It’s easy to get swept up in the excitement of buying a home. Once you’ve had an offer accepted on your dream house, you’ll probably be anxious to move in. However, before you make a significant financial commitment, it’s best to know exactly what you’re buying.

When you hire a home inspector, you get a professional, in-depth examination of the property’s structures and systems. It’s a worthwhile investment that can save you money in the long run, either by warning you away from a bad purchase or by providing a list of deficiencies you can use to negotiate with the sellers.

 The inspector’s report will also list minor repairs that, if made, will help to maintain your home over the long term. Additionally, a good inspector can often predict the standard life expectancy of your roof, HVAC, and other big-ticket items so you can start planning for their eventual replacement.

 However, many buyers make mistakes during the inspection process that cost them time and money and lead to unnecessary stress. Avoid these eight common buyer blunders to minimize your risk, protect your investment, and give yourself peace of mind and confidence in your new home purchase.

MISTAKE 1: Skipping Your Own Inspection

Many buyers rely on their home inspector to point out issues with the property. However, by conducting your own visual assessment before you submit an offer, you can factor expected expenses into the offer price. Or, if you suspect major problems, you may choose to move on to a different property altogether.

• Are there suspicious cracks, which could point to a foundation issue? Any discoloration? Yellow spots can indicate water damage, while black spots are typically mold. If there’s a basement, look for powdery white deposits along the walls and slab, which can result from water seepage.

• To assess the plumbing, start by turning on the bathroom sink or tub, then flushing the toilet. Check for a drop in water pressure or a gurgling sound coming from the pipes. You can also try running the water in sinks and tubs for several minutes to test for drainage issues. Peek underneath sinks to spot signs of leaks or drain pipes that go into the floor instead of the wall.

• Look for fogged or drafty windows, which may need replacing. Examine the roof for signs of cupped, curled, or cracked shingles. Check siding, decks, and other wooden structures for evidence of rot.

 Overall, does the home appear to be well maintained? Consider the overall condition of the property BEFORE you submit an offer and work with your real estate agent to factor in repairs and updates you know you’ll need to make when you determine your offer price.

MISTAKE 2: Hiring the Cheapest Inspector

We all love to save money, but not all inspectors are created equal. Before you hire one, do a little research. You may even want to start shopping for an inspector before you complete your home search. Inspection periods are typically short, so it never hurts to be prepared.

• Ask for recommendations. Check with friends and family members, as well as your real estate agent. Then contact at least two or three inspectors so you can compare not only prices but also levels of experience and service.

• Ask about their background, years of experience, and the number of inspections they have completed. Verify their certifications and credentials and make sure they carry the proper insurance.

• Find out what is (and what isn’t) covered in the inspection and if they utilize the latest technology. Ask to see a sample report so you can compare the style and level of detail provided.

 Make sure you feel confident in the inspector’s abilities and comfortable asking him/her questions. Talk to your agent, because they’ve likely worked with many home inspectors and they can probably provide a great recommendation!

MISTAKE 3: Missing the Inspection

Make every effort to be on-site during the inspection. Buyers who aren’t present during their inspection miss out on a great opportunity to gather valuable information about their new home.

 If can attend the inspection, don’t spend all your time picking out paint colors or chatting with your new neighbors. Instead, use your time there to shadow the inspector. It’s the perfect chance to find out where everything is located, ask questions, and see first-hand what repairs and updates may be needed

 Of course, if you do choose to tag along with your inspector, exercise good judgment. Don’t get in the way, become a distraction, or do anything to jeopardize your (or the inspector’s) safety.

 If you can’t make it to the inspection, ask if you can schedule a time to meet in person or speak by phone to go over the report in detail. It will give you an opportunity to ask questions or request clarification about issues in the report you don’t fully understand.

 MISTAKE 4: Skimming Over the Report

 Inspection reports can be long and tedious, and it can be tempting to skim over them. However, buyers who do this risk missing crucial information.

Instead, you should read over the report carefully and discuss it with your agent, so you don’t miss anything significant. Now is the time to address any areas of concern. You have a limited window of time to request repairs or negotiate the selling price, so don’t squander it.

Your inspector may also flag some minor items that you wouldn’t typically expect a seller to fix. However, ignoring these small issues can sometimes lead to bigger problems down the road. Make sure you read everything in the report so you can take future action if needed.

 MISTAKE 5: Asking No Questions

 Some buyers are too embarrassed to ask questions when there’s something in the inspection report they don’t understand and end up uninformed about important issues that could impact their home purchase.

Questions are expected! You hired your inspector for their professional expertise, so don’t be shy about tapping into it. For example, you might ask:

• Would you get this issue fixed in your own home?

• How urgent is it?

• What could happen if I don’t fix it?

• Is this a simple issue I could fix myself?

• What type of professional should I call?

• Can you estimate how much it would cost to make this repair?

• How much longer would you expect this system/structure/appliance to last?

• What maintenance steps would you recommend?

Don’t bother asking your inspector if you should buy the property, because he/she won’t be able to (and shouldn’t!) answer that question for you. Instead, use the information provided to make an informed decision. A skilled real estate agent can help you determine the best path.

MISTAKE 6: Expecting a Perfect Report

Some buyers get scared off by a lengthy inspection report. But with around 1600 items on an inspector’s checklist, you shouldn’t be surprised if yours uncovers deficiencies The key is to understand which problems require simple fixes, and which ones will require extensive (and costly) repairs.

Your real estate agent can help you decide if and how to approach the sellers about making repairs or reducing the price. Whatever you do, try to focus on the major issues identified in the inspector’s report, and don’t expect the sellers to address every minor item on the list. They will be more receptive if they perceive your requests to be reasonable.

MISTAKE 7: Foregoing Additional Testing

There are times when an agent or inspector will recommend bringing in a specialist to evaluate a potential issue (for example, they may suggest testing for mold or consulting with a roofing expert).

Some buyers get spooked by the possibility of a “red flag” and decide to jump ship. Or, in their haste to close or desire to save money, they choose to ignore the recommendation for additional testing altogether.

Don’t make these potentially costly mistakes. In some cases, the specialist will offer a free evaluation that takes minimal time to schedule. And if not, the small investment you make could provide you with peace of mind or save you a fortune in future repairs.

 MISTAKE 8: Skipping Re-inspection of Repairs

Most buyers request receipts to prove that repairs have been correctly completed. However, it’s always prudent to go a step further and have negotiated repairs re-evaluated by your inspector or another qualified professional, even if there’s an additional charge

While most sellers are forthcoming, some will try to save money by cutting corners, hiring unlicensed technicians, or doing the work themselves. A re-inspection will help ensure the repairs are completed properly now, so you aren’t paying to redo them later.

To avoid having to go back to the sellers, be specific when requesting repairs. Identify the problem, how repairs should be completed, who should complete the work, and how the repairs will be verified – your agent may advise you to write this into your offer by way of an amendment.

Some buyers prefer to avoid this step altogether by completing the work themselves. They either request that the seller fund the repairs or reduce the selling price accordingly. Whichever path you choose, protect yourself and your investment by ensuring the work is done properly.

I’m here to help

A home inspection can reduce your risk and save you money over the long-term. But to maximize its effectiveness, it must be done properly. Avoid these eight common home inspection mistakes to safeguard your investment.

While these are some of the most common missteps, there are countless others that can trip up home buyers, cost them time and money, and cause undue stress. Fortunately, I have the skills and experience to help you avoid potential pitfalls.

If you’re in the market to buy a home, let me help you navigate the inspection and all the other steps in the buying process. Tap into my expertise to make the right decisions for your real estate purchase.

👉Book a quick, no-pressure introductory call to discuss your timeline and search criteria. Schedule a Chat ☕

Trevor Stuart | RE/MAX River City
"From your first home to your next chapter... wherever you are in your journey, I'm here to guide you home."

📱 780-884-6481
📧 trevor@trevorstuart.ca
🌐 trevorstuart.ca

If you spend even five minutes scrolling through real estate headlines right now, you are bound to feel a bit of whiplash. One headline tells you the market is cooling down, while another notes that overall home prices are still holding onto their long-term gains.

When the market shifts, my job is to strip away the noise, unpack the raw data, and tell you exactly what is happening right here on the ground in our local neighborhoods.

The arrival of the new school year has brought classic seasonal patterns back to the Greater Edmonton Area (GEA). If you are preparing to transition into a new property this season, understanding these numbers will help you protect your wallet and structure your next contract.

Unpacking the Numbers: The Fall Supply Shift

The latest data shows a clear cooling trend in buyer urgency, paired with an unexpected boost in choice for shoppers. Here is how the broader GEA market tracked through the end of September:

• Sales Cool Down: Total sales across the region reached 1,959, marking an 8.8% decrease from August and sitting 10.3% lower than this time last year.

• Inventory Climbs: Sellers are still highly active. 3,864 new listings hit the MLS® grid—a 7.2% jump month-over-month and an 11.3% increase year-over-year. Overall inventory levels are now 16.7% higher than they were last September.

• Pricing Stability: The average residential selling price in Edmonton dipped just slightly by 0.8% month-over-month to $466,080, which is still 2.9% higher than last year's benchmark.

As REALTORS® Association of Edmonton (RAE) Board Chair Darlene Reid pointed out [1], price growth has slowed compared to the frantic paces of the last few years, and this rising injection of inventory could soften that growth a bit further as we head toward winter.

Data Breakdowns by Property Type

Real estate is never uniform, so let's look at how specific housing styles are moving across Edmonton:

• Detached Homes: Single-family homes averaged $569,820 (down 1.1% from last month, up 2.9% from last year). New detached listings spiked 13.6% year-over-year, giving buyers much-needed breathing room.

• Semi-Detached & Duplexes: This segment saw a significant 15.5% drop in monthly sales activity, pushing average prices down 2.7% over the month to $412,974.

• Row Houses & Townhomes: Townhouse properties averaged $289,640. New listings are up 5.3% from August, while total monthly sales fell by 12.8%.

• Apartment Condominiums: Condos remain a highly accessible entry point, averaging $208,672. While sales slowed down by 9.1% over the month, average prices managed to hold onto a minor 0.6% year-over-year gain.

What This Means For Your Next Chapter

Instead of worrying about macro trends, let’s look at how you can use this shifting landscape to your strategic advantage based on your immediate lifestyle goals:

If you are looking to buy your very first home:

This is the window you have been waiting for. With new listings up and sales slowing down, the hyper-competitive pressure of spring and summer blind bidding wars has eased. You finally have the leverage to keep critical protective conditions in your offers—like financing or a detailed home inspection—without immediately losing the property to a competing bid.

If your household is growing and you need more space:

Managing a "trade-up" requires careful timing right now. Entry-level formats like row homes and duplexes are seeing inventory rises, meaning selling your starter layout requires sharp, competitive pricing. However, the influx of single-family home inventory means you have a wider selection of larger properties to transition into.

If you are ready to simplify into a smaller, right-sized space:

Slower market paces work beautifully in your favor. We do not have to rush. We can intentionally structure protective terms on the sale of your current property to ensure a seamless, low-friction transition into a low-maintenance condo or bungalow without the stress of mismatched possession dates.

Trevor’s Insight: Shifting Your Contract Strategy

Because contract negotiation is my favorite part of this job, I am closely watching how local deal structures are evolving. 

We are officially exiting a market where sellers can simply demand unconditional offers at top dollar. Success this season comes down to expert contract strategy and protective negotiation. For my buyers, that means engineering terms that guard your budget from hidden property deficiencies. For my sellers, it means utilizing advanced presentation and hyper-localized pricing strategies to ensure your home stands out against the rising autumn inventory.

Real estate should be an exciting milestone, not a stressful transaction. If you want to dive into the hyper-local dashboard data for your specific street, or if you're ready to plan your family's next move, let’s talk.

☕ Ready to unpack your next chapter?
Let’s grab a coffee or jump on a quick 15-minute call to review your neighborhood equity.
👉 Schedule Your Chat Here

____________________________________

[1] RAE Monthly Market Statistics Update - October 2, 2026

We all want to be good neighbors. But when it comes to selling your home, it’s not just about “keeping up with the Joneses.” It’s about outshining them at every opportunity!

If you’re looking to sell your home fast and for the most money possible, you’ll need a strategy to set it apart from all the other listings competing for buyers in your area. So, I’ve outlined my proven, five-step plan for serious sellers.

Use these five tactics to help your listing get noticed, win over buyers, and net a higher sales price than your neighbors!

Step 1: Stage your home to show its full potential

The average seller will do the minimum to prepare their home for market: clean and declutter, fix anything that’s broken, mow the lawn. And while those tasks are essential, today’s buyers want more than just a clean house and tidy yard. When they dream of buying a new home, they envision a designer house with modern finishes. Help them see your property’s full potential by staging it.

Home staging is one of the hottest trends in real estate—because it works! According to the Real Estate Staging Association, homes that are professionally staged spend 73% less time on the market.1

So what exactly is staging? In a broad sense, staging is the act of preparing your home for market. The goal is to highlight your home’s strengths, minimize any deficiencies, and help buyers envision themselves living in the space. When staging a home, you might rearrange the furniture to make a room feel larger or remove heavy curtains to make it appear brighter.

Some sellers choose to hire a professional home stager, who has specialized training and experience, to maximize the appeal of their home to the largest number of potential buyers. Others may opt to do it themselves, using guidance from their agent.

We can help you determine the appropriate budget and effort required to push your home ahead of the competition in your neighborhood. The good news is an investment in staging pays off. A 2018 survey found that 85% of staged homes sold for 6-25% more than their unstaged neighbours’ homes.2

Step 2: Draw buyers in with high-quality listing photos

You only have one chance to make a first impression with potential buyers. And many buyers will view photos of a listing before they decide if they want to visit it in person. In fact, 87% of buyers find photos “very useful” in their home search.3 Poor-quality or amateur-looking listing photos could keep buyers from ever stepping through your door.

Since good photography plays such an important role in getting your property noticed, we only work with the top local professionals to photograph our listings. But we don’t just rely on their photography skills when it comes to showcasing your home.

Your agent should ensure your listing photos showcase the true essence of your home. For example, I’m always on site during the photo shoot to help the photographer capture the best angles and lighting, and to let them know about unique or compelling selling features that they should photograph. The extra effort pays off in the end. In fact, listings with high-quality photography sell 32% faster than the competition … and often for more money!4

Step 3: Price it properly from the start

Even in a strong real estate market, there are homes that will sit unsold for months on end. This can be the “kiss of death” in real estate, as buyers tend to imagine that there must be something wrong with the property, even if it’s not the case.

But why are those houses still on the market in the first place? It’s because they are often priced too high.

Every buyer has a budget. And most will be viewing listings within a particular price range. If your property is overpriced, it can’t properly compete with the other houses they’re viewing that are priced correctly. Which means it’ll sit on the market until you’re eventually forced to drop the price.

Alternatively, if you price your home aggressively, it can be among the nicest homes that buyers have seen within their budget. This can lead to emotionally-attached buyers, who are often willing to pay a premium or settle for fewer seller concessions. And in certain markets, it could even lead to a multiple-offer situation, or bidding war. The end result? More money in your pocket.

Your agent’s job is to use their market knowledge and recent sales data to help you determine the ideal listing price for your home in the current market. Pricing it properly in the beginning is the best way to ensure a fast and profitable sale.

STEP 4: Put on a good show at each showing

Once buyers are interested enough to schedule a visit, it’s crucial that you put on a good show at each showing.

The first step is to make your home readily available (and often on short notice) for buyers to see it. A missed showing is a missed opportunity to sell your home. If you set too many restrictions on when it’s available to view, busy buyers will simply skip over your listing and move on to the next one – particularly when there are excess homes on the market.

Part of making your home available means keeping it relatively show-ready as long as it’s on the market. Most of us don’t live picture-perfect lives, and our homes reflect the day-to-day reality of our busy (and sometimes messy) families. But a little extra effort spent keeping your home clean, fresh-smelling, and ready for buyers will help it sell faster … which means you can get back to your regular routine as quickly as possible!

STEP 5: Use a proven promotion plan

Most agents are still marketing their listings like they did 20 years ago … put a sign in the yard, put the listing in the MLS, and pray that it sells. Yet, we know that 93% of buyers search for real estate listings online.3

That’s why we invest in the latest training and technology—to ensure your listing appears in the places where buyers are most likely to look. Our dual-level promotion strategy includes both pre-launch activities designed to seed the marketplace and post-listing activities to ensure your home stays top-of-mind with potential buyers.

By utilizing online and social marketing platforms to connect with consumers and offline channels to connect with local real estate agents, your property gets maximum exposure to prospective buyers.

Let’s get moving!

Are you thinking about listing your home? Get a head start on your competition! Call, text, or email me for a copy of my Home Seller’s Guide, which offers a complete guide to the home selling process.

Questions? Book a 30-minute seller’s consultation or get in touch the old fashioned way – I don’t bite or pressure, promise! 😆

Trevor Stuart | REMAX River City
📱 780-884-6481
📧 trevor@trevorstuart.com

Sources:

1.      Real Estate Staging Association - https://www.realestatestagingassociation.com/content.aspx?page_id=22&club_id=304550&module_id=164548

2.      Home Staging Resources -
https://www.homestagingresources.com/2018-home-staging-statistics/

3.      National Association of Realtors -
https://www.nar.realtor/sites/default/files/documents/2018-real-estate-in-a-digital-world-12-12-2018.pdf

4.      RIS Media -
https://rismedia.com/2018/12/12/shocking-stats-importance-photography-real-estate/

The Home Buyer's Guide to Getting Mortgage Ready

Don’t wait until you’re ready to move to start preparing financially to buy a home!

If you’re like the vast majority of home buyers, you will choose to finance your purchase with a mortgage loan. By preparing in advance, you can avoid the common delays and roadblocks many buyers face when applying for a mortgage.

Follow these three steps to begin laying the foundation for your future home purchase today!

STEP 1: CHECK YOUR CREDIT SCORE

Your credit score is one of the first things a lender will check to see if you qualify for a loan. It’s a good idea to review your credit report and score yourself before you’re ready to apply for a mortgage. If you have a low score, you will need time to raise it. And sometimes fraudulent activity or erroneous information will appear on your report, which can take months to correct.

There are five factors that impact your credit score: history of payments (35%), debts (30%), credit length (15%), new inquiries (10%), and diversity (10%).1

Credit scores range from 300 to 900. A higher credit score will help you qualify for a lower mortgage interest rate, which will save you money.2

The two major credit bureaus in Canada are Equifax Canada and Transunion Canada. For information on how you can request a free copy of your credit report from each bureau, visit https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/order-credit-report.html. The bureaus may charge you a fee to access your actual credit score.

Minimum Score Requirements

The rules of the Office of the Superintendent of Financial Institutions (OFSI), which oversees the banks, require a minimum credit score of 600 for a mortgage under $1,000,000. However, many lenders prefer to see a score of at least 650.

Generally speaking, banks and other traditional financial institutions have the strictest requirements. If you have a credit score below 600, you may still be able to secure a loan through a credit union or private lender, however you should expect to pay a higher interest rate and additional fees.3

Increase Your Credit Score

There’s no quick fix for a low credit score, but the following steps will help you increase it over time.4

1. Make Payments on Time

At 35 percent, your payment history accounts for the largest portion of your credit score. Therefore, it’s crucial to get caught up on any late payments and make all of your future payments on time.

If you have trouble remembering to pay your bills on time, set up payment reminders through your online banking platform, a free money management tool like Mint, or an app like BillMinder.

2. Avoid Applying for New Credit You Don’t Need

New accounts will lower your average account age, which could negatively impact your length of credit history. Also, each time you apply for credit, it can result in a small decrease in your credit score.

The exception to this rule? If you don’t have any credit cards (or any credit accounts at all) you should open an account to establish a credit history. Just be sure to use it responsibly and pay it off in full each month.

If you need to shop for a new credit account, for example, a car loan, be sure to complete your loan applications within a short period of time. The credit bureaus attempt to distinguish between a search for a single loan and applications to open several new lines of credit by the window of time during which inquiries occur.

3. Pay Down Credit Cards

When you pay off your credit cards and other revolving credit, you lower your amounts owed, or credit utilization ratio (ratio of account balances to credit limits). Some experts recommend starting with your highest-interest debt and paying it off first. Others suggest paying off your lowest balance first and then rolling that payment into your next-lowest balance to create momentum.

Whichever method you choose, the first step is to make a list of all of your credit card balances and then start tackling them one by one. Make the minimum payments on all of your cards except one. Pay as much as possible on that card until it’s paid in full, then cross it off your list and move on to the next card.

4. Avoid Closing Old Accounts

Closing an old account will not remove it from your credit report. In fact, it can hurt your score, as it can raise your credit utilization ratio—since you’ll have less available credit—and decrease your average length of credit history.

Similarly, paying off a collection account will not remove it from your report. It remains on your credit report for seven years, however, the negative impact on your score will decrease over time.

5. Correct Errors on Your Report

Mistakes or fraudulent activity can negatively impact your credit score. That’s why it’s a good idea to check your credit report at least once per year. The Financial Consumer Agency of Canada posts instructions for disputing errors on your report.

While it may seem like a lot of effort to raise your credit score, your hard work will pay off in the long run. Not only will it help you qualify for a mortgage, but a high credit score can also help you secure a lower interest rate on car loans and credit cards, as well. You may even qualify for lower rates on insurance premiums.

STEP 2: SAVE A DOWN PAYMENT AND CLOSING COSTS

The next step in preparing for your home purchase is to save up for a down payment and closing costs.

Down Payment

When you purchase a home, you typically pay for a portion of it in cash (down payment) and take out a loan to cover the remaining balance (mortgage).

The minimum amount you'll need for your down payment depends on the purchase price of the home.

Source: Financial Consumer Agency of Canada

It’s important to note that these are the minimum requirements for securing a mortgage. If you're self-employed or have a low credit score, your down payment requirements may be higher.

Generally speaking, the higher your down payment, the more money you will save on interest and fees. For example, if your down payment falls below 20 percent, you will be required to purchase mortgage loan insurance, which will cost you between 0.6 to 4.5 percent of the overall mortgage amount.5

If you don’t have the minimum requirements for a down payment, the Home Buyers’ Plan (HBP) might be an option for you. It enables you to withdraw up to $25,000 (or $50,000 if you are buying as a couple) from your Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home. You have up to 15 years to repay the amount you withdrew. Click here for more information and to find out if you are eligible to participate.6

Current Homeowners

If you’re a current homeowner, you may have equity in your home that you can use toward your down payment on a new home. We can help you estimate your expected return after you sell your current home and pay back your existing mortgage. Contact us for a free evaluation!

Closing Costs

Closing costs should also be factored into your savings plan. These typically include legal fees and other administrative fees associated with the purchase of your home. Closing costs typically range between 1.5 to four percent of the purchase price.7

If you don’t have the funds to pay these outright at closing, you can often add a portion to your mortgage balance and pay it over time. However, you’ll have a higher monthly payment and pay more over the long term because you’ll pay interest on the fees.

STEP 3: ESTIMATE YOUR HOME PURCHASING POWER

Once you have the required credit score, savings for a down payment and a list of all your outstanding debt obligations via your credit report, you can assess whether you are ready and able to purchase a home.

It’s important to have a sense of how much you can reasonably afford—and how much you’ll be able to borrow—to see if homeownership is within reach.

Your gross debt service ratio (GDS) and total debt service ratio (TDS) are the two primary measurements mortgage companies use to determine how much they are willing to lend you.

Gross Debt Service Ratio

Your GDS ratio is the percentage of your income that would go toward housing each month, including principal, interest, taxes, heat and 50 percent of condo fees (if applicable).

To calculate your GDS ratio, a lender will add up your expected housing expenses and divide it by your gross monthly income (income before taxes). The maximum GDS ratio most conventional lenders will accept is 32 percent.8

Total Debt Service Ratio

The TDS ratio takes into account all of your monthly debt obligations: your expected housing expenses PLUS credit card bills, car payments, child and spousal support, and any other debt that shows up on your credit report.

To calculate your TDS ratio, a lender will tabulate your expected housing expenses and other monthly debt payments and divide it by your gross monthly income (income before taxes). The maximum TDS ratio most conventional lenders will accept is 44 percent.8

“Stress Test” Requirements

Under OSFI’s rules, all mortgages issued by federally regulated lenders are required to undergo a “stress test.” Under this test, applicants must fall below the GDS and TDS ratio maximums at either the Bank of Canada’s five-year benchmark interest rate, or at their qualified contract interest rate plus two percent, whichever is higher.8

The purpose of the stress test is to ensure that home buyers will still be able to afford their mortgages if interests rates rise.

Home Affordability Calculator

To get a sense of how much home you can afford, visit the Canadian Real Estate Association’s Affordability Calculator at https://www.realtor.ca/Residential/calculator.aspx?tab=3.

This handy tool will help you determine how much you can afford to borrow depending on your income, debt, property taxes, condo fees, heating costs and interest rate. It also offers a projection of your monthly mortgage payment. Add the “maximum mortgage” estimate to your down payment amount to find out your total home purchasing power.

When you enter the interest rate, be sure to use either the Bank of Canada’s five-year benchmark rate or two percentage points above your estimated rate (whichever is higher) to ensure you can meet the “stress test” requirements.

If the monthly cost estimate is significantly higher than what you’re currently paying for housing, you need to consider whether or not you can make up the difference each month in your budget.

If not, you may want to lower your target purchase price to reflect a more conservative TDS ratio.

(Note: This tool only provides an estimate of your purchasing power. You will need to secure pre-approval from a mortgage lender to know your true mortgage approval amount and monthly payment projections.)

Can I Afford to Buy My Dream Home?

Once you have a sense of your purchasing power, it’s time to find out which neighbourhoods and types of homes you can afford. The best way to determine this is to contact a licensed real estate agent. We help homeowners like you every day and can send you a comprehensive list of homes within your budget that meet your specific needs.

If there are homes within your price range and target neighbourhoods that meet your criteria, congratulations! It’s time to begin your home search.

If not, you may need to continue saving up for a larger down payment … or adjust your search parameters to find homes that do fit within your budget. We can help you determine the right course for you.

START LAYING YOUR FOUNDATION TODAY

It’s never too early to start preparing financially for a home purchase. These three steps will set you on the path toward homeownership … and a secure financial future!

And if you are ready to buy now but still aren’t sure if you meet the minimum requirements, don’t get discouraged. You may be able to secure a loan through a credit union or a private lender. I’m happy to connect you with an experienced mortgage specialist.

Want to find out if you’re ready to buy a house? Book a 30-minute buyer’s consultation. I’ll help you review your options and determine the ideal time to begin your new home search.

The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

Sources:
1. Loans Canada –
https://loanscanada.ca/credit/what-your-credit-score-range-really-means/
2. Office of Consumer Affairs (OCA) –
https://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02179.html
3. Loans Canada –
https://loanscanada.ca/mortgage/minimum-credit-score-required-mortgage-approval-2018/
4. Office of Consumer Affairs (OCA) –
https://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02178.html
5. Financial Consumer Agency of Canada –
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html
6. Government of Canada –
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html
7. Which Mortgage –
https://www.whichmortgage.ca/article/the-truth-about-closing-costs-118698.aspx
8. Deposit Financing –
http://depositfinancing.ca/mortgage-stress-test-calculator-canada-2018/

3 Tactics to Decide if a Move-Up or Second Home Is Right for You

It’s old news by now, but the pandemic fundamentally changed the way many of us live, work, and attend school, and those changes have changed our priorities when it comes to choosing a home.

According to a survey by The Harris Poll, 75% of respondents who have worked remotely would like to continue doing so. And 66% would consider moving if they no longer had to commute as often. Some of the top reasons were to gain a dedicated office space (31%), a larger home (30%), and more rooms overall (29%).1

A growing number of buyers are choosing homes further from town as they seek out more room and less congestion. In fact, a recent survey found that nearly 40% of urban dwellers had considered leaving the city.

But not everyone is permanently sold on suburban or rural life. Instead, some are choosing to purchase a second home as a co-primary residence or frequent getaway. Without the requirements of a five-day commute, many homeowners feel less tethered to their primary residence and are eager for a change of scenery after spending so much time at home.

If you’re feeling cramped in your current space, you’ve probably considered a move. But what type of home would suit you best: a move-up home or a second home? Let’s explore each option to help you determine which one is right for you.

Why choose a move-up home?

A move-up home is typically a larger or nicer home. It’s a great choice for families or individuals who simply need more space, a better location, or want features their current home doesn’t offer, like an inground pool, a different floor plan, or a dedicated home office.

Most move-up buyers choose to sell their current home and use the proceeds as a downpayment on their next one. If you’re struggling with a lack of functional or outdoor space in your current home, a move-up home can greatly improve your everyday life. And with mortgage rates at their lowest level in history, you may be surprised how much home you can afford to buy without increasing your monthly payment.3,4

One major benefit of choosing a move-up home is that you can typically afford a nicer place if you spend your entire budget on one property. However, if you’re longing for that vacation vibe, a second home may be a better choice for you.

Why choose a second home?

Once reserved for the ultra-wealthy, second homes have become more mainstream. Home sales are surging in many resort and bedroom communities as city dwellers search for a place to escape the crowds and quarantine in comfort.5 And with air travel on hold for many families, some are channeling their vacation budgets into vacation homes that can be utilized throughout the year.

A second home can also be a good option if you’re preparing for retirement. By purchasing your retirement home now, you can lock in a low interest rate, start paying down the mortgage, and begin enjoying the perks of retirement living while you’re still fit and active. Plus, it’s easier to qualify for a mortgage while you’re employed, although you may be charged a slightly higher interest rate than on a primary home loan.6

One advantage of choosing a second home is that you can offset a portion of the costs—and in some cases turn a profit—by renting it out on a platform like Airbnb or Vrbo. However, be sure to consult with a real estate professional or rental management company to get a realistic sense of the property’s true income potential.

Which one is right for me?

You may read this and think: I’d really like both a move-up home AND a second home! But if you’re dealing with a limited budget (aren’t we all?), you’ll probably need to make a choice. These three tactics can help you decide which option is right for you.

#1 Determine Your Time and Financial Budget

You may meet the bank’s qualifications to purchase a home, but do you have the time, energy, and financial resources to maintain it? This is an important question to ask yourself, no matter what type of home you choose.

Most buyers realize that a second home will mean double mortgages, utilities, taxes, and insurance. But consider all the extra time and expense that goes into maintaining two properties. Two lawns to mow. Two houses to clean. Two sets of systems and appliances that can malfunction. Second homes aren’t always a vacation. Make sure you’re prepared for the labor and carrying costs that go into maintaining another residence.

Of course, some move-up homes require more work than a second home. For example, if your move-up option is a major fixer-upper, you’ll probably invest more energy and capital than you would on a small vacation condo by the beach. Have an honest discussion about how much time and money you want to spend on your new property. Would a move-up home or a second home be a better fit given your parameters?

#2 Rank Your Priorities

If you’re still undecided, make a wish list of the characteristics you’d like in your new home. Then rank each item from most to least important. This exercise can help you determine your “must-have” features—and which ones you may need to sacrifice or delay. Here’s a sample to help you get started:

#3 Explore Your Options

Once you’ve determined your parameters and priorities, it’s time to begin your home search! If you’d like a hand, I can set up a personal viewing room for you and send you Edmonton property listings for both move-up homes and second homes within your budget so you can better envision each scenario. Sometimes, viewing homes for sale that meet your criteria can make the decision clear.

If you’re still not sure whether a move-up home or a second home is right for you, I can help:

Book a 30-minute home strategy session or get in touch the old-fashioned way—I don't bite or pressure, promise!

Trevor Stuart | RE/MAX River City (South Edmonton)

780-884-6481 (Call or Text)
trevor@trevorstuart.com

LET’S GET MOVING

Whether you’re ready to make a move or need help weighing your options, we’d love to help. We can determine your current home’s value and show you local properties that fit within your budget. Or, if your heart is set on a second home in another market, we can refer you to an agent in your dream locale. Contact us today to schedule a free, no-obligation consultation!

Top 6 Home Organization Upgrades that “Spark Joy” for Buyers

Thanks in part to Marie Kondo and her hit Netflix series “Tidying Up,” home organization is a hot topic. Marie encourages her viewers to minimize their possessions and keep only those items that “spark joy.”

With spring in full bloom, now is the perfect time to do some spring cleaning and add organizational systems to your own home. Not only will you clear out clutter, but your efforts can also actually increase the value of your home.

Ready to give it a try? Here are six home organization ideas that will “spark joy” for you and your property value.

Boost Bathroom Storage Capacity

When was the last time you cleaned out your bathroom cupboards? If it’s been a while, remove everything and look at each item. Toss any old or expired products and keep only what you actually use.

If your vanity has drawers, add drawer organizers, so you have dedicated space for smaller items, like makeup and jewelry. For deep cabinets, install roll-out shelves or baskets to maximize the use of space.

And don’t forget about the walls! Mount open shelves to store towels. If you’re short on storage space, a cabinet over the toilet can offer additional room for supplies. These inexpensive additions can make your morning routine a little easier while giving your bathroom a more custom feel. And on average, minor bathroom remodeling projects like these see a 102% return at resale.1

Upgrade Your Laundry Room

Sort through the items in your laundry room and throw away or donate anything you no longer need or use. If you’ve been holding onto a collection of old washcloths and single socks, it’s time to say goodbye. Then give your laundry room an upgrade with some customized organizational features.

A mix of open cubbies and cabinets with doors will give you plenty of options for storing detergents and supplies. If you have space, a divided hamper or set of laundry baskets can provide a place to sort your clothes before washing. Install a hanging rod or drying rack for delicates and a flat work surface for ironing and folding clothes. With a few simple tweaks, you can turn this chore into a score!

Fully Utilize Your Basement or Attic

Basements and attics can easily become a dumping ground for clutter. If that’s the case in your home, you know what to do!

Once you’ve conducted a thorough clean-out, think about how you can use the space better to meet your family’s needs. Install cabinets and a table so you can use the area as a craft room. Or you could turn it into a game room with a media center and ping-pong table. Investing in your basement will not only add function for your family, but also the average basement remodel can see up to a 70% return on investment when it’s time to sell.2

If you have an attic, consider adding a cedar closet to store your off-season clothing. The cedar lining will keep your clothes free from moths and smelling fresh year-round.3 Turning your attic into a more usable space will pay off down the road, too. A finished attic sees an estimated 60% return on investment.2

Customize Your Closets

Cleaning out the closet is a chore most of us dread, but by now, you’re a pro! Get rid the clothes and shoes that don’t fit you, are uncomfortable to wear, or that no longer “spark joy.”

Then it’s organizing time. So where do you start? You’ll want to create a designated space for each type of clothing: high hanging rods for dresses and long jackets, lower rods for skirts and shirts, and shelves for folded items like jeans. And accessories need a place to go, too. Add racks for your shoes, drawers for jewelry, hooks for hats, and shelves or racks for handbags.

A well-equipped closet can be a major draw for buyers—the average return on a closet remodel is 57%.4 But more importantly, it’ll improve your day-to-day life. Surveyed homeowners gave their closet remodel a “Joy Score” of 10 out of 10, higher than kitchen or bath upgrades.5

Install Built-in Bookcases and Cabinets

Built-in furniture adds functionality and storage to a room while giving your home a high-end look. Built-in bookcases can turn an empty room into an office. Custom cabinets can be used in a living room to display media equipment while providing hidden storage for DVDs, board games, and family albums.

When designing any built-in feature, remember not to go too custom. A design that only fits your tastes or belongings could turn off future buyers. Instead, select standard sizes and classic finishes to appeal to a broad range of buyers when it comes time to sell.

Equip Your Garage

If you can no longer fit your car in your garage, it may be time for a clean-out. Like an attic or basement, the garage can quickly become overrun with clutter. A thorough cleaning will help you assess which items are worth keeping.

When adding organizational systems your garage, start with a small rack to store yard tools and larger racks for bikes and sports equipment. Overhead racks are a great place to put seasonal items and bulky luggage. A workbench against a wall lined with pegboards and hooks creates a dedicated space to use and store tools. If you have children or pets, add a cabinet with a lock. This will give you a place to securely store harsh chemicals and sharp tools. With a little effort, you’ll be pulling in your car (and buyers) in no time!

Spring into action

If you’re searching for service providers to help with your spring cleaning or home organization efforts, let me know! I can connect you with my trusted network of local home improvement professionals.

I can also help you determine which organizational upgrades will add the most value to your home: Contact Me or get in touch the old-fashioned way—I don't bite or pressure, promise!

Trevor Stuart | RE/MAX River City (South Edmonton)
780-884-6481(Call or Text)
trevor@trevorstuart.com

Sources:

1. HGTV -
https://www.hgtv.com/design/real-estate/top-home-updates-that-pay-off-pictures
2. Nationwide -
https://blog.nationwide.com/valuable-home-improvements/
3. HGTV -
https://www.hgtv.com/remodel/interior-remodel/maximum-home-value-storage-projects--attic
4. The Closet Doctor - https://www.closet-doctor.com/news/what-is-the-return-on-investment-on-closet-organizers
5. NAR Remodeling Impact Survey -
https://www.nar.realtor/sites/default/files/documents/2017-remodeling-impact-09-28-2017.pdf

An All-Season Guide to Maintaining Your Home

From summer vacations to winter holidays, it seems each season offers the perfect excuse to put off our to-do list. But be careful, homeowners: neglecting your home’s maintenance could put your personal safety—and one of your largest financial investments—at serious risk.

In no time at all, small problems can lead to extensive and expensive repairs. And even if you avoid a catastrophe, those minor issues can still have a big impact. Properties that are not well maintained can lose 10 percent (or more) of their appraised value.1

The good news is, by dedicating a few hours each season to properly maintaining your home, you can ensure a safe living environment for you and your family ... and actually increase the value of your home by one percent annually!1 You just need to know where and how to spend your time.

Use the following checklist as a guide to maintaining your home and lawn throughout the year. It's applicable for all climates, so please share it with friends and family members who you think could benefit, no matter where their home is located.

Spring

After a long, cold winter, many of us look forward to a fresh start in the spring. Wash away the winter grime, open the windows, and prepare your home for warmer weather and backyard barbecues.

Inside

• Conduct Annual Spring Cleaning
  Be sure to tackle those areas that may have gone neglected—such as your blinds, baseboards and fan blades—as well as appliances, including your refrigerator, dishwasher, oven and range hood. Clear out clutter and clothes you no longer wear, and toss old and expired food and medications.

• Shut Down Heating System
  Depending on the type of heating system you have, you may need to shut your system down when not in use. Check the manufacturer’s instructions for proper procedures.

• Tune Up A/C
  If your home has central air conditioning, schedule an annual tune-up with your HVAC technician. If you have a portable or window unit, be sure to follow the manufacturer's instructions for proper maintenance.2

• Check Plumbing
  It’s a good idea to periodically check your plumbing to spot any leaks or maintenance issues. Look for evidence of leaks—such as water stains on the ceiling—and check for dripping faucets or running toilets that need to be addressed. Inspect your hot water heater for sediment build up. Check your sump pump (if you have one) to ensure it’s working properly.3

• Inspect Smoke Alarm and Carbon Monoxide Detectors
  Check that your smoke and carbon monoxide detectors are functioning properly. Batteries should be replaced every six months, so change them now and again in the fall. Follow the manufacturer’s instructions to test your individual devices. And even properly functioning devices should be replaced at least every 10 years, or per the manufacturer’s recommendation.4

Outside

• Inspect Perimeter of Home
  Walk around your house and look for any signs of damage or wear and tear that should be addressed. Are there cracks in the foundation? Peeling paint? Loose or missing roof shingles? Make a plan to make needed repairs yourself or hire a contractor.

• Clean Home’s Exterior
  Wash windows and clean and replace screens if they were removed during the winter months. For the home’s facade, it’s generally advisable to use the gentlest method that is effective. A simple garden hose will work in most cases.5

• Clean Gutters and Downspouts
  Gutters and downspouts should be cleaned at least twice a year. Neglected gutters can cause water damage to a home, so make sure yours are clean and free of debris. If your gutters have screens, you may be able to decrease the frequency of cleanings, but they should still be checked periodically.6

• Rake Leaves
  Gently rake your lawn to remove leaves and debris. Too many leaves can cause an excessive layer of thatch, which can damage the roots of your lawn. They can also harbor disease-causing organisms and insects.7 However, take care because overly vigorous raking can damage new grass shoots.

• Seed or Sod Lawn
  If you have bare spots, spring is a good time to seed or lay new sod so you can enjoy a beautiful lawn throughout the remainder of the year. The peak summer heat can be too harsh for a new lawn. If you miss this window, early fall is another good time to plant.8

• Apply a Pre-Emergent Herbicide
  While a healthy lawn is the best deterrent for weeds, some homeowners choose to use a pre-emergent herbicide in the spring to minimize weeds. When applied at the right time, it can be effective in preventing weeds from germinating. However, a pre-emergent herbicide will also prevent grass seeds from germinating, so only use it if you don’t plan to seed or sod in the spring.

• Plant Flowers
  After a long winter, planting annuals and spring perennials is a great way to brighten up your garden. It’s also a good time to prune existing flowers and shrubs and remove and compost any dead plants.

• Mulch Beds
  A layer of fresh mulch helps to suppress weeds, retain moisture and moderate soil temperature. However, be sure to strip away old mulch at least every three years to prevent excessive buildup.9

• Fertilize Lawn
  Depending on your grass type, an application of fertilizer in the spring may help promote new leaf and root growth, keep your lawn healthy, and reduce weeds.10

• Tune Up Lawn Mower
  Send your lawn mower out for a professional tune-up and to have the blades sharpened before the mowing season starts.11

• Inspect Sprinkler System
  If you have a sprinkler system, check that it’s working properly and make repairs as needed.

• Check the Deck
  If you have a deck or patio, inspect it for signs of damage or deterioration that may have occurred over the winter. Then clean it thoroughly and apply a fresh coat of stain if needed.

• Prepare Pool
  If you own a pool, warmer weather signals the start of pool season. Be sure to follow best practices for your particular pool to ensure proper maintenance and safety.

Summer

Summer is generally the time to relax and enjoy your home, but a little time devoted to maintenance will help ensure it looks great and runs efficiently throughout the season.

Inside

• Adjust Ceiling Fans
  Make sure they are set to run counter-clockwise in the summer to push air down and create a cooling breeze. Utilizing fans instead of your air conditioner, when possible, will help minimize your utility bills.

• Clean A/C Filters
  Be sure to clean or replace your filters monthly, particularly if you’re running your air conditioner often.

• Clear Dryer Vent
  Help cut down on summer utility bills by cleaning your laundry dryer vent at least once a year. Not only will it help cut down on drying times, a neglected dryer poses a serious fire hazard.

• Check Weather Stripping
  If you’re running your air conditioner in the summer, you’ll want to keep the cold air inside and hot air outside. Check weather stripping around doors and windows to ensure a good seal.

Outside

• Mow Lawn Regularly
  Your lawn will probably need regular mowing in the summer. Adjust your mower height to the highest setting, as taller grass helps shade the soil to prevent drought and weeds.

• Water Early in the Morning
  Ensure your lawn and garden get plenty of water during the hot summer months. Experts generally recommend watering in the early morning to minimize evaporation, but be mindful of any watering restrictions in your area, which may limit the time and/or days you are allowed to water.

• Weed Weekly
  To prevent weeds from taking over your garden and ruining your home’s valuable curb appeal, make a habit of pulling weeds at least once per week.

• Exterminate Pests
  Remove any standing water and piles of leaves and debris. Inspect your lawn and perimeter of your home for signs of an invasion. If necessary, call a professional exterminator for assistance.

Fall

Fall ushers in another busy season of home maintenance as you prepare your home for the winter weather ahead.

Inside

• Have Heater Serviced
  To ensure safety and efficiency, it’s a good idea to have your heating system serviced and inspected before you run it for the first time.

• Shut Down A/C for the Winter
  If you have central air conditioning, you can have it serviced at the same time as your furnace. If you have a portable or window unit, ensure it’s properly sealed or remove it and store it for the winter.

• Inspect Chimney
  Fire safety experts recommend that you have your chimney inspected annually and cleaned periodically. Complete this task before you start using your fireplace or furnace.

• Seal Windows and Doors
  Check windows and doors for drafts and caulk or add weatherstripping where necessary.

• Check Smoke Alarm and Carbon Monoxide Detectors
  If you checked your smoke and carbon monoxide detectors in the spring, they are due for another inspection. Batteries should be replaced every six months, so it’s time to replace them again. Follow the manufacturer’s instructions to test your individual devices. And even properly functioning devices should be replaced at least every 10 years, or per the manufacturer’s recommendation.3
  

Outside

• Plant Fall Flowers, Grass and Shrubs
  Fall is a great time to plant perennials, trees, shrubs, cool-season vegetables and bulbs that will bloom in the spring.12 It’s also a good time to reseed or sod your lawn.

• Rake or Mow Leaves
  Once the leaves start falling, it’s time to pull out your rake. A thick layer of leaves left on your grass can lead to an unhealthy lawn. Or, rather than raking, use a mulching mower to create a natural fertilizer for your lawn.

• Apply Fall Fertilizer
  If you choose not to use a mulching mower, a fall fertilizer is usually recommended. For best results, aerate your lawn before applying the fertilizer.13

• Inspect Gutters and Roof
  Inspect your gutters and downspouts and make needed repairs. Check the roof for any broken or loose tiles. Remove fallen leaves and debris.

• Shut Down Sprinkler System
  If you have a sprinkler system, drain any remaining water and shut it down to prevent damage from freezing temperatures over the winter.

• Close Pool
  If you have a pool, it’s time to clean and close it up before the winter.

Winter

While it can be tempting to ignore home maintenance issues in the winter, snow and freezing temperatures can do major damage if left untreated. Follow these steps to ensure your house survives the winter months.

Inside

• Maintain Heating System
  Check and change filters on your heating system, per the manufacturer's instructions. If you have a boiler, monitor the water level.

• Tune Up Generator
  If you own a portable generator, follow the manufacturer’s instructions for proper maintenance. Make sure it’s working before you need it, and stock up on supplies like fuel, oil and filters.

• Prevent Frozen Pipes
  Make sure pipes are well insulated, and keep your heat set to a minimum of 55 degrees when you’re away. If pipes are prone to freezing, leave faucets dripping slightly overnight or when away from home. You may also want to open cabinet doors beneath sinks to let in heat.

Outside

• Drain and Shut Off Outdoor Faucets
  Before the first freeze, drain and shut off outdoor faucets. Place an insulated cover over exposed faucets, and store hoses for the winter.

• Remove Window Screens
  Removing screens from your windows allows more light in to brighten and warm your home during the dark, cold winter months. Snow can also get trapped between screens and windows, causing damage to window frames and sills.

• Service Snowblower
  Don’t wait until the first snowstorm of the season to make sure your snowblower is in good working order. Check the manufacturer’s instructions for maintenance or have it serviced by a professional.

• Stock Up on Ice Melt
  Keep plenty of ice melt, or rock salt, on hand in preparation for winter weather. Look for brands that will keep kids and pets safe without doing damage to your walkway or yard.

• Watch Out for Ice Dams
  Ice dams are thick ridges of solid ice that can build up along the eaves of your house. They can do major damage to gutters, shingles and siding. Heated cables installed prior to the first winter storm can help.14

• Check for Snow Buildup on Trees
  Snow can cause tree limbs to break, which can be especially dangerous if they are near your home. Use a broom to periodically remove excess snow.15

While this checklist should not be considered a complete list of your home’s maintenance needs, it can serve as a general seasonal guide. Systems, structures and fixtures will need to be repaired and replaced from time-to-time, as well. The good news is, the investment you make in maintaining your home now will pay off dividends over time.

Keep a record of all your maintenance, repairs and upgrades for future reference, along with receipts. Not only will it help jog your memory, it can make a big impact on buyers when it comes time to sell your home … and potentially result in a higher selling price.

Need to hire a pro?

I have an extensive network of trusted contractors and service providers and I’m happy to provide referrals! Get in touch and I’ll connect you with one of my preferred vendors.

Contact Me or get in touch the old-fashioned way—I don't bite or pressure, promise!

Trevor Stuart | RE/MAX River City (South Edmonton)

780-884-6481(Call or Text)

trevor@trevorstuart.com

Sources:
1. HouseLogic.com –
https://www.houselogic.com/organize-maintain/home-maintenance-tips/value-home-maintenance/
2. Home Advisor –
https://www.homeadvisor.com/r/servicing-your-air-conditioner/
3. Keyes & Sons Plumbing and Heating –
http://keyes-plumbing.com/things-to-check-in-spring/
4. Allstate Insurance Blog –
https://blog.allstate.com/test-smoke-detectors/
5. Houzz –
https://www.houzz.com/ideabooks/17268616/list/how-to-wash-your-house
6. Angie’s List –
https://www.angieslist.com/articles/why-gutter-cleaning-so-important.htm
7. Angie’s List –
https://www.angieslist.com/articles/what-thatch-and-how-does-it-impact-my-lawn.htm
8. HGTV –
http://www.hgtv.com/design/outdoor-design/landscaping-and-hardscaping/lawns/top-spring-lawn-care-tips-pictures
9. This Old House –
https://www.thisoldhouse.com/more/may-mulching
10. Lowes –
https://www.lowes.com/projects/lawn-and-garden/fertilize-your-lawn/project
11. The New York Times –
https://www.nytimes.com/guides/realestate/home-maintenance-checklist
12. Better Homes and Gardens Magazine –
https://www.bhg.com/gardening/yard/garden-care/what-to-plant-in-the-fall/
13. The Spruce –
https://www.thespruce.com/late-fall-fertilizing-2152976
14. This Old House –
https://www.thisoldhouse.com/how-to/how-to-get-rid-ice-dams
15. Houzz –
https://www.houzz.com/ideabooks/55572864/list/your-winter-home-maintenance-checklist

These days, it seems like everyone’s looking for ways to cut costs and stretch their income further. Fortunately, there are some simple steps you can take to reduce your household expenses without making radical changes to your standard of living. When combined, these small adjustments can add up to significant savings each month.

Without further ado, here are … 

20 things you can start doing today to lower your bills, secure better deals, and begin working toward your financial goals.

Fixed House & Tech Expenses

1. Evaluate a Mortgage Refinance – With the Bank of Canada holding its policy rate steady at 2.25%, prime lending rates have leveled out significantly compared to recent years. If you locked into a fixed rate during the peak market or are looking to consolidate higher-interest debt, refinancing could trim your monthly payments. Speak with a broker to weigh the potential penalty fees against your long-term savings.

2. Evaluate Your Insurance Policies - If it’s been a while since you priced home or auto insurance, it may be worthwhile to do some comparison shopping. Get quotes from at least three insurers or independent agents. Try bundling your policies to see if there’s a discount. And inquire about raising your deductible, which should lower your premium.1

3. Bundle Cable, Phone, and Internet - You can also save money by bundling your cable, phone, and internet services together. Shop around to see who is willing to give you the best deal. If switching is too much of a hassle, ask your current provider to match or beat their competitor’s offer.

4. Better Yet, Cut the Cord on Cable - In many cases, you can save even more if you cancel your cable subscription altogether. An antenna should give you access to the major stations, and many of your favorite shows are probably available on-demand through a less expensive streaming service subscription.

5. Revisit Your Wireless Plan - You can often save by switching from a big brand to an independent, low-cost carrier. If that’s not feasible, ask your current provider for a better deal or consider downgrading to a cheaper plan.

Utilities & Home Protection

6. Adjust Your Thermostat - Turning your thermostat up or down a few degrees can have a noticeable impact on your monthly heating and cooling costs. To maximize efficiency, change your filters regularly, and make sure your windows and doors are well insulated.

7. Use Less Hot Water - After heating and cooling, hot water accounts for the second largest energy expense in most homes.2 To cut back, repair any leaks or dripping faucets, install low-flow fixtures, only run your dishwasher when full, and wash clothes in cold water when possible.

8. Lower Overall Water Consumption - To decrease your water usage, take shorter showers, and turn off the sink while you brush your teeth and wash your hands. If you don’t have a low-flow toilet, retrofit your current one with a toilet tank bank or fill cycle diverter.And irrigate your lawn in the morning or evening to minimize evaporation.3

9. Conserve Electricity - Save electricity by shutting off your computer at night and installing energy-efficient LED light bulbs. You can minimize standby or “vampire” power drain by utilizing power strips and unplugging idle appliances.4

10. Purchase a Home Warranty - While there is an upfront cost, a home warranty can provide some protection and peace of mind when it comes to unexpected home repair costs. Most plans provide coverage for major systems (like electrical, plumbing, and HVAC) and appliances (such as your dishwasher, stove, or refrigerator).

Lifestyle & Daily Habits

11. Outsource Less - From lawn care to grocery shopping to minor home repairs, we pay people to do a lot of things our parents and grandparents did themselves. To save money, try cutting back on the frequency of these services or taking some of them on yourself.

12. Prepare Your Own Meals - It costs nearly five times more to have a meal delivered than it does to cook it at home.5 And home cooking doesn’t just save money; it’s healthier, cuts down on calorie consumption, and can offer a fun activity for families to do together.

13. Plan Your Menu in Advance - Meal planning is deciding before you shop what you and your family will eat for breakfast, lunch, and dinner. It can help you lower your overall food bill, eliminate waste, and minimize impulse purchases. When possible, buy produce that is in season, and utilize nutrient-rich but inexpensive protein sources like eggs, beans, ground turkey, and canned tuna.

14. Plant a Garden - You can save even more on produce by growing it yourself. If you have space in your yard, start-up costs are relatively minimal. Gardening can be a rewarding and enjoyable (not to mention delicious) hobby for the whole family. And it could save you around $600 per year at the grocery store!6

15. Review Memberships and Subscriptions - Are you paying for services and subscriptions you no longer need, want, or can utilize? Determine if there are any that you should suspend or cancel.

16. Give Homemade Gifts - Who wouldn’t appreciate a scratch birthday cake or tin of cookies? And if you enjoy crafting, Pinterest and Instagram are full of inspiring ideas. Show your recipient how much you care with a homemade gift from the heart.

Debt Management & Strategy

17. Minimize Your Debt Payments - The best way to reduce a debt payment is to pay down the balance. But if that’s not an option right now, try to negotiate a better interest rate. If you have a good credit score, you may be able to qualify for a balance transfer to a 0% or low-interest rate credit card. Keep in mind, the rate may expire after a certain period—so be sure to read the fine print.

18. Get a Cash-back Credit Card - If you regularly pay your credit card balance in full, a cash-back credit card can be a good way to earn a little money back each month. However, they often come with high-interest rates and fees if you carry a balance. Commit to only using it for purchases you can afford.

19. Ask for Deals and Discounts - It may feel awkward at first, but becoming a master haggler can save you a lot of money. Many companies are willing to negotiate under the right circumstances. Always inquire about special promotions or incentives. See if they are able to price match (or beat) their competitors. And if an item is slightly defective or nearing its expiration date, ask for a discount.

20. Track Your Household Budget - One of the most effective ways to reduce household expenses is to set a budget—and stick to it. A budget can help you see where your money is going and identify areas where you can cut back. By setting reasonable limits, you’ll be able to reach your financial goals faster.

Track Your Progress

Want a hand getting a clear snapshot of your monthly cash flow? Use the breakdown below to track your income and expenses.

Need a clean, printable copy?Click here to drop me a quick line and I’ll email you a downloadable, interactive version of this worksheet straight to your inbox!

✨ Let's Build a Custom Strategy

Financial health isn't just about cutting back on groceries—it’s the foundation for your next big lifestyle milestone.

Whether your goal is to optimize your current equity through a strategic refinance, trim utility overhead with trusted vendor updates, or map out an aggressive savings plan for a down payment on a new property, navigating the path forward is much easier with a local professional in your corner – I’m happy to connect you with my network!

And if the math shows that selling or upgrading your South Edmonton property is your best financial move this year, let's grab a coffee and look at the numbers together! ☕

Book a 30-minute home strategy session or get in touch the old-fashioned way—I don't bite or pressure, promise!

Trevor Stuart | RE/MAX River City (South Edmonton)

780-884-6481 (Call or Text)
trevor@trevorstuart.com

The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

Sources:

1. Insurance Information Institute -
https://www.iii.org/article/twelve-ways-to-lower-your-homeowners-insurance-costs
2. Department of Energy -
https://www.energy.gov/energysaver/water-heating/reduce-hot-water-use-energy-savings
3. Money Crashers -
https://www.moneycrashers.com/ways-conserve-water/
4. Harvard University -
https://green.harvard.edu/tools-resources/poster/top-5-steps-reduce-your-energy-consumption
5. Forbes -
https://www.forbes.com/sites/priceonomics/2018/07/10/heres-how-much-money-do-you-save-by-cooking-at-home/#2c53b2f35e54
6. Money -
https://money.com/gardening-grocery-savings/

Are You Covered? A Homeowner’s Insurance Guide

No one likes to think about disasters. Severe weather, fire, theft (or even a seemingly small issue like a broken pipe) can wreak havoc on your home and result in thousands of dollars in damages. Fortunately, a good homeowners insurance policy can offer you peace of mind that you and your family will be financially protected if disaster strikes.

A homeowners insurance policy covers your home AND the belongings in it in case of theft, accidental damage, or certain natural disasters. In fact, most financial institutions require that you purchase homeowners’ insurance before they issue a mortgage. While coverage varies, most policies also help to protect you from liability should someone outside your household become injured on your property. And that liability coverage is often extended to include damage you (or anyone living in your household) may do to someone else’s property.1

With all the protection offered, it’s equally important to understand what a home insurance policy does NOT cover. For example, homeowner's insurance won’t pay to repair malfunctioning systems and appliances within your home. And terms vary, but standard policies typically exclude coverage related to floods, earthquakes, slow leaks, power failure, neglect, aging, faulty repairs or construction materials, and acts of war.2

Narrowing the Coverage Gap

So how do you minimize your risk when so many potential issues are excluded from a standard homeowners policy? Many insurers offer supplemental coverage options that can be tacked on to a basic policy. We explore this further in the section below on “7 Tips for Purchasing Homeowners Insurance.”

Some homeowners also choose to purchase a home warranty, which covers many of the systems and appliances in your home that are NOT covered by homeowners insurance. Home warranties are separate from homeowners insurance, so if interested you’ll need to seek out a policy through a dedicated provider.

While terms vary, a home warranty will often pay to repair or replace components of your HVAC, electrical, plumbing, and some appliances that fail due to age or typical wear and tear. Unlike homeowners insurance, home warranties aren’t required by mortgage companies. But many homeowners like the added financial protection and peace of mind that home warranties provide.3

Keep in mind, if you do purchase a home warranty, you will still be responsible for paying a service fee, or deductible, every time you use it. And you will be limited to using service providers who are contracted through your home warranty company.

7 Tips for Purchasing Homeowners Insurance

Whether you’re shopping for a new policy on your first home or you’re considering switching providers on an existing policy, it’s important to do your research beforehand. Not all insurance policies—or providers—are created equal. A little due diligence can save you time, money, and hassle in the long run.

1. Prioritize Service and Value

When choosing an insurance provider, ask around for recommendations. Check with neighbors, friends, and family members, particularly those who have filed an insurance claim in the past. Find out if they had a positive or negative experience. Read online reviews. Ask your real estate agent for a referral to a reputable insurance broker who can help you compare your options.

Don’t just choose the cheapest policy. Instead, search for one that offers excellent client service and provides the best coverage for the cost.

2. Choose the Right Level of Coverage

Your policy limits should be high enough to cover the cost of rebuilding your home. Don’t make the common mistake of insuring your home for the price you paid for it. The cost to rebuild could be higher or lower, depending on the value of your land, your home’s unique features, market factors, new building codes, and local construction costs.4

Also, consider whether you need a higher level of liability insurance to protect your assets. If your investments and savings exceed the liability limits in your policy, you may need to purchase an excess liability or umbrella policy.

Ultimately, you should make sure your coverage is adequate to mitigate your losses—but don’t pay for excess insurance you don’t need.

3. Inquire About Additional Coverage

Ask your insurance agent about additional coverage options that can help close any gaps you have in your policy.

For example, if you’re in a flood or earthquake-prone area, experts strongly recommend that you add those coverages to your policy. In fact, flooding is the most frequently occurring natural hazard, and a significant percentage of insurance payouts are for homes outside “flood zones,” or areas known to be at risk of flooding. So even if your home is not technically located in a flood zone, you may want to add flood coverage to your policy, just in case.5

Expensive jewelry, furs, collectibles, or artwork may not be fully insured by a standard policy. Ask about raising your limits for any items of particular value, or check with a specialty insurer about a separate policy for such items.

4. Decide on “Replacement Cost” or “Actual Cash Value”

Insurers can use a variety of methods to determine how much they will pay to reimburse you for a loss, but the two most common are “replacement cost” or “actual cash value.”

If your seven-year-old sofa is damaged in a fire, replacement cost coverage will pay you the cost to purchase a new, comparable sofa at today’s prices. Actual cash value coverage will pay you for the depreciated value of the sofa you lost—so what you would pay to buy a seven-year-old sofa rather than a new one.6

While a replacement cost coverage policy will result in a bigger payoff if you suffer a loss, it will probably require a larger annual premium. Compare both options to find out which is the better fit for you.

5. Consider a Higher Deductible

A deductible is the amount of money you are responsible for paying on a loss before your insurance company will pay a claim. Opting for a higher deductible can reduce your premiums.

Note that in some cases, your insurance policy may have a separate or higher deductible for certain kinds of claims, such as those caused by floods, windstorms, hail, or earthquakes.

While a higher deductible can save you money on your premiums, opt for one that is still affordable given your current financial situation.

6. Try Bundling Your Coverage

Combining your home, automobile, and other policies under one insurer can often result in a significant discount. And some insurers offer additional benefits, such as a single deductible if property insured by multiple policies is damaged. For instance, if a fire destroys your home and your car, you may only have to pay the higher of the two deductibles. Bundling can also make payment and renewal of your policies more convenient.7

However, bundling isn't always the best or least expensive option. In some cases, you may find better coverage options, service, and/or pricing if you split your policies between multiple insurers. So be sure to consider all of your options before making a final decision.

7. Reassess Your Policy Each Year

Even if you’ve done all your due diligence before purchasing a homeowners insurance policy, don’t set your annual renewal on autopilot. Instead, when it comes time to renew, take some time to consider factors that have changed over the past year.

For example, have you made any home improvements that would require you to raise your coverage limits? Have you made any security or safety improvements that qualify you for a discount on your premiums?8

Has there been a shift in market conditions that would make it more or less expensive to rebuild your home now? If so, you may need to adjust your coverage levels accordingly.

If you’ve made any changes to how you use your home, you may need to adjust your policy, as well. For example, if you’ve started a home-based business or occasionally rent out your home on a home-sharing site, you may not be fully covered by your existing policy.9

Finally, consider any changes to your financial situation that may require increased liability coverage limits. If you’ve grown your investments or inherited property, it may be time to purchase additional coverage to protect your expanding asset base.

Minimize Risk, Maximize Value

Now that you understand the basics of homeowners insurance, you should be ready to start shopping for a policy that best fits your needs and budget. Your goal should be to minimize your risk while maximizing the value your policy provides.

While you never want to leave yourself without a safety net should disaster strike, you also don’t want to overpay for insurance you don’t need (and will hopefully rarely use). Aim to strike a balance that will provide you with adequate protection at an affordable price.

Need more guidance? I can help.

If you’re in the market to purchase homeowners insurance or a home warranty, let me know! I can also put you in touch with an insurance professional from my network who can answer your questions and help you find the best policy to meet your needs.

Contact Me or get in touch the old-fashioned way—I don't bite or pressure, promise!

Trevor Stuart | RE/MAX River City (South Edmonton)

780-884-6481(Call or Text)

trevor@trevorstuart.com

The above references an opinion and is for informational purposes only. It is not intended to be financial or insurance advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

Insurance Information Institute -
https://www.iii.org/article/what-covered-standard-homeowners-policy

Insure.com -
https://www.insure.com/home-insurance/exclusions.html

American Home Shield -
https://www.ahs.com/home-matters/cost-savers/whats-the-difference-homeowners-insurance-vs-home-warranty

Insurance Information Institute -
https://www.iii.org/article/how-much-homeowners-insurance-do-you-need

Realtor.com -
https://www.realtor.com/advice/buy/buying-home-insurance

Texas Department of Insurance -
http://www.helpinsure.com/home/documents/acvvsreplace.pdf

Insure.com -
https://www.insure.com/home-insurance-faq/bundle-insurance-policies.html

National Association of Insurance Commissioners -
https://www.insureuonline.org/consumer_homeowners_ten_tips.htm

HomeAway -
https://help.homeaway.com/articles/Do-I-need-a-special-vacation-rental-insurance-policy-for-my-property

What’s Your Home Actually Worth? Discover What Buyers Will Pay in Today’s Market

It’s easy to look up how much money you have in your savings account or the real-time value of your stock investments. But determining the value of a home is trickier.

As a seller, knowing your home’s worth helps you price it correctly when you put it up for sale. If you price it too high, it may sit on the market. But price it too low and you may be losing out on a good chunk of money (nobody wants that!). For buyers, it’s important to know a home’s worth before you make an offer. You want your offer to be competitive, but you don’t want to overpay for the property.

Even if you’re not a buyer or seller right now, as a current homeowner you might just be curious about the value of your home. Keeping track of your home’s worth year over year helps you understand the trends in your market. So when you are ready to sell, you can take advantage of a good window of opportunity.

The good news is, a trained real estate agent—who understands the nuances of your particular neighborhood—can determine the true market value of your property … and at no cost to you!

The Three Types of Home Values

When you start the process of buying or selling a home, you’ll frequently hear the words appraised value, assessed value, and true market value. It’s important to know the difference between each one so you can make better, informed decisions.

Appraised Value

A professional appraiser is in charge of determining the appraised value of a home. These appraisals are typically required by a lender when a buyer is financing the property. And while the lender is the one requiring this information, the appraiser does not work for the lender.1 Your appraiser should be an objective, licensed professional who doesn’t have allegiance to the buyer, seller, or lender—no matter who is paying their fee.

The number the appraiser comes up with (the appraised value) assures the lender that the buyer is not overpaying for the property. For example, imagine a seller lists a home for $400,000. They reach a deal with the buyer to sell the home for $375,000. However, if an appraiser evaluates the property and determines that the appraised value is actually $325,000, then the lender will not lend for an amount higher than that appraised value of $325,000.2

When figuring out this number, an appraiser will compare the property to similar homes in your neighborhood, and they’ll evaluate factors such as location, square footage, appliances, upgrades, improvements, and the interior and exterior of the home.

Assessed Value

The assessed value of a home is determined by your local municipal property assessor. This value matters when your county calculates property taxes each year. The lower your assessed value, the less property tax you’ll pay.3

To come up with this value, your assessor will evaluate what comparable homes in the neighborhood have sold for, the size of your home, age, overall condition, and any improvements or upgrades that have been made. However, most assessors don’t have full access to your home, so their information is limited.

Assessments are done annually to determine how much property tax you owe. Many counties use a multiplier (typically between 60%-80%) to calculate the final assessed value. So, if the assessor determines that the value of the home is $300,000, but the county uses a 70% multiplier, the assessed value of the home would be $210,000 for tax purposes.4

If your assessed value isn’t as high as you envisioned, don’t sweat it. Many homeowners appeal their assessment in favor of a lower valuation so that they can save money on property taxes. If you’re interested in appealing your property tax assessment, let us know. We offer complimentary assistance and would be happy to help you build your case.

True Market Value

True market value is established by your real estate agent. It basically refers to the value that a buyer is willing to pay for the property. A good real estate agent is an expert in determining true market value because they have hands-on experience buying and selling properties. They understand the mindsets of buyers in your market and know what they’ll pay for a desirable house, townhouse, or condo.

As a seller, knowing your true market value is important because it helps you choose how much to list your property for. It can also help you decide if you want to make any improvements to your home before putting it on the market. Your agent can help you figure out which updates and upgrades will have the biggest impact on your true market value.

What’s The Deal with Online Calculators?

When figuring out your home’s value, you might have heard about popular real estate sites like Zillow, Redfin, and Trulia have to say. When you use an online calculator to determine your home’s value on these sites, it is just an estimate. It’s not an actual appraisal or the “true market value.” These sites all have their own algorithms for coming up with their estimates. For example, Zillow comes up with their “Zestimates” by calculating “public and user-submitted data, taking into account special features, location, and market conditions.” 5

These online estimates can be a great starting point for opening up the conversation with your real estate agent about your home’s worth. But even Zillow recommends that you use a real estate agent for coming up with the actual market value of your home. The site says that once you get your “Zestimate,” you should still get “a comparative market analysis from a real estate agent.”

Having an agent involved in this process is essential because they understand the market better than a computer ever could. They’re showing property in your city every single day, and they know the particular preferences of buyers and sellers in the area. Young professionals, large families, empty nesters, and other groups are all looking for different things in a home. A local agent has most likely worked with all of them, so they understand what every segment in your market is specifically looking for.

How An Agent Finds Your Home’s True Market Value

So, how does an actual real estate agent determine true market value? They’ll start by doing a Comparative Market Analysis (CMA). This means they’ll compare your home’s features to similar properties in your area. For the CMA, the agent looks at many factors to influence their assessment of your home’s worth, including those below:6

• Neighborhood sales - Your agent will look at similar, recently sold homes in your neighborhood to see what they sold for and what they have in common with your house.

• The exterior - What does your home look like from the outside? Your agent will factor in curb appeal, the style of the house, the front and backyard, and anything else that impacts how the house looks to everyone walking and driving by.

• The interior - This is everything inside the walls of the house. Square footage, number of bedrooms and bathrooms, appliances, and more all influence the overall market value.

• Age of the home - Whether you have a newer or older home affects the number your agent comes up with as part of their assessment.

• Style of the home - The style of your home is important because buyers in different markets have different tastes. If buyers prefer ranch-style homes and you have one, then your home may sell for a premium (aka more money!).

• Market trends - Because a local agent has so much experience in your market, they have their finger on the pulse of your area’s trends and know what buyers are willing to pay for a property like yours.

• Location, location, location - This one’s probably the most obvious. Your agent will think about how popular the area is, how safe it is, and what schools are like.

A computer algorithm simply can’t take all of these factors into account when calculating the value of your home. The reality is, nothing beats the accuracy of a real estate agent or professional appraiser when it comes to determining a home’s true market value.

Your Agent Is There Every Step of The Way

Determining a home’s true market value is a real estate agent’s forte. If you’re a seller, your agent will help you find your home’s market value so you can list it at the right price.

For buyers, your agent will help you determine the value so you can come up with a fair offer. Your agent can also set up a personalized home search on the Multiple Listing Service (MLS®) for you so you’ll receive emails of listings that meet your criteria. This will help you see what’s out there in your city and how properties are being priced.

Get a Complimentary Report with Your Home’s True Market Value

Curious about your home’s true market value?

Get your free online home value estimate.

If you’re ready for a personalized assessment of the value of your home in today’s market, contact me via my website or get in touch the old-fashioned way—I don't bite or pressure, promise!

Trevor Stuart | RE/MAX River City (South Edmonton)
780-884-6481(Call or Text)
trevor@trevorstuart.com

Sources:

Chicago Tribune -

https://www.chicagotribune.com/suburbs/chi-ugc-article-what-is-the-difference-between-market-value-a-2013-09-30-story.html

SFGATE -

https://homeguides.sfgate.com/market-value-vs-appraised-value-1206.html

ValuePenguin -

https://www.valuepenguin.com/mortgages/what-is-the-assessed-value-of-a-house

Movoto -

https://www.movoto.com/blog/homeownership/assessed-value-vs-market-value/

Zillow -

https://www.zillow.com/how-much-is-my-home-worth/

Realtor.com -
https://www.realtor.com/advice/sell/assessed-value-vs-market-value-difference/