December is quickly passing! And, that only means that 2023 is getting closer. In lieu of the end of the year, we thought it would be best to write a year-end recap of all of the content on our blog. This way, you can catch up on any missed articles and soak in some of […]
In lieu of Halloween, this month’s blog article is going to be about selling a stigmatized property in Edmonton. When you decide to list your home for sale it is important to consider what has happened at your home in the past. While the events that have occurred at your home do not affect the assessed value of your property, it is important to understand how they can impact the market value of your home. In this article, we will be going over information about all things related to selling or buying a stigmatized property. Follow along below to learn more.
Stigmas attached to real estate have nothing to do with the home’s location, appearance, or function. However, stigmas are related to the events that have happened within or near the home. Generally, a stigmatized property is one that has a negative psychological effect on potential buyers. Some examples of this include, a murder/suicide in the home, proximity to a cemetery, or a famous film/TV location. Any of these scenarios can cause your property to become stigmatized.
When it comes to selling real estate, location is an essential part of the transaction. Many buyers will avoid putting in an offer on a property that has a stigma. It is important that you consider these stigmas when buying or selling a home. Below we have listed a few of the most common stigmas associated with buying residential real estate.
If your home has been the site of a crime, there is a high chance that you are in possession of the stigmatized property. Events like murders, break-ins, gambling, gang activity, and criminal owners can cause buyers to steer clear of your listing. There are several reasons why people may find buying a home that had criminal activity unattractive. For example, physical damage like bullet holes, structural breakage, or contamination. Other reasons can include fear of bad karma, superstitions, or related beliefs. New buyers may also want to avoid being associated with the criminal activities that have occurred at the residence.
Another reason for stigma is if your home is a famous location. Movies and TV shows often film on location at real-life homes. Like all real estate, these homes eventually go up for sale. Some individuals may find living in a famous home/location cool. However, there are some significant drawbacks to owning a recognizable property. For example, if your home was part of a blockbuster movie, it may attract superfans or tourists looking to visit the site. Because of this, you can encounter unwanted interactions with people who are interested in viewing your home. Although, if you are willing to sacrifice a bit of privacy, owning a home that is part of popular culture can be totally worth it.
Common Stigmas of a Property in Edmonton Continued.
Another reason why buyers may be reluctant to purchase your home has to do with the neighbourhood you are located in. Even if your home doesn’t have any stigmas, a home in close proximity to one of these stigmas can cause just as many problems. Moreover, if there are known criminals within the area, buyers may also be deterred from purchasing your home. So, be sure to do your due diligence prior to buying or listing your property.
Lastly, homes with a reputation for paranormal activity can make selling a difficult task. There are very few buyers who find it attractive to live in a haunted house. Paranormal sightings, moving objects and strange sounds can make it very difficult to live in a home. Haunted houses can affect an individual’s mental health or put them in danger. Many houses like this often have a traumatic past.
Although, paranormal experiences are completely subjective. In most cases, there is a reasonable answer to unexplained sounds, movements, and feelings. For instance, poor insulation, structural issues, and pest problems. It is important that you investigate these possibilities before drawing any conclusions.
Stigmatized homes can be incredibly difficult to sell. However, with the right strategy, it is entirely possible. For more information about buying or selling a stigmatized property in Edmonton, contact us today. We’d be happy to help you find a home that suits your needs. Be sure to check out our blog again next month for more real estate articles. You can also visit our social media page for the latest updates and more. Feel free to reach out with any further questions. We look forward to working with you in the near future!
When it comes time to set a price for your property for sale in Edmonton, many questions are bound to arise. As real estate agents, pricing your home correctly is part of our job. However, we draw from a number of sources in order to determine the listing price that your home will hit the market with. Things like government assessments and the overall state of your home, all have their place when it comes to pricing your home for sale. When selling your home, it is important that your listing price is reflective of the home’s true value. Overbidding and underbidding can reduce traction to your listing. Because of this, it is essential that your listing is priced correctly at the time it hits the market. Follow along as we go through the top four contributors that help us accurately price your property for sale in Edmonton.
Government assessments of your property are a key piece of information when forming the price point of your home. These numbers can shift one way or the other, but in general, they should be reflective of your home’s true value. The City of Edmonton will visit your property annually to determine the cost you will contribute to your property taxes. However, a government assessment of your home and a real estate agent’s appraisal of your home will be slightly different. This is because an agent will factor in renovations, special features, location, style, and more. All of these qualities are likely to affect the overall price. For example, a freshly remodeled home will have a higher value than one that has not been remodeled on the same street. Other factors such as landscaping and zoning will also come into play.
One of the most important determinants of the price of your home has to do with comparables. When trying to establish the price of your home, real estate agents will compare your home with similar properties that are for sale in the area. By using the MLS®, REALTORS® are able to quickly source tons of information about all of the listings in your area. This data can then be used to formulate an estimate for the price of your home. Similarly, if a house on your street just sold, they’ll be able to see what it sold for and use that information to ensure your home is priced accordingly. This is one of the most important steps in the home pricing process.
The present condition of your property is a big component of the cost of your home. An agent will often pay close attention to your home’s current state when they are researching the right price point. If your home needs certain repairs or a good cleaning, its value will likely do down. Characteristics like an outdated kitchen, unkept exterior, and unfinished renovations are all things that will lower the listing cost of your home. However, there are a few ways you can fix these problems to ensure your home is reflective of its true value. For instance, try adding a fresh coat of paint to the walls (ideally a neutral colour) to get rid of any foul odours and breathe some life into your home. You can also complete any unfinished home projects that you have on the go. It is important to remember that most buyers are looking for a home that is move-in ready.
The time at which you choose to sell your property for sale in Edmonton can significantly impact the profit you make off of your home. Depending on the time of the year and the current market condition, the amount a buyer is willing to pay will change dramatically. For example, a home that is being sold in winter might sell for a lower price than a comparable home in the summer. Although, this is all dependent on when the buying/selling season is in your area. When it comes to pricing your home, the time at which you list will affect the initial cost. In order to ensure you are selling your home at the right time, your agent will be able to provide you with a market report. This will give you all the data you need to determine if it is the right time to sell.
For more information on how your real estate agent prices your property for sale in Edmonton, contact us today. We’d be happy to provide you with some insight into how we estimate your home’s value. Feel free to reach out at any time with questions or concerns you may have. Be sure to check out our social media here, we look forward to hearing from you!
Are you unsure about investing in real estate? If yes, we are here to provide you with a list of reasons why investing in properties for sale in Edmonton is a smart move. There are plenty of investment opportunities throughout the City of Edmonton. However, it is important to choose the right property for your needs, budget, and future life. If you’ve been considering buying real estate, then this article is for you. Learning about the benefits of investing in a property is a key part of making the decision to buy a home.
Follow along below to learn more about the many reasons why you should invest in real estate!
When you own an investment property, there are several tax benefits that you can collect. Owners of rental homes are able to get special tax breaks and deductions that can help them save money. For instance, if you pay someone to advertise your rental property, you can write this off come tax season. In addition, you can receive tax deductions on your insurance, office expenses, management fees, repairs and maintenance, utilities, and accounting fees. Any costs associated with owning, operating, or managing your rental property can be deducted from your taxes. This can provide you with lots of savings come tax time!
One of the biggest assets of owning real estate is appreciation. Over time, real estate will usually go up in value. Most real estate investors are able to turn a large profit off of their properties when it comes time to sell. Especially, if you have good timing with the market conditions. Those who invest in a property during the right time and sell when the market is hot, are likely to make good money off of their purchase. Unlike other investments, you can have peace of mind in knowing that your property will go up in value. However, as a landlord, you can also capitalize on inflation. As the cost of living rises, you can increase your rental fees. This will help you pay off your mortgage and make a little extra cash.
Overall, appreciation is a big part of owning a rental property. If you time things right and follow the trend of the market, you can stand to make a substantial return on your investment.
If you’re looking for a way to generate a new stream of income, owning an investment property could be right for you. Rental properties are a great way to add to your cash flow and build your wealth. Once you’ve paid off your mortgage, the net income that you make will be substantial. You can use the money from your lessees to pay off your mortgage and other expenses that come with owning the property. As work towards paying off your mortgage, your cash will grow. By owning properties for sale in Edmonton, you can build your equity.
As you pay your mortgage, you will start to build equity. In turn, this will grow your net worth and support you as you continue to add to your investment portfolio. The more money you have, the more you will be able to leverage your financial situation to buy more properties. Thus, helping you build your wealth even more! Once you get started, you’ll quickly start to reach your financial goals!
Diversifying your investment portfolio is incredibly important in building financial security. The future of the economy is always uncertain, and it is crucial that you have multiple streams of income so that you can remain afloat when times get tough. Adding properties for sale in Edmonton to your investment portfolio is a great way to diversify your portfolio and lower the overall risk factor of your investments. This is because real estate generally has a good ROI and the potential to make a profit. There are plenty of powerful strategies that you can employ to make the most of your investment property. Whether that be long-term rentals, short-term rentals, room rentals, or flipping your property. The options are endless!
For more information about investing in properties for sale in Edmonton, contact us today. We’d be happy to help you find the right investment property. For more information on rental guidelines and buying real estate in the Edmonton area, feel free to reach out to us. One of our skilled real estate agents would love to answer any questions that you may have. Be sure to check out our social media for the latest updates and more. We look forward to working with you in the near future.
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