A huge part of real estate is knowing when to buy and when to sell. Keep in mind that an influx in the market can be a precursor to your financial success. With that being said, it’s important that you don’t rush into things when you’re looking to get into commercial real estate. This is because purchasing real estate takes a big commitment, so you’ll need to be knowledgeable and prepared about what you’re getting yourself into.

In this article, we will share four factors that you must consider when buying commercial real estate:

Budget

The main factor that you have to consider is whether or not you can afford to buy a piece of property. The state of the market matters very little if you can’t afford to buy the property. The last thing you want to do is to make a purchase that you can’t afford solely because you’re getting a property for a good price. Even if the property has prices that are trending down, your budget and resources must be the deciding factor when making purchases. Likewise, you’ll need to understand that there is a risk to purchasing property, so it’s best to err on the side of caution when making significant financial decisions like real estate.

Short-Term Financing

Jumping off from the last point, you also don’t want to buy commercial space if it requires you to take on any form of short-term financing. Although it may be convenient, short-term financing can get rather expensive down the line due to high-interest rates.

To add to this, you also have to be prepared for any unexpected scenarios that could affect your finances. The recent global pandemic should be enough to emphasize how volatile commercial real estate is, as things can turn from good to bad almost instantly. This, on top of the loans, could cause you a lot of trouble if the situation goes awry!

State of the Market

If you have your finances in order, it’s time to think about the state of the market and only invest at the right time. You have to think about supply and demand before making any commercial real estate purchases. To understand this fully, you must take the different types and markets into consideration, and a great example of this is buying into office spaces in a post-pandemic world. In fact, former Google CEO Eric Schmidt has emphasized that there will be a massive demand for office spaces as the world approaches normalcy. If you’re looking for office commercial real estate, do check out the listings on our website!

City Growth

You should also look at a property’s potential for growth when deciding to make real estate purchases. The main point that you have to understand is that cities are constantly growing and developing. What may have been considered a stagnant area of a city could eventually grow into a bustling and desirable piece of commercial real estate. What you’ll want to keep an eye out for are any signs of movements within a city. If a big corporation moves into a city, it would be a safe bet to invest and buy property in that area!

Conclusion

It’s important to be thorough when making big financial decisions. Rushing into things will just make you more vulnerable to unnecessary risk, especially when it comes to commercial real estate purchases. Hopefully, you will keep all of the factors included in this list in mind when you’re looking to invest in commercial real estate!

If you’re looking for a real estate agent to help you find the right property for you, look no further as I can help you with any and all of your real estate needs. I can help you find the commercial property that’s right for you in Brandon, Virden, and Manitoba areas. If you want to know more about the properties, check out the listings posted on the website today!

The Myth of “Love at First Sight” When Home Buying

“Love at First Sight” should be replaced in your mind with “look before you leap.” The myth of love at first sight when home buying has gotten many people in trouble financially and emotionally – and it could all be avoided by keeping some tips in mind before choosing based on love at first sight.

You may fall in love with the first house you lay eyes on. It may seem to have everything you’re looking for in a dream home. But, you’d be wise to check out and compare others to be sure it’s what you truly want.

In fact, it’s best to view as many homes as possible to ensure you’re making the correct decision. You don’t have to look at every home in the area, but comparing at least three is the rule of thumb.

One reason to compare and shop around is that you may find other features you like more in another home. You can then compare the features and decide which you like best and which would benefit you the most as a homeowner. And it could have a lower price tag.

Rushing to closing without the proper inspection and close examination for red flags that might haunt you later is one of the worst things you can do in the home buying process. A property inspection performed by a certified Inspector is a must with older homes as they may uncover deficiencies such as suspect foundations, issues with the furnace and/or homemade plumbing sytems put together during renovations that don't meet code regulations. 

Checking out other homes can also give you a good idea about the resale value of homes in the neighbourhood or other neighbourhoods you may be considering. When you purchase the best home in the area, know that your home may not appreciate in value as much as other homes surrounding you.

While you may love the home – take into consideration where it’s located. A great house in a bad neighbourhood may become a nightmare you have to live with even if you’re in love with the home itself.

Think about your future plans before falling in love with and purchasing a home. Is public transportation something that you need to look at? Are you far away from your work and would have to spend hours in traffic both to and from work? Look at your lifestyle and find out what’s really important to you.

You’ll likely walk through the home several times before you sign on the dotted line. Each time, be sure to scrutinize the property like you’re making one of the most important decisions of your life – because you are.

If you take your time, be honest with your real estate agent and your lender and don’t jump in to buy a home at first glance, you’ll be much more confident in the decision you make.

Buying a Home that Fits Your Lifestyle

Finding the right home and one that truly fits your lifestyle is one of the most important decisions you’ll make. It should fit with your lifestyle and have the right floor plan and style that you’ll love for years to come.

Size is important when considering a home. If you’ve got a large family, they probably won’t be comfortable in a small two-bedroom bi-level. A sprawling walk-out condo may not be the best choice either unless it meets other needs – such as enough bathrooms.

Do you like to entertain? Then, consider a floor plan that flows easily – not one chopped up so you can’t visit with your guests while in the kitchen. A backyard or patio may also be important so the overflow of people have room to move around.

Consider the layout of your new home more than the décor or fancy finishes. It should flow easily from room to room and be functional for what you love to do. Don’t choose based on great carpet in the living room but look for how welcoming it will seem to guests coming from a kitchen or foyer area.

When considering your home purchase take into account whether you’re going to be using your current furniture or purchasing new furniture that will better fit your floor plan. If you want to use your current furniture, measure the area to make sure it will fit.

While most of us tend to go over-the-top when it comes to purchasing a home, the price of those fancy features or location usually bring us back to earth. You know what you like, what you can live with and what are absolute deal breakers.  Your instincts will usually guide you in the right direction. If a floor plan, style and location just “feels right,” it probably is. But, use your common sense or consult an expert if you’re not sure about making a final decision.

Whether you live in Brandon MB, Virden MB or you're searching for acreages in these surrounding areas, the search can be strenuous and time consuming.  You can call on me to be your trusted go to REALTOR®, with insight on all new listings and recent home sales, within our local real estate market.

Buying a house is exciting, but it can be time-consuming and stressful. You also have to concern yourself with property inspection, allowing you to notice issues that are easily overlooked. This way, you can avoid costly repairs and save money in the long run.

To help you have an easier time thoroughly inspecting the property you are planning to buy, use this article as your home inspection checklist.

- Uneven or Bouncy Floors

Older homes that have settled over time have uneven floors. However, they may even be safer than newer houses where the foundation has not yet had a chance to shift. However, be wary of newly constructed properties with uneven or bouncy floors.

To check how uneven the floors are, always bring marbles to an open house, placing them and observing if they move around different rooms. The marble test is important because it can help you save money on costly repairs.

For instance, deflections may be costly because it involves ripping out the current floor, correcting the support columns, and looking for a floor that matches the original one. Foundation work might also be required if the floors are very uneven.

- Exterior Tilts and Cracks

The interiors of your desired property may look and feel aesthetically pleasing and durable, but pay attention to the exteriors. Check for tilts and cracks by bringing a leveller, preferably with a laser pointer.

You can also consider getting a structural engineer to inspect. If there are cracks, they should not be more than 1/4 inch wide. Many sellers will try to mud over and paint them, so keep your eyes peeled for a surface or paint mismatch. 

- Odours

Room fresheners, potpourri, or scented candles can make you feel at home but beware of them during a property inspection. They can mask a foul odour emanating somewhere in the house and its surroundings. Find out if the sellers are attempting to conceal a nasty smell coming from mould, a leaky pipe, sewage, and the like. 

- Noise Level

Don’t get too excited if you hear some of your favourite tunes during a property inspection. The seller may be trying to mask the noise outside by playing loud music in every room. To determine the noise level yourself, ask the seller to turn off all speakers, fans, and air conditioners. You may also have to ask the neighbours if they are noisy at night. 

- Ownership History

Check homeownership turnover online. If your potential new home has a high turnover, consider it as a red flag because there may be some serious problems with that house. You can tell if a property has a high turnover if it has an average ownership length of three years or less per owner. 

Conclusion

Conducting a home inspection before buying helps you make a more informed decision about your house purchase. Although this process is optional, it’s best to have the property you are eyeing inspected thoroughly. After all, a home costs a lot, so you have to make sure that it is worthwhile.

If you need help completing your property inspection, feel free to hire me. I am Chris Low, an experienced real estate agent, and I can help you buy and sell residential, commercial, or farm real estate in Brandon and Virden. Contact me to have a less time-consuming and more convenient home buying experience!

When selling or buying a house, your main point of interaction with the real estate is through real estate agents. These are objective parties that work in your best interests, trying to get you the best deal possible. They are experts at negotiating, and they know all the ups and downs of the market—making them ideal assets in your efforts.

Due to the sizable investment that’s to come, you will want a real estate agent that you can trust. After all, you will be working closely for several weeks—so they have to be someone you can be comfortable communicating with constantly!

Before you take that major step of hiring a real estate agent, here are some things you need to know:

Real Estate Agent vs. Real Estate Broker vs. REALTOR®

There are so many names for real estate professionals, and often people use the terms interchangeably. All the work each professional does is very closely related—but there are distinctions between the services offered by each person. Buyers and sellers need to understand these differences so you can choose one that can cater to all your needs.

Real estate agents – They are salespersons that represent their clients in real estate negotiations and transactions. They are duty-bound to look out for the best interests of their clients and to work fairly.

Real estate agents in Manitoba complete licensing courses and are registered through local real estate associations.

Real estate broker – Real estate agents work under brokerages that are managed or owned by real estate brokers. Brokers require at least two years of experience as licensed agents as well as additional management training. They oversee all deals that their real estate agents complete.

REALTOR® - Realtors are real estate agents who are paying members of the Canadian Real Estate Association (CREA). Membership includes complying with a strict code of conduct and attendance in ethics training. 

Interview Several Real Estate Agents

Buying or selling property is one of the most important things you will do in your life. As such, you will need to do your due diligence when you look for a partner.

Interview a handful of potential real estate agents and talk about their experience and workflow. Ask about properties they’ve bought or sold that are similar to yours! Aside from this basic questioning, their professional references can give you more in-depth information about their personal experience with your potential realtor.

The Real Estate Institute of Canada is an excellent resource if you want to look over an agent’s affiliations and qualifications as well. 

Your Real Estate Agent Should Be A Market Expert

Your agent will be your primary source of information, so you should choose an expert on your local real estate market. They should be able to confidently answer all your questions about the neighbourhood, local amenities, and how much recent home listings have sold for. You will be able to make the best decisions about your property when your agent is a fount of accurate information.

If you’re selling your home, you should get a real estate agent that’s social media savvy. The real estate market is now much more than just dry listings on MLS or Zillow. Professional quality photos and videos go a long way in marketing your property, and you will be able to attract so many more potential buyers through social media. As such, a good real estate agent should also be a good marketer.

Conclusion

Your real estate agent should be someone you can be completely upfront and honest with. You should trust that they always have your best interests in mind! In that effort, they should also be an effective communicator and a good negotiator. Don’t settle for the first realtor that a family friend recommends you; it’s worth the effort to do your research and pick the best real estate agent or realtor who meets all your needs.

Are you looking for houses for sale near you in Manitoba? Here at Chris Low, we make sure to stay on top of all new active listings in the area so that you don’t miss out on your dream home. If you’re selling, buying, or you want some help in getting an estimate for your home, get in touch with us today!

The real estate options available today are seemingly endless. With all the choices within the price range of a certain client, investing in a property can go from exciting to overwhelming really quickly. Knowing what opportunities are available to you will prove to be a genuine advantage as you traverse the real estate market and make your investment.

Seasoned real estate investors will tell you that you need to make sure that the property you buy is competitive in the rental market. If it is your first time to invest in real estate, these are a few key considerations for you to think about before finalizing your real estate deal.

5 Key Areas To Think About When Investing In Real Estate

Before you jump in, it is important to think about these facts first. Considering these five crucial areas for consideration before making a final decision about which real estate property to invest in will ensure that you put your money in a great real estate property that will grant high returns of investment later on.

1) Employment Opportunities In The Area

If you are looking at properties that you would like to live in, choosing prime locations that have great job opportunities close by will be convenient for you. However, if you are looking for a property that you will have rented out, you will be able to attract many potential tenants if you choose a location that has many employment opportunities nearby.

2) Rental Value

It is crucial that you compute the rental value of your property if you plan to have it rented out. Look into the rental price that you are after, and check that the property will potentially give you the same returns.

3) Location

You have probably heard it before. Location is everything when it comes to investing in real estate. The closer your property is to hospitals, schools, malls, and other necessities, the more you will be able to demand in rent. Also, if you choose to live in the property yourself, you will be able to take advantage of the prime location of your property.

4) School Districts

School districts are important because the better school districts your property is in will mean that you will be able to attract more families to be interested in your property. In many cases, a school district is what makes the decision final when it comes to tenants looking for a property to rent.

5) Safety Of The Neighborhood

Lastly, consider the safety of the neighborhood. Make sure that you choose a vicinity that has a low crime rate and a good, reliable police precinct. 

Conclusion

Taking interest in investing in a real estate property is a step toward financial stability. However, if it is your first time investing, you have to think very carefully and thoughtfully about getting started. You have to take time and effort to ensure that you are choosing the right investment property before jumping into the real estate game.

Keep in mind that investing in real estate, just like most other types of investments is risky. This is why hiring a professional property management firm to guide you in the decision-making process will help you go a long way. You will be able to have peace of mind knowing that the decision you eventually make will be a sound one.

If you are looking for real estate professionals that can help you purchase the right property that fits your needs, come to Westman Real Estate. We specialize in the buying and selling residential, commercial, farm real estate in Brandon and Virden, Manitoba. See us today and let us help you buy your dream home.