Archives for June 2021

3 Tricks to buying a new home from a builder.

June 26, 2021 by admin

When buying your first home, you might look at buying new or “resale homes” both are very difference processes. With a re-sale home bought through the original or future owners most choose to work with a Realtor in Calgary or other markets.

Having an agent to navigate you through the process, help with referrals to service providers, really makes the process a lot smoother for many buyers.

When buying a new home, driving up to that shiny sales center with the smiling representative in that gleaming show suite/show home is very exciting! However there are some things that many buyers do not know about the staff working in there.

Firstly, the best way to not get tricked is by being educated about the dynamic.The staff in the sales center work for the Developer, they are paid to maximize profit for their employer – not get the best deal/value for money for the customers that walk through the door. They do the best they can with the scenario they are given, remember that they work for the “man/woman” not really for the customer.

With all new product sales GST is applicable, for all new home sales in Alberta GST will be added to the purchase price and the price of any upgrades made to the property prior to construction. There will need to be disclosures singed to acknowledge that you understand were an how GST will be calculated for the sale.

The most important thing to consider is that the builder will more often than not use THEIR OWN CONTRACT for the purchase. This is often non-negotiable and the builder’s team of lawyers have written this contract in their favor – not the consumers. Like any good business their lawyers wrote that sucker to protect THEM not YOU. Having this reviewed by your real estate agent or your own lawyer is highly recommended. (both would be a best practice)

Buying a brand new-home with new home warranty in a brand new building or a spanky new house in a new community with great amenities and new schools is exciting, make sure you keep that excitement all throughout the process by asking good questions and having a professional help you through the jungle -that way you are protected and often will be able to negotiate a better deal.

As always if you have any questions about this or other real estate topics, contact us today to book a discovery call.

To your success,

Tim Reid

-respect the hustle

Filed Under: Uncategorized Tagged With: calgary, homesale, new, Realestate, realtor, yyc

5 Key Reasons You Need a Power Team in Real Estate Investing

June 24, 2021 by admin

Real Estate is not a solo-sport, you absolutely need a team of professionals to support you in your real estate investing ventures. The first time you have bought a house (or maybe you haven’t yet) you might not have realized how much goes on behind the scene of that transaction.

From the start you likely worked with a realtor, who has a huge list of service providers that could help you out with due diligence, financing, repairs and many other items.

As an investor you will need a much longer list of people to help you out, and here are the Key reasons why:

You will always run out of time to do everything yourself, even if you work in real estate full time – which is also not how most people start, they still work a day job while investing in real estate and many never intend to leave their day job they just want a great return on their investments. Real estate is one of the most reliable ways to build wealth than any other sector.
It does not matter how great you are at finding deals, you can’t possible to do them all with your own resources. Having wholesale connections will save you a lot of time and effort.
Cash/credit are finite and you will need JVP partners to help you grow your portfolio
What about the passive income? Well nothing in business is ever truly passive if you are going to get great returns – therefore you will need property mangers, resident managers, and partners to help you keep the investment running as smoothly as possible. No fluff and fairy tales there will be challenges, just like any other business on earth!
Having fun! Does it really make sense to try and do it all on your own? Even if you had all the money in the world and an unlimited credit capacity, where would be the fun in building an empire if you cannot share that with others? The relationships that you build with your power team members make the challenges less severe, and you can have a great time along the way when you work with others. I believe in the Richard Branson model of business – find a way to have fun while you are at it, work hard and play hard. (he has a thing or 2 figured out in business)

Here are some power team members that you will need to get on board when you are starting out, or even if you have a number of deals under your belt and have gone the solo route – at some point to scale you will need all of these team members.

Realtor
lawyer
mortgage broker
appraiser
home inspector – residential
commercial property mechanical inspector
General contractor
handy men/women
wholesale material suppliers
private lenders
bankers
accountant
book keeper
architect
wholesalers
property managers
resident managers
JVP’s – joint venture partners
RRSP lenders
Trustee companies
Insurance broker
Trades; paint, flooring, roofing, HVAC, carpentry, tile setter, plumbers, drywall, smart home techs.
Moving company
Marketing consultants
Web design
Printing company
Bailiff
Engineers: structural/mechanical
Real Estate/Business Coach

As you can see there are lots of people that make the real estate world keep spinning, if you have any questions or need a connection in Calgary and many other markets in Canada we would be happy to help. Contact us today and book a discovery call.

To your success,

Tim Reid

-Respect The Hustle.

Filed Under: Uncategorized Tagged With: Coaching, Investing, real estate, Realestate, yyc

Top 5 Renovations to get you top dollar for your home

June 12, 2021 by admin

When renovating a home to sell when you are the owner-user getting it ready for sale can be a confusing process. This is in part due to so many “gurus” online and TV shows that show a very distorted view of how the value is really derived for the larges population of buyers in any market, at any part of the real estate cycle.

Common mistakes are to change things that will not really affect the re-sale value of the home compared to the cost of those changes/improvements.

Here are the top 5 picks for dollar in to dollars back OUT which is the most important metric that matters!Paint – modern and neutral colors or even white/off-white shades can work amazingly well to make a smaller space seem larger. This item can get you 1-1+ dollars back in value. This really changes the feel of a home that helps the property show in its best light

1. Paint – modern and neutral colors or even white/off-white shades can work amazingly well to make a smaller space seem larger. This item can get you 1-1+ dollars back in value. This really changes the feel of a home that helps the property show in its best light

2. Kitchens – updating an older dated or less functional kitchen will make a huge impact on the re-sale of the home bringing a modern feel and often adding new cupboards/drawers or a pantry will add a lot of value for the investment. This will be a more expensive change, but the time that we spend in the kitchen is huge and having this entertaining and meal-prepping area present the wow factor will help a home sell faster every time

3. Bathrooms – we spend a lot of time in the bathroom and just like a hotel having white towels so that it feels clean, fresh, comfortable having updated flooring, vanities, fixtures, dual-flush water saving toilets will help a home sell faster and for more money. Smaller investment than kitchens, huge impact for the whole family. Ninja trick – add his/hers sinks this will help avoid domestic arguments between kids and parents alike!

4. Flooring – having scratched, stained, old – looking flooring will really drag the price down for the property. Buyer’s know that this can be an expensive change (however done right it does not have to be) and they often don’t want to do it themselves because it is a hassle to have all the floor disrupted while living in a home, trust me I have been there – no fun at all! This change will add a lot of value, hard floors such as vinyl plank are very popular due to the lack of maintenance and durability. Hard wood is still popular in higher end homes – look at the area trends to see if that is the right fit for updated homes in the area.

5. Fixtures – I do not just mean light fixtures! Lighting, door knobs, drawer pulls, hinges, switch covers/outlet covers. Having brass door knobs and art-deco knobs on all the cabinets do create a vintage/dated feel for a home and changing all these elements can be very cost effective, yet have a large impact on the overall feel of a home.

If you have any questions on this or any other real estate topics, contact our team today, all things real estate we are here to help!

To your success,

Tim Reid

-respect the hustle

Filed Under: Uncategorized Tagged With: education, Investing, wealth, yyc