The real estate market and even the process of buying a home changes year to year. From laws governing the purchase of residential real estate to housing costs to mortgages and interest rates, there are many things Alberta homebuyers should consider when buying a house in 2018. Here are a few of the top things current buyers should think about when it comes to residential real estate.
With so many online tools available today, an increasing number buyers and sellers are entering the private real estate market. Purchasing or selling residential real estate without needing to pay commissions to an agent or brokerage is an enticing prospect for many. While it can save people money, doing thorough research and protecting one's own interests is critical when undergoing a private real estate transaction in Alberta.
When transferring a large amount of money, it is important to be diligent. Many online criminals specialize in defrauding wire transfers, targeting real estate transactions due to the high amount of money exchanging hands. Here are a few things Alberta buyers can do to protect themselves from this growing threat.
Many parents today are gifting money to their children to help with their first down payment. While this can be incredibly helpful for some young people looking to purchase residential real estate in Alberta, others who are not ready for home ownership might find this "gift" to be a burden. If a young person ends up with a home that he or she cannot comfortably afford to pay off, other financial priorities could suffer due to the mountain of mortgage debt.
Before buying a home, it is important that potential buyers think carefully about their financial situation. Alberta home buyers should consider their job security, savings and comfort within a budget before deciding to jump into the residential real estate market. Those who do have this financial security may find that purchasing a home is their best option with increasing rent costs.