Buying a new home in Alberta is an exciting time, but it is not just a matter of buying it and moving in. It is a complex process with many intricate steps and is typically made easier by a registered residential real estate agent and a legal representative. The most appropriate first step is to obtain a pre-approved mortgage that will allow you the confidence to make a firm offer on the home of your choice.
Given the rapid rate at which mortgage rules change, Alberta residents may want to gain full knowledge before choosing a mortgage lender. Purchasing residential real estate is a significant transaction, and it is not something most individuals do more than once or twice in their lifetimes. The circumstances of each potential homebuyer differ, and knowing the pros and cons of each available option can have long-term benefits.
Alberta residents who have dreams of owning their first homes may do well not to rush into their decisions. There are certain steps to take in preparation that can save potential buyers of residential real estate from disappointment. Too many people put their hearts on particular houses only to find they do not qualify for large enough loans.
It is said that first-time homebuyers in Alberta and their real estate agents have been scurrying to complete transactions before the implementation of new rules that became effective earlier this month. The new regulations may have those new to the property market looking at condos or town homes rather than single-family homes. This is because it could become difficult to qualify for the mortgages necessary to purchase higher-priced residential real estate.
Those looking to buy a home may not often think that having a lawyer involved in the process, but there are many facets of buying a home, especially for the first-time homebuyer, in which an experienced lawyer can be a great asset to the home buying team. Home buying doesn't have to be a complicated matter, but when problems do arise, a lawyer is great person to have on your side to ensure you're getting exactly what you want (and are paying for) in the home and the associated property.