolutely necessary, there are steps you can take to mitigate risk. For example, staying in the same field or providing proof of a four-year degree in a similar field. 

Contact Me Today!

For more information about what new year’s resolutions, you should consider setting as a first-time buyer, contact me today! I would be happy to help you set the right goals to buy houses in Sherwood Park in 2023. If you have any questions about buying or selling a home in the new year don’t hesitate to reach out. Be sure to check back on my blog each month for more real estate-related information. For now, happy new year’s everyone! I look forward to working with you all in 2023.