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!
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.
Canada’s housing crisis has come to a head. Provincial and federal governments are struggling to get a hold of the problem at hand. In British Columbia, a new presale policy has been announced to be integrated. And, foreign buyer taxes have jumped up in many provinces across the country. Despite the provincial efforts to cool the housing market in Canada, there continue to be issues surrounding supply and affordability. In an attempt to ease the housing crisis, the federal government is implementing some key changes to help Canadian buyers. Learn more about how Edmonton houses for sale will be affected by the following federal changes in the article below.
The liberal government in Canada is making an effort to cool off the housing market in Canada through two main channels. Over $10 billion in funding has been allocated to help speed up construction and repairs of homes. Furthermore, the government has decided to put a ban on foreign investors purchasing real estate in Canada. As well as, introducing new tax measures to reduce speculation.
These methods make up a large chunk of the federal budget. In order for everything to proceed smoothly, cooperation from other levels of government will be necessary. Ideally, the government’s plan is to double the number of homes built in the next 10 years. Collaboration from the government, construction companies, and citizens will be essential to the success of the budget. The housing section of the budget has a clear focus on increasing supply. Moreover, there is $4 billion set aside for municipalities to ensure that homes are being built swiftly. The money will go towards the planning and delivery of housing, with an estimated 100,000 new units in the next 5 years.
$1.5 billion is set to be spent in the next 2 years to create 6,000 new affordable housing units through the Rapid Housing Initiative. In addition, there will be $475 million going towards rental assistance and $2.9 billion to provide housing to vulnerable Canadians. Other commitments include $600 million to attend to homelessness by creating new programs and supporting existing programs. Furthermore, $1 billion will be used to incentivize green energy use at home, including grants and loans. As well as, $150 million over the next 2 years for affordable housing in Northern Canada.
The Liberal government has said that they will leverage $40 billion-plus in infrastructure to speed up the process across various cities.
In February, the national average home price climbed 20% to $816,720. All the while, rental rates continue to rise. As for Edmonton houses for sale, supply and demand match current national trends. In March, 472 duplexes were put up for sale and 441 of those were sold. Thus, indicating a 93% listing-to-sales ratio! Nearly every duplex or townhome that gets listed is being sold.
Although supply continues to be at an all-time low, spring has brought hope for buyers-to-be. More listings have surfaced now that spring is here. There has been an 8% increase in Edmonton houses for sale this March! Additionally, condo and apartment sales have started to grow. March saw the biggest year-over-year leap in sales, at 67%. In the past, condo and apartment sales were few and far between in the Edmonton market. Edmonton continues to be an affordable market for out-of-province buyers to find a home and settle down.
The lack of supply in Canadian real estate markets is evident. The government has recognized this as the central problem in the housing crisis. Liberals are hopeful that the budget will provide some relief for Canadian citizens. For the next 2 years, foreign buyers will be banned from purchasing Canadian real estate. Although, there are several exceptions to this measure.
The Liberal government will also be reviewing the impact of large companies buying homes on the market. And, how they intend to stint the growing trend. A new bill of rights is proposed to include several measures to protect homebuyers. For instance, the right to a home inspection, no more blind bidding, possible mortgage deferrals, and more disclosures from real estate agents.
The real estate market is constantly fluctuating and buying Edmonton houses for sale can appear intimidating. However, with the help of an experienced REALTOR® in the Edmonton area, the process is much less daunting. If you have any questions or concerns about buying Edmonton houses for sale, contact us today. Don’t hesitate to reach out if you’re curious about the government’s plans for an increased housing supply. Our team can put you in touch with the resources you need to get your real estate goals on track. We look forward to working with you in the near future!
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