Similar to an annual wellness physical, a home evaluation can give homeowners a review of the financial elements of their home.
It’s particularly valuable based on the fact that their home and its equity is generally, one of their largest assets. While a home evaluation is not an accredited appraisal, it can give you a good idea of what your home is worth. As Chestermere, Langdon and Rockyview East specialists we have been in the homes that are on the market and that have recently sold. So when we compare your home to another we have a much better idea of what the actual comparable was like. There is no point in comparing your home to a smelly foreclosure, when your home is a well-kept home.
A home evaluation is also different than a property tax assessment.
A tax assessment takes a point in time and estimates the value from that date. A home evaluation is what is it worth today! In Chestermere, you can look up your tax assessment on line and see how it compares with your neighbours here. Just log in as a visitor, agree to the terms, go to searches and find your street then type in your street number. Your property will come up on the map. just click on it and you will be able to see the reports. You will want to check to see that the size is accurate and that any structures are correct. You can also click on the homes near you to see how your home compares.
When we do a complementary home evaluation we will compare your home to similar properties recently sold and are currently available.
This can provide you with information you can use to determine if you should challenge a property tax assessment
You will know the value of your home so you can decide whether you have the equity to refinance so you can:
lower your rate
remove a person from the loan
eliminate credit card debt
take cash out of the equity
We can discuss which renovations and repairs will add value for resale.
We’d be happy to provide this information at no obligation as part of our on-going commitment to providing homeowner information, both in general and specifically, to our contacts. It is part of a long-term strategy whereby we hope to earn your loyalty and referrals when you do need our services to buy or sell.
Should You Rent or Own? We have a financial calculator to help you determine which is better for you!
That is a big question. That depends on the rent you would be paying, the interest rate, the appreciation rate of properties in your community.
We are providing a Rent Or Own Financial Calculator to help you figure this out. As of February 2016 a safe interest rate to use is 2.7% to 3%. See below for down payment information, but the minimum down payment is 5%. Typically the appreciation rate in the Calgary/Chestermere region is 3 to 5%. I know that we are in a very soft market, but I also know that this will turn around later this year or next. In the long term real estate always appreciates. Try it out! Ignore the tax rate it does not apply in Canada.
Is it better for you to buy or rent, this Rent Or Own Financial Calculator will help you determine which is best for your circumstances. In Canada ignore the tax rate brackets as we do not write off interest payments of a residence.
There are many benefits to owning your own home.
*privacy- no one can call to give you 24 hour notice to walk through your home.
*Stability you cannot get a notice that your lease will not be renewed.
*Security-If you lose your job, you can take in a renter, rent it out, you generally will have 3 to 6 months before any action is taken to remove you from your home if you cannot afford to make payments. You can usually work something out with your bank. Miss your rental payment and you can be out on the street in 14 days.
*Credit worthiness, establishes your credit and shows that you are a better risk
*Leverage – your home appreciates for the full value, not just the 5% you have down. 3% annually on $300,000 is $9,000 compared to the banks 1.5% on $15,000 which would be $225.( I now that property values may be not appreciating as much right now, but on average in the Calgary area they go up 3 to 5% annually.)
*Your home reflects your personality, you can decorate, make improvements and repairs on your schedule not someone else’s.
*You can increase your home’s value with your sweat equity.