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Residential real estate experts offer advice for new buyers

Buying a home is a big decision, and the process can be intimidating. Getting advice from experienced real estate experts is a good idea for people looking to get into the residential real estate market in Alberta. Here is some of the more common advice real estate professionals tend to offer prospective buyers.

People shopping for residential real estate may have misconceptions about the process because of how it is portrayed on television. In a hot market, looking for perfection and being too picky will lead to missed opportunities. Homebuyers should be prepared to miss out on a few homes before putting in a winning bid, especially in more active Alberta markets like Calgary and Edmonton.

Being clear on budget is important from the beginning. Careful calculations of what is reasonable based on a family's income is critical to make a good real estate purchase. Buyers must consider utilities, property taxes and maintenance along with mortgage payments when working out what they can afford. Staying within a reasonable budget can sometimes require buyers to make sacrifices, so understanding a need versus a want is important for this process.

Buying residential real estate is often one of the biggest financial decisions people make in their lifetimes, and the process should not be taken lightly. Becoming clear on finances, legalities and lifestyle needs and wants is critical before ever putting in a bid on a home. Working with an Alberta real estate lawyer to better understand the laws and processes involved is an important step for any prospective buyer.

Source: Forbes, "13 Ways Buyers Can Step Up Their Game When Buying A House", April 20, 2018

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