These days, the concept of flipping homes in the real estate market seems to be more prevalent than ever. More and more people with little to no experience in the field are jumping in head first without fully knowing what it takes to succeed. Between the tv shows that make it seem like a flip can be done over a weekend, and social media advertisements for flipping programs that can be learned in two weeks, it's starting to have a very casual feel to it, when the reality is quite the opposite. Basically, it's not impossible to flip homes for worthwhile profit, but it's very difficult and I'm going to list some harsh realities you'll have to accept if you are seriously pondering giving flipping a shot:
1. Low profits and high risk. The numbers seem…
Want to become a homeowner? Have you found yourself looking for real estate for sale in Warman and surrounding areas, Martensville and/or Saskatoon? Are you unsure about what you need to know about the housing market when you make one of the most important decisions in your life?
Don’t worry – you’re not alone. I’ve helped plenty of people looking for real estate in Saskatoon and the surrounding area who wanted to become a homeowner but were not sure about key concepts concerning the housing market.
Here is a brief primer on the essential knowledge you’ll need to understand the housing market and become a homeowner with confidence.
Qualifying for a Mortgage
If you want to become a homeowner, you first have to find a home, right?…
Consider these tips before diving head first into the investment property market:
- Determine what you can afford to buy, you’ll need a minimum down payment of 20 percent for a small rental property.
- Do some research on the areas your considering and find out what the going rents are.
- Just like your home, a rental property is a valuable asset. Ensure you choose the proper insurance to help protect you from the financial impact of any unforeseen events.
- Consider a property manager. While this will cut into the cost of your rental revenue, it could help to minimize your stress level
- Good tenants are hard to find. Property managers will screen potential tenants for you, but as a landlord, you’ll need to know
Now that the smoke has cleared (pun within the first sentence! Punch me in the face please) with pot legalization, we are beginning to examine the legislation on a more macro, big-picture level. The effects will be sprawling, to say the least, but for the sake of real estate, it is impactful in two main ways.
1. Houses in which marijuana is grown
It’s obvious but important to note that this isn’t a new concept as a result of legalization, REALTORS® have been dealing with this issue for decades. Still, there are new factors to consider. First of all, if you decide to grow plants - that’s great, but please remember that FOUR PLANTS is the maximum, don’t go all George Jung. Also as REALTORS®, we would like to offer some advice as it pertains to…
Declutter – clear off all of your counters and ensure any unnecessary decorative are packed away. Don’t forget to declutter your garage too!
Keep it clean – A deep clean before even listing your house will help to make upkeep easier for you.
Deal with minor repairs – They may seem minor, but cracked caulking, a torn screen or a dripping faucet could give buyers the impression that your house isn’t well maintained.
Tidy the bathroom – Put away your personal toiletries, along with old towels and toothbrushes.
Head out – It can be awkward for the potential buyers if you’re at home during a showing.