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.

As you progress in your life, you start to look forward to the sunny, relaxing days of retirement. But figuring out the finances to allow a peaceful, fun-filled retirement can be tricky. The good news is that real estate can help you build out a stable and secure retirement plan that will allow you to retire and relax! Let’s look at 6 reasons why real estate should feature in your retirement plan. 

1. Provides long-term stability: Real estate isn’t a get rich quick scheme, and because of that, it will provide you with long-term security. Real estate values increase over time, so if you ever sell your investment property, you can plan on getting a great return on your investment.
2. Diversifies your portfolio: If you want to have a stable and secure retirement, you shouldn’t focus just on building out your RRSP. Investing in different areas, like real estate, will help you build out your portfolio and will ensure your eggs aren’t all in one basket.
3. Tax benefits: The tax benefits that come with real estate investments are definitely something to also consider. Additionally, if you have a rental property, you can write off expenses related to the property to decrease your taxable income.
4. Opportunity to build capital: Real estate can help you build wealth as you develop equity in the properties. Additionally, if you invest in a rental property, you can also bring in monthly passive income to pad out your retirement income. 
5. Hedge against inflation: If you know anyone who’s retired in the last few years, you’ve probably heard about how inflation has really done a number on their RRSP or stock investments. Real estate appreciates over time and isn’t linked to the market in the same way stocks are, so you have more protection against inflation.
6. Pass down your investments to your heirs: Real estate investments can set your heirs up for a stable and secure living situation. By leaving your real estate to your heirs, you can ensure that your loved ones have a place to live or a great investment that can continue to grow generational wealth. 

Real estate is a powerful investment to factor into your retirement plan to add stability and financial benefits. To build your wealth out for retirement, talk with an experienced real estate agent or some real estate investors to see how real estate can put your money to work for you.

Want to talk more? Feel free to reach out to me anytime. 

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

Welcome to my monthly real estate market update for Lloydminster. Look at what happened with the Lloydminster Real Estate Market last month.

65 Properties Sold in May of 2023. A significant increase from the previous month. Activity in Lloydminster is relatively active and increasing in sales.

The average selling price range was $306,679, averaging 81 days on the market. The average price has increased slightly in the Lloydminster market.

Is now the time to sell or buy? Of course, it is. Feel free to contact me for a FREE market evaluation.

Harpreet Christie
RE/MAX of Lloydminster
(780)205-7653
http://BorderCityRealEstate.com

Over $900 million is to be spent as Saskatchewan’s Covenant Energy is to build a refinery to produce renewable diesel and jet fuel on the north east edge of Lloydminster.

Construction is to begin in 2024 and production will come on stream in 2026.

Josh Gustafson, president and CEO says they will utilize canola as the raw material for production.

“So, we are looking at about 450,000 metric tonnes of feedstock per year – producing about 430 million litres of product per year.”

Gustafson adds the plant will provide 60 full time jobs and hundreds of jobs over the construction phase.

The CEO who farms in southeast Saskatchewan notes that “by harnessing the potential of prairie-grown resources, the refinery will pave the way for Lloydminster to become a leading hub of low-emission, renewable energy.” Also, the plant will be able to utilize even canola from a difficult crop season.

“We will take obviously the top-grade canola oil that is produced in the region, but we will also be able to take any oil coming from off-spec canola or heated canola. We can still utilize that oil – once it is processed,” says Gustafson.

The new plant will be doing some pre-treatment on-site, but they will take product from neighbouring processors like ADM, says Gustafson.

In a news release, mayor Gerald Aalbers says, “The arrival of Covenant Energy’s renewable energy refinery in Lloydminster signifies the power of collaboration between the Government of Saskatchewan, the City of Lloydminster and Covenant Energy. This milestone ushers in a new era of sustainable growth and solidifies Lloydminster as a prime business destination, creating jobs and fostering economic prosperity.”

The Lloydminster Oilfield Technical Society in a statement welcomes the new community partner to the Border City. President Roger Deeks says,”I believe this is a tremendous project that leverages Lloydminster’s oil and gas workforce and know-how. With both the operating and maintenance labour pools in place, the project has a leg-up on others. We look forward to incorporating more downstream oil and gas material into the 2024 Lloydminster Heavy Oil Show held next September.”

Gustafson confirmed that their capital expenditure for the refinery is $920 million.

The plant will be constructed on the northeast edge of Lloydminster – off 40 Avenue on some 40 acres of land.

Thursday, July 13, 2023, 7:00 a.m. – 10:00 a.m.

 Add to My Calendar

Address:

4420 50 Ave Lloydminster, AB T9V 0W2
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Category:

City of Lloydminster Hosted Events and Celebrations

Events Details:

Join us for our annual pancake breakfast on July 13, 2023 from 7 – 10 am to kick off the Lloyd Ex fair!

Coffee, pancakes, fruit and sausages will be served for FREE!

By Gerry Lampow

Tuesday, May. 30th, 2023

Manager at the Synergy Lloydminster branch, Gord Thiel says they were drawn to the project given the number of groups that benefit from the services of Border City Connects.

Community partnerships were celebrated on Tuesday as Synergy Credit Union and Lloydminster & District Co-operative teamed up to get new wheels for Border City Connects.

Executive director of the non-profit Glenn Fagnan says last year’s Play-It-Forward raised about $60,000 and the co-operatives’ partnership put together $55,000 to secure the purchase of the new Para-van to assist transporting clients across the city.

“We do lots of things in the community with other non-profits. We do both the school divisions. So, it will be utilized for the school divisions for students with intellectual and physical disabilities, but then we do so much more. We do safe rides home. We transport non-profits all over the place,” says Fagnan.

The new ride comes equipped with a wheelchair lift, can seat 14 passengers with a driver and is decorated with inclusive artwork from the creatives at Synergy and the Lloyd Co-op team.

“Mobility-challenged individuals. They (Border City Connects) provide access for seniors. Access to transportation for students. It really hit a great cross-section of our community and people that really had a need for this type of service.”

Director of marketing and community relations with Lloyd Co-op Kristine Knourek says they too were inspired by the critical community role of Border City Connects.

“It was just a slam dunk to partner with another cooperative business in supporting the community as much as we do. So, we feel very honoured and very humbled today to unveil and announce the fourth Para-van for Border City Connects.”

Fagnan adds the new van would be on its maiden voyage right away taking a group of Ukrainians on a tour of the city.

Lloydminster, AB/SK – Calculated based on the final assessment roll and the 2023 budget requirements, Lloydminster City Council passed the 2023 mill rate during the Council meeting on Tuesday, May 23, 2023.

Defined in the 2023 Mill Rate, Council approved the mill rates resulting in an overall residential increase of 0.78 per cent and an overall non-residential decrease of 0.58 per cent in comparison to 2022.

Since the bylaw’s first reading on May 8, 2023, the residential municipal rate decreased from 7.1814 to 7.1785 mills, and the non-residential municipal rate decreased from 12.9265 to 12.9213 mills due to assessment revisions since first reading of the bylaw. All other rates remained unchanged.

The total taxable assessment, including assessment revisions, for the 2023 tax year is $4.657 billion, which is up from $4.5 billion in 2022 or a 3.4 per cent overall increase. In 2023, with the assessment and proposed mill rate changes, the tax levy will collect an estimated $42,377,534  for municipal purposes, as approved in the 2023 budget revisions on May 8, 2023.

Saturday, May 27, 2023 8:30 a.m. – 2:00 p.m.

Address:

Servus Sports Centre 5202 12 Street Lloydminster AB T9V 0W1
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Category:

City of Lloydminster Hosted Events and Celebrations

Events Details:

Spring Clean-up Garage Sale SSC 

Date: Saturday, May 27
Vendor Set-up: 7:00-8:30am
Open to Public: 8:30am-2:00pm
Vendor Takedown: 2:00-4:00pm
Fee: $35 includes two tables.  Each additional table is $5. There is a maximum of six tables per registration fee.

Spring clean-up is well underway and it’s the perfect time for the multi-vendor indoor garage sale at the Servus Sports Centre!  Shopping starts at 8:30am and there is no charge for the public to attend.  Don’t miss out on these bargains and please remember to bring a shopping bag or two.  

We’ll do all the advertising for you and the tables will be ready in your reserved spot for you to arrange your sale items.  No large appliances, furniture or home-based businesses are accepted.