Tips for Purchasing Your First Home
You’ve decided that you’re ready to take the giant leap of purchasing your own home. Congrats! Not everyone decides to take this step, because we all know it’s not an easy task.
There are many things to consider when starting the process, so read below for some of our best tips on purchasing your first home in Edmonton.
1. First things first: hire a REAL ESTATE agent or broker
It may be fun to shop online and stop into a few open-houses by yourself, but a real estate agent is there to answer all of the nitty-gritty questions you haven't even thought of. And most importantly, an agent will save you time.
- Will send you listings directly
- Have access to listings that aren’t even on the market yet
- Will review homes for you
- Know when homes are overpriced
- Will walk you through every step of purchasing a home
Best of all, when you use a real estate agent to buy a home, you receive their services for free.
2. Get a loan
Having a mortgage broker isn’t always essential but it’s usually a good decision, especially when it’s your first home. Get yourself a pre-approved loan - it's important to know just how much you can afford before you start your search.
Need a mortgage broker referral? Call us 780-651-1577
3. Find the 'right' home
You’re probably thinking “well, of course!” But aside from the obvious, it is imperative to look at multiple different factors before putting in an offer.
Make a list of things you’re looking for in a home such as a large backyard, fireplace, natural lighting or whatever else is important to you. It can be difficult to meet every item on your list, so it’s smart to know which features you’re willing to part with beforehand.
Now that you know what you’re looking for in a home, it’s time to decide on a neighbourhood. Make a list of potential neighbourhoods. Scope them out and visit the area to see if it's a fit for your lifestyle. Shop in the district’s grocery stores, chat with the neighbours, go for a run! Studies have found that once you’ve found your ideal neighbourhood, your dream home is likely just around the corner.
Hiring a real estate lifestyle consultant can make this process painless as they are familiar with all areas in Edmonton and can help match you with a neighbourhood that best suits your needs.
4. Negotiate. Negotiate. Negotiate
Sellers ask for the price they want, but normally leave the door open for a bit of negotiating. A good buyer’s agent knows there is always more to an offer than its price, and it’s their mission to get you the best deal possible.
5. The final step
Once you’ve found your home, ensure you get a home inspection. A home inspector looks at everything including: electrical wiring, plumbing, roofing, insulation, and structural features. It’s important to find out about any repairs that may be necessary before purchasing – especially if it’s an older home!
Ready to take the dive?
Our real estate agents can help make the process smooth and easy. Give us a call 780-651-1577 or visit our website to get started.