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New property listed in Stony Plain, Stony Plain

I have listed a new property at 2060 WESTERRA Loop in Stony Plain. See details here

Welcome to your dream home! This Sterling Home duplex is better than new, offering modern upgrades and a prime location with no side neighbors for added privacy. Featuring 4 spacious bedrooms, a bonus room, and 3.5 bathrooms, there's plenty of space for family and guests. The fully finished basement adds extra versatility, while the double attached garage provides secure parking and storage. Enjoy upgraded stainless steel appliances, quartz countertops, central A/C, and zebra blinds. Step outside to your new deck, fenced yard, gazebo, and shed, perfect for relaxing or entertaining. Move-in ready with all the extras—don’t miss out!

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Open House. Open House on Sunday, March 16, 2025 2:00PM - 4:00PM
Stop by and check out this beautiful home with many extras!

Please visit our Open House at 2060 WESTERRA Loop in Stony Plain. See details here

Open House on Sunday, March 16, 2025 2:00PM - 4:00PM Stop by and check out this beautiful home with many extras!

Welcome to your dream home! This Sterling Home duplex is better than new, offering modern upgrades and a prime location with no side neighbors for added privacy. Featuring 4 spacious bedrooms, a bonus room, and 3.5 bathrooms, there's plenty of space for family and guests. The fully finished basement adds extra versatility, while the double attached garage provides secure parking and storage. Enjoy upgraded stainless steel appliances, quartz countertops, central A/C, and zebra blinds. Step outside to your new deck, fenced yard, gazebo, and shed, perfect for relaxing or entertaining. Move-in ready with all the extras—don’t miss out!

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New property listed in Zone 03, Edmonton

I have listed a new property at 1206 CY BECKER Road in Edmonton. See details here

Welcome to Cy Becker! This stunning 2,200+ sqft Coventry Homes build offers elegant quartz countertops, and luxury vinyl laminate flooring and upgrades throughout. Natural light fills the open-concept main floor, where a spacious island overlooks the dining and living areas. A walk-through pantry and main-floor office add convenience. Upstairs, you'll find three generous bedrooms, including a primary suite with a massive walk-in closet and a spa-like ensuite featuring double sinks, a stylish tub, and a separate shower. A laundry room, 4-pc bath, and Bonus second living room complete the upper level. The unfinished basement is ready for your personal touch. Enjoy a picturesque green space view and a prime location near top amenities, schools, and major roadways. Don't miss this exceptional home!

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New property listed in Zone 22, Edmonton

I have listed a new property at 9623 154 Street NW in Edmonton. See details here

Don’t miss this stunning home with premium upgrades throughout! Boasting over 1,700 sq ft of modern living, this gem features 5 spacious bedrooms, soaring 9’ ceilings, and luxurious fixtures. The dream kitchen impresses with sleek matte finishes, a large island, and quartz countertops—perfect for entertaining. Step outside to your private patio and enjoy the lifestyle you’ve been dreaming of. A legal basement suite with a separate side entrance adds tremendous value, a current rental income of $1,700/month can help pay your mortgage and get easier mortgage approval. Move-in ready with no hassle—grading, landscaping, fencing, and lawn work are already done. Plus, enjoy peace of mind with the builder’s warranty. Conveniently located near top-rated schools, Whitemud Drive, the hospital, downtown, and West Edmonton Mall, with the new LRT line just steps away. This property blends luxury, convenience, and investment potential into the perfect package. Why wait? Your dream home is ready now!

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Open House. Open House on Sunday, January 5, 2025 2:00PM - 4:00PM
Stop by and see this beautiful property!

Please visit our Open House at 9623 154 Street NW in Edmonton. See details here

Open House on Sunday, January 5, 2025 2:00PM - 4:00PM Stop by and see this beautiful property!

Don’t miss this stunning home with premium upgrades throughout! Boasting over 1,700 sq ft of modern living, this gem features 5 spacious bedrooms, soaring 9’ ceilings, and luxurious fixtures. The dream kitchen impresses with sleek matte finishes, a large island, and quartz countertops—perfect for entertaining. Step outside to your private patio and enjoy the lifestyle you’ve been dreaming of. A legal basement suite with a separate side entrance adds tremendous value, a current rental income of $1,700/month can help pay your mortgage and get easier mortgage approval. Move-in ready with no hassle—grading, landscaping, fencing, and lawn work are already done. Plus, enjoy peace of mind with the builder’s warranty. Conveniently located near top-rated schools, Whitemud Drive, the hospital, downtown, and West Edmonton Mall, with the new LRT line just steps away. This property blends luxury, convenience, and investment potential into the perfect package. Why wait? Your dream home is ready now!

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New property listed in Zone 05, Edmonton

I have listed a new property at 11733 97 ST in Edmonton. See details here

Step into a bright and welcoming living space, highlighted by stunning wrap-around windows that flood the front living room with natural light in the 2007 home. The main level offers 3 spacious bedrooms, including a jacuzzi ensuite, plus 2 more bathrooms. A side entrance leads to this lower space boasting 9' ceilings, which is not included in the 1500+ square feet, and adds 2 additional bedrooms, a full bathroom, and a rough-in for a kitchen—perfect for a separate living area. Enjoy the large back balcony, double garage, and extra parking. Located in a convenient and up-and-coming area close to NAIT, the hospital, and surrounded by revitalization projects, this home is a smart investment for the future. Please note that the photos have been AI-staged to illustrate the home's true potential—come see it for yourself!

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Open House. Open House on Saturday, October 26, 2024 2:00PM - 4:00PM
Come by and take a look! Have a chat!
You will have to come and find out :)

Please visit our Open House at 11733 97 ST in Edmonton. See details here

Open House on Saturday, October 26, 2024 2:00PM - 4:00PM Come by and take a look! Have a chat! You will have to come and find out :)

Step into a bright and welcoming living space, highlighted by stunning wrap-around windows that flood the front living room with natural light in the 2007 home. The main level offers 3 spacious bedrooms, including a jacuzzi ensuite, plus 2 more bathrooms. A side entrance leads to this lower space boasting 9' ceilings, which is not included in the 1500+ square feet, and adds 2 additional bedrooms, a full bathroom, and a rough-in for a kitchen—perfect for a separate living area. Enjoy the large back balcony, double garage, and extra parking. Located in a convenient and up-and-coming area close to NAIT, the hospital, and surrounded by revitalization projects, this home is a smart investment for the future. Please note that the photos have been AI-staged to illustrate the home's true potential—come see it for yourself!

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Type of Lawyer needed for Real Estate Law

Types of Lawyers

Mark Demong from 97th Street Law joins us again to go over types of lawyers and what is the difference between a real estate lawyer.  Find the contact details of Mark here

To start, here are some names which generally all have to do with lawyers: Attorney, Barrister, Solicitor, Advocate, In-house Counsel, Legal Advisor, Litigator, Negotiator, Prosecutor

Attorney comes from the US system and what they commonly used for lawyers, and in Canada generally we use the British terms of Barrister and Solicitor.  A Barrister is a lawyer that approaches that bar/bench in the court room and advocates on behalf of a client. Whereas a solicitor is a lawyer that does the paperwork and doesn’t go to court.  Usually in Canada we don’t differentiate the two much and often you will hear the terms together as a Barrister and Solicitor.  

Real Estate Lawyer

For real estate lawyers they are simply lawyers that deal with real estate transactions. 

As where a divorce lawyer is simply a lawyer that deals with divorce issues and settlements.

The important difference is that when a lawyer labels themselves as a real estate lawyer, they should have the experience needed as it will be completely different than family law, litigation or law related to divorce situations.

You don’t want a divorce lawyer doing your real estate transactions, any more than you would want a real estate lawyer in the case you are getting a divorce.

You want a lawyer that will be able to do the paperwork correctly, interpret the contracts correctly, follow the needed processes and look for any potential issues.  Having experience doing so is necessary. 

Real Estate Paralegal 

A paralegal, regardless of what area of law they are in, support the lawyer with writing up documents, filing, submitting, etc.  They interpret things from the granule level, where the lawyer sees more of the bigger picture.

Real estate paralegals, like real estate lawyers have the experience and the repetition which helps them to specialize and be good at processing the needed documents.

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Better than a Normal Mortgage! What is a HELOC?

What is a HELOC?

How is it better than a Normal Mortgage!

It stands for Home Equity Line of Credit.

Phil explains benefits of a HELOC, what it is, how the five main banks all have options for it and call them different things. Plus, how a Home Equity Line of Credit with your mortgage can have great advantages.

So, let's lay out those answers more:

What is a Home Equity Line of Credit:

If you are not aware of what a Line of Credit is, basically instead of a loan where you owe interest on the full amount, it is a credit that you pay interest on only the amount that you use. For example, if you take out a loan from the bank for $1000 then you start to pay interest on $1000 but if you have a $1000 Line of Credit, and from that you only use $10 then you only pay interest on $10.

Home Equity refers to the equity or capital you have inside your home. So a Home Equity Line of Credit is a line of credit that the bank offers when they use your house as collateral for the funds you borrow.

What does a HELOC have to do with a Mortgage?

Well basically there is a hybrid version where you have a built in Line of Credit when you get your mortgage. This means that as you pay off your mortgage the amount available to borrow from the built in Line of Credit grows and is available to be used when you want.

What are the benefits of having a HELOC connected to your Mortgage?

There are some people that can walk into a bank and get money whenever they want and they have stable income, a stable job and their situation doesn't change. I don't know too many people like that, but there are some. For those people maybe it is better not to utilize their credit and just go to the bank as they are used to.

For the rest of us, when we NEED money from the bank, it is frustrating to get (sometimes impossible) and when things are going well the bank usually offers more credit to us and we don't want it.

So this option allows for someone to get their growing Line of Credit when they are approved for a mortgage (or when they have equity/capital in their home) and when their credit and everything may be doing well for them. Then later, life happens or opportunities come up and then the money is available when it is needed. Before that time if you don't use it then you don't pay interest.

The other advantage is that since the bank uses your home as collateral for the Home Equity Line of Credit, the interest rate will be a lot lower then if you have a normal line of credit.

If you have any other questions feel free to reach out.

Please visit the following page to get Phil's details (Be sure to tell him that you found him through Derek's video)  https://dkeet.ca/guest-speakers.html

If you are looking to buy a property in Edmonton, Sherwood Park, or need advice on the current market contact Derek!

Derek is licensed for residential, commercial, and rural real estate, plus has many years of personal and business experience to be able to understand your needs.

If you are interested in buying or investing in Edmonton or the surrounding areas, click here to set up your own detailed search: https://dkeet.ca/map-search.html

Click here for more information on Derek Keet: https://dkeet.ca/about.html

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What to Expect for a Property Inspection

Property Inspections

If you haven’t had a property inspection before you are likely wondering how it works. Of course, all property inspections will depend on who is doing the inspection. This write up is meant to give you a basic understanding.

Reason for having a Property Inspection 

Most commonly, it is to understand an issues with the property, big and small, to avoid surprises in the future if you go ahead with a property purchase.  In this case it is generally added as a condition when you put in an offer on a home, so that you can have the time right after the offer is accepted to have the property inspected before you finalize the purchase of the property.

Or, if you are the homeowner, which is less common, you might have a property inspection to make any of the needed fixes to your home either before you sell or just for general maintenance.  For Seller’s I have never recommended that they spend the money for a property inspector before they sell as that money is generally not money they would be able to add to the sale price amount and buyers usually won’t look at a seller’s property report instead of having their own inspection.

Price of a Home Inspector

In Edmonton, Sherwood Park and surrounding areas, hiring a property inspector in Edmonton costs $475 to $575.

How to find a Home Inspector

If you would like to reach out to Josh, you can find his contact details here:

https://dkeet.ca/guest-speakers.html

Here is a list of Edmonton certified home inspectors:

https://www.nachi.org/certified-inspectors/near/edmonton--ab--canada

Or if you need a few options of recommended home inspectors in Edmonton and the surrounding areas, please feel free to reach out to me.

I am also connected to realtors and professionals across North America, so if you need support in other cities, I can also likely refer you for other cities as well. 

Inspection Day

The property inspector shows up with ladders, humidity detectors, a drone (usually) and everything else they need to inspect.

They usually start from the exterior, logging everything they note on the property.

They look for everything big and small but remember that they cannot open any walls. 

They will walk the buyer through the home to show them issues.  Property inspectors in Alberta, and I assume other provinces, are not allowed to give quotes for fixing issues but they should be able to give an idea of what it takes to fix and issue and approximation of the cost.

At the end of the inspection the buyer should have a clear idea of what they are getting as their new home.

The property inspector works for the buyer and the report is confidential to the extent that the buyer doesn’t have any obligation to share it with anyone unless they want to.  I am almost always there for the inspections. 

Massive Reports and Buyers left not knowing how severe issues are

Get an idea of how severe things are.  There are legal guidelines for property inspections which can get them in trouble for underplaying issues in the house.  This can cause property inspectors to report the issues to the buyer without their opinions. Leaving buyers with just a huge list of big and small things for the buyer to figure out the meaning.  I understand that reason why property inspectors may protect themselves, but the buyers should want to know clearly what it would cost for them to get issues fixed or even if the issue is one that most people would not fix. 

I was looking through a property inspection report (not through an inspector that I recommended) and it was extremely thorough. Pages and pages of information including points that mentioned parts of the house that were great.  The report was extremely thorough to the point that it was exhausting reading through this manual of a report. I am not a qualified home inspector, but I have more experience than most and found reports like this overwhelming. 

You may want to review the list later and try to fix all the little things, so the details might be good to have. So long as the 100+ page report is verbally explained in a much shorter non-overwhelming way, you should be fine, but if you are feeling overwhelmed, clearly tell your property inspector to simplify and explain everything in a way that you are comfortable with.  

Negotiations after an inspection, when the inspection is connected to a buyer condition on an Offer to Purchase

Some issues can be used as leverage.  I have had buyers that assumed that every cent it would take to fix every issue would be coming off the purchase price. That is likely not going to happen unless it is truly a buyer’s market and the seller fears that you are their only chance at selling.  In a balanced market if there are major repairs, like a new roof, furnace, or foundation issues, then lowering the price may be negotiated. If it is a strong seller’s market and there are buyers lined up behind you, you will likely need to either accept the issues or move on to a home that is in better condition. 

Fixes found in a Property Inspection

Sometimes they can be small fixes that can be fixed with a screwdriver or a wrench or even possibly left alone. 

To give you an idea of some recent issues, on a property that I manage, one “major” issue was an electrical issue. The sump pump and the hot water heater were sharing the same outlet.  Talking with an electrician, the breaker box was on the other side of the home, and it would mean opening walls (and then repairing, mudding, sanding, painting walls) plus running long lines of electrical.  The decision was made to just leave it.  Sometimes you can find issues that have been technically issues for 20+ years and have never been a problem. In the case of this shared outlet the danger is that there is a power overload and both the hot water heater, and the sump pump stop working is the breaker trips, but again this seems like something that hasn’t been an issue for probably 20+ years.  Another “major” issue found was a capped off downspout. In the end this was also not something that the roofing company saw as a problem as they felt like just making sure your eavestroughs are clear is more important and would prevent it from being a problem.

Expectations for Property Inspections

Josh mentions that there is always some issue that can be found, even when homes are brand new, so it is best not to expect a perfect home.

Inspectors should be helpful and have your best interest, but also explain things clearly at your level of understanding. 

Takeaways 

Ask lots of questions, know exactly what an issue would take to fix/resolve it and how important or severe the issue is.

Remember to see the process as a learning experience. Property inspectors will usually be very happy to educate you on simple fixes, how systems work, and better ways to maintain your home. Learn and enjoy.

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Lawyer Advice on Estate Planning

Estate Planning for Real Estate

Mark Demong from 97th Street Law in Edmonton joins in the video adding his opinions with over 30 years’ experience practicing law in Alberta. Visit the following page if you want to find Mark’s details to connect more with him: https://dkeet.ca/guest-speakers.html

Estate planning is an inevitable part of life for people who own property, especially for when they are getting older. Eventually something is going to happen with the real estate you own.

First a will is important.  Get one, if you don’t have one. While you are at it, plan and pay for your funeral and burial. You may have a very different opinion on how much you would spend on a casket, or tomb stone, or even for flowers.  Instead of dropping the burden on someone else and having someone else spend your money on these expenses later make a plan well in advance. 

Mark mentions that there is an opinion on lawyer expenses and how people feel that they paid too much for estate transfer paperwork that seemed quite simple.  A way that someone can avoid needing to transfer their estate later is to add their child onto their land title in advance which some people could see as a simple way to avoid using a lawyer for the estate on their passing.  In the case of joint ownership of a property, when someone passes away, there is a principle called survivorship, so that the person who passes away first can be removed from the title by providing the land title’s office with proof of death. Then, the survivors are the remaining owners of the property.

That sounds simple and, if the person (or people) that you eventually want to own your property are added, you can avoid legal expenses, but Mark warns people to think of the following scenarios as what sounds good today might not sound good in the coming years. 

What if Junior was added to the property, but later the parents decide they want to downsize and move to a place with assisted living? By adding Junior’s name on the title, now they need Junior’s signature to make that sale go ahead.  Now, what if Junior doesn’t sign?

Assuming Junior isn’t a resident of the home, Mom and Dad can sell the house with no tax consequences, but Junior on the other hand may need to pay the taxes on his share of the property. When he receives the gift of a 1/3 interest of the home, he receives a capital value. When Mom and Dad (he) sells that property, if the property value went up, he would need to pay taxes.

What if Junior is married and gets divorced. His ex-wife will likely want half of what Junior had in his parent’s house which she would legally be entitled to. She could likely file a certificate of pending litigation and he may not lose too much but would need to be paying his lawyer to sort that out.

Or what if Junior has trouble with his credit card. The credit card companies can register a judgement against his parent’s house. 

These are example that might have a lower chance of happening but points you might want to consider. 

In real estate, life changes are often the reason for sales.  Whether it is someone moving to a new city, a growing family wanting a bigger house, downsizing, divorce, someone passing away.

Often people don’t think too far ahead when they buy a property and what could possibly change in the future. 

Hopefully this video can make you consider some situations. I hope you can make careful decisions and to look at the angles when it comes to estate planning.

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Improve Your Chances at Getting a Mortgage

Improve your chances at getting a Mortgage

In the video Phil explains common mistakes people make with credit, how more credit is sometimes better, why a small limit is a bad thing, how to check your credit without it hurting your credit and what the banks expect for a credit score. Read below for the more detailed version.

Credit Score

The first thing banks or mortgage brokers will look at is your credit score.

Having no credit can negatively affect you. Meaning that if you only have one form of credit (or zero) then it wont look good to the bank. Phil recommends having at least two. This can be a car loan, student loan, credit card, line of credit or anything that will come up when you do a search.

Search your credit! Phil mentions Equifax. I have not tried Equifax, but in the past, I tried one that said 'Free Credit Check' but they forced me to input my credit card. I didn't think much of it until I noticed a monthly fee of around $20. Unfortunately, it took me many months before I noticed and the best they would do was delete the account. So, if any similar site asks for your credit card information to get your free report, don't do it.

I have used Borrowell for free for some time now and I have never paid for it. I am sure there are others that can also work, but this one has been perfect for my family.

I did notice that they offer me $5 if I introduce a friend. This site is free for you, but if you want to buy me a coffee, please use the following link and they will send me a $5 gift card (last time I got an ecard for Starbucks)

https://borrowell.com/free-credit-score?utm_campaign=Refer5&utm_medium=web&utm_source=refer2022-4123091

Phil also mentions that banks now offer something similar inside their apps/sites. if you prefer you could also see if your bank offers soft checks that would not effect your score by checking.

What is a Good Credit Rate?

So you checked your credit history and score, now what does it mean?

The minimum a bank looks at for a mortgage is a credit score of 600.

A lot of lenders want to see you above 700.

If you are around 600 you are considered a little higher risk so the banks will want to see more savings or a higher income.

Payment History / Credit History

Banks do look at payment history. Make sure you are making your payments ontime. Many services offer automatic payments and bank accounts offer scheduled payments. Use these or pay bills as soon as you get them if paying on time is an issue for you.

Why is a Small Limit a Bad thing?

This is a common misunderstanding that I used to have. I thought that the less credit you had the better, but that is not how the algorithm works.  33% of your score is based on utilization. This means that if you have a credit card for $1000 and you owe $900 on it, your credit score will go down as you have used 90% of your credit. On the other hand if you had a credit card for $9000 and you owed $900 on it you are only using 10%.

Using your credit and creating a good history is ideal, but anything over 50% usage looks bad. Below 30% is best. So, having a higher limit will help you.

In my case I had all my credit cards paid off and only had money on my line of credit owing. This was not a huge line of credit, so I was using probably 80% of it and contacted the bank to try to raise the amount and they also explained that if you are using a high percentage of it and not able to pay it off, they do not want to offer you more. When it comes to the algorithm it doesn't look at all credit you have an average it out, so try not to use over 30% of any of your limits.

Continue to Save!

We joked about getting a Sugar Mama (or Sugar Daddy), but a lot can be said about reducing your expenses or, if you can, increasing your income.

Personally, I would ask yourself how you will feel about your expense a couple years from now?    If it will create awesome memories you probably wont regret spending money it, but can you cut out some of the THINGS? Or even better spend less on bad food or things that are bad for you?

If you have any other questions feel free to reach out.

Please visit the following page to get Phil's details (Be sure to tell him that you found him through Derek's video)  https://dkeet.ca/guest-speakers.html

If you are looking to buy a property in Edmonton, Sherwood Park, or need advice on the current market contact Derek!

Derek is licensed for residential, commercial, and rural real estate, plus has many years of personal and business experience to be able to understand your needs.

If you are interested in buying or investing in Edmonton or the surrounding areas, click here to set up your own detailed search: https://dkeet.ca/map-search.html

Click here for more information on Derek Keet: https://dkeet.ca/about.html

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