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.
The first major consideration is budget and mortgage access. As interest rates and laws around lending shift, the importance of mortgage preapproval is more important than ever before. Preapproval can also show a seller that a buyer is serious, giving the prospective buyer an edge in a competitive market.
People looking to buy a home should carefully consider their budget after their mortgage preapproval. This should be done with consideration for rising interest rates, the cost of owning a home and an understanding of what is available for a downpayment. They should also research the particularities of the market in which they are seeking a home. It is worth keeping up to date on things like new developments and construction, market trends and typical application-to-closing times in order to make a wise investment.
The competitiveness of a residential real estate market and the laws governing mortgages will have a major influence on the reality of buying a home. In addition to these external factors, Alberta buyers should look at their own bank accounts and projected income to make an affordable choice. It is also important to find a trusted real estate lawyer to look over the purchase and ensure everything is legally sound.