Edmonton Real Estate: A Buyer’s Guide

Posted by EdmontonRealEstate .ca on Tuesday, March 26th, 2019 at 2:15pm.

A Step-By-Step Guide to Buying a HomeIf you're ready to start moving towards purchasing a home instead of renting, it's important to know how to make this a smooth process. There are a few steps to take first. Here are some of the things that will make your home buying process easier.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Check your Credit

Your credit score will make a huge difference in what you need to put down and what you can get preapproved for. Many first-time homebuyers forget this step and go right to looking at homes. This is a formula for disaster. Start by checking your credit and finding out what it looks like.

Figure out What you can Afford

Not everyone is lucky enough to have the cash ready in their hands. In reality, most people would have to get some kind of mortgage to buy their desired home. Start your application prior to searching for Edmonton houses you are interested in. This will ensure that you can sort out your financing in the fastest possible time, so that once you’ve settled on the choice, money matters won’t get in the way.

Your mortgage payment shouldn't be more than 25% of your take home income every month. There are additional expenses that come with a home compared to renting, as well. Make sure you are aware of the expenses you are taking on and don't assume you can afford a mortgage equal to your rent. Remember, your landlord has been taking care of the maintenance on the home you rent.

Get Preapproved For a Mortgage

Before you start looking at homes, you should get preapproved. This will give you all the information you need and you can start house hunting without worrying about getting approved.

Study the Real Estate Market

Understanding your local real estate market is a good thing to do before you make that call, too. You should look at some of the online ads and some found in print, as well. This will help you to get a sense of what you will be able to get with the amount you have been pre-approved for. You will also be able to become familiar with a few real estate terms.

Choose What Kind Of Home You Want

Buyers sometimes take the long road in deciding because they don’t know what they want. List down the things you need when it comes to an Edmonton home. Do you want a house near shopping malls or one that has access to major roads? Such considerations should be set as basic parameters for your house hunting.

Get A Reliable Edmonton Realtor

You need the help of an expert local when looking for a house in Edmonton. These professionals have extensive networks that you can make use of. However, also understand that realtors may be too persuasive. At the end of the day, remember that you should be the one to decide whether the property is right for you or not.

Start Looking For a Home

Now, you are ready to start looking at homes. It's best to hire a real estate agent with knowledge of the areas you are targeting. Then, simply make a list of the things you want and need from a home and start looking at homes. After you find a home you love, submit an offer with the help of your real estate agent.

The beauty of considering a place in Edmonton is that there are so many different choices. However, you still need to check your financial capacity. Buying a house doesn't come cheap. Check what price range you can afford. Consider also if buying a foreclosed house in Edmonton would be more affordable for you.

Get the Home Inspected

A home inspection is vital to success with home buying. Don't decline this option or you may be sorry when you find out the home has mold, insect damage or needs a major repair. If you follow these steps, in this order, you will have a smoother home buying process. You will be able to finalize the deal and move in, as long as everything checks out.

It’s not hard to solve your Edmonton real estate needs as long as you keep in mind these important factors. Trust your instincts and reason. Happy house hunting!

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

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