First Time Home Buyers – Everything You Need to Know

Posted by Pelletier Bros on Thursday, March 15th, 2018 at 1:10pm.

First time homebuyers

Buying a home in Edmonton is something that many people rush into when they are young adults, in order to get out of the never-ending cycle of renting. And while we definitely think that home ownership is a great investment for people in all stages of life, there are definitely some things that first-time buyers should know before they start touring homes. Because home ownership is a long-term commitment, with contracts that last decades, you need to make sure that you have fully researched the following things.

Home Buyers Financing Options

Research the Financing Options

First and foremost, you need to know how you’ll be able to pay for the home. For most people, a house is the most expensive thing you will ever buy, and the only way to afford it is to take out a loan. But not all mortgage loans are created equal, and you may find that some aren’t available to you at all. It’s always a good idea to get preapproved for a mortgage so that you know what you can even get funding for before you shop. That will help you avoid falling in love with a home that can’t be bought with what a bank is willing to lend you.

REALTORS® to Get Professional House Hunting Help

Research REALTORS® to Get Professional House Hunting Help

The search for the right home can be fun, but it can also be time-consuming and stressful when you don’t find what you want or need. There are professionals out there who search for homes that fit your desires for you – REALTORS®. If you are tired of wading through pages upon pages of house listings, a REALTOR® can present you with a range of options based on what you want the most. However, you should always research the REALTORs® in Edmonton you choose to work with. Be sure they have a great reputation for sealing deals in the area, and that they are on your side when it comes to negotiating a great price.

Research Potential Houses Thoroughly Before Closing

Any home that you are considering making an offer on should be a home that you know inside and out. You need to know if a home has any issues, how old the roof is, if there are any restrictions you need to know about, and more. Imagine buying your first home in Edmonton part because it has a great yard for dogs, and then learning that the neighbourhood doesn’t allow fences! These are things you need to research before you make an offer. Also be sure to check out nearby schools, parks, public services, and anything else that may affect your life. Go to the neighbourhood at different times of the day to find out what the noise levels and traffic are like at all times.

Research Prices on Nearby Homes

Finally, once you’ve taken into account the condition of the home and what you can afford, you need to research what similar houses in the area cost. You may find that the homeowner you want to buy from has overpriced their house by quite a lot – and you can use that information to negotiate a lower price. On the other hand, you may discover that homes in the region are typically more expensive than what is being asked – and that may reveal that there is a reason the homeowner is trying to get rid of the home. This comparison is a very good way to sniff out anything that may be undisclosed.

Contact one of the Pelletier Bros at CENTURY 21 Reward Realty to help buy your first home.

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