Helping New Canadians
First-time homebuyers in Edmonton are a very unique and growing market. More often than not, they have minimal knowledge about how the home buying process works. Last week, I helped a lovely young couple who had recently immigrated to Canada from the Philippines find and purchase their very first home.
As newcomers to Canada, they didn’t have a big down payment and were concerned that they were not going to be able to find what they needed for their small family. I explained to them that as first-time homebuyers in Alberta you do not need the standard 20% down to purchase a home, instead you are given an option to purchase with only 5% down. They were ecstatic.
We began looking for homes, and within three weeks, we had found something that suited all of their needs while remaining within their price range. While it can be tricky to find something for a family of five on a very tight budget, it is important to understand which renovations will add and retain their value when fixing up an older property.
Although, I cannot predict the future, I am able to use statistics from today to determine which renovations will yield a return on investment (ROI).
Not all renovations or upgrades that you do to your home will add value dollar-for-dollar. For example, if you spend $5,000 on new countertops, it is unlikely you will get that back when you go to sell your home in five years.