Real estate agents in Edmonton often see people fall into common mishaps when buying a home for the first time, especially when pursued without guidance from an agent. But with some advanced research and planning buying your first home is a painless and exciting experience. Learn from these tips and avoid making these first-time home buyer mistakes.
If you arm yourself with the knowledge you need going into it, you can make a well-informed buying decision and avoid unnecessary hurdles along the way.
5 home buyer mistakes to avoid when buying your first home in Edmonton
Not being honest about what you can afford. This is one of the most common mistakes. People get pre-approved for a huge mortgage and become intent on buying a house at that price. But you need to consider increases in your monthly expenses such as heat, hydro, water, yard equipment, etc. and then budget for a mortgage that you can actually afford.
Having an unbalanced income to debt ratio. A large amount of debt is detrimental for first-time home buyers. Unforeseeable expenses come up so you'll need a little wiggle room in the budget should something major need replacing. It's a good idea to hold off on buying a new vehicle or wait until an existing one is paid off before buying a home.
Skipping the home inspection. People often fall in love with their dream home based on the décor, landscaping, location or other facets of the home that render them blind to issues that could be lurking below the surface details. A home inspection reveals the bigger picture.
Compromising on the things that matter. If you need three bedrooms or plan to start a family soon, do not get talked into a house with only two bedrooms. Get an idea of what you want and need in a house and stick to those requirements.
Jumping in without an agent. Finding an agent is an important task that will pay off in the long run. An agent will be there to help you navigate the process and make sure that you avoid the common mistakes made by other first time home owners.
Searching the MLS® in Edmonton, Alberta
Realtors in Edmonton use a combination of their own local listings and the multiple listing service (MLS®) to help customers find the home of their dreams.
MLS® listings are available to real estate agents in Edmonton first and then to the general public after a certain number of days. It's a great way to see what's available in your price range.
To set up a viewing or to talk to an agent about buying your first home, contact Century 21 Reward Realty to speak with our experienced real estate agents today.