If you’re reading this article, odds are that you’re thinking about buying your first home, which deserves a huge congratulations! Homeownership is no small feat and a rewarding milestone to reach. With that said, it also has many moving parts and can be overwhelming trying to figure out where to begin. Realty Unleashed has helped tons of clients buy their first homes, and it’s always a pleasure to guide our clients through the process. We’ve compiled a list of commonly asked questions that our first-time homebuyers in Edmonton ask us, and we’re answering them in this article for you!
Q: Should I get pre-approved before looking at homes?
Unequivocally yes. Save your side energy and time by getting a pre-approval letter from a mortgage professional before you begin your home search. Most real estate agents in Edmonton will ask if you’ve been pre-approved for a mortgage prior to showing you homes, as it can be really disheartening for buyers to find a home they love only to learn they can’t afford it. If you are a first-time homebuyer in Edmonton, it’s good to have a letter of pre-approval to give yourself a leg up in the market.
Q: Do I pay my REALTOR® when I buy a home?
A buying agent almost always gets paid when the seller’s agent closes the deal, meaning it costs you nothing to have an Edmonton REALTOR® show you homes, negotiate on your behalf, write offers, etc. In Alberta, real estate agents must have a contract with their clients explaining their services and the amount they get paid for them—long story short, having representation costs you nothing as the buyer.
Q: How long will I wait for the seller to respond to my offer?
When writing an offer to purchase a home, your REALTOR® will likely suggest that you incorporate a deadline for the seller to respond. You are always rolling the dice when it comes to deciding an offer date; a short deadline can entice the seller to respond quickly, or they can ignore it if they don’t feel they have a reasonable amount of time. Your REALTOR® will advise you about deadlines and offers! They have enough experience writing offers that they will be able to tell you what makes sense in your situation with the particular property you’re hoping to close on.
Q: What are all the fees I can expect to pay?
For most people, buying a home is their biggest purchase. Many services involved require a paycheck once the work is finished. First-time homebuyers in Edmonton should be prepared to pay their real estate lawyer, a home inspector, title insurance, land title transfer fee, and home insurance, to name a few! The costs for these services differ, but you can read more about what to budget here.
Q: What is the First-Time Home Buyers Incentive?
The First-Time Home Buyer Incentive assists first-time homebuyers in reducing their monthly mortgage payments without adding to their financial responsibilities. This incentive is a shared-equity mortgage with the Government of Canada, which offers:
- 5% or 10% for a first-time buyer’s purchase of a newly constructed home
- 5% for a first-time buyer’s purchase of a resale (existing) home
- 5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home
You can get more information on the First-Time Home Buyer Incentive here!
Realty Unleashed has helped many first-time homebuyers in Edmonton find their first home!
Realty Unleashed is an independent brokerage serving Edmonton and Calgary. We are committed to helping our clients every step of the way, making the homebuying process as seamless and stress-free for you as possible. Our mission from day one has been to change what you expect from your REALTOR®. If you are a first-time homebuyer in Edmonton who needs a real estate professional, we would love to hear from you! Please fill out the form below, and someone from our team will get back to you.