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Steps first-time residential real estate buyers should take

There are many questions about whether younger Canadians will be able to purchase and own a home. While many Alberta millennials continue to rent, others are looking at home ownership as a way to invest in their future. Those who are considering entering the residential real estate market should take a few steps before making this major purchase.

The first thing a prospective Alberta home buyer should do is consider his or her financial situation. This can include reviewing credit scores, looking at income and setting savings goals. Following this financial review, first-time home buyers will be able to set a budget for an affordable home. This budget should allow for the home owner to still save for retirement and to have an emergency fund for things that may break in the house.

Residential real estate buyers should then look at the down payment they want to put on a home. Those who put down less as a down payment will have to pay mortgage insurance, so having some savings prepared for this step is a good idea. With these savings and financial understanding in hand, prospective buyers can begin the process of getting pre-approved for a mortgage and looking for a home.

There are many questions people have when buying or selling residential real estate, especially if they are doing so for the first time. Real estate is governed by a variety of federal, provincial and local laws in Alberta. It is a good idea to seek out a lawyer with experience in these matters to ensure a legally sound purchase is made.

Source: CNBC, "85 percent of millennials expect to own a home - here's how to buy one, in 8 steps", Kathleen Elkins, Jan. 9, 2018

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