If you are looking forward to investing in real estate, it might do you better to know the difference between single-family homes and multi-family homes. Understanding the distinction between the two will let you know which is more advisable to invest in and which would be more profitable in the long run.

Without further ado, here are three reasons why a multifamily real estate property is a better investment rather than a single-family home.

1) Better Stability

When it comes to economic stability, your best option out of all types of commercial real estate is multi-family homes, not just over single-family homes.

People always need a place to live—homes will always be the last thing they give up. Cars or businesses will not amount to the value of homes. They always have to settle down somewhere, which is why multi-family homes are stable sources of profit.

If you invest in a single-family home, your profit will easily drop once a tenant leaves. In contrast, when you have a multi-family home, the loss of one tenant will still impact your profit but not as much as that with single-family homes. In addition to that, multi-family homes have a slower downturn when it comes to rates of rent dropping.

2) Higher Value

When you have a multi-family home, you have more control of your real estate value. This is something that professional investors greatly value, so you should, too.

Single-family homes are valued by using a comparative approach. This process means that if your house sells for $1,000,000, it will only be worth $1,000,000. Remember, the bank does not care about the potential of your property. Whatever the original value is, it will stay like that.

Multi-family homes, on the other hand, are valued using the income approach. This means that the potential of the house is considered—the more free cash flow the house can produce, the higher its value. Multi-family homes will give you control of your additional profit streams, optimize your expenses, and even raise the rent. It gives you the ultimate control over your property’s value.

3) Greater Cash Flow

Single-family homes can easily and will absolutely kill your cash flow. Your profit depends on your tenants, so your cash flow will be severely affected if they leave. This, however, does not really happen in multi-family houses.

Multi-family houses can free your cash flow because it contains more units. The expenses are spread out over these units, so your ratio of expenses per unit decreases. As you can see, you have a greater advantage in expense ratios.

Another thing to consider is management fees. With multi-family houses, you can improve cash flow because your management fees are notably lower, at only around 3 to 4 percent.

Final Thoughts

You must explore the most profitable option when investing. After all, real estate is a reliable source of passive income that can help you remain financially stable in the long run. Through multi-family home rentals, you will be able to achieve this goal as long as you make intelligent choices on when and where to invest.

If you are looking for a trustworthy Manitoba real estate agent to help you find the right property, you can contact Chris Low. He is an experienced real estate agent in Brandon, MB that can help you understand the community, competitive opportunities, and the various decisions you can make before you sign the dotted line.

Investing in land properties is one of the best decisions you can ever make. The land has so much potential—you can develop it, increase your home’s value, or leave it alone and let the price increase naturally. You have a wide variety of opportunities when you invest in land.

However, do take note that you have to do thorough research before you finalize your land purchase. To start, here are three key advantages of investing in land:

1) Steady Increase in Value

If you invested in land in a good location, it is likely to steadily appreciate in value. If you do not want to leave it alone, you can explore the numerous ways of utilizing it. Developing or leasing it is just one of the most common uses. Conduct research on what method can generate more income in the future.

Use your land according to the location. When you do your research on the area, check the businesses and establishments operating around it. Before buying, you can also determine the typical price of land in the region by researching.

2) Source of Passive Income

As mentioned, you can just leave your land alone and let it appreciate. You can increase your net worth without exerting effort. You can also create tourist attractions or rent to businesses so that the plot can generate extra income. You should conduct research and explore available opportunities to maximize the potential of your land.

3) Great Retirement Plan

Owning land can undoubtedly develop your personal finances for retirement. You should be creative with how you use it so that the price will increase when you sell it. You can also rent it out. 

Important Considerations

Now that you’ve thought about critical advantages, it’s time to think about factors to affect buying real estate. In particular, here are things you should consider when you are looking for a property for sale in Canada.

1) Tax Implications

It is best to look up the taxes related to the property you are going to buy. Seeking professional help is highly advised so that you can avoid financial complications. 

2) ROI Guarantee

Land investments are definitely worth it if you know the best strategies. Do thorough research on the variables that can affect your return on investment. Timing can be a significant factor in your ROI, so make sure that you calculate the value of the area, as well.

3) Investing Overseas

The rule of thumb when investing overseas is to seek professional advice. Whether on legal or land matters, you should have a contact in Canada. You also have to be mindful of scams that aim to steal your money. Some properties also have hidden expenses, so watch out for those.

Final Thoughts

Land investments are great if you know the best strategies. After all, like all investments, it comes with risks, so you have to approach it with care and caution. By exercising due diligence, you will be able to limit potential risks and maximize the returns.

If you are looking for homes for sale in Canada, you can contact Chris Low from ReMax Valleyview Realty. Our team will ensure your needs and requests are met, so you can get your target property soon! Let’s discuss what you have in mind—book a call today!

Manitoba may be an ideal place to live if you are looking for great housing opportunities and reasonable costs of living. According to the Canadian Real Estate Association, you can find houses for sale at an average price of 277,670 dollars. This figure is impressively better than houses in British Columbia which can cost up to 728,044 dollars. You can even save more even if you are in a family household, particularly 17,000 dollars more in savings as a family of five than a similar setting but with an Ontario house. Thus, it would be an investment-forward choice on your part to move to any Manitoba community.

Before setting your move-in date, you should consider certain house buying features before saying yes to any real estate agent. Doing this can allow you to improve your current financial situation, giving you the increased purchasing power you need to have a more relaxed, improved quality of life. For your proper orientation, take note of the following:

- Residence Period and Required Downpayment

Manitoba house sellers and other real estate professionals may recognize certain terms and conditions for your down payment if your residency period in the country is different. For example, if you have been in Canada for at least three months, you may be required to pay at least 35 percent as your down payment. As such, you may need to stay in Canada longer than six months to a year, depending on where you want to stay and the homes for sale near you.

To ensure you can have a more reasonable down payment, you should consider buying at a later date. If you are also up to it, look into the possibility of paying your mortgage’s down payment later down the line, especially if your real estate agent and house loan provider is willing to do so. Doing this allows you to secure your dream home and your new life in Manitoba.

- Mortgage Pre-Approval

Many home sellers often have mixed feelings about certain buyers like you when you show your intentions for acquiring their property. While you may show them that you are willing to pay, they want to have a deeper understanding of your current income, debt, and other relevant financial factors. Thus, it would be best to undergo the pre-approval process, which can also be beneficial to your house buying process.

To get pre-approved by your mortgage company, you first have to get pre-qualification, which is a way for them to determine how much you can afford to have through financing your house. It gives you relevant insights into your buying capacity and the type of housing you can acquire.

Once you are pre-qualified, you can go for pre-approval, meaning that you have a written commitment with a lender. With these documents, you can show your homebuyers that you are more serious than other prospective buyers. In other words, you have a higher chance of getting the house you want.

- House Inspection

Many houses for sale nowadays have virtual viewing and online transactions to stay compliant with COVID-19 guidelines, primarily social distancing. While these technological tools can give you an inside look into a house you may want to purchase, you may need a more thorough survey done to address any major repairs and preventive maintenance concerns.

Thus, it would be best to have house inspections accomplished before signing any purchasing agreements. Ensure that your real estate agent can also help you with this to guarantee convenience and client satisfaction.

Conclusion

As a future homeowner or real estate investor, making informed house buying decisions is a must. Thus, ensure you pay attention to the things mentioned above and weigh your options carefully. Meanwhile, if you want to look for prime Manitoba properties, ensure that you have direct connections to get the most out of your venture into this promising community.

Are you buying a house in Manitoba and need an experienced real estate agent’s assistance? Get in touch with me, Chris Low. I am well-versed in buying and selling both residential and commercial properties in Brandon and Virden. With my help, you can conveniently acquire the home of your dreams, get favourable mortgage terms, and make investment-worthy decisions. Consult with me today!

You might think that selling your home will come easy, but to give you a heads up, the process can be incredibly daunting. There are times when you will encounter fussy buyers, plus the market itself can be pretty demanding, too. Although you might be fortunate enough to deal with straightforward inquiries, sometimes luck won’t be on your side.

If you have hired a real estate agent in Brandon, MB, you probably know that half the battle of your job is to foresee problems before they arise. However, selling homes can be a much smoother process if you know the common mistakes to avoid in the first place. Hence, it is essential to learn first the common pitfalls of home selling.

There are several actionable steps to keep homes for sale in Manitoba or any house for sale more appealing and more likely to sell. But before you learn these steps, here are some of the most common mistakes you should avoid when you sell a home.

Mistake #1: Disregarding Necessary Repairs

If you are the homeowner, you probably think that you don’t need to think about necessary repairs because you are moving out soon. With this mindset, your home will remain on listings for months at a time, and you may never find a good buyer. Keep in mind that what you sell should get the necessary repairs and maintenance issues sorted out first.

Mistake #2: Transacting Close-Mindedly

When you encounter a buyer that offers you their set price, and you are that close-minded to accept it, then it's you who'll lose in the end. You should never negotiate with this kind of attitude. Instead, try to be open-minded enough when somebody presents you with a competitive offer. Think it through before rejecting or accepting it.

Mistake #3: Underestimating the Costs of Selling

You might ask yourself, "How much is my home worth?" To give you a piece of advice, you should not underestimate the cost of your home, as it depends on various factors that you may not be aware of. If you want to know how much it would cost, it would be best to consult a home value estimator.

Mistake #4: Exclusively Considering the Highest Offer

Perhaps it excites you to know that somebody presented you with an incredibly high offer. You might think that considering it will allow you to pay for all your bills, debts, and other necessities. However, you should be wise enough not to get blinded by such offers because you wouldn't know their reason and purpose behind it, so beware!

Mistake #5: Setting an Impractical Price

Keep in mind that the price you desire to get and what your market can pay you are two distinct things. It will help if you try learning what fair market value means and knowing how a home is valued. More so, always know your boundaries, particularly in setting the price of your home to sell.

Final Thoughts

As a home seller, your sole purpose is to get a buyer, but you still deserve to have a smooth sailing home selling process, as well. For you to do so, keep in mind all these common home selling mistakes and do your best to avoid them at all costs.

Do you feel like you need extra help to buy or sell homes in Manitoba? Contact Chris Low Realtor today. With years of experience and numerous sales under his belt, you can rest assured you gain much-needed guidance from an industry professional. Send him a message today and start discussing your plans for your home.

When you’re buying your dream home, it’s most likely that you’ll have a lot of competitors for the same house. As much as possible, you need to avoid market seasons when everything is sold at high prices.

If you’re looking for a real estate property, you must take the opportunity when prices are down. However, it is inevitable to have competition against other buyers regardless of the season. That way, house sellers can increase the price of the house. You’ll need to have a strategy in order to win house-bidding wars. Here are some ways you can do that:

1) You Need to Know Your Budget

When you’re entering a bidding war, you must know how much you intend to invest in a house. Before you do that, you must know what you can get from the house and see what makes it different from other homes.

There’s a possibility that you might find a better property with better offers. However, if you really see that this house is worth buying, you must know how much money you need to win it. So prepare your budget, and see how much you can offer.

2) You Must Get Mortgage Pre-Approval

Even if you’re just intending to buy a house without joining a bidding war, you still need pre-approval for a mortgage. Pre-approval can help you determine how much you can afford for a house.  This will also convince the seller to sell the house since they can see how determined you are to buy the property, and they would be reassured that you have the ability to pay for it.

3) You Should Not Have Too Many Offer Conditions

Sellers want offers that are straightforward and clean to lessen complications during the process. It’s your responsibility as a buyer to offer the best conditions you can without it being too complicated. You need to please the seller, so you need to be flexible on when you want to close a deal. Additionally, high bidders also win, so you need to offer the best you can.

4) Build a Personal Connection to the Seller

Sellers probably have a lot of memories and emotional attachments to the home they’re selling. They likely want information about prospective buyers. As much as possible, find something that connects you to the seller. This could help convince the seller, and it can ease their mind that their home is being sold to the right person.

Conclusion

House bidding wars can be hectic, especially if the house you’re planning to buy is popular in the local market. You also need to check if the house is worth the money you intend to invest. Make sure to be prepared, and have the right strategy to approach sellers.

Are you looking for the perfect property as your home? Chris Low Realtor is the best real estate agent for your home hunting journey. I sell and buy residential, commercial, and farm real estate in Brandon and Virden, Manitoba. Partner up with me today!

Buying a house is one of the most life-changing decisions you can make. Since it is a big move that can affect your life’s personal and financial aspects, many aspiring homeowners see the whole process as overwhelming.

The good news is there are practical steps to take and put your worry at ease. If you are one of those first-time homebuyers, consider the following to have a hassle-free home buying experience:

- Check your Credit Score

Your credit score makes a big impact on the amount you can borrow, the interest rate that you may qualify for, and the amount of down payment you will be required to make. Because of this, make sure that your credit score is as high as possible before applying for a mortgage.

- Determine your Budget

Figure out how much you can afford to pay for a monthly mortgage. To calculate your budget, compute your current income and monthly expenses, including health insurance, car payments, and student loan payments. Consider the additional costs associated with a new house, such as maintenance, utilities, homeowners insurance, and property taxes.

- Consider your Down Payment

As much as possible, prioritize putting down 20 percent of the total purchase price as your down payment. If your budget does not allow you to do that, you can adjust and look for more affordable options that go as low as 3.5 percent. Ask your lender about these options, and make sure they suit your financial standing and preferred loan type.

- Get a Mortgage Preapproval

Don’t miss out on the opportunity to buy the home of your dreams by getting a mortgage preapproval after doing your budgeting. This will speed up the mortgage application process by helping you understand how much you can afford and the types of loan programs you qualify for. To get started, collect all your financial documents and track mortgage rates.

- Choose a Mortgage Lender

Choose your mortgage lender wisely. They will help you secure the right mortgage based on your ideal home, timeframe, and current credit score. Make sure the professional you hire will customize a mortgage solution for you and answer all of your questions.

- Explore Housing Options

Search for houses online that fit your budget, taste, and preferred lifestyle, and then schedule sessions to visit them. If you are having trouble exploring your housing options, look for a real estate agent you can trust. They will serve as your partner in the home buying process.

- Voice Out your Offer

Once you have found your dream home, it’s time to make an offer and close on your house. Ensure that you choose the right property for you by asking for advice from your agent. They will draw up an offer letter for you and submit it to the seller. They can even help you request repairs, add upgrades, or make your offer contingent, depending on the condition of your home.

- Make the Necessary Preparations to Close the Deal

Before purchasing any home, work closely with your real estate agent and mortgage broker to ensure your upfront expenses are covered. These include your down payment and several closing costs. Additionally, familiarize yourself with all necessary documents before signing them during the closing.

Conclusion

While the home buying process seems intimidating for first-time homebuyers like you, it does not have to be stressful. Find the road to happy homeownership by remembering and following the steps mentioned above. Don’t forget to work with a trusted real estate agent like me so you can easily search for the perfect home and have a convenient buying experience.

Explore homes for sale in Brandon and Virden with my help. I am Chris Low, an experienced real estate agent who will help you every step of the way during home buying. I will also determine the right property for your needs through the Multiple Listing Service system. Contact me today to get started in your home search!

Once you’ve decided to cash in your home’s potential value in the property market, it’s vital to make it consumer-ready for prospective buyers. So instead of simply giving your home a deep cleaning treatment, you need to revitalize its look by making certain key renovations. This is a process known as home staging.

Why Does My Home Need Home Staging?

Like any product in the market, each home needs to stand out and be very appealing to prospective buyers. Homeowners can showcase the different features that fit a particular buyer’s idea of a perfect home. Since the real estate market can be very competitive, it’s your responsibility as a house seller to know the strengths and weaknesses of your home. Doing so lets you identify key areas you can improve on through impactful renovations.

This article will share three home features you should consider for a faster and more profitable home sale.

1) Kitchen Countertops

Kitchen renovations will always lead to higher property values if you know how to invest in the right features. Besides upgrading your appliances, you should also consider the most appealing areas of kitchens: countertops. Kitchen countertops experience plenty of wear and tear over the course of your stay in a home. For this reason, it can be the most bruised and battered component of your kitchen.

Simply polishing it won’t remove long-term stains and marks that will be unappealing to prospective buyers. This is why brand-new countertop upgrades give an added level of functionality and aesthetic appeal to your home.

2) Flooring Options

Prospective home buyers want assurance that the property they’re buying is worth every dollar they put in the deal. This is why durability will play a vital role when weighing different options. What better way to reinforce your home’s durability by showcasing a fresh set of durable flooring?

Besides the utterly expensive hardwood flooring, there are many other affordable and appealing options that you can choose from. Anything from vinyl laminate to cement tiles can look and feel right in a room with the proper purpose. This is why your flooring choices must be purposeful to the use of a room. For example, tile renovations in bathrooms should prioritize functionality and safety against moisture and slippery surfaces. Similarly, outdoor pavements should be slip-resistant and naturally blend with your home’s structural motif.

3) Energy Efficiency

You can improve a home’s energy efficiency on different fronts, from optimizing your windows’ use of natural lighting to installing energy-saving HVAC systems. Whether you opt for a structural solution or technological upgrade, it’s essential to check with your building contractor to determine its feasibility.

Not all energy-saving options will be compatible with your property. Instead of making your home more appealing, these additions could feel more out of place than attractive. For this reason, it’s vital to get a second opinion from building experts before overhauling your home’s layout and major appliances.

Conclusion

Selling your home as-is for a quick and hassle-free profit can be very difficult, especially if you’re in a competitive housing market. So if you want to enhance your home’s chances of getting sold at the right price, you must make game-changing solutions to enhance its appeal. This is where hiring an efficient real estate agent can come in handy.

When you choose to work with a real estate agent, you want a business partner who can guide you through the process of selling your home in an honest and professional manner. If you need a capable real estate agent from Manitoba, contact me today at (204) 573-5699!

Buying a house is a tough decision to make. Before you’d even decide which home to go for, you’d have to rely on the expertise and advice of well-trusted real estate agents. They will ask about your preferences, guide you towards a house that matches all of your chosen criteria, and assist you in making a wise choice at the end.

Everything seems to be easier with the help of real estate agents—but just because things have taken an easy turn doesn’t mean that you shouldn’t be skeptical about the "Whys" and "Hows."

You have the right to know about the ins and outs of a home before even signing the contract. You may accomplish this by asking the right questions to your real estate agent. Of course, a good real estate agent would answer all of these questions honestly—but how about those who are only trying to make a good sell?

Well, these inquiries are effective enough to bring out the truth about the house that you are planning to avail. Take note of them, ask them without missing a beat, and gain a proper understanding of the property as a whole—and only then should you proceed with the purchase.

1) "How Old Is the Property That I’m Planning to Buy?"

A real estate agent should know everything about the property, including its history and its various homeowners that came before you. Asking about the age of the house would help you determine whether or not it’s too old for your own good!

The thing about old properties is that they tend to require frequent amounts of maintenance, so you can just imagine the amount of money you’d have to spend on a regular basis just to keep the house standing. Knowing about the previous homeowners would at least give you an idea of how the property was utilized.

If the previous owner was known to be too careless about everything, for example, then the chances are that the house may need repairs—and all of that would fall on you to handle.

2) "Is the Property Conveniently Located near Important Establishments?"

When we say important establishments, we are referring to the grocery stores, the fire department, the police station, the hospital, and other such landmarks. Having these near your home would assure you that everything you’d ever need would just be a ride away! If you need to restock on supplies, you have the nearest grocery for that; if there are any emergencies, then you have the hospital and the police station near you, and so on.

3) "Are There Any Issues About the House That I Should Know Of?"

Sometimes, the age of the property isn’t a good indicator of the house’s real condition. Some homes for sale are old, yet, because of the proper care and maintenance given by the previous owner, everything works just fine. The same rule applies towards houses which are just a few years old, in which the previous owners may have been too lazy to maintain everything, leaving you with all the damages to fix! If there are problems with the pipes, the windows, the integrity of the walls, etc., then it may be the right time to search for other options!

Conclusion

Buying a new home is never an easy decision to make. Luckily, you have your real estate agent to help you through the process. Having an honest real estate agent on your side would help lighten the load and give you a clear view of the right choices ahead. Knowing more about the property and its previous owners would determine whether or not the house is the right one for you.

I am Chris Low, and I am a seasoned real estate agent. My years of experience in this profession had given me all the needed negotiating skills, market knowledge, and strong attention to detail in the field of real estate. So if you’re looking for the best real estate agent in the market, give me a call today!