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Steps to get ready to purchase residential real estate

Owning a home is likely on the wish lists of most people in Alberta. However, purchasing residential real estate is a major step and justifies serious consideration. Knowing when the time is right to buy a house may be difficult, but there are some issues to look at that may indicate preparedness.

While renting, packing up and following better job opportunities or other reasons to relocate can be easy. The worst-case scenario may be the loss of a deposit or a month's rent. Settling down may be more suitable for those who are willing to stay in one place for five to seven years. Proper financial planning is vital, as is an emergency fund, because owning a home typically brings unanticipated expenses. A reliable income and average level of debt will be necessary when applying for a mortgage.

When budgeting for this new responsibility, it is important to realise that monthly expenses will be much more than the mortgage payment. Along with costs like property tax and insurance, there will be the upkeep and maintenance expenses. Proper planning is also required to ensure a sizable down payment. Most lenders require a particular down payment, and the higher the deposit, the lower the monthly payments will be. Potential buyers may also want to make sure they have solid credit histories before applying for mortgages to show lenders they are responsible borrowers.

Once all the matters have been considered and every aspect is in place, the buyer can apply for a preapproved mortgage. However, the process of purchasing residential real estate in Alberta is complicated, and retaining the services of an experienced real estate lawyer may be beneficial. There will be different documents to sign, each with its own fine print. The support and guidance of a skilled lawyer may avoid expensive errors or omissions during the proceedings.

Source: wtvm.com, "How to know when you're ready to buy a home", Andrew Housser, Accessed on Dec. 23, 2016

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