How Do You Choose a Real Estate Agent?

July 30th, 2014 by Susanita de Diego

I was at a networking and business mastery event, and the first person with whom I spoke asked “how do you choose an agent?” I thought, what an excellent topic for a blog post, so here we go.Choose a Calgary Real Estate Agent

As you may know by now, in Alberta a buyer is now required to sign an agreement to work with a realtor to purchase property. Agreements have long been used when selling a property, but this is a new requirement for buyers, and, frankly, it’s scary for some. There is a lot of information in the blogosphere and real estate websites about Buyer Agreements, so I won’t go into it here, except to say that for whatever type of agreement you sign, you are entering into a trust relationship. You have to really feel, instinctively and intuitively, that the agent you sign the agreement with will work well with you, and for you. So, that’s one way – trust your gut. We tend not to these days, though, because we try to think and reason things through. We have forgotten how important our instincts and intuition are– we should be heeding them.

Your prospective Realtor should be asking you key questions so that she can locate the listings that best match your search criteria. Our database has excellent search capabilities so that you receive properties that are a good match for your requirements. We are here to help you and to save you time, and if we’re not doing that, we’re not doing our job.

From a practical and educational perspective, though, you want to know that your agent has not only the street-cred to help you, but that she also continues to hone her skills and augment her education. Calgary Real Estate Board, RECA, and AREA have many optional courses that we can, and should, take to supplement our knowledge and upgrade our skills, in addition to our yearly required course component. Take condos, for instance. This is not a purchase to take lightly because you are not just buying a home, but you’re buying into a corporation. You should be asking your prospective agent if she has her Condo Specialist Designation so that she knows some cost-saving methods for obtaining the condo documents (as a seller), and things to watch out for (as a buyer).

Before I became a Realtor, I used a couple of different associates for my purchases and sales, but neither of them took the time, I see now in hindsight, to really explain not only the contract, but things like the Real Property Report and neighbourhood statistics for recent sold properties. I never had a realtor actually go over the RPR with me, and never once did I receive a market analysis of the area I was buying into, or leaving, and that’s absurd. The statistics are easy to obtain and should be automatically provided to assist the client in her decision-making.

If we can help you with any of your Real Estate needs, please contact us at 403-686-1455 or email: info@cbcalgary.ca.

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Mortgages: The Ins and Outs of Pre-approvals

July 7th, 2014 by Susanita de Diego

When you’re house hunting, it’s a great idea to know the amount of mortgage you qualify for, your monthly payments, and that your interest rate will be held for a specifiedMortgage Approval Calgary Real Estate period of time i.e. 120 days. This way you can shop within your price range, you don’t have to worry about rates rising, and both realtors and sellers will know you’re serious. Be realistic though and make sure you can afford that pre-approved amount.

Keep in mind that not all pre-approvals are the same, and that a pre-approval is not a mortgage approval. Some are just a simple rate guarantee subject to lots of conditions and a later approval. For a full pre-approval you need to submit your application and documentation so the lender can qualify you, and even then it’s a good idea to have a financing condition in your purchase offer because your property will need to be assessed by your lender. Be sure to not make significant changes after getting the pre-approval i.e. changing jobs, adding debt or missing payments, co-signing another loan, or using your down payment money.

Article courtesy of:

Cam Brown
Accredited Mortgage Professional
(403) 650-5509
INVIS “Canada’s Mortgage Experts”
www.mortgagealberta.ca
cambrown@invis.ca

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Should You Renovate Your Home Prior to Selling?

June 26th, 2014 by Susanita de Diego

I was speaking with a neighbor the other day, who related that her Realtor® advised her to paint her whole house cream, and replace all of her carpets with hardwood. And then sell. And then sell???Should You Renovate Before Selling Your Home in Calgary?

Why would a homeowner want to put all of that time and money into doing some fairly expensive renovations just to sell? Having done renovations myself, and moved into homes that had been renovated, I do not give my sellers that advice at all.

Here’s my point of view from a purchaser’s stand point. My husband and I moved into a house that had just been painted and re-carpeted. Seven years on, the carpet looked like it had been down since the house was built in 1984 because the individual purchased the cheapest builder-grade carpet she could. It didn’t last, and both my husband and I hated it. Additionally, the whole house had been painted masking-tape yellow. Blech! I would have preferred to pay less for the house (and there’s the rub…) and put my own decorating taste and renovation dollars into it. We would have purchased a higher quality of carpeting that would have lasted longer, been a better colour for us (NOT an insanely light cream!) and not ended up in the landfill after such a short time. The former owner only applied the lipstick in order to get the date! Of course, you could ask why we purchased…well, at the end of 2006 in Calgary the market was hot, and houses didn’t last long. There were, and are, an awful lot of awful houses on the market that are not cared for, not clean, and don’t show well, so when we found a nice house, we had to move on it. We waited for as long as we could and put up with frayed and pulled carpet that we couldn’t keep clean because we couldn’t justify changing something that we knew was, well, new!

As a seller who has done renovations and then ended up selling, and then found out that the new carpet I had installed had been removed for hardwood flooring, I felt bad that those resources were just thrown away, both monetarily and physically. The carpet was perhaps 2 years old when I sold, and it was decent and clean carpeting and underlay. So, essentially, the money I spent ended up in the landfill. I had also moved the washer and dryer out of the garage, and joined a small bathroom with another separate small room to make a decent-sized laundry room/bathroom combination. This was all undone too, and a shower put in. Well, ok. Previously, the house only had 1 bathroom with bathing and showing capabilities, so that makes sense.

What advice would I give to my neighbor then? I would advise her to paint. Good quality paint is still a bargain, especially if you can do the painting yourself (and do a good job). Even hiring a painter is not a huge expense. A couple of coats of paint go incredibly far to making your home look spruced up and cared for. Tired and dinged walls get fixed, and the marks get covered over. Suddenly, the home looks sparkling clean. I also would say to this individual to not just go white or cream on the walls. Pick a neutral, certainly, and something not too dark, but something that has a bit of life in it and that works with the other colours. If there is tired old wallpaper, remove it and paint! Chicken-themed wallpaper in the kitchen is not going to appeal to anyone.

She should also do some repairs to things like sagging screen doors, doors that don’t work properly. Don’t defer the maintenance, because that gives the impression that nothing in the place is cared for. She could also de-clutter. She’s moving anyway, right? So why not get some boxes and do some packing. Less stuff will make the place look more open, hence larger, and the depersonalization will allow the new purchasers to envision themselves there.

If the carpet is old, but still in decent condition, I’d suggest this neighbor get it cleaned, and that’s it. I would suggest she NOT remove it only to put hardwood in. Who knows what the next buyer is going to like, or be like? If they have allergies, they’re likely to remove the carpet, but then look for a product that won’t react with their allergies. Is a seller likely to do that? Nope. Whatever is cheap and adds the lipstick is likely to be the choice, and then those products end up in the landfill prior to their life cycle just because they don’t work for the new owner.

I would also advise her to clean, clean, and then clean again. Clean behind the fridge, under the stove, the hood fan, get the cobwebs out of the top corners of the rooms – dig deep! If it’s sparkling clean, it shows well.

A seller can price her home accordingly, so less than others that have had expensive and extensive renovations, but then put the renovation money into the home she is going to be in for a while. She will get to enjoy the renovations herself, rather than just renovating for somebody else.

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Home Buying Tip: A Strong Offer Isn’t Just About the Price

May 8th, 2014 by Susanita de Diego

What an exciting time to be involved in Real Estate in Calgary! As mentioned in our Calgary Real Estate Stats for April 2014 article earlier this week, there are homes in certain price points that are literally “flyingHome Buying Tip A Strong Offer Isn't Just About the Price off the shelves!”. Multiple offers are quite common and in fact, just this week, we had one situation where 9 offers were being considered for the same property!

As the buyer, one of the most exciting, yet stressful parts of the entire home buying process is negotiating an offer. Many of us have spent a fretful few hours, or even a sleepless night, while an endless series of questions filled our minds: Will the price be appealing? Will the offer be accepted? Can we come to terms about conditions? Will the deal go through?

While price is most certainly a major – if not the major – factor in whether or not an offer gets accepted, there are still a number of other considerations that all play a part in the decision-making process. This is particularly true in cases where multiple bids are being considered. Offers aren’t just about the price and how savvy a buyer is when putting one together can make all the difference.

Of course, having the right real estate professional to negotiate on your behalf is another major factor that could mean a difference of thousands of dollars in your pocket, or even whether the offer is accepted at all. Here are a few points that may help to improve your negotiating position:

•Choose a sales professional with a proven track record of success. You’ll benefit from the experience of a representative who has already negotiated the sale of similar homes in the same area.

•Be open, direct and completely frank with your sales representative . After all, they’re representing your best interests! To do it well, they’ll need to clearly understand your needs, your goals and your limitations.

•Make your offer as free of conditions as possible. There are many conditions that can be eliminated with a little advance planning. For example, if you pre-qualify for a mortgage, you won’t have to include a condition that allows you time to set up financing. Your Coldwell Banker professional can counsel you about the many options available to you.

•Keep the terms of your offer as close to the listing as possible. Remember, all things in an offer have value. The closing date or certain exclusions may have tremendous importance to the seller, but not to you. The closer your offer ‘mirrors’ the listing, the more appealing it will be.

Hope this helps,

Susanita de Diego

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Buying a Home In a Sellers Market – Strategies for Savvy Buyers

April 17th, 2014 by Susanita de Diego

It’s been all over the media, the Calgary Real Estate Market is currently in a “Seller’s Market” pattern.

What does this mean for Buyers?Buying a Home In a Sellers Market - Strategies for Savvy Buyers

Well, it depends on which of the following categories the Buyer is in;

1.Wants to buy. This category represents a Buyer who will buy if the right property comes along but they are not in a hurry. Perhaps they are currently renting or they currently own a home but can afford to buy their next home without having to sell the home they are in.

2.Needs to buy. This category represents a Buyer moving to Calgary from somewhere else who has a limited time in which to find their home in Calgary. Also included in this category is a Buyer who has already sold their home, or a renter whose lease is up and must vacate their rental property.

If a Buyer is in the needs to buy category, this market can represent a lot of frustration. The properties that come on the market that represent good value do not stay on the market long and are often sold for over the asking price with multiple offers.

Not only does the Buyer need to view the property almost as soon as it hits the market, they then have to make what feels like an incredibly quick decision about making an offer, and to make matters even more stressful, they have to decide the maximum amount that they would pay for that property without regretting that price one way or another down the road. Some Buyers will even decide not to include important conditions in order to improve the odds of getting their offer accepted by the Seller.

So what is the best strategy if you are in the need to buy category? First and foremost know your position. Have you been pre-approved? Do you know how long your lender needs for the financing condition? Do you need a subject to financing clause? Based on the condition of the property do you want to have an inspection as a condition or can you include the inspection as a term, which would allow you to have an inspection but you would make any necessary repairs after you take possession. Are you qualified to make that kind of decision? If you are planning to live in the property for a long period of time, how much over perceived “market value” are you willing to pay if you are in competition with another Buyer or Buyers? Try to align your offer with the Seller’s inclusions and possession date. And last but not least, if you are in competition, make sure you are with your Realtor at the time they are presenting your offer. Your presence allows you to make quicker changes if necessary.

If you are in the wants to buy category, and you do not want to utilize any of the above strategies, you might want to consider holding off your purchase until the market has changed. No one can definitively tell you when this change will occur, and the prices will likely have gone up, but the process will be less stressful.

Hope this helps,

Susanita de Diego

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Planning Home Improvement Projects? Do You Need a Building Permit?

April 3rd, 2014 by Susanita de Diego

With spring and summer months fast approaching in Calgary, many home owners are planning home improvement projects that may include finally getting around to building that new (or larger) deck, Planning Home Improvement Projects - Do You Need a Building Permitor…tired of brushing snow off the vehicle, perhaps you have decided to build a detached garage or car port so you are ready for next winter!

Whether you are a “do-it-yourselfer” or are hiring a professional, one of the requirements of your home improvement project may be to acquire a building permit. Although considered by many to be an added inconvenience and expense, building permits are actually important safeguards that help ensure you get sound workmanship and good value for your money. As well, if you are considering selling your home in the future, not being able to produce building permits could potentially spoil a deal, or at the very least, cause a significant delay in the closing.

You should check with the local authorities in your city or municipality prior to beginning work to see if a permit is required. Applying for a building permit ensures that your project conforms to local building codes and other regulations. Your project will be inspected by a qualified building inspector to confirm that the project follows the plans submitted for the permit. The inspector also ensures that appropriate materials and construction methods have been used for the safe usage of your project. For example, if the beams on your raised deck won’t support the maximum weight or the wiring is inadequate to safely run the lighting system you’d planned, the inspector will point this out and then return to verify that the appropriate remedies have been made before approving your project.

These measures are all to your benefit. After all, who wants to find out after you’ve already built a new deck that’s it’s too close to your neighbour’s property? In such a case, they could require you to remove the offending structure at your own expense. As for ensuring that your project used the correct construction materials and conforms to safety standards, the benefits are obvious.

Even if you’re working with a professional contractor, it’s to your benefit to ensure that a permit is obtained, so your contractor’s work will be scrutinized by a ‘pro’. Building permits are always required if you’re making any structural changes to your home, are building an addition onto an existing structure or adding a new improvement to your property. While regulations vary within municipalities, other types of projects may also require permits, particularly if electrical work is required. Some less than professional contractors may encourage you to initiate work without bothering with a permit. Be warned! This will simply allow your contractor to do substandard work without any unbiased party there to ensure that the job has been done to code. If the contractor implies the job will be cheaper without the permit, you should ask yourself why that is so.

Don’t proceed under the misguided assumption that if you do the work yourself, a building permit isn’t necessary. Not so! You’re responsible for ensuring that any home improvements conform to local regulations. That means you’re also liable for any costs that may be incurred to correct a problem, either during or after construction. If you’re in doubt, contact your local authorities before you start.

For Calgary residents, visit the City of Calgary Permits (Building Permits) page for detailed information on requirements for basement developments, detached garages, car ports, decks and many other home improvement projects.

Good luck with your home improvement projects!

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Picking a Community to Live in: Which Quadrant is Best For You?

March 12th, 2014 by Susanita de Diego

Calgary is full of great communities and selecting which one to live in is not an easy task for Calgary home buyers!Picking a Community to Live in - Which Quadrant is Best For You

When you are picking a community to live in, it largely depends on work and family. Where do you work? Downtown? Do you have a home office? If not, is a short commute important to you? Do you have children? What activities do you like to do in your spare time?

Living in a community which matches your lifestyle can make all the difference in how happy you are in your new home. If you are new to Calgary, the first tip you need to know is that Calgary is divided into four quadrants: NW, SW, SE, or NE. Here’s a quick look at the various areas and some of their characteristics:

The NW quadrant might be best for:
•Families with university-aged children since it includes the University of Calgary.
•Families that want access to Kensington which offers a great mix of cafes, pubs, bistros, and craft shops.
•People who love to escape to the foothills or the Rocky Mountains.
•People who want to live in a lake community and a family-oriented community.
•People who want lots of green space.

The SW quadrant might be best for:
•If families with university-aged children since it contains the Mount Royal University.
•If you are able and want to pay a higher price, which means dwellings that are worth more and are considered upscale.
•Singles and couples since it is close to the downtown core with bars, restaurants, and shops.
•People who want easy access to the Rockies.

The SE quadrant might be best for:
•Lower priced housing and newer suburbs.
•People who work in the industrial sector so they have easy access.
•Families who want to be near some of the best recreational parks and natural reserves.
•People who want to live in a lake community and a family-oriented community.

The NE quadrant might be best for:
•People who want to be centrally located in the city and have easy access to downtown.
•Lower prices for people just starting with their first home purchase.
•People who need access to the airport on a consistent basis for frequent trips out of town.
•People who want newer homes and many of the older homes are being replaced.
•People who have small children and want easy access to the zoo.

If you have questions about which community in Calgary might be the best fit for your family, please contact Coldwell Banker Complete Real Estate and let us help you find the perfect combination of home and community!

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Getting That Downpayment: It Might Be Easier Than You Think!

March 3rd, 2014 by Susanita de Diego

For many first-time homebuyers, saving the 5 per cent downpayment is one of the big obstacles to home ownership, especially if you’re paying rent, paying down student loans, andGetting That Downpayment - It Might Be Easier Than You Think trying to live a life. Here are some programs and tips that can give your downpayment a boost – to get you into your home faster:

1.The federal Home Buyers’ Program (HBP) lets first-time homebuyers withdraw up to $25,000 each (or $50,000 for a couple) tax-free from their RRSPs. You’ll need to pay those funds back, of course, on repayment plan.

2.A financial gift from a parent or blood relative can be used as a downpayment. You’ll need to document in writing that the funds are a gift and that you are not required to pay the money back at any time.

3.A parent or grandparent could also provide a loan with a modest interest rate and reasonable expectations for loan repayment. Or you could look at borrowing the downpayment through a loan or unsecured line of credit.

If your dream home is out of reach, look for a starter home. Use today’s low interest rates to start hammering down your mortgage, then watch for the opportunity to get the home of your dreams – using the equity and credit rating you’ve been building!

Article courtesy of:

Cam Brown
Accredited Mortgage Professional
(403) 650-5509
INVIS “Canada’s Mortgage Experts”
www.mortgagealberta.ca
cambrown@invis.ca

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The Ultimate Homebuyer’s Checklist for Picking for a Community to Live In

February 21st, 2014 by Susanita de Diego

Have you given full thought to everything you should consider when picking a Community in Calgary to live in? It can be so easy to get caught up in the heady whirlwindThe Ultimate Homebuyer's Checklist for Picking for a Community to Live In of excitement that takes place when you buy a home that you forget that you are purchasing not just a house, but a community. And even the greatest house in the world is no bargain if the community isn’t attuned to your lifestyle.

•For Sale Signs
Drive around the neighborhood and notice how many houses are up for sale. If there seems to be an inordinate number of people trying to sell their house within a fairly tight radius of the house you are interested in, you might want to hold off making an offer. An unusually robust number “For Sale” signs could signal that the surrounding community is not a place you want to be.

•Safety
Not only should you check the safety precautions of the house, but make inquiries as to how safe the neighborhood is. How far away is the nearest police station? The nearest fire department? How long will it take emergency medical services to arrive? Are there any dangerous places nearby where kids have gotten injured? Have homes or businesses in the neighborhood consistently been burglarized?

•Noise
Take a drive past the house you have in mind at night and on the weekends. If you work nights and need to sleep during some daylight hours, check the noise level then. How close are nightclubs, athletic stadiums or fields? Is a nearby house occupied by a rock band that practices in their garage at odd hours?

•Transportation
Just how easy will it be for you to get the places you need to be on a regular basis? Don’t just measure the mileage between that house and things like work, schools, grocery stores, church, cinemas and all the other places you need to be. Make the drive from the house to the location during the times of day you would normally be making that drive. How long does it take? Are there any alternate routes to get you home should those main routes become obstructed?

•Convenience
Make a list of every single place outside your current home that you go to this week. Keep a general record of why you went including any services that were provided and any products you bought. Now go to that house you are thinking of buying and find out how convenient it would be to replicate that schedule. How convenient will it be to fill up your vehicle? Does the neighborhood have restaurants offering the type of food you enjoy? Can you get to your favorite stores without having to drive halfway across the city? Picking a community to live in isn’t just about whether the things you are need are conveniently located, but whether there is adequate parking. Can you get into and out of those places easily and when you do get out, can you get back home without having to engage a GPS system?

Picking a community to live in that is right for your specific needs is about more than finding a nice house with a big yard. You need to take the time to see how easily you can transport not just your belongings to a new home, but your lifestyle.

If you would like to discuss selecting a Calgary Community to live in, our team would love to help! Feel free to Contact Us to discuss how to select the perfect community to match your lifestyle!

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Tips for a Great Open House

January 24th, 2014 by Susanita de Diego

When you’re selling your home, you’re in competition with every other listing in your area to attract potential buyers. One of the more popular ways to do this is by holding anTips for a Great Open House Open House. Of course, if you want to maximize your results, there’s a lot more you can do besides just crossing your fingers and hoping for good weather! The first step is to talk to your Coldwell Banker® real estate professional to find out how to showcase your home to its best advantage. You’ll learn that a great Open House appeals to all the senses. While a listing photo only offers a limited visual, an Open House allows you to present your home using an effective combination of sights, sounds and smells.

•Turn the lights on.  This will make your home look bright and spacious.  A crackling fire burning in the fireplace offers a pleasing sight and sound.

•Play soft music.  Background music adds to a room’s ambience and can actually promote a relaxed conversation.  Just choose something soothing and keep the volume low so your salesperson can be easily heard.

•Fresh scents only.  The best scent to present is the fresh smell of…clean!  Make sure problem areas like ashtrays, shoe trays and litter boxes are kept pristine.  Open the windows and let fresh air circulate through your home.

•Go the extra mile.  You might even decide to have cookies baking or coffee brewing.  These delightful, homey smells will make a welcoming impression.

•De-clutter.  When it comes to showing appeal, less is more. Create a feeling of spaciousness by getting rid of the clutter!  Have a garage sale, empty the closets and give unused items to charity.

•Give your pets the day off.  While they may feel like part of the family to you, pets can be a major distraction to potential buyers.  Consider taking your dog for a walk or leaving the cat with friends for a few hours.

•Protect your valuables.  While your salesperson will take utmost care during showings, it’s best not to risk your more fragile or sentimental treasures to loss or breakage.  Pack them safely away.

•Let your salesperson do the talking.   One of the best things you can do to make your Open House a success is to get out and stay out!  You’ll get better results when visitors feel free to linger and ask very direct questions of your sales representative.  If you’re nearby, buyers feel more constrained and your salesperson may not even get an opportunity to listen to their concerns and offer solutions.  So pack up the dog and the kids and enjoy your day away from home. Trust your Real Estate professional to do their job right.  You’ve set the stage; now leave the selling to the expert!

Of course, these are just general guidelines for a great Open House. Coldwell Banker Complete Real Estate Team members know what homebuyers are looking for, and will be happy to do a walk-through of your home and offer suggestions on how to maximize your home’s buyer appeal.

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