Tenant Screening 101: A Property Manager’s Guide to Finding the Best Tenants

Selling your home and buying a new one is an exciting yet often stressful process, with many important decisions to consider. One of the biggest questions homeowners face is whether to sell their current home before purchasing a new one or to buy first and sell afterward. Both options come with their own benefits and challenges, and the decision ultimately depends on your personal situation, market conditions, and your level of comfort with the risks involved. Let’s break down both scenarios to help you make an informed decision. Buying First: The Risks and Benefits The Risks: When buying a home before selling your current property, the most significant risk is the possibility of carrying two mortgages simultaneously. If you haven’t sold your home by the time you take possession of your new one, you could end up paying for both homes—an expensive and stressful situation to navigate. Another risk comes when your new home purchase is conditional on the sale of your current home. If your property doesn’t sell in time, you could lose not only the new home but also the deposit you’ve paid, along with the costs of a home inspection or condo document review, if applicable. This can lead to a frantic and high-pressure situation where you feel compelled to sell your home quickly. When Buying First Might Work: That being said, buying first can be advantageous in certain circumstances. If you're in a seller’s market where homes are selling quickly, or if your home is in a desirable location with favorable market conditions, you might feel confident that your current property will sell without much delay. In such cases, buying first might allow you to secure the home you want before it’s taken off the market by another buyer. Buying first can also be beneficial for those who have very specific criteria for their new home. If you’re searching for something unique or hard to find, the process of finding the right property could take time. In this case, buying with an extended possession date and making your offer conditional on the sale of your current home may be a more suitable option. Selling First: The Safeguard of Certainty Why Selling First Makes Sense: For most homeowners, selling first is the safer and more predictable option. This is especially true if you need the proceeds from the sale of your current home to finance the purchase of your new property. While this doesn’t necessarily mean that your home must be fully sold with buyers lined up to move in, it does mean that your home should either be listed for sale or ready to go on the market. Without this, making a strong offer on your new home becomes challenging. Sellers prefer buyers who can submit a strong offer with a high chance of being able to close on the property, so when it comes to an offer being conditional on the sale of their current home, this means they are either already in the process of selling their current home, or it will be listed for sale within the next 24-48 hours. If your home is not ready for sale and your offer on a new home is contingent on the sale of your property, many sellers will be hesitant to accept an offer under these conditions. Tip: When a purchase is conditional on the sale of your current home, there’s typically a 24-48 hour clause. This allows the seller to keep their property on the market and, if they receive another offer, you’ll have 24-48 hours to waive all conditions, regardless of whether your home has sold. Mitigating the Pressure: One of the main concerns with selling first is the potential for feeling rushed to find your new home. To mitigate this, we recommend negotiating an extended possession date—typically around 90 days. This gives you a minimum of three months to secure your next home, ensuring you have enough time to explore the market without feeling pressured. It’s not uncommon for families to lose a home they love because their current property isn’t ready to sell. By having your home prepared for the market beforehand, you’ll be in a much stronger position to make an offer on a new home and avoid missing out on opportunities. Conclusion: Which Option Is Right for You? While there is no one-size-fits-all answer, we generally recommend that homeowners prepare their current home for sale before making a purchase. This ensures that you can make a strong, confident offer on your new home, knowing that the sale of your current property is either in progress or close to happening. That being said, if you have a very specific home you’re looking for or if you’re in a particularly hot market, buying first might be a viable option—provided your current home is ready to be listed as soon as you find your next property. Buying and selling a home at the same time can be a daunting experience, but with the right guidance and preparation, it doesn’t have to be overwhelming. We specialize in helping homeowners navigate these types of transactions and provide peace of mind during one of life’s biggest transitions.  If you have any questions about selling your home, buying a new one, or just need some advice about the real estate market, feel free to contact me. My goal is to serve you and provide the clarity you need to make the best decisions for you and your family. Let’s make your real estate journey as smooth and stress-free as possible!

Building a custom home in Calgary is an exciting and rewarding venture. It’s an opportunity to create the perfect space tailored to your needs, style, and preferences. However, with such a significant investment on the line, it’s crucial to ensure that you get the best value and that your funds are properly protected throughout the entire process. There are several strategies you can employ to ensure the successful completion of your custom home, and a bit of guidance from an experienced professional can make a world of difference. 1. Clarify Your Vision and Set a Realistic Budget Before you start selecting contractors, architects, or land, it’s important to first define your vision for your new home. What do you envision for your family’s lifestyle? Do you want an open-concept living space? Is energy efficiency a priority? Write down your must-have features and separate them from your “nice-to-haves.” Once you have your vision clear, the next step is creating a realistic budget. It’s easy to get caught up in the excitement of custom features and upgrades, but having a solid budget will help you make better decisions down the line. Be sure to leave room for unexpected costs — things like rising material prices or changes during construction — are a normal part of the process. A well-structured budget will keep you grounded and ensure your financial goals are met. 2. Choose a Trusted Builder with a Proven Track Record Choosing the right builder is one of the most important steps in the process. A skilled and reputable builder will not only bring your vision to life but will also help navigate the challenges that can arise during construction. When looking for a builder, take your time and do your research. It’s essential to look at their past projects and client reviews, but also ensure they are licensed, insured, and experienced in building homes similar to the one you're envisioning. While you can certainly find a builder on your own, having the right local connections can give you access to the best professionals. Builders with a strong reputation in Calgary can often be recommended by industry insiders, including real estate professionals who have worked with them before. This can help you save time and potentially avoid costly mistakes. 3. Get Multiple Quotes — But Don’t Just Focus on Price It’s always a good idea to get multiple quotes when hiring contractors or suppliers for your custom home project. This gives you an understanding of what fair pricing looks like and helps you gauge what kind of value you're getting. However, when reviewing quotes, don’t just focus on the bottom line. A price that’s too low might seem like a bargain, but it could be a red flag for cutting corners or using inferior materials. On the other hand, a quote that’s significantly higher than others might be an opportunity to explore how you can scale back your costs without sacrificing quality. An experienced real estate professional can provide insights into pricing trends in the area, helping you avoid overpaying or underestimating project costs. Working with someone familiar with the local market allows you to gauge the quality of contractors and assess which options offer the best value. 4. Land Selection: Where Location Meets Value In Calgary, location is key when choosing land for your custom home. Whether you’re looking to build in one of Calgary’s established neighborhoods or a newly developing area, understanding land values and zoning regulations is essential. Factors like proximity to schools, parks, public transportation, and future community developments can all impact the value of your land. Many prospective homeowners overlook the hidden costs that come with land — things like soil quality, the need for additional landscaping, or the availability of utilities. If you don’t have experience navigating land purchases, working with someone who does can help you avoid these hidden costs. Realtors are often able to recommend plots that are not only ideal for your needs but also offer long-term value and growth potential. 5. Prioritize Energy Efficiency for Long-Term Savings In Calgary, energy-efficient homes are not just about saving the environment—they’re also about saving you money. Given the city’s cold winters and hot summers, ensuring your home is properly insulated, has high-performance windows, and is built with energy-saving materials can help reduce your monthly bills significantly over time. While energy-efficient options can have a higher initial cost, they often pay for themselves in the long run through savings on utilities. A local real estate professional can help guide you on what features are in demand in Calgary and can even assist in finding rebates or incentives for energy-efficient homebuilding options. 6. Have a Solid Contract in Place Once you’ve selected your builder, it’s time to draw up a contract. This agreement should include clear terms on the scope of work, timelines, and payment schedules. It's also important to ensure that any changes to the original plan — such as upgrades or modifications — are documented through change orders. Make sure that you’re comfortable with the terms of the contract, especially regarding payment schedules. For example, instead of paying a large upfront deposit, it’s often best to tie payments to completion milestones. This ensures the work is done as agreed and that both parties are satisfied with the progress at each stage. A real estate professional can offer additional contract-related advice to protect your interests, ensuring that all aspects of the construction are covered. While you can certainly handle this part independently, having an expert’s guidance can give you peace of mind. 7. Secure Proper Insurance Building a custom home carries risks, both from construction delays and from unforeseen events such as weather or accidents. To ensure that your funds are protected, it’s crucial to have the right insurance coverage in place. Builder’s risk insurance protects the home during construction, while general liability and worker’s compensation protect you from accidents that might occur on the job site. Working with a professional can help you understand the types of insurance you’ll need and ensure you’re covered for every situation. Without the right coverage, you might be left with unexpected costs that could derail your project. 8. Ongoing Project Management and Communication Building a custom home is an ongoing process that requires coordination between various stakeholders — contractors, suppliers, architects, and designers. Regular communication with your builder is essential to staying on track and managing expectations. Having a local expert to act as a liaison can be incredibly helpful. Realtors often have extensive networks in the construction industry, and they can help facilitate communication between you and your builder, ensuring everything runs smoothly. If problems arise during construction, an experienced real estate agent can provide a fresh perspective and guide you through any potential hurdles. Conclusion Building a custom home in Calgary is an exciting journey, and there are numerous ways to ensure you get the best value for your money while protecting your investment. With careful planning, working with the right professionals, and having the proper insurance and contracts in place, you can avoid common pitfalls and ensure your dream home becomes a reality. While it’s certainly possible to navigate this process on your own, having the right support can save you both time and money — and ultimately help you achieve the custom home of your dreams in Calgary.