Have you ever considered renting out a room to a student or renovating your basement into a self-contained rental apartment?

It’s a big decision. There are many pros and cons to consider.

On the pro side, renting can provide you with additional income. An extra few hundred dollars a month can go a long way towards paying down your mortgage or splurging on an exotic summer vacation.

Creating rentable living space in your home — for example, an “in-law suite” featuring a kitchenette and bathroom — may also increase your property’s market value.

On the con side, you’ll have more costs and responsibilities as a landlord. For example, you might need to purchase extra insurance because basic home insurance policies typically do not cover rental units, even if you’re just renting out a room. You’ll also be responsible for dealing with repairs sometimes in the middle of the night.

Also, if you’re not careful about the renter you choose, you might end up with a “problem tenant”. For example, you could have a tenant who is consistently late on rent payments or simply stops paying. That can be stressful.

If you’re deciding whether or not to rent, be sure to check local laws and regulations. Many jurisdictions have very strict rules regarding renting out space in a residential property, and those rules change frequently. Make sure you get the latest information.

If you have any questions about the real estate market contact me at (780) 718-1052.

Is your home feeling a little overcrowded? If so, there are many relatively low-cost ways to free up more space. Here are some ideas:

1. Change traditional into non-traditional space. We’re all familiar with converting a spare bedroom into a home office or kids’ playroom. You can also make space by finding other uses for pantries and walk-in closets.

2. Explore smart storage solutions.There are many products on the market that transform how you store things. For example, there are closet organizers available that double storage capacity. Check out the options at your local home improvement store.

3. Get rid of extra furnishings.Is there a chair no one ever uses? Is there a side table that takes up a lot of space, with nothing but a few knick-knacks on it? Consider selling these items to free up some space.

4. Think high. Install storage shelves, hangers or baskets high up in the kitchen and laundry room. Use that storage for items you only access occasionally.

5. Consider storage rental. If you have furnishings and other items that you don’t want to get rid of, consider renting a storage unit. There may be economical options in your area.

With a little creative thinking, you’ll be surprised by how much space you can make within your existing rooms.

For more tips and tricks give Deanalee a call at (780) 718-1052!

By: Deanalee Zuccatto

If you need to upsize or you’re simply ready for a change, it’s tempting to consider a major renovation. After all, renovating means you don’t have to go through the process of selling your property and buying another more fitting home. You just fix up the one you’ve got!

However, you should carefully consider the pros and cons of renovating before going this direction. You don’t want to invest in an expensive renovation only to end up with a home that still doesn’t meet your wants and needs.

One example is, your current property doesn’t have a home office. Since all the bedrooms are taken, you decide to renovate a portion of the basement. Building that new home office may seem like a simple project, but once you consider new electrical, flooring, lighting, etc., it really isn’t. Like most renovations, it will probably cost more than you think. Plus, you’ll need to consider whether you’ll really want your office to be in the basement.

In this case, it might make more sense to find a new home with an extra bedroom that can be converted, or, better still, a dedicated home office space called a den — with windows!

Of course, there are many situations in which a renovation may be the best way to go. If you don’t like your kitchen, for example, upgrading it may not only get you the kitchen you want, but also add value to your property.

Basically, you need to ask yourself: “Which is more likely to get me the home I really want – a renovation or a new home?”

If your answer is a new home, then there is probably a property on the market right now that would meet your needs. Let’s talk. You can contact me directly at (780) 718-1052.

By: Deanalee Zuccatto

Take a look at the month of August real estate market update for Spruce Grove, Stony Plain, Rural Parkland County and Rural Lac Ste Anne County below.

Spruce Grove:

Single Family

• Currently active – 273

• Sold – 54

  • Average sale price – $381, 603

  • Median sale price – $366,750

• 1 months of inventory

Condominium

• Currently active – 49

• Sold – 8

  • Average sale price – $251,734

  • Median sale price – $247,687

• 1 months of inventory

Stony Plain: 

Single Family

• Currently active – 178

• Sold – 14

  • Average sale price – $324,742

  • Median sale price – $340,000

• 7 months of inventory

Condominium

• Currently active – 40

• Sold – 6

  • Average sale price – $196,583

  • Median sale price – $192,500

• 6 months of inventory

Rural Parkland County:

Country Residential

• Currently active – 368

• Sold – 44

  • Average sale price – $525,044

  • Median sale price – $482,500

• 3 months of inventory

Vacant Lot

• Currently active – 226

• Sold – 13

  • Average sale price – $280,969

  • Median sale price – $327,866

• 3 months of inventory

Rural Lac Ste Anne County:

Country Residential

• Currently active – 247

• Sold – 20

  • Average sale price – $296,495

  • Median sale price – $272,000

• 3 months of inventory

Vacant Lots

• Currently active – 146

• Sold – 6

  • Average sale price – $65,083

  • Median sale price – $59,000

• 3 months of inventory

If you have any questions about the real estate market, buying or selling, please feel free to contact me at (780) 718-1052 and I would be happy to answer them for you!

*Months of inventory = the measure of how many months it would take for all of the currently active listings to sell. This is a great indicator of whether it is a buyer’s or seller’s market.

*Seller’s market = 3 or less months of supply

*Balanced market = 3-4 months of supply

*Buyer’s market = 5+ months of supply