Get your home pre-inspected to avoid surprises

When it comes to real estate transactions, typically the buyer gets the home inspected to see if everything’s in good working order, or not. A home inspection includes an examination of the foundation and basement, roof, attic, heating and water systems, electrical and plumbing systems, as well as the general condition of the structure itself. An inspector will look for poor construction practices and make note of any repairs that might be required or any general maintenance issues.

However, here’s a tip: sellers should consider getting their homes “pre-inspected” to avoid any surprises.

Imagine if you’ve lived in the same house for decades, and then decide to move. During all those years, things could have happened behind the walls that you don’t know about. Before putting your house on the market, hiring a Registered Home Inspector is a smart idea that can save you money, time, and headaches in the long run.

Troy Trudgeon, owner of A Buyer’s Choice Home Inspections – Edmonton NE, is one of Edmonton’s most trusted and reliable home inspectors. He says, “Time and again, I uncover issues with a home that the seller was completely unaware of. These last-minute discoveries can lead to sales delays, added expenses, and can even derail a deal altogether.”

Trudgeon advises sellers to take care of issues with the home before they become a problem in negotiating a deal.

According to Trudgeon, home inspectors in Alberta are required to be licensed, bonded, and insured. The licensing requirement sets the inspector as a neutral, third-party investigator. Whether the inspector is hired by a buyer or a seller, the same inspection is done on the home and includes the same information. Home inspectors are not on anybody’s side and are bound by their license and code of ethics to report unbiased and factual information.

Sellers are getting pre-inspections these days because it affects the listing price.

“Evidence shows that homes that are pre-inspected prior to listing, on average, sell 30% more quickly and for more money,” says Trudgeon. “A pre-sales inspection allows the seller to identify a more accurate selling price. It also identifies any remedial work that needs to be done. The seller can then deal with any defects, or safety issues, or marginal issues in the home and greatly eliminate much of the back-and-forth negotiating that typically takes place during the final few days of a real estate sale.”

Post by Alexis Hlady

Know what permits you need to fix up your home

If you’re thinking of fixing up your home in Edmonton, there are several permits and licenses you need to know about before you begin your projects, additions and repairs.

Edmonton requires that all existing households must obtain permits and licenses whenever a new building or structure is added to the property, including things like gazebos, fences, and satellite dishes. If you’re doing construction that alters the interior or exterior of the home, modifying the overall size of the existing building, you’ll need a permit. A permit is also required when you renovate a room to create rentable space.

Edmonton has standards outlined in the City of Edmonton’s Zoning Bylaw. These standards deal with size, height, side yard distances, and setback rules. The Alberta Building Code standards also apply. So, if you’re thinking of adding a bay window, or a whole new room to a structure, you’ll need to apply for a permit. Even things like finishing a basement or removing walls may need permits. If the City of Edmonton finds out new construction or alterations were made to a structure before permits were obtained, then permit fees double.

The following is a list of home improvements that require a permit in Edmonton:

• Addition or Covered/Uncovered Deck
• Basement Development
• Garage or Carport (attached or detached from house)
• Hot Tub
• Pond
• Satellite Dish
• Secondary Suites (incl. garage suites and garden suites)
• Shed or Gazebo (stand alone structure)
• Swimming Pool

Also, if there’s work to be done regarding plumbing, gas, heating, ventilation, air conditioning, sewers/water, and/or electrical, you should inquire about permits.

Some alterations do not require permits. When renovations are done to a property without altering any part of the structure, permits are not required. This applies to:

• Re-roofing with the same type of materials
• Painting and re-tiling
• Carpet replacement
• Counter top replacement
• Cupboard door alterations
• Window replacement (for same size)
• Door replacement (for same size)

To find out more information, contact the Current Planning Service Centre by calling 311 in Edmonton. Outside Edmonton, it’s 780-442-5311. You can also visit their Sustainable Development office in person, located on the 5^th Floor at 10250 – 101 St. in Edmonton; hours are Monday thru Friday from 8am ‘til 4:30pm.

Post by Alexis Hlady

Edmonton boundaries should be adjusted if change promotes future growth

When cities employ the use of urban growth boundaries, which are essentially a concept and planning tool useful for communities that are experiencing or anticipating significant growth, they can be detrimental to the success and viability of the city’s growth and development. These carefully considered and established growth boundaries are designed to fit growth into the community’s natural environment and protect important natural, social and cultural resources. What’s more, boundaries adjustments can aid the community to more efficiently and cost effectively provide a public and community infrastructure to support future growth and development.

A recent article issued by the City of Edmonton aimed to summarize the process and impact such boundary changes would have on this ever-evolving city. The city’s southern boundary would be extended to handle growth in the southern region. Changes to the corridor along the west side of the QE II Highway, as well as near the Edmonton International Airport are considered in this proposed adjustment.

The city is working to secure lands in these areas to make way for the demand of residential, business and employment growth. All of these aspects contribute funds to the majority of infrastructure and support services for the city proper.

Mayor Steven Mandel said the city continues to work with county officials to bring in the right combination of services and growth management techniques that are vital to the future of the capital region. The Capital Region board anticipates nearly four percent growth by the end of 2013 for Edmonton, a center rich in employment, education, culture and socialization.

Boundary adjustments can help manage growth in a way that avoids patchwork infrastructure, alleviates traffic congestion and facilitates responsible growth and development. The process, which includes extensive consultation and applications, is expected to take two to five years.

These adjustments are not a matter of taking a look at current boundaries and making unnecessary changes. If the City of Edmonton wishes to remain a vibrant, important hub for Canadians and people of the world, taking the necessary steps toward progress and development will be essential to the city’s success. If done properly, these changes will ensure responsible growth and development and will be detrimental to the real estate industry, educational institutions and everyone that depends on a well-oiled community.

Visit  www.edmonton.ca/regionalplanning for more information on the annexation proposals and processes.

Post by Alexis Hlady

Fixer-upper homes can net greater returns

Often determined to be residential properties that are below our standards, fixer-upper homes typically need mild to mid-level rehabilitation work to be viable for resale. To profit from these homes, buyers will typically have to give the home a thorough cleaning, minor repairs, interior and exterior painting, along with new flooring, appliances and landscaping.

Those who are willing to invest the time, money and energy into “flipping” these homes can often take pride in the accomplishment, but they can also turn a profit on the investment, should they decide to sell a newly fixed up home.

Buyers of fixer-uppers can often see the bigger picture, such as the beauty of the finished home, or the charm of the location. Sometimes, these types of homes will help improve neighborhoods and encourage others to do the same to similar properties.

However, if a property needing extensive repairs, such as new roofing, windows, major electrical work and plumbing, it could put the buyer in greater debt than the property is worth. While these homes can often be purchased at greater discounts, it’s usually because these types of repairs don’t show to the average homebuyer.

Couples who enjoy fixing-up houses, renovating and then occupying them for a time, often seek these types of properties. With tax-free incentives for those who have lived in fix-up houses for  at least 24 months of ownership and occupancy, this can be a great way to earn money for the purchase of the couple’s next home.

Finding a fixer-upper isn’t that difficult and purchasing these properties usually doesn’t take much effort. Asking a realtor to show listings of these types of home can point people in the right direction.

Those who may be interested in tackling a fixer-upper property should look for neighborhoods that will be improved by the work. These houses are usually on the market because the seller cannot afford to pay for home repairs and considers the property more of an inconvenience. These property owners are often interested in selling the property with little hassle. Look for homes selling “as is.” Some sellers may have inherited a property and are looking for a quick cash sale. Known as probate properties, they can be sold through local probate court.

Homes that are tired may just need a little bit of elbow grease.  Some TLC can make a home ready for reoccupation or resale.  Make sure to contact the right realtor who knows the ins and outs of distressed homes to help you find the right fit.

Post by Alexis Hlady

Government questionnaire covers condo ownership

Edmonton condominium residents have a chance to have their voices be heard regarding condo issues that can aid the government when making changes to the Condominium Property Act.

Through the use of a form, residents are being asked to share information that will be used to determine the merit of the policy proposals being considered by Service Alberta.

Shared information includes questions pertaining to condo owners feeling about how fairly condo developers deal with buyers when selling units. For instance, residents are asked if developers disclose all information to potential buyers to ensure protection of purchasers and if they met in a timely matter with developers to discuss units.

The survey indicates that for the most part, developers follow the rules of The Act, but there are some developers that are unsure of these rules, or do not comply. By asking questions through the condo survey, the government is interested in being proactive in learning whether or not developer rules are effective and if they could be made clearer.

Furthermore, the survey asks condo buyers if developers should be made to prepare proposed operating budgets to be provided to buyers. Essentially, the government wants to know if sharing the corporations proposed yearly budget with buyers is necessary or important to potential buyers.

Other aspects of the survey include: the buyer’s right to cancel the purchase if all documents haven’t been presented to the buyer from the developer; are the buyer’s deposits adequately protected by The Act currently, or does it need fine tuning; how soon the developer’s plans should be submitted to the condominium corporation; concerns about visitor and handicapped parking; how to properly handle the recall of a board member when residents are dissatisfied with the board member’s performance; whether or not the board hold extraordinary meetings if condo members ask for them; if mortgagee’s should be allowed to vote if they have unpaid contributions or court orders or judgments at the behest of the corporation.

The survey is quite detailed and covers almost every aspect of condo ownership. The government said its interest in obtaining this information is solely for the purpose of maintaining and updating the Condominium Property Act review. It should be noted that The Freedom of Information and Protection of Privacy Act, s. 33 (c) governs Service Alberta’s collection of this information.

For more information or for direct questions about the collection and use of this information, mail to Consumer Programs, Service Alberta, 3rd Floor, Commerce Place, 10155 – 102 Street, Edmonton, Alberta, T5J 4L4 or phone (780) 427-5210.

Post by Alexis Hlady

House Listed for $100K Below Market value

Check this CTV story out of an open house in the ultra-competitive Toronto housing market where the Lister has put a home up for sale around $100K below list price.

What happened? Well over 200 people showed up as interested buyers for the duplex. The seller said she got what she wanted in terms of response, and said the demand and bidding for the home will raise the value to what the market is really worth.

We’ll see if this tactic works in Toronto.

The video can be seen here: http://www.ctvnews.ca

Post written by Alexis Hlady for Alexis Homes.

2013 Edmonton housing forecast called “Restrained”

The Realtors Association of Edmonton forecasted “restrained” growth on the resale housing market for 2013 in the Oil City. This comes after continued economic and housing growth in 2012, which is something  expected to continue through this year.

An article published in the Edmonton Journal says the REA has projected single-family home prices to increase by 2 per cent, growing to $390,020 up from $383,373, while the price of condominiums will increase by 1 per cent to an average of $237,829, up from 2012’s $235,474.

Also in REA’s report, the number of homes changing hands should increase by 3 per cent.

This comes after a fine 2012, when residential prices rose 5.4 per cent rose over 2011, and saw a 6.8 percent increase in sales over 2011.

The increase of home sales and home starts has a lot to do the new residents. Since 2009, an average of 12,000 new residents have made Edmonton its new home, according to the Edmonton Journal and the City of Edmonton.

So why the “restrained” label on the forecast? Economic uncertainty in other parts of the world and even in other major Canadian cities like Vancouver, Toronto and Montreal might have people in a rent first mindset. Also, the new mortgage regulations from the summer of 2012 will continue to have Edmonton first-time home buyers feeling restrained.

But some growth is better than none at all.

“Unless there are unforeseen external influences, there is very little possibility of any cliffs, bounces or bubbles,” said Darrell Cook, new president of the Realtors’ group in the EJ.

Post written by Alexis Hlady for Alexis Homes.

Where do you stand, future Edmonton first-time home buyer?

An interesting article appeared in the Vancouver Sun early in the month from Peter Simpson that used a survey tabulated by the Canada Mortgage and Housing Corp.

The survey asked a myriad of questions concerning potential first-time home buyers found that housing affordability in Vancouver is turning into a problem. But Vancouver might not be alone, it could include the rest of Canada and our market in Edmonton.

Here are the results as printed in the Vancouver Sun:

- 36 per cent of respondents cited high housing prices as the major obstacle preventing them from buying; 19 per cent said insufficient down payment; 12 per cent said economic uncertainty.

- 39 per cent live with parents; 34 per cent rent accommodations.

- 70 per cent of respondents will be purchasing their first home with a partner/spouse; 18 per cent will be buying on their own; 10 per cent indicated they will be buying with a family member.

- 41 per cent said they plan to buy a home within a year; 27 per cent said within six months; 16 per cent said within the next two to three years.

- 26 per cent plan to buy a townhouse; 25 per cent want to buy a single-detached home; 22 per cent indicated their preference was a low-rise condo; 18 per cent said they want to buy a highrise condo.

- There was no clear preference on home size, although only 12 per cent of the respondents indicated less than 800 sq. ft; 18 per cent said 800 to 1,000 sq. ft; and 20 per cent said 1,000 to 1,200 sq. ft

- 45 per cent needed two bedrooms, while 32 per cent wanted three bedrooms.

- 14 per cent indicated the maximum price they intend to pay for their first home is less than $300,000; 26 per cent said between $300,000 and $350,000; 15 per cent said $350,000$400,000.

- 25 per cent of respondents plan to use a down payment of five per cent; 25 per cent have 10 per cent down; Eight per cent have 15 per cent down; 25 per cent have 20 per cent down.

- 68 per cent said they would use a realtor recommended by family or friends. Eight per cent said they would find a realtor through online research, and only two per cent said a realtor’s advertising presence would influence their decision.

- 86 per cent of the respondents believe a builder’s reputation will influence their decision to buy.

- 48 per cent said they will use their RRSPs towards the purchase of their first homes.

- 93 per cent said they would check the Homeowner Protection Office’s online registry for information on whether a new home has home warranty coverage.

- 10 per cent of the respondents were aged 20-24; 52 per cent were 25-34; 18 per cent were 35-44. 12 per cent were 45-55.

So, where do you stand?

Post written by Alexis Hlady for Alexis Homes.

Edmonton’s continued growth a double-edged sword for first-time home buyers

There’s no question Edmonton has been one of the strongest markets in North American and it will continue to grow as long as long as there’s oil and manufacturing job available.

But as Edmonton’s economy and housing market is expected to continue to grow in 2013, what will this mean for first time home buyers in Edmonton?

Well it’s a combination of both good and not so good for first time home buyers.

The good: A growing economy means continual growth and improving values for homes. The house you buy for $200K might be worth $250-300K one day, so long as updates are made to the home and the economy keeps growing, which doesn’t look like it will subside anytime soon. Basically the investment you purchase should pay off.

The bad: Well, home prices are rising. The home you wanted to buy at $180K could be worth $200-215K in a competitive market like Edmonton. Also, the new regulations put down from the government made it so the maximum amortization period for a home mortgage dropped from 30 years to 25, which doesn’t help either.

So it’s a tricky situation for Edmonton first-time home buyers, but it you may have to get in while the getting is good. The longer you wait, the more home prices will go up. There doesn’t seem to be a decrease anytime soon.

Post written by Alexis Hlady for Alexis Homes.

Slow, Steady, or Booming…Growth is Still Growth

It’s no secret that Edmonton is experiencing a boom of sorts—in population, jobs, and new houses.  2012 has certainly been a good year.  This past Tuesday, Canada Mortgage and Housing Corp. released some final numbers for 2012.  As per the Edmonton Journal, “New home starts in the Edmonton census metropolitan area will finish at 12,000 units, up 29 per cent.” Considering varying economic factors, this is a giant number that Edmontonians should take pride in.  The city is growing.  Not many other cities can say the same thing.

 The outlook for 2013, however, is not as booming.  The CMHC said, “Sales in 2013 are expected to grow, but at a slower pace.” While some may find this disconcerting, I assure you that it’s not.  Growth is still growth, no matter how slow, steady, or booming it may be.  2012 will go down as a robust and healthy year for Edmonton.  Sometimes when you reach the top, you hit your head against the ceiling and take a step back.

 Edmonton is in a great place.  It will continue to grow.  If looking for homes, or homes for sale in Edmonton, look no further than Alexis Hlady.