of Lloydminster

Your Community Minded Realtors

Contact Us Anytime

Office: 780-808-2700
Toll Free: 866-666-2700
remaxlloydminster@gmail.com

RE/MAX Of Lloydminster
5726 - 44 Street
Lloydminster, AB
T9V 0B6

"each office independently owned and operated"

 

When you are shopping for an investment property you should make some of the same assessment criteria important that you would use if you were buying the property for yourself. A nice home in a good location will usually be safer, cleaner, and have better access to amenities. This will make the home more comfortable, pleasant and attractive to long term tenants.

Use a buyer’s checklist for curb appeal. If the current homeowner is not maintaining the exterior of the house in an attractive manner then it is likely that there will be problems with repairs prior to renting out the home. When you drive into the neighborhood are there signs of neglect for the neighborhood overall? If you see garbage in the streets and yards, graffiti on fences, walls or utility boxes, abandoned shopping carts, too many cars parked on the streets and untended homes, then it is likely that the neighborhood is in decay. The price of a house in this area is likely to be less expensive and you may even find a home in good repair, but you are placing your investment at risk in such neighborhoods.

Check the curb appeal! It’s important for buyers but equally important to attract long term tenants.  Look for signs of fresh maintenance. The yard should be mowed, the bushes trimmed and in good health, the branches of trees cut back and cared for. The house exterior should be clean or freshly painted without peeling paint or obvious signs of problems. The roof should look flat and fairly new. The gutters should have leaf covers and downspouts with drainage directing pads at the bottom. Fencing should be intact and in good condition. Don’t forget the house inspection! This is your investment property that will bring you income for years to come.

The biggest mistake made by investors is not allowing enough time to find a good rental home.  Spend time in the neighborhoods you are most interested in purchasing an investment property and walk around. When you walk several blocks in each direction you will develop a clear picture of the neighborhood, and you will experience the area in real time. See if people living in the neighborhood are your target rental market, students, families, etc. Can you walk to stores, transit, shopping, activities, theaters, parks, hiking trails and other areas? Pay close attention to any signs of problems in the area and talk to your real estate rental agent about issues that may not be readily visible. When you find the right house in the right neighborhood, purchasing an investment property can be an attractive option.

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Every intelligent real estate investor understands the basic principle of making money when you buy. It’s extremely important to learn and understand this concept for your business because it can mean the difference between succeeding and failing. Forget all the infomercials on television that try to sell you on simple ways to make it rich in real estate, because the fact is, investing in today’s market takes a savvy person to make great deals happen and these great deals are carefully crafted.



The principle of making money when you buy is an attitude when it comes to investing. In a nutshell, you want to purchase a property that will make you money now and in the future. How you buy the property now will determine how successful you are in the future when you decide to sell. Focusing on what the property should be for your business in the future instead of looking at its potential for today, can place your business on the quick path to bankruptcy. There are too many inexperienced investors that pay exactly what the market commands for a property just to get in the game and have a property under their belt. If the property is being used as a rental, they find out quickly that they’re losing money every month. Or, an investor seeks to flip a house for a profit and after he’s exploded his budget, realizes his potential profit has been flushed down the toilet.


You want to focus your attention on what the property will do for you right now. If it will be a rental, then look at how you can make it cash flow as soon as a tenant is placed. If you plan to flip the property, then pay attention to what the after repair value could be and then be conservative with your listing price when it’s ready to go on the market. Make sure you stay within your budget for repairs and make sure your mortgage loan’s interest won’t significantly hurt your budget for holding costs.


Make a great deal happen through negotiations and doing your homework on the property. Negotiate a purchase price that realistically works with your numbers and gives you profit at the end of the day. The markets will shift and change over time but chances are slim that they’ll shift in your favor if you bought at the wrong time or at the wrong price. Take your time and stay focused on how this deal will help you make money today and tomorrow. If you take this approach, then you’ll have many more successes than failures and you may stay in business for the long haul.

 

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Some adults begin planning and saving for retirement immediately after graduating college and entering the workforce. Others delay retirement planning, believing that they have several decades to save for their Golden Years. However, once adults reach the age of 30 or 35, many inevitably take a closer look at their retirement plans and make a more concerted effort to prepare for their retirement years. During this decade of your life, taking three important steps will help to establish a successful retirement years down the road.


 

Pay Off Your Credit Cards

While some retirees carry outstanding credit card balances, you will be more financially secure and require less recurring monthly income to sustain your lifestyle if you do not carry credit card debt. Now is the time to create a debt elimination plan as it provides you with ample time to carry out that plan. Likewise, consider taking steps to eliminate other personal debts you owe, such as car loans and student loans. The ideal goal is to be debt-free in your retirement years. When this goal is accomplished, your budgetary expenses will include only the basics like food, utilities, insurance payments and other standard items. Even if you owe a considerable amount of money right now in credit card debt, many years remain before you retire. Developing and following the plan now will make it easier to achieve a debt-free status by retirement.

 

Review Your Mortgage

While your credit card payments and other personal debts may be a large portion of your current budget, your home mortgage payment likely is also substantial. Review your mortgage today to determine when it will be paid in full. If your current mortgage term extends beyond your retirement debt, refinancing to a shorter term mortgage may be beneficial. Some homeowners may also benefit from refinancing to pull equity out of their home for debt consolidation purposes. Others may lower their monthly payment by refinancing, and this may enable them to pay other debts off more quickly. Because each person's financial situation is different, the decision to refinance is a personal one. Taking time today to consider the pros and cons of refinancing can help you to establish a mortgage that is most beneficial for your retirement goals.

 

Fund Your Retirement Account

At this point in your life, funding your retirement accounts is imperative. With the benefits of compounded interest, dividend reinvestments and more working for you over time, funding your retirement accounts earlier is beneficial. If you do not currently have a retirement account, now is a great time to open an account. If necessary, make adjustments to your contributions to take full advantage of an employer-matching retirement program. Use online retirement calculators and other similar tools to determine how much money you may need in retirement. Adjust your contributions accordingly to ensure you reach your goal. Revisit your accounts regularly to ensure that you remain on track with your savings.

 

Whether you have already started preparing for retirement or have yet to get started, this decade of your life is the ideal time to create a more focused, detailed plan. Following these important tips now can set the stage for success with your retirement planning efforts. With several decades still remaining before you retire, the power of time is on your side if you get started today.


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