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Archive for June, 2019

6 Reasons Why Homes Sell Fast

Friday, June 28th, 2019

If you are planning on selling your home, you must be considering what things you need to do in order to sell the house fast. If you have ever researched the market and looked for homes yourself, you might find that some homes sell very fast. So, what is it that makes it happen?

Let’s Take A Look At Some Common The Reasons Why Homes Sell Fast:

Very Good Curb Appeal
When it comes to selling a home, first impressions matter a great deal. When potential homebuyers drive up to your property the very first time, the impression they have of your home can have a significant impact on their decision to buy it. They would check out how well-maintained it looks from the outside, whether the landscape is manicured and exteriors of the house seem to be in a state of good repair with good paint etc. The driveway, porches and an attractive garage door would also be reasons why a house sells quickly.
The Location
Just as you look for a home in a good neighbourhood with schools in the vicinity, anyone that is buying your home would look at this aspect as well. While you really can’t change the location of your home when you are about to sell it, this is something you need to keep in view when you are actually buying any property. A home that has excellent schools around with definitely sell faster.
Move-In Condition
Homes that are marketed as move-in condition homes have a significantly better chance of selling fast. Many people lead busy lives today and don’t have the time to spend a number of days on moving into a new home. So if a certain house is in a move-in condition, it can seem more appealing to such homebuyers.
Professional Pictures
Listings that have professionally taken photographs posted online definitely garner more interest than ones that have poor quality photos. In fact, most homebuyers conduct a significant amount of research online and look at the photographs of different homes listed on real estate websites. Great photographs always increase the chances of a sale.
The Homes Are Professionally Staged
Market research suggests that professionally staged homes always sell much faster than ones that haven’t been staged. These homes spend about 74% less time on the market than the latter.
Digital Marketing By the Real Estate Agent
Homes that have been marketed well online, via virtual tours and on social media tend to sell much quicker than homes which use traditional marketing methods during sale. We live in an increasingly digitalized world and it’s important that you hire the services of a real estate agent who uses digital marketing effectively.

As you can see, there are some distinct aspects that can be the difference between a quick sale and property that continues to remain on the market for weeks.

If you’re having trouble selling your home, get in touch with Gerry Storoschuk, Bonnyville Realtor® and receive a FREE home evaluation.

Posted in Bonnyville, Real Estate, Selling, Tips | Comments Closed

How Many Open Houses Should You Go To Before You Buy?

Friday, June 21st, 2019

If you’re in the market for buying a home, it’s likely you have started your search online. Today, there are numerous real estate websites that you can check out. Going through the details and descriptions related to a particular property can give you a better idea about whether you should take a second look at that particular home.

The Next Steps

Once you have shortlisted a few properties, the next step would be to attend open houses, and there are a number of benefits to doing this such as:

Attending an open house would give you a better idea about the local market and the kinds of homes that are on sale in that particular neighbourhood.
You would also get a fair understanding about how many people have shown interest in that house.
Sometimes, you might also be able to have a discussion with the listing agent and get more information about what’s occurring in the local market.
When you attend multiple open houses in a specific neighbourhood, it will give you a better idea of exactly what you can afford.
You would be able to get a better understanding of the latest interior design trends. Many sellers get their house professionally staged for a sale and you can ask the listing agent for the contractor or designer’s contact details.

In simple words, if you’re getting ready to buy, it is crucial that you attend a few open houses before you zero-in on a property you think will suit your requirements. However, many prospective homebuyers want to know how many open houses they should attend before they buy. The fact is there is no right answer to this question.

This is because the number of open houses you attend will depend on what the condition of the house was when you actually see it. It isn’t always easy to get a very clear idea about what a house’s appearance and condition is, just by looking at the photographs on online listings.

The Best Way To Stay On Track With Your Home Search

Apart from aesthetic appeal, you should look at the condition of the features and installations on the property. Aside from this, you also need to get a feel of a particular house, check out the neighbourhood, the views from the house and a number of other aspects before you actually decide to buy it.

However, it is also good to set a certain limit on the number of open houses you attend. Be judicious in your search, conduct additional research about a particular property before you actually attend an open house. Going to too many can prove to be overwhelming and confusing, and it may not help you find a house of your choice easily.

Many homebuyers find that, even after they have attended five to six open houses, they eventually circle back to the one that they had initially liked. So staying focused, keeping your budget in view and making note of things you like about a property when you attend open houses will keep you on track and find a great home sooner than later.

Want help finding an open house? Want help finding your next dream home? Get in touch with Gerry Storoschuk, Bonnyville Realtor® today!

Posted in Bonnyville, Buying, Real Estate, Tips | Comments Closed

Net Operating Income And Adding Significant Value To Your Property

Friday, June 14th, 2019

The net operating income or NOI of a property is a crucial aspect of selling it at a good price. Every property owner wants to implement strategies which will help them get some additional benefit in terms of net income.

In the real estate investment space, Net Operating Income is essentially the amount of income collected from the investment property after subtracting the operating expenses as well as vacancy losses. A real estate investor will always look at a property’s NOI to determine if it’s a good investment.

Real estate managers don’t find it very challenging to hit the required numbers during the summer months. It’s when there are a large number of tenant tours and new leases. However, during the off peak season such as wintertime, new leases, and tenant traffic can be at an all-time low.

Tips to Add Value To an Investment Property

If you are an asset manager trying to combat the winter lull in real estate, there are certain profit-generating strategies you can explore:

Increase the Rent

While this may seem like an obvious solution, you need to be very careful about how much to increase the rent. It important that you know what the market rent is and then compare yours to similar properties in your area. You can also ask local brokers and property managers what they have seen in terms of market rent. While increasing the rent, weight it with the possibility of needing to replace the tenants as well as the cost of the turnover. Sometimes, even very minor improvements can make a higher rent more palatable to tenants.

Reduce Your Expenses

Go through all your expense statements over the past three years. This would give you a better idea about where your money is going. It is important to look for strategies that can help you reduce your utility bills. Replace traditional light bulbs with energy-efficient ones. Install thermostats; these can significantly reduce your cooling and heating costs. If you are able to prove cost savings (even when your units are metered separately), you would be able to charge a higher rental. You can also focus on preventive maintenance as it can save you a considerable amount of money on repairs.

Focus On Improving The Aesthetics Of The Property

Just as it is important for property to be well-maintained, it also needs to be aesthetically appealing. Sometimes the simplest of upgrades such as replacing kitchen cabinet doors, faucets & hardware can make the units look and feel more modern. Stripe the parking lot, improve the landscaping, add some new exterior lighting and improve the signage. Make sure that the units are thoroughly clean when showing them.

Following these steps can go a long way in improving the chances of attracting new tenants. It can help you increase your NOI annually by at least 10 percent or more. Having a higher NOI also increases your cash flow and ups the market value of the property.

If you’re looking to buy or sell in the Bonnyville area, get in touch with Gerry Storoschuk, Bonnyville Realtor® today!

Posted in Bonnyville, Buying, Real Estate, Selling, Tips | Comments Closed

Should You Buy A Fixer Upper?

Friday, June 7th, 2019

While most homebuyers might shun properties that have evident problems, it might be a great opportunity to buy such a home. However, it is important that you know exactly what you are getting into. While many people prefer to buy newer homes that may throw fewer problems, others find older houses alluring.

Many DIY enthusiasts love the idea of buying a fixer upper as they look forward to the idea of fixing paint, adding new features and creating spaces that will be entirely in sync with their preferences. But this isn’t a decision you can take lightly. You would be spending a significant amount of time, money and effort into renovating the house. So the final outcome needs to be worth all of it.

You also need to ensure that you have a clear idea about exactly what kind of repairs, upgrades, and renovations are required in the fixer upper. Sometimes, all this may work out perfectly for you because you may be able to get an excellent property at a very low price. But as mentioned, before you take the plunge, you need to have a realistic idea about exactly what you are getting into.

If You Are Considering Buying A Fixer Upper, Here Are Some Aspects You Need To Keep In View:

Have A Clear Idea About Costs

Start with all the basic calculations. First, add up all the costs required to renovate the property based on a detailed assessment of the current condition of the house. It’s important that you be very objective while making this assessment. Include everything ranging from materials to labor and more.

The next step is to subtract that amount from the likely market value of a property post renovation. They should be drawn after comparing real estate prices in that neighbourhood. Another 5-10% should be factored in towards unforeseen problems or extras that you decide to add, as well as inflation. What’s left from all of this should be your offer price.

Choose Projects That Will Provide Good Return On Investment

When you are deciding to buy a fixer upper, it is best to choose a house that largely requires aesthetic improvements. For example, floor refinishing, drywall repairs, paint touchups or small carpentry jobs would typically cost less than their return on investment.

Other Things To Keep In View

Some other lucrative improvements include addition of window shutters, new siding, replacement of doors and windows, replacing kitchen cabinets etc. If you find that the house has significant structural damage or deterioration, fixing that can cost a significant amount of money, which might not be lucrative in the long term.

Aside from all of these things, take into account the amount of time you have to supervise any work you need to get done. If you are planning on DIY home improvements, make sure that you have the time to dedicate to these tasks. As long as you make a prudent decision after taking all these aspects into account, buying a fixer upper can prove to be a wise decision

If your looking for a fixer upper or trying to find that new dream home, get in touch with Gerry Storoschuk, Bonnyville REALTOR® and find your next home in the Bonnyville area today.