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.

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.

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

Over the years that you’ve owned laptops, smartphones, tablets, speakers, and other portable electronic devices, you have probably accumulated a number of electrical adapters, and may even have kept them for potential use on a replacement device. This can be dangerous. Most portable devices have specific types of batteries that require very specific power input. Incompatible pairings can cause severe damage, as well as render a device’s warranty null and void. Each adapter delivers a precise amount of electricity from a standard 120 volt AC wall plug by calibrating the electricity so it is compatible with the lower voltage DC batteries within the specified device it is designed to power. An improper match could cause hazardous overheating or frustrating underperformance, compromising delicate circuitry. For this reason, it’s risky to presume that older adapters with matching fittings are actually safe for your device, especially if you’re travelling to countries with different electrical systems. Fortunately, newer adapters that use USB connections tend to have a broader range of compatibility, although you should always follow manufacturers’ guidelines before usage.