If you’ve stumbled upon this article, odds are you’re thinking about buying your first home – congrats! This is an incredibly exciting time in your life. There are many things to get in order before you begin looking at Edmonton real estate, and we outlined some of those things here in this article. Read on for some of our best first-time home-buying tips!
Get pre-approved before looking at Edmonton real estate.
Before you start looking for a home, getting pre-approved for a mortgage is essential. This will help you understand how much you can afford and give you an advantage when making an offer on a property. A pre-approval gives you insight into how much money you can borrow, allowing you to set a realistic budget. Sellers love buyers who come prepared. If you have pre-approval and want to put an offer on a home, your chances of getting an accepted offer are much higher than if you still need to be approved. Once you find the right home, the pre-approval process will move much faster since the lender has already evaluated your financial situation; this can help expedite the closing process and get you into your new home more quickly. Getting pre-approved for a mortgage before buying a house gives you a clear understanding of your financial situation and helps you move forward confidently in your home-buying journey.
Get a home inspection.
It can be compelling to skip getting a home inspection, particularly if you are rushing to close a deal. A home inspector’s job is to evaluate potential safety concerns, hazards, flaws, or property violations. When aware of red flags that might exist, you can decide if you would like to move forward with the property or not. If there are signs of poor structural designs or leakage in the basement, you can expect to incur high costs later. Investing in a professional to inspect the property you are looking at will save you what would have been unforeseen repair costs later on. We cannot stress the importance of a home inspection enough; it may cost you money now, but it will save you money later.
The First-Time Home Buyer 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!
Work with an Edmonton REALTOR® you trust.
Working with an experienced real estate agent familiar with the local market can be extremely helpful. A good agent can guide you through the process and help you understand the nuances of buying a home. Here are three things to keep in mind if you’re debating representing yourself:
- Specialized knowledge: Edmonton REALTORS® have local real estate market expertise, which can help you make educated decisions throughout the buying or selling process.
- Access to resources: Edmonton real estate agents have access to a wide range of resources, including property listings, market data, and industry contacts, that can help you find the right property or buyer.
- Negotiating skills: REALTORS® are experienced negotiators who can help you get the best deal achievable when buying or selling a property.
Realty Unleashed can help you.
Buying your first home is both an exciting and stressful time. Having an Edmonton REALTOR® you trust is essential to a smooth experience. Realty Unleashed is an independent real estate brokerage in Edmonton and Calgary. We have a team of REALTORS® who want to make your home-buying journey as smooth as possible. Reach out to us on the form below, and one of our Edmonton real estate agents will get back to you soon!