Edmonton Real Estate Blog

Risk management is all about controlling and minimizing your exposure to the negative impacts of forces beyond your control. We here at Team Leading Edge have gathered the top 5 things we consider a must-do to avoid all those unnecessary loses in your Edmonton real estate investments.

1. TRUST YOUR GUT INSTINCT, NEVER LISTEN TO OTHERS WHO HAVE TO REAL ESTATE INVESTMENT. Top of the list, we would like to put strong emphasize on this. Just as you would not trust a medical prescription being given by a non-medical person, so should you not also listen to those real estate opinions and advises being given by non-real estate investors.
2. NOT TAKING THE REPAIRS SERIOUSLY. Underestimating the repairs that should be done in your real estate investment could and would be a very costly one. Avoid this trap by hiring professional contractors to assess and fix all needed repairs.
3. NOT HAVING THE STOMACH FOR VOLATILITY. Like any other investment, the real estate market is also a volatile place, although not as crazy as the stock market, but still, volatile. Even as the Edmonton housing market right now is on a strong projected growth, as an investor, you should not put your guards down. Swings in the market a real! In order to avoid any huge loses, stand firm on your ground and keep at it even if the market is down.
4. CASH FLOW>APPRECIATION.Cash flow would always be king in the long run. Americans fell hard when their economy collapsed because of the real estate bubbles. People there thought they could make money through appreciation-they were dead wrong. Their country almost got bankrupt out of it. Avoid this mistake by investing with cash flow in mind, rentals with a net of 10% and up would be the most ideal.
5. NEVER THINK YOU KNOW EVERYTHING. It’s typically a beginner’s mistake. Books, web articles, seminars, all of those are great materials for gaining knowledge but nothing would ever beat experience. If you’re seriously sticking in this real estate game, it would be wise to find a seasoned coach. A veteran mentor that have the “been there, done that” kind of stuff. Reduce the learning curve by investing with such a mentor-the things you’ll learn would be priceless!

If you’re looking for new real estate investments, you’re in luck! We have one of the best real estate projects in town. A Team Leading Edge exclusive, newly built available for you. Check all of the out here.

We don’t need the ‘Nights Watch’ to remind us that winter is coming. As Serge puts it “I would just like to indulge for a moment and think of Edmonton with more than 2 seasons – winter and construction season.”

Since almost everybody now is in the winter state of mind, we at Team Leading Edge would just like to conduct a friendly reminder to those who have yet to prep their homes for winter. Winter is no laughing matter so better take this seriously if you would like to experience another awesome holiday.

LEAKS!

Leaks have a special place in our hearts so it is but appropriate to put it first on this list. Leaks can make your life miserable so checking it should be on the top of your priority list!

10 to 15 percent of your hard earned money would be wasted if you have an improperly sealed home. The most effective way avoid this wasteful consumption of energy is through caulking and weather stripping. Doors and windows are the main culprit for leaks, do a thorough inspection on all your doors and windows and caulk all holes you see to prevent heat from escaping.

MAINTENANCE!

To keep your heating system at 110% performance, equipment maintenance is the most important thing to do. Failure to check your heating and cooling systems from dirt would result in an under-performance and might possibly ruin your equipment.

A licensed contractor would be your best friend in time of need so it’s best to schedule a fall check-up with him.

HEATING!

Okay, we want to emphasize the importance of your heating system come winter time. DO NOT let October pass without checking and making sure that the heating system is working to its fullest.

Test run the heating system by cranking the thermostat to 80 degrees, this should turn the furnace on and let warm air circulate within minutes. If and when this doesn’t happen, you can try to check where the problem is coming from through your gas furnace troubleshooting guidelines (I do hope your furnace came with that). If you wouldn’t want to fix it yourself, a gas furnace technician would be your best bet in fixing the problem.

THE PIPES!

If you’re from Edmonton, busted pipes in winter isn’t a ‘new’ thing, still, this doesn’t mean you have to let it happen this coming winter! Nope! Nope! Nope!

Having your pipes burst would surely cause huge household damage, the best way to prevent that is through pads. Cover exposed pipes in unheated areas like the attic and basement with tubular pipe insulation sleeves. Cover every inch of exposed pipe including joints and bends, once done, duct tape would be enough to help you seal the seams.

THE WINTER STORM!

It’s better to be safe than sorry. That would prove to be a lifesaver in case of a winter storm. Rule of thumb, always have an emergency kit that’s fully-stocked ready. The emergency kit must consist of warm clothes, blankets, water, non-perishable food, battery-powered radio (yup, don’t rely on your iPhone!), meds, pet food and of course a first aid kit. Three to five days worth of stock would be perfect in this kind of emergencies.

So, there you have it, simple reminders to get you prepared for winter. Following these won’t consume much of your precious time, do it now. Carpe Diem!

Check out our new and improved MLS real estate listings for the best winter ready home for sale in Edmonton.

Buying a home is probably one of the best things you would ever do in your lifetime. It’s fun but also a bit scary at the same time as there is more to it than just browsing the internet and viewing a couple of open houses over the weekend. Believe us, we know. We’ve been there. Speaking from experience, my fiancé and I just recently bought our condo. There’s a ton of things to consider when buying a home for the first time and here at Team Leading Edge, we always like to help people in need-people like you. We broke down to bite-sized pieces all the essential things that you need to consider. Read, absorb and digest the information as it may help guide you in taking the right path to home ownership.

1. HOME SIZE VS LOCATION: We couldn’t stress more the importance of being decisive on day 1. Before you start searching the internet for that dream home, determine first what’s more important to you, size or location?

   More often than not, you will be torn between choosing a house that has a higher selling price but is located near your favorite establishments and a house that has a lower selling price with bigger living space BUT is a bit farther out of your favorite hangout place.

   Making this choice early on in the buying process will provide you with peace of mind and help you avert “buyer’s remorse” once everything is done.

   

2. MORTGAGE QUALIFICATION: Knowing the amount of mortgage you are qualified for should be your next top priority. You may believe you are qualified to borrow $400k but the lender might determine that you’re only good for $300k. Recognizing your mortgage qualification would basically narrow down your choices of homes.

   Check out our article on how you could boost your mortgage chances.

   

3. DURATION OF HOME LOAN: Quite a number of first time homebuyers prefer 30-year home loans while others chose to stick with 15-year mortgages. 30-year home loans usually have higher interest rates than 15-year loans. The main reason behind the high interest rate is because it will take longer for the lender to recoup the money loaned to you. Since Alberta is one of the best performing regions in the country, you may see very competitive interest rates out in the market. Review each one out to find the best interest rate for you.

   

4. SPEAKING OF RATES-KNOW HOW RATE THE INVENTORY: Once you reach this stage in the process, you can be sure that you’re on the right track!

   Being prudent in the selection process would help you avoid an expensive mistake. Here’s how you could rate the inventory of the houses that you visit so you could make an informed decision at the end of the day.

• Begin with taking photos of the house numbers and facade so you could easily identify individual houses.
• Take a piece of paper with you or use your mobile device to write down notes about significant features of the house such as the floor plan, room design and colors.
• Remember to check out the neighbor’s house. Would there be any possibility that it would cause problem in the future? Is it blocking any view?
• Also take note of the neighborhood, is it conveniently located to any near establishments that might be crucial to you?
• Shortly after leaving the house, rate it between the scale of 1 to 10, 10 being the best.

  

5. STOP BEING FINICKY! Okay, I just had to put it in here. I’ve had quite a number of clients that had been too picky and ended up with not so good deals. Since most first time homebuyers have limited resources, it is best to be open for compromise. You may have to make some home repairs or put up with ugly decorations. The idea here is if it’s just some minor inconveniences that you could easily fix, take it.

   Ask yourself, how important is it for you to have your own home now? Or would you still continue to rent for x number of years? Stop being finicky.

Equipped with this essential knowledge, we are confident that you could and would make the right decisions. To get you started in finding your future home, Team Leading Edge provides high speed access to the finest MLS real estate listings in Edmonton. It is there that you could browse through all the available houses and condos for sale in real-time.

You may also call the team at 780-634-8151 anytime you would like to schedule a viewing of your next home.