One of the most important things you can do as a buyer is to ask questions about a property you’re considering buying. You want to get all the information you need about the house before making your final decision. Since it can be hard to know exactly what to ask the sellers, I’m sharing a handy list of 9 questions you need to ask about every home you put an offer in on. 

1. How old is the roof? Generally, the roof should be replaced every 20-30 years. If the roof is older, you might be able to get a concession from the seller to help pay for the replacement. 
2. How old are the appliances? The same thing goes here. If the appliances are older, you might be able to negotiate with the seller to get them replaced. 
3. What comes in the sale? Sometimes sellers want to leave everything behind. Other items, they’ll take the appliances, the blinds, and even the curtains. Know what’s included in the sale before you get the keys to a home without any curtains. 
4. How much do the utilities usually cost? Utility costs vary greatly between homes especially depending on how they’re heated and cooled. It’s a good idea to know what the sellers typically spend during different times of the year. 
5. Is the house/property susceptible to natural disasters? If the home is in a flood plain or a rock slide area, it could impact your homeowner’s insurance premium and raise your mortgage payment. 
6. What’s the sellers ideal closing date? Sometimes people move for work or for family, or a multitude of reasons. But with each move the sellers will have an ideal closing timeline or date. What is it, and does it fit your timeline as well?
7. What are the property taxes? Property taxes can make a big impact on your monthly mortgage payment, so get an idea for how much they’ll run. 
8. Is there room to grow in the home? Life changes, so it’s good to know if you can add on or build out on the property. 
9. Have any major repairs been done? If there’s been a huge pumping or electrical redo, it’s important to know about it before you buy so you can keep an eye on it. 

Asking these questions will help you head off any unpleasant surprises–like super expensive utilities or missing appliances–before you sign the closing docs.

Want more information on what you need to know before you make an offer on a home? Feel free to reach out to me anytime.

Harpreet Christie
RE/MAX of Lloydminster
780-205-7653

Fixer-uppers offer a chance to save some cash on the purchase of the home and to make the home exactly what you want it to be. But going with a fixer-upper isn’t the right choice for everyone. If you’re thinking about taking on the challenge of a fixer-upper, here are a few things to keep in mind while you make your decision.

1. Make sure you’ll get a good return on investment. While fixer-uppers can be bought for rock-bottom prices, they can take a lot of work and money to be remodelled into a liveable condition. You’ll want to price out the work to be done on the property to make sure you’ll recoup the money and time spent on renovations when you sell the home down the line. You can estimate how much it will cost to renovate a specific property by getting a quote from a contractor, getting a list of comparable properties in the area from your real estate agent to see what they’re selling for, and getting a thorough inspection for any hidden issues before you buy.
2. Be realistic about your skill level. Depending on the property, your fixer-upper might need more than just cosmetic work. How much work can you do yourself, and how much do you need to contract out? You might be really good at doing tiles and painting, but can you lay drywall or run electrical? Contracting can add up quickly so be realistic about how much work you can do yourself. 
3. Understand the timeline. It will take time to get the property renovated, and remodels tend to take more time than expected. If you’re wanting a move-in ready home as soon as the closing papers are signed, a fixer-upper likely isn’t for you. While the renovation is happening, you’ll either have to live in the property at the same time or live somewhere else, which can be an added cost. 

While you’re considering a fixer-upper, a good rule of thumb to keep in mind is to plan for more work, time, and money than you initially think it will take. 

If you’re up for the challenge and want to make a house into your dream home, let’s chat more about what you’re looking for in a fixer-upper. Feel free to reach out to me anytime and I’ll help you find the perfect fixer-upper.

Harpreet Christie
RE/MAX of Lloydminster
780-205-7653

The increase in interest rates has been all over the news for months now, and it’s left many buyers feeling like they’ll be stuck paying a high interest rate for the rest of their mortgage. But just because rates are higher right now than they have been in recent years doesn’t mean that you’re doomed to pay excessive interest. Try these three interest rate hacks to get the lowest rates in our market. 

Hack 1: Pay off your existing debt. 

Before you start considering negotiating the terms on a sale, ask yourself, “Do I have any outstanding debt?” Asking yourself this question allows you to ensure their aren’t any “surprise” owing debts. Your bank advisor could help you guide you on any owning debts you may have.

Hack 2: Negotiate with multiple lenders. 

Sometimes buyers are surprised to find out that every lender will offer you a different mortgage with different rates, amounts, and terms. This makes shopping around critical to finding the best interest rate for your mortgage. Interest rates can vary as much as several percentage points between lenders, so doing your research and negotiating with lenders will be well worth your time and energy. 

Hack 3: Don’t take out any new loans/credit cards. 

Chances are good that when you’re applying for your new home mortgage your bank is going to pull your credit history. As we all know with each credit history pull it can put a “dent” in your credit score. So, when planning to purchase a home, you want to ensure not to open/take out any new loans or credit cards, before/during the home purchase process. However, keep in mind that once the purchase of your home has finalized and you’ve moved in, you can choose to apply for loans/credit cards if you wish as the sale of your home is complete.

There are several different strategies that you can use to lower your interest rate, but these three are my favourite!

Want to talk more about interest rates and how you can get the lowest rate on your new home? Feel free to reach out to me anytime.

Harpreet Christie
RE/MAX of Lloydminster
780-205-7653.