Some real estate investors choose to forego viewing active listings to find the perfect home and choose to locate the perfect piece of land with plans to build instead. If you’re looking to purchase land in British Columbia to build your dream home, you should know that this type of property comes with its own set of rules and lending restrictions. Whether you’ve found a lot you love here in the Shuswap, or in another gorgeous corner of the province, these are a few facts to know prior to starting out on the hunt for the picture-perfect parcel.

DOWN PAYMENT

Depending on the property use, a typical down payment on a property with a residential dwelling is between 5% and 20%. Though it may come as a surprise, when it comes to purchasing land, you should expect to pay a down payment of between 25% and 50%, dependant again on the type of land that you are purchasing. A land mortgage...

The financial rewards of an investment property in the Shuswap real estate market can be extremely advantageous. When done correctly, an income property allows you to successfully build an asset over time, while the expenses can be covered by the tenant. But before you jump into the role of being a landlord, here are three critical questions to ask yourself to make sure you’re up for the challenge.

1. Do You Know Your Numbers?

This is by far the biggest piece of the puzzle; if you don’t know your numbers in regards to profit and loss, then you’ll need to spend time reviewing this area before you move forward. Determine your gross income, your monthly expenses, your net income, and your potential returns with the help of a professional REALTOR® and a knowledgeable mortgage broker. You’ll need to determine how much you can realistically charge for rent, and whether...

Call me biased, but I say there’s no better place to live than here in the Shuswap! Being born and raised in Salmon Arm, I’ve seen this vibrant small-town community thrive and grow in the best of ways. If you’re looking to make a move, be sure to check out the Salmon Arm area in your list of exploring, to see if this one-of-a-kind community could be the place you’d like to call home. Get started in your research with these 5 reasons that I love calling the Shuswap my own home! 

Lake Life and The Great Outdoors

Outdoor enthusiasts, look no further for the perfect 4-season location to call home! No matter the day of the year, there is always something to do in and around the Salmon Arm area. Located within 90 minutes of Silver Star and Revelstoke Mountain Resorts as well as many local parks, golf courses, hiking and biking trails, and the incredible Shuswap Lake,...

It’s always a great idea to save money when and where you can - especially if you’re working towards building up a solid down payment for your first Salmon Arm home. On the flip side, if you’re already a homeowner, then you know the importance of saving money to have a decent emergency fund ready to cover any unexpected home expenses, particularly for those big-ticket items like a new roof or furnace.

Maybe you already have an emergency fund and now you’re saving for an awesome RV vacation or for a boat to enjoy fishing on Shuswap Lake. Whatever your driving factor may be to squirrel away some money, here are three top tips to help you reduce your monthly home expenses, so you can add those funds to a savings account instead!

Track Your Spending

You may be thinking, “how will writing down all my expenses end up saving me money?” Well, when you actually see...

There’s a wide range of activities you can implement when staging your Shuswap home for sale - but rather than getting overwhelmed by all the small details, here are some key areas of focus that can help transform your space in a way that makes it much more appealing to potential buyers.

Depersonalize & Declutter

As harsh as this may sound, buyers don’t want to see photos of your family all around the house; they want to be able to envision themselves living there. Packing away personal items is a great way to jump start packing for your own move and it allows potential buyers the opportunity to picture their own belongings within the home. As you’re pairing down your personal collections, don’t forget to declutter your surfaces and remove big, bulky furniture that may distract buyers from being able to appreciate the room sizes. The goal is to create a spacious,...

When purchasing real estate, you’re faced with a variety of decisions to make; and at times the home buying process can be complex and tiring. But don’t worry - once you’ve determined that you’re ready to move forward with your goal of investing in a Shuswap property, the rewards of growing your real estate portfolio for personal or investment purposes are definitely worth putting the effort in for!

So, what are the best ways to get into the fast-paced 2021 real estate market? Consider the three tips below to help make your real estate experience go as smooth as possible.

TIP #1 - UNDERSTAND YOUR HOME BUYING GOALS

Your first step to buying a home is to ask yourself why you want to buy a home in the first place. Is it more favorable to pay a mortgage than rent? Are you looking to begin building equity? Do you want to purchase property to create an income stream? Are...

Your home is likely your largest asset, so selling it may be the biggest financial move you’ve ever made; one that requires significant thought and strategy. However, once you’ve entered the Shuswap real estate market, the process may move very quickly - especially in this busy spring market. With that in mind, here are key areas you can expect to explore to help get you ahead of the game when it comes to listing your home for sale.

Consider Your Pricing Strategy

It’s essential you list your property at a competitive market value right from the start. With more homes coming onto the market during the spring season, the competitive nature means that over-pricing could make the difference between your home selling quickly, sitting longer on the market, or not selling at all. On the flip side, underpricing your home in an attempt to drive multiple offers could result in not...

There are plenty of updates you can make to your home over the years that will increase value or aesthetic appeal. To achieve the best bang for your buck, the Appraisal Institute of Canada recommends the following four home renovations to provide the greatest return on your investment when it’s time to put your home on the Shuswap real estate market. 

1. Kick Your Kitchen Up a Notch

A kitchen can be the deciding factor for many potential buyers as it’s typically a high traffic area in a home. The Appraisal Institute of Canada projects you could expect upwards of 80% of your investment from a kitchen reno, so utilize your resources and plan for functionality and accessibility to ensure a positive ROI in the future. Current trends show that neutral colours, modern looks and small industrial style touches continue to appeal to a large demographic.

2. Beautify Your Bathroom

M...

Having a qualified team of professionals is important for the big step of buying or selling a home in the Shuswap because you want to make sure you have the support and knowledge of experts who can make sure you’re protected throughout the entire real estate transaction. One of those key professionals is your Real Estate Lawyer or Notary.

The main difference between a lawyer versus a notary is that your lawyer can represent you in a court of law and, traditionally, lawyers have extended educational and hands-on training for a wider range of areas they can provide legal advice; whereas a notary simply acts as a witness to documentations and agreements, and can certify documents to be original copies.

When it comes to the role of a real estate lawyer, the tasks they complete are different depending on whether you’re buying or selling property. Here’s a list of some of the various...

Home renovations can be an exciting time as a homeowner; you may be knocking down walls to enjoy a brighter open living space, you may finally be getting the layout for the dream kitchen you’ve always wanted, or maybe you’re finishing your basement that’s mostly been used for storage up until this point. Whatever your reno project may be, when it’s time to call in the big guns and find the right Shuswap trades professionals for the job, there’s a few questions to consider that can help you out:

How quickly do you want your home back to normal?

You’ll need to find home service pros that are available within your timeline. Make sure you give yourself a couple weeks of extra cushion for timing because with big renovations there’s often something that pops up and extends the projected completion date. Whether it’s an unexpected find behind the walls...

While December is not typically a busy season for many mortgage professionals, since the market has traditionally cooled off in conjunction with the colder weather, the unpredictable circumstances through last year have us also seeing an active real estate market going strong through these winter months. As the spring market was pushed forward into the summer, we are still experiencing ongoing real estate transactions, seeing many home buyers who are eager to take advantage of the all-time low interest rates that financial institutions are offering.

We began 2020 with an overnight target rate of 1.75% and with all things considered in regards to the unprecedented circumstances last year brought on, that rate has understandably been impacted and is currently sitting at an all-time low of; 0.25%. Continuing on into 2021, there’s good news for anyone looking to purchase real estate, as...

One of the best things about buying a home in the Shuswap through a trusted REALTOR® is that you’re able to utilize their support and knowledge for free. Many people looking to purchase a home believe that it costs them a fee to work with a real estate representative – but when you’re purchasing a home, you don’t actually pay your representative. 

The way a real estate transaction works is that each of the REALTORS® on the buying and selling side earns a percentage of the brokerage commission, which is already calculated into the price of the house. Your REALTOR® is paid by the person who is listing their home for sale – and your representative doesn’t collect commission until the deal has closed completely. 

This is great for you as a home buyer because it means you get to enjoy the support of your real estate ...

There are plenty of projects you can do ahead of time that will help prepare your home to be listed on the market. Doing a thorough check of both the inside and outside of your home will assist you in creating a checklist of chores. Make sure these 6 important pre-listing tasks are tackled to guarantee you’ve covered key areas that can help bring a higher offer to the table when you enter the Shuswap real estate market.

First Impressions Are Everything

When potential buyers walk up the driveway to view your property, wow them with a fresh and welcoming front door. A busy household may have a well-used front door that shows signs of day-to-day wear and tear. Paint the existing door or replace it if needed, mend weather stripping, replace the threshold, tighten hardware and paint the trim and frame too.

Freshen Up

When’s the last time you painted the walls of your home? A fresh coat...

Now that summer has reached the Shuswap, it’s the perfect time to tackle those projects on your “Honey Do” list. Instead of thinking about the list as a collection of exasperating chores, consider that some of the activities can actually add personal enjoyment or value to your home in the event you’d like it to sell faster. Choosing to shift your perspective on the way you think about these tasks may motivate you to finally complete them – especially when it could mean more money in your pocket!

Have you heard of the saying, “you have to spend money to make money”? Well, that’s the case when it comes to taking your home’s curb appeal to the next level. A little money up front for these three projects can bring a great return on your investment when selling your real estate in Salmon Arm. 

1. Turn Up the Pressure – in a...

The Canadian Housing Mortgage Corp. (CMHC) announced that they've changed the borrowing rules for homebuyers, as of July 1^st, 2020. If you’re wanting to invest in Shuswap real estate, and especially if you’re a first time home buyer, these changes can impact you directly. Let’s take a closer look at these CMHC changes – and some tips to help you get organized for obtaining a mortgage pre-approval.

Know Your Credit Score

Order your credit report or connect with your favourite mortgage professional to determine if there are any mistakes on your credit bureau that need attention or that should be fixed. CMHC will be raising the minimum credit score from around 600 to instead be 680, which can significantly affect the ability for many first time home buyers to enter the Salmon Arm real estate market.

Understand Your Finances

The two key metrics used to qualify you...

Many of us have been shifting our financial awareness; reviewing income sources, long-term savings plans and monthly expenses. Spring is also the season for many renters and homeowners alike to review their cable and utility costs, household budgets as well as insurance policy coverages. Schedule a call with your favourite Shuswap insurance broker to review your own property insurance policies to confirm the details are up-to-date and accurate. 

Depending on your geographical location and the insurance provider you’re with, you may be eligible to purchase additional coverage riders that protect you in the event of specific sudden losses. Additional riders are often optional but extend important coverage to potentially expensive losses. Confirm whether your individual policy has the following included or excluded coverage riders;

• Sewer or drain water back-up
• Wildfire
• Earthquake...

The evolving global circumstances have left many without income and others navigating a significantly reduced-pay lifestyle. As we pilot this terrain as a community, I’ve compiled 6 simple, yet effective ways to reduce your expenses and increase savings in 2020:

Review Utility and Entertainment Expenses

It can be easy to forget about your automatic reoccurring monthly bills or subscriptions that are used infrequently. Some of the easiest places to alleviate a budget are in cutting back cable or unnecessary entertainment platforms, minimizing data overage charges and reducing utility consumptions by turning off the lights where possible and consciously monitoring water consumption during dish washing, teeth brushing and lawn watering.

Pre-Plan Your Grocery Run

If you’ve ever ventured to the grocery store without a list or when you’re hungry, you know it can be tempting...

The real estate industry is ever changing, as are the associated fees and potential rebates that you may be eligible for when purchasing property. Though each real estate transaction comes with its own unique circumstances, there are some common costs associated with buying a home:

Offer Deposit

A deposit is a monetary “good faith” that is required by the buyer upon a successful (or firm) agreement of purchase and sale of a home. This deposit forms a part of your down payment, and thus a part of the total purchase price.

Legal Fees

In order to complete your real estate transaction, you’ll need to invest in a real estate lawyer or notary. Your fees include the legal professional’s time to prepare all closing documents, complete a title search for deficiencies, facilitation of the transfer of funds as well as transfer of the property title. These tasks if completed i...

            Investing in real estate can be a great way to increase your monthly cashflow or round out your robust investment portfolio for the future. Deciding which investment route is best for you weighs on some important factors;

• How much money do you have to invest, where are the funds coming from?
• What is your desired net return on investment? (ROI)
• Where would you like to invest? Consider areas that respect your budget, have low rental vacancy rates and offer popular amenities for potential renters.
• How involved would you like to be in your rental property? Will your investment require a property management company’s services and support?
• What is your personal risk tolerance? What are your short-term and long-term goals while owning a property?

With your budget set and some top locations pin-pinpointed, it’s time to start considering your...

Purchasing property is an exciting time during which you’ll want to ensure you’ve hired the best professionals to stand in your corner; among those a mortgage lender, a real estate lawyer and a trusted Shuswap Real Estate professional. By building your very own team of experts you can ensure your important questions are answered by industry specialists, setting yourself up for a smooth and informed real estate transaction. If you’ve thought of foregoing a team of professionals for your upcoming purchase, consider the roles these pros play in a speedy and successful deal;

Professional Realtor®

There’s so much more to the role of a professional Realtor® than meets the eye. The strong foundations of a great Realtor® start with knowledge and expertise of the area, up-to-date industry training and polished confidentiality and professional standards.

Any...