Purchasing a home for the first time can be a daunting task. From establishing a budget to finding the right professional to work with, Alberta individuals and families often have a lot of questions when jumping into the residential real estate market. Here are a few tips that can help in the process.
Finances should be at the forefront of any home buyer's mind. It's a good idea for Alberta buyers to establish a set budget at the beginning and to stick with it. This will ensure the residential real estate purchase is within the buyer's means. Consider taxes, condo fees, insurance, closing costs, professional commissions and maintenance when establishing a budget. Overall, housing should be no more than twenty-eight percent of total household income.
While budgets must be reasonable depending on a buyer's financial situation, they also should take the current market into consideration. Scoping out the asking prices and features of homes in desirable neighbourhoods can help people decide if they will be able to purchase the right home for the right price. Factors such as commutes, future valuation and nearby amenities should be considered along with features of the house itself.
From speaking with banks to working with brokerages and lawyers, purchasing a home usually involves a great deal of preparation. Rushing into the residential real estate market can leave buyers with regrets and unmanageable debt. To prepare for and carry out the legal elements of purchasing residential real estate, it's a good idea for Alberta buyers to contact a lawyer who specializes in this area.
Source: intelligencer.ca, "Six Steps to First-Time Home Buying", Marlene Letourneau, Nov. 20, 2017