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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:


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.


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. 

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Common Online Home Listing Mistakes You Must Avoid

Marketing your home on an online listing website is one of the most popular and effective ways for home selling in Calgary. Potential home buyers may not have time to visit each and every house in Calgary, hence, they take a look at the online real estate listings. Therefore, if you are planning to sell your house, you must ensure that you provide all the necessary information and avoid the following mistakes.


Inappropriate Description

The description of your house on the online listing websites is the most important aspect that potential home buyers look for. The description should ideally describe all the features of your house and explain the facilities available. Often, homeowners exaggerate and include misleading information in the description to increase the chances of a sale. This can be a fallback in most cases. Write an informative, correct and appealing description to attract potential home buyers.

Unappealing Photos

Pictures say more than a thousand words and give the potential home buyers an idea of what your house looks like. Homeowners often overlook the importance of good pictures and upload shabby, blur, and unappealing photos just for the sake of uploading. This generally demotivates the buyers to consider buying that house. Upload good, clear pictures that properly represent various parts of your house.

Lack of Correct Contact Details

Contact details are important as the potential home buyers can directly contact you using the details and know more about your house. Homeowners refrain from disclosing their personal contact details with the fear of details being misused. If you want to sell your house, you need to provide proper contact details so that the genuine home buyers can connect with you.

Queries Unanswered

Marketing your home on online real estate websites but not responding to the comments and queries makes no sense. All the efforts of creating an interesting and appealing listing, and posting it across various channels will be wasted if you keep your responders unanswered. If potential home buyers reach out to you on the website, respond to them in time so that they can take their decision.

Use of Single Channel

To get maximum responses for your online listings and attract a large number of home buyers, you must market on multiple online listing websites. Homeowners only market on one single website and then expect several responses. Make sure you market on several websites so that you can target a lot of potential home buyers in Calgary.

Now that you know the mistakes that you must avoid while listing your home, you can start a smart home selling in Calgary. Seek help from our professional real estate agents and market your house on our online real estate listing in Calgary.

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Why You Should Buy A Home In Calgary

Buying your own home can be one of the biggest investments you make in your life. Home buying Calgary has numerous advantages like you get the ownership of a new house and the freedom to make necessary customizations in Canada’s sunshine capital. Are you looking for more reasons to buy your first home or next home in Calgary? Here are some reasons that specify why Calgary is the right place to buy your new home.


Variety of Living Options

A variety of neighbourhoods are available in this city. Right from fully developed residential neighbourhoods to the ones which are still flourishing. The city has a few countryside neighbourhoods and many industrial neighbourhoods too. Depending on the neighbourhoods, a variety of housing types such as condominiums, detached and semi-detached houses, duplexes, etc. are present in Calgary. You can easily select the best kind of living based on your requirements, needs, lifestyle, and family size.

Decent Weather and Climatic Conditions

Calgary has a comfortable climate throughout the year. The close proximity of the Rocky Mountains largely affects the air temperature and weather in Calgary. The city experiences long, cold winters when the air temperature can drop to or below −20°C. During the short summer months, daytime temperatures can exceed 30°C.

Public Transit is Good

Although most Calgarians prefer using their cars, there are several public transport options available here. Calgary’s public transport is reasonably good and affordable. The city is well-connected with a network of trains and buses, Calgary’s light rail system, known as the C-Train, and Calgary LRT system.

Low Sales Tax

Calgary allows you to save a lot of money on the sales tax. There is no provincial tax in Alberta. This means that Calgary is a good option if you are looking to live here. You only have to pay the 5% federal Goods and Services Tax. The provincial and federal sales tax are almost 15% more in Ontario, Nova Scotia, Quebec, or the Atlantic provinces.

Several Recreational Options

Although Calgary doesn’t have the same kind of nightlife that you can find in Montréal or Toronto,  it’s still a great city when it comes to recreational facilities. The city has a lot of hiking and biking trails, wildlife parks, forests, and lakes to enjoy. Calgary is located in the near vicinity of the Banff National Park and the Rocky Mountains. Not only this, the city is also home to the Canada Olympic Park.

Calgary even tops Vancouver and Toronto when it comes to the highest quality of life. The real estate rates are comparatively lower than these cities and most homes are affordable. You can easily consider home buying Calgary as there are several business and job opportunities available here too. Get in touch with our real estate agents in Calgary to find the best-suited home for your needs.

Source: MaxWell Realty Canada