Facebook
X
Pinterest
Copy Link
Understanding Home Valuations
The value of your home is a critical factor of homeownership, from potential resale to financial planning. Understanding how home valuations work is essential for homeowners planning to sell a home, prospective buyers, and anyone involved in real estate transactions. In this comprehensive guide, we’ll delve into the various methods used to determine a property’s value and provide insights into factors that can influence these valuations.
Market Comparisons
One of the most common methods used to assess home value is through a comparative market analysis (CMA). Experienced REALTORS® analyze recent sales of similar properties in the same neighbourhood to estimate how much your home is worth. Factors such as size, condition, and specific features are considered during this process. Understanding how your home stacks up against others in the market is crucial for a realistic valuation because it offers a solid insight into what buyers are willing to pay.
Cost Approach
The cost approach involves evaluating the cost of rebuilding your home from scratch minus any depreciation. This method is often used for newer properties and is based on factors such as construction costs, land value, and depreciation due to wear and tear. While it may be less accurate for older homes, it can provide a solid foundation for understanding the minimum value of your property.
Income Approach
Primarily used for income-generating or investment properties, the income approach assesses a property’s potential income. This valuation method is commonly applied to rental properties and commercial real estate. Investors and property owners can use this approach to estimate the property’s value based on what a buyer can expect to make with the property in their portfolio.
Local Influences
Understanding the local real estate market is crucial when determining a home’s value. Factors such as economic trends, job markets, school quality, and community development can significantly impact how much a property is worth. Stay informed about changes in your neighbourhood, as they can affect the perceived value of your home.
Home Improvements
Investing in home improvements can enhance your property’s value. However, not all renovations yield the same return on investment. Understanding which home renovations add the most value, such as kitchen upgrades or bathroom remodels, can help you decide where to focus your efforts.
Timing and Market Conditions
The real estate market fluctuates, and timing is crucial in determining your home’s value. Economic conditions, interest rates, and supply and demand contribute to market fluctuations. Knowing these factors can help you time your property sale or purchase to maximize your returns.
Understanding home valuations is a vital aspect of responsible homeownership. You can make informed decisions about your real estate by familiarizing yourself with the methods used to assess property values and considering the various factors that influence them. Whether you’re looking to sell, buy, or stay informed about your property’s worth, this knowledge empowers you to confidently navigate the complex world of real estate.
The Benefits of Using a Real Estate Agent When Buying or Selling a Home
Buying or selling a home can be an exciting but overwhelming experience, and it’s natural to feel unsure of where to start. While the internet is a great resource, it’s easy to get lost in all the information available. That’s where a real estate agent can help! They are experts in the local market and can provide valuable guidance and support throughout the entire process. Here are some of the many benefits of using a real estate agent when buying or selling a home.
Market Knowledge
Immersed in the business day in and day out, real estate agents have a wealth of knowledge about the local housing market. They can provide you with valuable insight on recent sales, current listings, and market trends, helping you make informed decisions. This information can be crucial in setting the right price when selling or negotiating a fair deal when buying a home.
Pricing Expertise
Determining the right price for a property is a delicate balance. Overpricing can scare off potential buyers, while underpricing can result in a financial loss. Real estate agents use their market knowledge and a comparative market analysis to help you set a competitive and realistic price, maximizing your chances of a successful sale.
Access to Exclusive Listings
Real estate agents often have access to properties that aren’t listed on public websites. This inside track can give you a competitive advantage in finding your dream home or selling to the right buyer. It’s not just about what’s available; it’s also about what’s coming soon or selling off-market!
Professional Networking
Experienced real estate agents have built extensive networks of trusted industry professionals, including mortgage brokers, home inspectors, contractors, home staging professionals, and more. These connections can save you time and money during the buying or selling process, proven experts on-hand to make the deal go as smoothly as possible.
Negotiation Skills
Real estate transactions involve complex negotiations, including writing winning offers. Whether you’re a buyer or seller, having a skilled negotiator on your side can make a substantial difference in the outcome. Agents can act as impartial intermediaries, helping you navigate these negotiations successfully, with experience to back it up.
Marketing Expertise
When it comes to selling your home, an agent can provide invaluable assistance in marketing your property effectively. They have access to various marketing tools and platforms, including professional photography, virtual tours, and online listings, helping your home stand out in a competitive market. They know what works and what doesn’t for getting your home not just in front of buyers, but the right buyers!
Time & Stress Savings
One of the best things about working with a real estate agent is the time and stress they can save you. Real estate transactions are time-consuming and can be stressful. They take care of all the paperwork, phone calls, and appointments, freeing up your time to focus on other things. This support can be particularly helpful if you have a busy schedule.
Legal Protection
Real estate transactions involve numerous legal documents, disclosures, and contracts. Real estate agents are well-versed in the legal aspects of the process and can help protect you from potential pitfalls and legal issues.
Market Insight & Future Trends
Real estate agents can offer insights into the local market and predict future trends. This can be particularly valuable in choosing the right home to buy or deciding whether it is the right time to sell. Whether it’s the potential for growth in a specific neighborhood or changes in property values, their knowledge can help you make informed decisions for long-term investments.
In the end, working with a real estate agent can make a significant difference in the outcome of your home buying or selling experience. They provide personalized guidance tailored to your specific needs and goals, helping you find a property that truly meets your requirements. So if you’re feeling overwhelmed by the process or just want some extra support and guidance, consider working with a real estate agent. They can help make the experience smoother, stress-free, and even enjoyable!
3 Programs Every Canadian First-Time Home Buyer Should Know About
Becoming a first-time homebuyer is an exciting milestone, but it can also be a daunting and financially challenging endeavour. Luckily, there are several programs and incentives available to help Canadian first-time homebuyers make their dreams of homeownership a reality. Today, we are going to explore 3 of the key programs that every Canadian first-time homeowner should know about.
1. The First-Time Home Buyer’s Tax Credit
The First-Time Home Buyer’s Tax Credit is a federal program designed to provide financial relief to first-time homebuyers. This non-refundable tax credit allows eligible individuals to claim a portion of their home purchase costs on their annual income tax return. The credits can help offset some of the expenses associated with buying a home, such as legal fees, land transfer taxes, and home inspection costs.
Visit the Government of Canada’s website to learn more about the First-Time Home Buyer’s Tax Credit.
2. The Home Buyer’s Plan
The Home Buyer’s Plan is another federal program that allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to put toward the purchase of their first home. The best part? The withdrawals are tax-free as long as they are repaid within 15 years! This program can significantly boost your down payment, making homeownership more accessible.
Visit the Government of Canada’s website to learn more about the Home Buyer’s Plan.
3. The First-Time Home Buyer Incentive
Introduced by the Canadian government, the First-Time Home Buyer Incentive aims to make homeownership more affordable for first-time buyers in high-demand markets. Through this program, the government provides a shared equity mortgage, covering a portion of the home’s purchase price. This reduces the mortgage amount and, consequently, monthly mortgage payments.
Visit the Government of Canada’s website to learn more about the First-Time Home Buyer Incentive.
Other Grants & Programs for Canadian First-Time Home Buyers
In addition to federal programs, several Canadian province and territories offer their own grants and incentives for first-time homebuyers. These programs can vary widely and may include a down payment assistance program, rebates for energy-efficient home improvements, land transfer tax rebates, and more. To take advantage of these programs, talk to your trusted local REALTOR® and mortgage professional for more details.
Buying your first home in Canada can be an achievable goal with the help of various programs and incentives. From federal programs to provincial ones, there are many resources available to ease the financial burden of buying a home. To take full advantage of these programs, talk to your mortgage professional about the eligibility requirements associated with each. Their expertise will help you navigate the complexities of getting pre-approved for a mortgage to give you a realistic budget for starting your home search. And with the right knowledge and resources, you can turn your dream of homeownership into a reality!
6 Saskatoon Festivals to Keep You Busy for the Rest of the Summer
Summer is always a season of spending time with friends and family, soaking up the sun, and taking a break from the stresses of the school year. As we move into August, though, the initial excitement from the start of the season starts to wear off. We’ve settled into the routine of it all and boredom has taken hold to a point where many of us can’t wait for school to start again just so we have something to do!
Don’t let monotony get the best of you this summer. Here are 6 incredible festivals happening right here in Saskatoon to keep you and your family entertained right up until Labour Day:
The 2023 Saskatoon EX
August 8 – 13, 2023
Arguably the event of the season, the Saskatoon EX is the largest summer festival in Saskatchewan. Taking place at Prairieland Park, there is something for everyone to enjoy, including tasty treats, thrilling rides and games, and an awesome setlist of performers. Some of the highlights this year include the classic Demolition Derby on August 13th and concerts from the Arkells on August 8th, Marianas Trench on August 9th, and Dallas Smith on August 13th. Plus, many fan favourites return—including the Pig Races, Superdogs show, magicians, hypnotists, and more!
Click here for more details about the 2023 Saskatoon EX
Shakespeare on the Saskatchewan
Closes August 20th, 2023
A favourite of theatre-lovers, Shakespeare on the Saskatchewan puts on annual summer performances of Shakespeare’s works and tributes to them right on the waterfront of the North Saskatchewan River. This year’s productions include The Most Excellent and Lamentable Tragedy of Romeo + Juliet and As You Like It. The weeks are counting down on these incredible shows, so don’t miss your chance to take them in before they are gone!
Click here for more details about the 2023 Shakespeare on the Saskatchewan
Rock the River
August 18 – 20, 2023
Rock the River is one of Saskatoon’s most underrated summer festivals, taking place right outside the iconic Bessborough. It offers 3 days of awesome outdoor performances from Canadian classic rock bands. This year’s performances include Tom Cochrane on August 18th, the Crash Test Dummies on August 19th, and A Flock of Seagulls on August 20th—plus so many more!
Click here for more details about the 2023 Rock the River
The Fringe
August 3 – 12, 2023
The Saskatoon Fringe is a 10-day festival celebrating the vibrant arts community with incredible busking performances, artisan alley, carnival games, theatre activities for kids, and more. This year, you can find the festival in W.E. Graham Park and on 11th Street E, with performances taking place at The Refinery, Broadway Theatre, and Cosmopolitan Senior’s Centre. Fringe is always one of our favourite summer events in Saskatoon, and we continue to be blown away each year by all the amazing talent found right in our city.
Click here for more details about the 2023 Saskatoon Fringe Festival
Ukrainian Day in the Park
August 26th, 2023
Saskatoon is home to a large Ukrainian population and has been hosting its Ukrainian Day in the Park for over 18 years! Head out to Kiwanis Memorial Park on August 26th for a full lineup of stage performances, tasty food, activities for kids, and more. One of my personal favourites are the Ukrainian dancers—seriously…how do they jump so high?!
Click here for more details about the 2023 Ukrainian Day in the Park
Nutrien Fireworks Festival
September 1 – 2, 2023
The Nutrien Fireworks Festival is easily the best way to bid farewell to the summer before the school year starts again. Each year it brings together close to 65,000 people to celebrate in River Landing and Rotary Park with entertainers, vendors, activities, and, of course, fireworks! Their carefully curated fireworks displays synchronized to music are breathtaking and will stick with you for months to come.
Click here for more details about the 2023 Nutrien Fireworks Festival
Saskatoon is renowned for its community and culture, so why not use that to your advantage in staving off summer boredom? Discover all the fun and celebration to be found at one of these incredible summer festivals and make the most of these last few weeks!
7 Tips for Saving Energy At Home
With the cost of living continuing to climb with inflation, many of us are looking for new ways to save on our expenses. Sure, you can cut back on the daily Starbucks visits and finally cancel that one subscription you aren’t even using. However, neither will cut down on the one bill everyone dreads each month—power.
Electricity has undoubtedly made our lives much easier but has also made them much more expensive. However, there are many ways we can save energy at home to lower that power bill and keep some extra cash in our pockets.
1. Optimize Heating & Cooling
The weather in Saskatchewan is known for the extremes—our summers are scorching, and our winters are freezing. This means we’ve all become very familiar with our homes’ heating and cooling systems. While it’s nice to step into an arctic-level A/C chill in the summer or a roasting warmth in the winter, this can also quickly become one of the most significant contributors to your monthly energy bill.
To save energy at home, set your thermostat at an efficient temperature between 21 and 25 degrees Celsius. If you can, program your thermostat to automatically adjust based on your schedule, turning it off while you are away and turning it back on just before you get home. And use natural ventilation when you can, instead of relying on air conditioning. Open windows and use the ceiling fan to cool your space rather than the whole house. Or even consider soaking in a cool summer evening breeze in your backyard oasis!
2. Prevent Temperature Loss
Did you ever accidentally leave the door open when you were younger, only to get the classic lecture from your dad about “Not heating the whole neighbourhood!”? Well, now that you’re paying the power bill, I’m sure you don’t want to be either. Bring in a home inspector to ensure your home is properly insulated from top to bottom to prevent temperature loss. Also, take time to seal any gaps and cracks around windows, doors, and vents to minimize drafts and maintain a consistent indoor temperature.
3. Save Energy on Lighting
Lighting can be another big energy consumer at home, but thankfully it can be relatively easy to fix. Use more energy-efficient light bulbs, like LED or CFL bulbs, which use far less energy than traditional incandescents. As a bonus, they tend to last longer, too!
Remember to turn off lights when not in use, and make the most of your natural light by opening curtains and blinds when possible.
4. Energy-Efficient Appliances
While replacing whole appliances can seem like an expensive way to save energy at home, the return on investment is often relatively quick. When looking for new appliances, look for those with high energy efficiency ratings and an ENERGY STAR label. Appliances consume a ton of energy, but these ones are proven to use far less to save you money in the long run.
5. Unplug Electronics When Not in Use
Many electronics continue to use power even when they are turned off. Save more energy at home by unplugging chargers, TVs, computers, and other devices when they aren’t being used. You can even simplify this process by using power strips with switches to disconnect multiple devices simultaneously.
6. Make Laundry More Energy Efficient
Use less energy at home by making your laundry more efficient. Wash clothes in cold water whenever possible and only use as much water as you need for the size of the load. Only run the washing machine—and the dishwasher, for that matter—with a full load to maximize energy efficiency.
7. Plant More Trees
Not only are trees a great way to boost your home’s curb appeal, but they are also an excellent tool for using less energy! By planting trees strategically around your home, you can provide more shade during the hot summer months and shelter from cool winter winds. This reduces your need for excessive cooling and heating throughout the year, saving you energy and money.
Though these may seem like small changes toward saving energy at home, they can add to significant savings over time. Not only does this benefit your finances, but it also has excellent environmental benefits. Plus, it can even snag more value for your home when it comes time to sell!
Choosing the Best Home Inspector
One of the most important steps in buying a home is a quality home inspection. And the key to getting a good one is finding a good home inspector in your area. However, a quick Google search could yield hundreds of results, all claiming to be “the best”—so how do you weed through them? Do you go with the first result? Surely they must be popular, right? Or do you choose the home inspector listed at the best price? Affordability isn’t always a bad thing…
There are many ways to filter through the seemingly endless list of local home inspectors. But, as experienced Saskatoon REALTORS®, trust us when we say we’ve seen our fair share. Based on our years of home inspections, some qualities we’ve learned are more important than others when it comes to a good home inspector. And when it comes to choosing the right home inspector for your real estate transaction, here’s what we recommend looking for:
Communication, Communication, Communication
While the name of the game in finding the right home is location, location, location, when it comes to a home inspector, it is all about communication, communication, communication. And, yes, it is worth the repetition.
A quality home inspector needs to be able to foster and encourage open communication to ensure you understand everything when it comes to your prospective home. They are there to educate and inform you about both the good and bad while also providing context and solutions along the way. This helps you to set realistic expectations for what you are getting into. It should also mitigate any unnecessary stress. Remember: everything can be fixed. It all depends on how much work you are willing to put in.
It is essential that you feel comfortable asking as many questions as you need to get the clearest picture before making any decisions when buying a home. You should never feel confused or left out of the conversation. A home inspection is a decision-maker in the homebuying process, and as the home buyer, you should be left feeling informed to make that decision confidently.
Knowledge
While it’s not essential to have worked in home construction before becoming a home inspector, it is essential to have a strong understanding of the home building process. Understanding codes, standards, and best practices are critical to a good home inspection since they indicate not just when things aren’t up to par now, but also how they’ll continue to look in the years to come. It also helps to inform why things are the way they are and what solutions can be implemented.
Attention to Detail
While the little things can be easy for many of us to overlook in the homebuying process, they are the exact things a home inspector should be looking for. Cracks, leaks, squeaks, drafts—these may all go unnoticed in a quick walkthrough. In a detailed home inspection, though, the time should be taken to look at every little thing that could make a big impact in your home later on.
Buying a home is one of the most important—and most expensive—decisions you will ever make. Ensure you are doing everything you can to make the best and most informed decision possible with the help of a trustworthy and experienced home inspector. Still not sure where to start? Your local real estate professional should have a few recommendations of preferred partners they trust!
Canada Foreign Home Buyers Policy and How it Affects Foreign Buyers
As a real estate team that values transparency, we want to provide you with important information about the foreign homebuyer’s policy that is now in place in Canada as of January 1, 2023. This ban aims to make homes more affordable for Canadian residents by limiting foreign investment. This ban applies to residential properties such as detached homes, semi-detached houses, rowhouse units, residential condominium units, and similar premises in census metropolitan areas or core areas. Vacant land zoned for residential or mixed-use and purchasing it for the purpose of development is unaffected.
Please remember that recreational properties like cottages, lake houses, and residential properties in municipalities with a core population of less than 10,000 are not subject to the ban. Additionally, non-Canadians can still purchase more significant buildings with multiple units.
This ban addresses the housing affordability crisis in Canada, where the average house cost is 67% more than the average Canadian household can afford. This ban is expected to create new opportunities for Canadians to purchase residential properties by opening up the supply.
However, refugee claimants, international students who meet specific criteria, and non-Canadians with a spouse or common-law partner who is a Canadian citizen, permanent resident, person registered under the Indian Act, or refugee are exempt from the ban.
Those who violate the ban can face penalties of up to $10,000 and may be required to sell the property they purchased. Anyone who knowingly assists a non-Canadian with their purchase may also face fines.
Saskatoon’s Most Popular Neighbourhoods
Looking for the most popular neighborhoods in Saskatoon? We’re happy to share our knowledge and experience to help you find the perfect place to call home!
Nutana
First up, we have Nutana. This charming and historic neighborhood boasts beautiful tree-lined streets, a mix of character homes and newer builds, and a vibrant community feel. With Broadway Avenue at its core, Nutana offers a variety of shops, restaurants, and cafes for residents to enjoy.
Riversdale
If you’re looking for a trendy and vibrant area, look no further than Riversdale. This neighborhood has undergone significant revitalization in recent years, and now offers a thriving arts scene, including the Remai Modern art museum and a variety of galleries and boutiques. And with its wide range of restaurants, bars, and cafes, Riversdale is the perfect place for foodies and night owls alike.
Downtown
For those looking for the hustle and bustle of a commercial district, downtown has it all. With a variety of shops, restaurants, and outdoor activities along the Meewasin Valley Trail, there’s always something to do in this lively neighborhood.
Stonebridge
If you prefer newer amenities, you may want to consider Stonebridge. Located in the south end of Saskatoon, this modern neighborhood offers a large shopping complex, movie theater, and a variety of parks and recreational facilities for residents to enjoy.
University Heights
Finally, for students and young professionals, University Heights is an excellent choice. Located adjacent to the University of Saskatchewan, this neighborhood offers a variety of housing options, from apartments to townhouses and single-family homes. Plus, with easy access to the university’s facilities and amenities, University Heights is the perfect place to live and learn.
No matter your preferences, our team of realtors can help you find the perfect neighborhood in Saskatoon to suit your lifestyle and budget.
So why wait? Contact us today and let’s get started!
10 Things to Watch Out for When Looking at Homes
A walk-through of a potential home you might purchase it is crucial to look at it from an objective point of view. Look over the house in detail and jot down any potential outstanding issues. Here are a few things to watch out for when looking at homes.
Check the Floors
Floors can tell a lot about a home’s structure and plumbing. Look for sagging and unusual dipping near bathrooms and everywhere else in the house. If there are warps in the floors near bathrooms, it could be a telltale sign that some gnarly plumbing might be underneath. There could be structural issues if dips are present anywhere else in the home.
Notice Cracks in the Walls and Ceilings
Cracks should be considered and carefully reviewed. Some fine line cracks in drywall are usually nothing to worry about, but larger cracks in a brick wall, for example, cause concern. Larger cracks typically are a sign of movement of the walls and are a serious sign of structural problems. I was house hunting a few years ago. There was a large crack we could put our hand in on the basement ceiling by a post, a red flag went up, and we never put an offer on that home.
Pay Attention to Fresh Paint
Fresh paint is sometimes a good sign. If the entire home has been freshly painted, the homeowners want to refresh the home before new people move in. However, if the house appears like it has never been renovated for a while and there are patches of paint in the cellar or basement, it could be hiding something, such as water damage. If fresh paint is out of place, ask why it was done.
Look for Water in the Basement or Dampness
Take extra time to investigate the basement thoroughly. Look for water damage on the floor and near windows. Dampness or humidity might also be cause for alarm in newer homes. However, if the house is older, it usually comes with the territory.
Test the Windows
Open and close every window in the home to ensure they all work correctly. I wish we had tested the windows in our current home we have lived in for 13 years, because only 2 out of 10 windows open, which makes for an expensive air conditioning bill every year. Take note of the age of the windows or if inexpensive windows were installed. Changing the windows can be costly, and not changing them out leads to a lot of heat loss, increasing your energy bill.
Assess the Roof
Ask when it was replaced last and ask to see the warranty documents. Be wary of older homes with multiple layers of shingles, which can potentially have asbestos. Ask a professional for help to assess the roof if there are any glaring issues.
Note the Trees Outside
Trees are lovely to have dotted around the yard but look closely at them. Look for how close they are to the house, how many are there, and what types they are. Trees like elms not only have a lot of dropped leaves to manage but if they ever need to be trimmed, they must be appropriately remediated to prevent Dutch elm disease. Trees close to the home can have their roots grow and push into the basement walls, leading to many problems. If there are many trees on the property, they also have a high chance of growing into your main plumbing pipes, leading to sewer backup and many other issues. Trees can also fall during heavy storms and damage your home.
Look at the Plumbing and Electrical
Electrical and plumbing are hidden. However, there should be some exposed pipes and wires in the mechanical room to help you determine the age. Look at the electrical panel and ask if the homeowner experiences electrical shorts. Be wary if the electrical system hasn’t been replaced for a few decades.
Plumbing is a lot harder to tell if there are any issues. Hire a professional to walk through the home if anything is amiss. There are home water testing kits to test the water to ensure its lead-free or if anything else is in it.
Dig into the History
Find out how long the previous owner had that home and why they are selling it. A flipped home might be hastily finished, possibly leading to oversights in the future.
If the owner is present during the viewing, ask them questions about their home. Ask about repairs and who they were done by. When were the furnace and water heater repaired or installed, and are they owned or rented? Ask about all warranties on the repairs and if any are still valid.
After the Walk-Through, Follow-up
Check on permits and violations. If you are ready to put in an offer, work on investigating any open violations or permit issues the home might have. Also, check to see if there are any neighbour complaints against the property or homeowner. This could be a sign of problems with house repairs or sensitive, problematic neighbours.
Sometimes no permits are pulled for extensions or work done on the home. Be sure to ask the sellers if all the permits are in order, if the renovations look shoddy, follow up with the permit office.
When looking at homes, these few things to watch out for will help you in your house-hunting journey. If you are unsure after finding problems with the house, follow up with the homeowner or professionals to gain more insight.
Contact your local real estate expert today to let them guide you through the home-buying process.
