Purchasing a first home can be overwhelming for many people. Even though Alberta real estate markets are not as competitive as other parts of Canada, hidden costs and uncomfortable surprises can greet those who do not carefully research the process. Here are a few things all first-time home buyers should consider doing in order to land the right residential real estate.
The most important thing to do on an ongoing basis is to clarify finances. Prospective buyers should first calculate whether it makes financial sense to buy or rent in their area. They should also calculate their budget for a home with an awareness of things like maintenance costs, property taxes and the mortgage amount for which they are approved.
When seeking a mortgage pre-approval, it can be a good idea to get multiple quotes to compare. Some buyers can get a lower interest rate from a particular bank by letting them know what their competitor is offering. Getting all offers in writing can also protect prospective buyers from banks changing their offer later on.
When looking for the right home, it is important to aggressively research prospective neighbourhoods. Consider things like distance from the city center, as this can significantly impact transportation time and costs. Crime rates and nearby amenities are also good to consider. Getting trusted professionals involved, including a home inspector and an Alberta real estate lawyer, can help things run smoothly and keep buyers protected from nasty surprises. While purchasing residential real estate for the first time can be a challenge, it can be a rewarding step if done the right way.