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.

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.