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5 Things You Must Have in Your New Home

After a long search for a new home from the many options available in Calgary real estate, you found the best home for yourself. With all the formalities in the process and the house keys in your hands, it’s time to make the home completely yours. How can you do that? By add elements to your house that reflects your persona. But in this process of this addition, do not forget these things which are essential for a new home.

Updated Home Lock Mechanism

The very first update you need to make to your new home is to install a new home lock mechanism. You may not be aware of the number of people having the key to the old home lock. This may raise a security concern. Apart from that, getting a security system installed will ensure that your home is safe from intruders at all times.

New Furniture

When you move into a new house, it’s time to start a new phase of life. This is a good reason to get rid of your old furniture. Another reason to get new furniture is to find fixtures that utilize the space in your new home well. If you are working on a low budget, do not worry. Simply choose old refurbished furniture that goes with the planned theme of your house. If you want to utilize your old furniture, do get the upholstery changed.

Plants And Saplings

It is never too late to go green. If you have bought a good single-family home with a lawn area, then go ahead and buy some flower saplings to brighten up your home exterior. If the lawn area is limited, don’t fret, get smaller potted herb plants for your home kitchen. Some indoor plants can also be kept in the living room.

New Kitchen Installments

Imagine the excitement of cooking for the very first time in your new kitchen. A new home, a new kitchen, but the same old appliances can spoil the fun. Why not get some swanky new kitchen appliances to work with? Do not forget to install new kitchen cabinets to accommodate all your utensils. Make use of the space available to you yet do not over-clutter it.

Shiny New Plumbing Fixtures

When you buy a new home, some amount of repair is always required. When doing these basic repairs, take the opportunity to install new shiny faucets and shower heads. This update will not only help you get rid of the old rusty plumbing fixtures but also save you from future repairs.

The types of houses for sale in the Calgary real estate market are generally well-furnished with minimum repair requirements. However, adding new installations is necessary to make these homes more functional as per your preference. It also gives you a chance to add a touch of your personality to the home. So go ahead and make these additions to your house to enrich its resale value.

 

Source: MaxWell Realty Canada

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Dos And Don’ts Of Buying Rental Property In Alberta

Investing in real estate property and putting it out for rent is one of the many ways of earning income. A lot of planning and execution is required before renting a property in Alberta. Right from the initial choice to finalization of your purchase, you must keep a few things in mind. The geographic location of your land and accessibility to basic facilities such as markets and schools are important factors to consider before purchasing a rental property. Here are a few dos and don’ts of renting a property in Alberta:

Do’s

1. Do keep your budget and rental amount in mind

There are numerous costs incurred while buying rental property. The overall market value of the property keeps fluctuating as per demand and supply. Conduct an in-depth analysis of the market before finalizing your purchase. Also, try bargaining with the seller to buy the property at an affordable rate.

If rental income is your priority, then look out for an appealing apartment as tenants are hard to please. Find out the average rental rates in the neighbourhood and demand accordingly. Consider the potential of capital growth of your to-be land. If property taxes are expected to increase in the coming years, then what is affordable today might lead to bankruptcy in the future. Ensure that the average rent you will be charging compensates your mortgage payment, taxes and other expenses.

2. Do consider the proximity of your land to basic amenities

This is of paramount importance. Tenants prefer areas which are located right in the heart of the urban city, with good accessibility to basic facilities. Families will look for quality schools and good educational institutions in the neighbourhood. If your property is good, but there is a deficit of schools nearby, it may affect the value of your investment. Choose locations with ample opportunities for employment and career growth. The presence of markets, playgrounds, hospitals and entertainment facilities nearby is a bonus.

3. Do hire a real estate agent

Consulting a real estate agent can make the entire investment process much easier. Brokers have a thorough knowledge of the market value and properties in surrounding areas. They can help you buy the most suitable estate property for you at subsidized prices. They will guide you right from the initial step to the final choice of purchasing your land.

Don’ts

4. Don’t finalize your choice before getting approval for mortgages

A mortgage or loan approval is a loan from a bank or a housing society against the real estate property you buy. It allows you to pay the lender in monthly instalments. Getting a preapproval gives you an edge over others in being offered properties. However, finding a mortgage is a tedious process. But that should not stop you from getting approval for the same.

5. Don’t buy your property in a hotspot for crime

No one wants to live in a dangerous area that is vulnerable to violence and criminal activity. Check out crime statistics for different neighbourhoods and then finalize your purchase. Avoid buying properties in areas that are prone to natural calamities such as floods, earthquakes and tsunamis (unless your home insurance plan covers everything).

6. Don’t buy property that is more than 10 years old

You should not invest in property that is more than 10 years old as older construction sites burden you with additional costs of maintenance and repairing. You may not live in your property, but must keep an eye on the overall aesthetics and condition of the building. Do not purchase your land without considering the facilities, living condition and configuration of the rooms. Renovating your investment property is quite different from renovating your own house. While the former depends on your personal interests and preferences, the latter is more about the comfort of the incoming tenant and your final monetary return.

Are you planning on renting a property in Alberta? Your real estate property will likely be the greatest financial investment you’ll ever make. With the help of a trained real estate agent, it can also be your wisest. Consider hiring a professional real estate broker who can help you with the complicated process of investing in the right rental property.

 

source: MaxWell Realty Canada.