Rob Smashnuk

With so many housing choices, especially in urban areas, many first-time home buyers are confused about which kind of residence to invest in. Any kind of dwelling, whether it is a condominium, townhouse or detached home have their respective pros and cons. Before looking into the pros and cons of each property type, it is essential to know what kind of property options are available in the market. Understanding the basic differences between the types of homes can help to make a prudent judgement, especially if you are a first-time buyer.

What Is a Townhouse?

The physical characteristic of a townhouse is a narrow, multilevel residence that is attached to other residences on a street. However, some areas have condominium communities that have two or three-story attached residences. These residences, though physically resemble a townhouse, are in principle condos.

One of the most defining features of a townhouse is its ownership. In the case of a townhouse, the owner usually owns the land on which the house is situated. This ownership is also extended to the front and backyard in conjunction with the residence. Irrespective of the size of a townhouse, the house’s exterior belongs to the owner. In addition, as most townhouses come under the homeowners’ association’s (HOA) regulation, they have to follow several guidelines pertaining to aesthetics rules, fencing, etc. Owners also need to pay for costs involved in insurance and maintenance of the community’s common areas, trash pickup and snow removal.

Condos

Just like townhouses, condominiums (or condos as they are generally called), provide the most hands-off approach to home ownership. The responsibility of maintaining condo exteriors lies with the condo company. However, the costs for maintaining the area are typically borne by the condo owners through their monthly cost and maintenance fees. As compared to a townhouse, condo owners to need to pay for monthly HOA fees as these fees are expected to cover many accessory costs pertaining to condo exterior maintenance, the insurance that covers costly repairs, up keeping and replacements such as that of roofs, elevators, and parking, trash and snow removal. The condo is most suitable if you are eyeing real estate as an investment.

House

Land, exteriors, garage, garden and just about everything else is in your ownership. If this is something you wish for, owning a house is perfect. Detached homes provide the maximum freedom to their owners. Whether it is changing your exteriors, levelling your driveway, decorating, painting or renovating, as a house owner you can make almost all major decisions single-handedly. A house includes ownership and cost of land.

Houses do demand a lot of maintenance and upkeep, whether it is getting your roof fixed, shovelling the snow or maintaining your yard, owning a house requires a major commitment to maintenance. If you are a small family, it may be a little overwhelming to do everything by yourself. In this case, a condo or townhouse may be a much suitable option.

Choosing a home can be overwhelming and confusing, especially if you are not sure which option to choose. Contact Rob Smashnuk Remax. Our agents can help you with making the right choice. No matter what the question is, we have all the answers when it comes to real estate.

When it’s time to sell your home, a bit of preparation can go a long way in bringing you top dollars. But preparation needs meticulous planning, simple upgrades to spruce it up and invite home buyers to rush to invest at once. Consider these suggestions to get there.

Disconnect

This is perhaps the hardest thing to do, especially if you’ve lived there for years. It is tough to disassociate yourself from the memories and emotions of living in a home for years. Think of it as a product to be sold rather than an album containing many memories. Focus on the future instead of the past.

Depersonalize

Once you have mentally disconnected from your home, it’s time to physically do so. Remove the photo frames, artifacts that hold sentimental value, and family heirlooms. Your personal belongings can distract potential buyers from focusing on the house and visualizing it as theirs. They may not be able to share your personal taste either. Your bright yellow sofas may not touch a chord with them the way they did with you. Keep understated pieces around and remove more personalized items.

Decluttering

This is the time to throw away anything you don’t need. If you have not used an item for over two years or even looked at it, it’s time to get rid of it. This includes books, knickknacks, clothes, and bed linen. There is no point in spending money packing and unpacking goods that you don’t really need. Plan ahead so you have time to hold a garage sale, sell online or give away to charity organizations.

Reorganize

Potential buyers are curious to check out every nook and corner. They will open closets and cupboards or peer into cabinets to look at the space inside. If your clothes and personal items topple out in the process, neither of you will be pleased. Rearrange closets, cupboards, cabinets and storage rooms. Keep your kitchen neat and tidy. Fold clothes and hang shirts properly in the closet. Line up the shoes. Make sure there is no dust, cobwebs, pet fur or dander lying around. The last thing you want is to make an excited potential buyer break into an allergic sneezing fit.

Storage Rental

If you have more items than you can handle coming in the way of decluttering, consider a storage rental to put away your stuff. It will make your home look more spacious and will be easier to clean too. Leave enough furniture to lend an air of cozy comfort, allowing enough room for buyers to walk around. Minor repairs for curb appeal add home value.

Repair and Replace

Replace cracked tiles and shingles. Patch holes in the walls. Fix leaking faucets and pipes. A fresh coat of paint will make your home look more attractive. Choose neutral shades when you do so. Bright bold shades may not be everyone’s cup of tea. Replace light bulbs, clean chandeliers and make sure the bathtub is scrubbed. A sparkling bathroom and kitchen can make a big difference. Recaulk tubs, showers, sinks and polish the mirrors and metals. Remove grout, steam clean carpets and replace worn rugs. Make your home look good as new. Your efforts won’t go in waste. In all probability, the returns will be greater if you invest time and money to do it up well for buyers.

Rob Smashnuk, Edmonton Real Estate

The Greater Edmonton real estate market is constantly changing but navigating the tricky world of real estate does not have to be an overwhelming challenge When you choose the Rob Smashnuk team, you choose honest, ethical guidance that you can count on to help you buy or sell a home in West Edmonton. Give us a call today!

If you are trying to sell your house, you will want to maximize profits to help you offset fees associated with selling a home and to give you the best financial boost possible. You also want to sell fast, and not have your home lingering on the market where it will just continue to go down in price. There are many things that you can do to get your home ready to sell so that it goes fast and fetches you a great price. Here are some tips from the Rob Smashnuk team to help you sell your home faster and get a better price!

Declutter
We all accumulate so much stuff over the years, but when you are selling a home, you need to get this stuff out. You can get a storage locker, a POD portable storage unit (which you can then ship to your new home), or go on a purge mission and get rid of things you no longer want or need. Either way, decluttering helps put prospective buyers in the home, they can better envision themselves in the house and will be more likely to make an offer. You should also consider taking down your art. Not everyone will have your taste, and while some well-selected works of art or photography can help sell your home, some art can be off putting (word art decals are notoriously off putting), and you want to take them down before you have open houses.

Clean Up!
This one should really go without saying, but you would be surprised how many open houses happen in houses that have not been cleaned. Clean up and make tiny repairs that are needed. If you have been putting off reattaching a towel rack that fell off now is the time to fix it. Also, tidy up the garage if you have one so that prospective buyers can get a good look.

Fresh Paint
Painting every room of your house in a nice neutral colour (you can go with colours other than white, and your real estate agent can give you great suggestions for showing friendly colours) will help sell your house faster. You may have loved your lime green kitchen or your child’s primary colour bedroom, but prospective buyers won’t. It is easier for them to imagine themselves in the space when it is neutral, and fresh paint means they can move right in and not have to worry about painting right away. Fresh paint can also really help cover up old cooking smells, pet smells, and cigarette smoke if you were a smoker.

Fix it Up
If you have an unfinished basement or can make an addition above the garage or put in a sunroom, then do it. You will recoup the costs on the sale of your home, and so if you can live through the renos, then you can profit off of them and sell your house faster.

Sell Your House or Condo with Rob Smashnuk
If you are looking for houses for sale or condos in Edmonton, then you need to contact the team at Rob Smashnuk. We can help you get your home ready to sell so that it goes from the market fast and you get top dollar. Don’t wait, contact us today!

Keep your cash in your wallet

Before taking on a huge commitment like a new mortgage, it is best to refrain from making large purchases. Lenders are more likely to give you a better contract for your property if they can see you are a responsible borrower. If you open new credit accounts, max out your cards, or buy several big-ticket items it could be difficult to secure a loan.

Get pre-approval not just pre-qualified

There is a big difference between the two. Anyone can get pre-qualified, but getting pre-approved means a lender has looked at your credit history and financial information and determined exactly how much they should lend you. It can make house hunting more efficient getting pre-approved so you do not waste time looking at houses you cannot afford. It also gives you the opportunity to get the best interest rate on your loan and to make sure there are no hidden fees. You will likely have this loan for decades so it is imperative to make sure you get the best deal possible.

Get your new home surveyed

Doing so will prevent future disputes with your neighbours and it is always a good idea to know exactly what you are buying. Your property tax is based partly on how much property you own so it is ideal to have an accurate map drawn up.

Predicting the market

Housing prices have been steadily increasing making it only natural to try and time buying for when they go down. This can be an impossible task though as markets are unpredictable and housing appears to be on an indefinite upward trend. The best time to buy is when you find the perfect home and can afford it. Do not try to wait it out or you may miss out.

Bigger ≠ Better

For those not in the real estate business, there is an old adage that says not to buy the biggest, most beautiful house on the street. Even though it catches everyone eye, only a few people can afford it. This limits the number of potential buyers should you want to re-sell it. Your home is only going to go up in value in proportion to the houses around it. Sometimes, it can pay off to buy the worst house on the street because it will trade up better per square foot than the biggest house.

Sleeper Costs

The biggest difference you will notice between renting and owning are these costs. Most home buyers focus on the monthly mortgage payment, forgetting about property tax, utilities, repairs, and maintenance costs. Make sure to budget for all the expenses that come with home ownership.

Emotional Attachment

Some homes take our breath away so well that we overlook issues that good come up down the line. Maybe the place was your childhood home, or perhaps it is in an amazing neighbourhood. At the end of the day, buying a home is an investment so try to make this decision practically by avoiding emotional bias.

Check Under the Roof

Just as you would check under the hood of a car before buying it, you should also get your potential new home inspected by a professional. It would cost you a couple hundred dollars, but will save you thousands in the long run. It is the best way to get an unbiased opinion and, if they do find problems, you can use it to bargain for a lower price.

Bidding

Most people think that starting with a low owning bid is the best tactic to use when bargaining for a home. The best approach is to see what other homes are going for in the neighbourhood and be aware of how the markets are doing. Your opening bid should be based on two things: what you can afford and what you really believe the property is worth. Also, try avoiding rounded off numbers – sellers are more likely to take a specific number more seriously because they will assume you put a lot of thought into it.

Research the Neighbourhood

Drive by the house at all times of the day to get a thorough understanding of the area. Many people have bought homes only to realize the community was not for them. Take trips from the new place to your work to see if the commute is manageable and keep an eye out for amenities like grocery stores and gyms. Even if you do not have kids it can be beneficial to make sure the schools in the area are ranked well as this can affect the price of the property.

Contact us to stay updated.

Should you buy a home first or sell your old one? That’s a million dollar question and a pretty stressful one at that. Buying a property involves investing nearly all your savings. How do you invest before you sell if you don’t have enough saved up for your down payment? What if you find the home of your dreams before you sell?

Real estate and finance experts say that buying and selling involve a good deal of research and a clear understanding of all the pros and cons involved. The upside of selling first is that you will
be able to budget better. If you have the money in your hands, you can plan with purpose. However, if you face challenges selling your home but find just the one you were looking for at the budget you had in mind, does it make better sense to buy first? Let real estate expert in Edmonton, Rob Smashnuk from Remax, guide you.

4 Reasons Why You Should Buy a Home Before Selling

1. When you find your dream home: It is not uncommon to walk into a home and find everything you ever wanted inside. Sometimes you need to make the decision in a flash. If there are multiple buyers interested, it’s best to jump in and snap it up. It’s rare to find all you want under one roof. Why take a chance and lose it? You might regret the decision for the rest of your life.

2. When the home is within your budget: It’s hard to find your dream home within your budget or at a cost that you never thought possible. When you find such a home, you may as well take it. If you sit on it, chances are you will lose it to another buyer.

3. When it’s a sellers’ market: If it’s a good time for sellers, you may as well buy your home first if you find what you are looking for. You are assured of selling it quickly so why sit on it?

4. When you have enough savings to invest: If you have a large sum of money stacked away or are in a position to afford two mortgages, go for it. This is also possible when you have regular rental income from your current home that pays off your mortgage. Do your maths, assess the market, consult a real estate professional on the situation of home selling in your neighbourhood. If all looks promising, consult an experienced real estate agent and buy your dream home. You are lucky to be in such a position. Make the best of it!

Buying a Home in Edmonton? Call Rob Smashnuk Remax for Help

It can take hours to look through listings to figure out the right homes for you. If you are ready to invest, give me a call.

I can help you navigate the confusing landscape of Edmonton real estate market. I have the experience, education, and enthusiasm that’s needed to help you make the best decision possible in the neighbourhood of your choice. I have valuable connections in the Edmonton real estate industry with connections to the best mortgage brokers, real estate lawyers and home inspectors to work with and protect your investment. From negotiation to purchase, I will save you time and money and most importantly, help you get complete peace of mind, knowing you made the best possible choice. Give me a call. I look forward to discussing more with you.

Before you set out to buy a residential or commercial property, you need to know the real estate laws and terms to get a good grip on the discussions with your realtor. Here are a few to start with:

Buyer’s and Listing Agents

When you are buying a home, two agents are involved in the process. The buyer’s agent who represents you and the seller’s agent. Sometimes there is only one agent who represents both the buyer and seller but that is not the ideal situation.

Fixed Rate vs Adjustable Rate Mortgages

For conventional loans, you get fixed and adjustable mortgage rate options.

● Fixed rate, like the name, is a predetermined interest rate that remains the same throughout the loan period (usually 20 to 30 years). This offers lesser risks.
● Adjustable rate offers a variable interest rate (5, 7 or 10 years usually). If you are planning to sell or refinance your home before the introductory period ends, this makes better sense.

Pre-approval Letter

You need a pre-approval letter from the bank before you start house hunting, giving an estimate on the amount they can lend you. This helps you determine how much you can afford and reassures lenders when you apply for a mortgage.

Home Listings

Homes for sale fall under the “listings” category. Home listings on websites throw light on the price and number of bedrooms among other details. Look up realtors who list all homes for sale or you may lose out while selecting from a limited listing.

Home Inspection

Once you place an offer on a home you like, the realtor will help you with home inspection for a certain charge. The inspector will look around the home and review the plumbing, HVAC, foundation walls, and electric appliances. If they find substandard fittings or sense something wrong, the realtor can help you bring down the price. If there are severe concerns, you could reconsider the property to save further costs in repairs later.

Appraisal

Once you apply for a mortgage with a lender, a home appraisal is required to estimate the value. This is done with a comparative analysis of other homes sold in the neighborhood, in addition to evaluation of the neighborhood’s value. If the appraised value falls short of the offer you are making, you might be rejected for your home because the lender will be overpaying. To avoid this, ask your realtor to check out the property and neighborhood value beforehand. When you sell, get an estimate on the worth of your home and find out ways to increase home appraisal value.

Contingencies

When you place an offer for your home, you can ask for certain conditions to met before the deal is passed. This is called contingencies. Inspection contingency is when you ask for inspection of the home. Financial contingency is when you get the finances for the loan. There are many other contingencies that your agent should inform you of.

Rob Smashnuk, West Edmonton Realtor

There’s a lot to deal with in real estate matters. A good realtor can explain matters in simple language and is well connected to reliable service providers. Make sure your home search starts with a good realtor to navigate more smoothly. The Rob Smashnuk team specializes in the Secord neighborhood that is growing in popularity rapidly. Our team has the expertise to help you both buy and sell your home in West Edmonton, every step of the way. Give us a call today.

Only a few people may be able to afford a house without getting a mortgage, which is a loan acquired to buy a home. Federal and private lenders loan you large sums of money and use your house as security. Signing a mortgage means pledging to pay the loan and agree to have your property taken away if you fail to repay the full sum with interest. The loan is referred to as a principal and we are expected to pay the principal with interest throughout the repayment period.

Sources of Mortgages

Mortgages are supplied by banks and brokers. Banks are limited in the products they can offer as opposed to mortgage brokers, who have access to an increased number of services since they work alongside several lenders. On the other hand, your bank is a familiar place for you. The bank will already have your information about your credit scores, income and down payments; all the criteria that need be assessed in order for you to get a home loan. You have established a relationship with your bank and they may guide you in spending efficiently. The choice ultimately comes down to a personal decision.

Pre-approval

Brokers, lenders, and realtors often suggest aspiring homeowners to first get pre-approved for a mortgage. The free service assesses the credit ratings and finances of potential buyers and provides them with an estimate of how much they can afford. Being pre-approved gives home buyers confidence while looking for a home. It narrows down their searches and gives them the information they need to negotiate. Pre-approvals can be done with the help of lenders and it is a good idea to provide them with in-depth information regarding your financial history, in order to get the most accurate estimate of your affordability.

Size of a loan

Home buyers can borrow up to 95% of the house cost and they will have to pay the other 5% in the form of a down payment. The crucial part of searching for homes entails considering the impact payments will have on your life. It is important to realistically go through your budget and consider what fits your lifestyle.

Mortgage plans

The task of choosing the right mortgage plan can be a daunting task for first time home buyers. Mortgage plans may come with an interest rate that varies in accordance with the market, instead of being fixed. First time buyers often choose fixed rate options to avoid running the risk of increased interest rates. However, once they have gotten accustomed to a fixed mortgage plan and monitored the market for a couple of terms, they may feel comfortable switching to a variable plan.

Contact Rob Smashnuk Team in Edmonton!

Getting a mortgage includes making a lot of important decisions. A good realtor can help you make one of the largest financial decisions of your life. Rob Smashnuk, a trusted Edmonton realtor, strives to assist each client to achieve their real estate goals through honest, friendly, and helpful communications and services.

Visit robsmashnuk.com to view all the services we provide. You may also call to chat with us at 780-916-4109.

When it comes to purchasing your first home, it can be a nerve-wracking process, especially in the competitive greater Edmonton real estate market. Home buyers can feel lost in the noise, hustle, and paperwork of purchasing their first home. When all you want to do is find your perfect dream home and purchase it, you need an experienced Edmonton realtor at your side to help you land your perfect home. While having a realtor will help you through the process, there are some things that you need to know before you even look at your first open house.

Know where to look

West Edmonton homes for sale can vary from smaller, single family dwellings to larger, sprawling estates. For first time home buyers, it can be difficult to even know where to begin within this market. An Edmonton realtor is sure to help you begin your search and find you that perfect home. One of the first things that you need to know is that you need to keep an open mind about what it is you want in your home. While having that vision of the perfect home in your mind is great when you being looking, it can be important that you also take the time to understand that there are homes out there that have things you might not have thought about. Perhaps you dream of having a wide open kitchen with a huge island but in your search, you find yourself attracted to a half wall that a home has in its kitchen. You can find things in homes that you never thought you wanted or that you never thought you might have enjoyed.

Do some renovations

Another thing that you should keep in mind when it comes to purchasing your first home is that there can be benefits to purchasing a home that needs a little improvement. Building off of our last point, there can be merits to purchasing a home that you do not believe is your perfect dream home. Perhaps you fell in love with the features of one home, but it needs updating. That can be amazing as you can then work to update that home to have everything that you want in it. There is something to be said about customizing a home to your tastes and not just living in a home that you buy. It allows you to feel more attached and to personalize the home into something that feels yours.

You don’t have to live in your first home forever

One final thing to think about when purchasing your first home is that it doesn’t have to be your “forever home.” If you are a young couple, then it can be worth it to look into a one or possibly two bedroom home when you are just starting. However, once you have settled in, you may find yourself thinking of starting a family. You may decide that your current home doesn’t have the space that you need to raise that family and decide that you need to find a larger home.v

As prices continue to rise in Vancouver and Toronto through the spring season, there is one city in Canada that is slowly gaining steam as a buyer’s dream: Edmonton. This is good news for Alberta where times have been tough after the massive Fort McMurray fire, subsequent job losses, and real estate slump. Despite it all, activity in Edmonton has increased with buyers ruling the roost.

Early in the year, average house prices went up 3.9%, but seven of Edmonton’s top 25 neighbourhoods went through a sharp drop in prices. Bradner Gardens dipped by 12%. Other areas reported a sharp rise of nearly 38%. This means Edmonton is divided into two neighbourhood categories; one area scores above the other for enthusiastic first-time investors.

Edmonton’s Two Main Neighbourhoods

• Downtown and Inner Suburbs: Edmonton’s urban downtown is a hot marketplace for home buyers. Renters are giving up their home to own one instead because prices are stable and affordable now with an average of $388,000. Home prices in Calgary, on the other hand, are expected to increase by 2.3 percent.

• Outer Suburbs: The outer suburbs are 45 minutes away from the city centre on an average. This is an ideal nesting ground for young home buyers who are looking for more affordable options for spacious homes.

Edmonton Homes Ideal for Young Buyers and First-Time Home Investors

More and more young buyers between the ages of 25 and 30 are now looking to invest through home ownership. 69% hope to own a home within the next five years, but with the number of Canadian cities becoming increasingly out of reach for investors, only 57% feel they can actually own one. On the bright side, the situation is changing here for first-time home investors. The reasons are several:

1. Less down payment: The down payment required for listed homes is only 5% for homes less than $500,000. This makes spacious homes affordable for first-time investors.

2. Different Property Options: Edmonton offers a bevy of options in all sizes. Apart from sprawling homes, there are duplexes and townhouses in Brookfield’s neighbourhoods where monthly mortgage payments are at par or lesser than the average monthly rental fees.

3. Affordable payment options: In Brookfield, homeowners are also getting a biweekly payment option, making it easier for new professionals to invest in smaller homes with a smaller mortgage. Once they build credit and equity, they are in a position to afford a bigger property. If they continue to rent, they can’t avail of this advantage so buying makes more sense. Opting for fixed-rate mortgage allows new buyers to steer clear of the financial stress in rent fluctuations.

4. Add-ons: Since the homes are affordable, new buyers are in a position to upgrade with add-ons, making the prospect of a home very attractive. They can enjoy their own property and enjoy customized comforts with top-of-the-line appliances, unrestricted by rules and regulations that come with a condo. Homes come with private, attached garages and added security is affordable with the drop in prices for young professionals.

Consult Rob Smashnuk to Buy a House in Edmonton

Rob Smashnuk has years of expertise in real estate, backed by Re/Max’s reputed professionalism. Rob Smashnuk has received various awards for excellence in real estate so you know you are in good hands. He is an Accredited Buyer Representative (ABR) and Seller Representative (SRS) with 10 years of award-winning customer service experience and in-depth knowledge of residential real estate. Call him for a consultation.

Everyone is looking for ways to save some money, and you may notice, like so many other people, that your utilities are one of your largest expenses. Fortunately, there are a number of tips that you can use to help bring down your utility costs. These tips are generally easy to implement, but you will need to stick to them long term if you want to see the best results. Here are the top three ways to keep your utility costs low!

Turn It Down

During the winter we turn on the heat and in the summer we turn on the air conditioner. However, you need to consider if you are turning the heat and air conditioner up too high. In the winter you can bundle up, and in the summer you can wear shorts and a T-shirt to keep yourself comfortable. By lowering your heater by 2 degrees and increasing the air conditioner by 2 degrees you will find that you have significantly lower utility bills. Small increments like this will generally not affect your body but can save you a lot when it comes to utilities, and if you do notice the change then there are other options to keeping warm and cool.

Turn It Off

One of the worst habits that you can have is leaving lights and devices on when you do not need them. This even extends to leaving them plugged in because devices that are plugged in but off still actually use power! Taking the time to turn off your lights when you leave a room can save you more than you might imagine. It is important that you have a rule in your home to turn off all the lights that you do not need and ensure that everyone sticks to this.

You should also turn off devices that you are not using. Most people will place their TV on standby, but this still uses energy and will be adding to your utility bills. Any electronics that you are not currently using should be completely turned off and if they do not have a power button, you should unplug them from the socket.

Air Dry Your Clothing

If you have a clothes dryer, you are going to be using a lot of energy every time you run it. To save yourself some money, you should look at air drying your clothes instead. This will take longer, particularly in winter, but it will save your bank account. It is not only your clothes that you should be air drying, you should do the same for your dishes as well.

Most dishwashers will heat dry the dishes if you do not change the settings. This will use a lot of energy that you don’t have to sacrifice. All you need to do is change the settings and then open the door of the dishwasher once it is done to leave it slightly ajar. The dishes will come out nice and dry and you’ll be saving money.