WHY BUYING A HOME DURING THE WINTER MONTHS CAN BE A SMART MOVE.

Winter is usually when people are looking to deck their own halls—not buy new ones. But buying a Fort McMurray home in November, December and January can have some big advantages.

While the cold, snow and short days may tempt you to hunker down and stay inside, winter could be a perfect time to find the home of your dreams for a great deal. Here are a few reasons why:

 REAL ESTATE SALES COOL DOWN

Traditionally during the winter there are fewer homes on the Fort McMurray market. As the weather cools, so does the Fort McMurray Real Estate market and many people wait to buy or sell until warmer weather hits. This means there are fewer buyers to compete with. It is simple economics-less buyers means lower demand, this can work in your favour and increase the odds that you find a house that ends up being a perfect fit. As things slow down, sellers and their properties get less action and this may make them more eager to work with you.

SKIP THE FORT MCMURRAY PEAK REAL ESTATE SEASON

Prices are normally at their highest during the spring and early summer months. Inventory rises, but there are a lot more buyers competing for properties and sometimes multiple offers. The laws of supply and demand are always a factor in Real Estate. This year due to the Fort McMurray wildfire rebuild, there are many awesome new homes coming to market for you to choose from.

SELLERS ARE MOTIVATED

Winter may not the ideal time for some to sell so sellers with properties in the market can sometimes be highly motivated by something urgent or time sensitive such as a new job, growing family or pending retirement. A winter sell can be a good indication of a seller’s motivation. For many people, it’s emotional. The end of the year brings closure and they want to tie up loose ends. Many sellers will want to get the deal closed.

NOTICE HOW A HOME WORKS IN HARSH WEATHER

Fort McMurray is known for long cold winters and brisk warming trends offering respite and fluctuations that will test the ability of a home to insulate and protect its residents. Serious problems are more likely to be detected such as drafty or frosted windows and doors, heating, plumbing, ice damning, roof and gutters issues. Winter is the ultimate litmus test of a home and most of its systems. This information is vitally important and can be useful when establishing price.

TAX MOTIVATIONS FOR WINTER BUYERS AND SELLERS

Year end is coming and many investors and corporations can take advantage of buying or selling properties to improve their tax situation. This could work to your advantage as timing is everything.

 MORTGAGE RATES MAY RISE IN 2018

This is no small matter. Scotiabank’s out with a new prediction. The nation’s #3 mortgage lender says rising rates will cause average mortgage carrying costs for new buyers to jump 8% in 2018 and another 4% in 2019 (assuming stable home prices). Now is a great time to prequalify for a mortgage and lock in to get the best mortgage rate you can. Buying during winter, before rates have a chance to increase, is a clear winning strategy if you want to save extra money.

THE HOLIDAYS MAY MAKE EVERYONE A LITTLE BIT MERRIER

As friends and family gather, many are in good spirits you may just get a better price based on holiday cheer.

THE LORE GROUP REALTORS LOVE THIS TIME OF YEAR

Don’t let winter put the chill on your house hunting efforts. If you are interested in viewing property a Lore Group Real Estate professional would love to tour with you , and walk you through the home buying process. Put on those cozy winter boots, bundle up, pack a warm cup of cocoa to go and let’s get out there.

FOR A LIST OF AVAILABLE FORT MCMURRAY PROPERTIES CALL OR TEXT SUSAN LORE, MICHEAL CAMMOCK, JAMIE HEWAT, TRISTAN PARKER OR SHERYL SCOTT AT 780 370 3325

Don’t put off searching for a new office space until the last minute

Tenants seeking Commercial space in Fort McMurray under 5,000 square feet should start a search at least 6 months ahead of time. Allow ample time for your Real Estate professional to search for a space that fits your requirements. You will need time to perform due diligence, negotiate and draft the lease. In cases where the space requires build out or remodelling plan for additional time to work with planners, architects and construction crews, this can take up to a year.

For large spaces businesses, should begin the planning process at least a year prior to expiry of their current lease. The larger the tenant the more complex their business needs may be. Big corporations need to start earlier to allow time to find the best possible fit.

Put together a team of professionals

Don’t go it alone. Putting together a team of qualified professionals may be your most important task. Choose a local experienced, full time Fort McMurray commercial agent who can share market trends, demographics, provide research on comparable rents and knowledge about the various areas for consideration. Many businesses make the mistake of not engaging the services of a local leasing agent. A Fort McMurray Real Estate agent can find you the optimal location assist you with finding the perfect commercial or industrial property, negotiate favourable terms and craft an offer to lease that will help you save time and money. Engage the services of a commercial Real Estate lawyer to review the finer details of the lease. You may need to enlist the services of professionals such as an architect, inspectors, accountant, various trades and in the case of larger businesses a project manager to serve as a single point of contact. Your Fort McMurray Real Estate professional can assist you with assembling a team.

Know your budget

Budget is important. Research all the costs to operate a space and your business. Many businesses wind up over budget because they didn’t review all the costs. Consult with your financial institution, accountant and review your business plan. While budget is important be open minded in your property search. Don’t let the rate be your only consideration. Bear in mind corporate image, visibility, parking, and the utility of the space and other complimentary businesses in the area that might create great synergy. Taking into consideration items such as this can help boost your corporate image, retain employees and attract new business.

Do your homework

Evaluate the buildings mechanical infrastructure to determine if it meets your business needs. Inspect the space or building inclusive of mechanical, electrical, plumbing and HVAC to ensure it is in good working order before you commence the lease. Be certain all building safety codes are met and the proper permits are up to date for any development in the space. Double check with the RMWB on zoning and ensure that your use will be permitted so that you can obtain a business license. Many businesses have made the huge mistake of assuming zoning alone is enough to ensure a business license. If your business requires a heath inspection check ahead to ensure you can meet applicable standards. Carefully review hours of operation, parking regulations, elevator access, security details, property tax and operating expenses. Did you know that many Landlords charge additional operating costs for running HVAC after normal operating hours?? Be in the know and avoid unplanned for costs that can affect your businesses bottom line.

Measure, Measure, Measure

When leasing commercial space, as a tenant, you must be 100% sure of the amount of space you are paying for. Do not rely on the landlords plans alone. Don’t be afraid to require the Landlord to prove it with a BOMA certified drawing. It could be a costly mistake if you do not have the space properly measured by a space expert.

Negotiate 

No term is too small to negotiate. Ask for favourable clauses that will benefit you. Explore Landlord incentives such as tenant improvement allowances, rent free periods and moving allowances. Carefully review options such as the option to sublease, terminate, extend and expand. Negotiate items such as designated parking and after- hours operation. Plan ahead for the future growth of your business. Address caps and terms for operating costs, pass through charges and negotiate the right to independently audit any charges.

If you would like to learn more about leasing or are considering leasing a commercial space for your business and contact Susan Lore, The Lore Group, Coldwell Banker Fort McMurray or visit our website theloregroup.com to view a list of available properties.