Finding a new place to live is a complex process and there are a couple of steps you need to do right to ensure a safe and satisfying purchase. From choosing the location, and finding the property that suits your family’s lifestyle and needs, to make sure the purchase process goes without any complications. Luckily, this guide will simplify things for you – here are the 6 most important things every first-time home buyer should know. You’ll be ready for the house-hunting process, and make Edmonton your new home in no time.
Reasons to make Edmonton your new home
Alberta is surely one of the most popular Canada provinces, and Edmonton makes one of the most common choices for new residents. There are a couple of reasons why this city is loved by more than 1.5 million people, and also why you should start looking for a home there. Edmonton makes a great place to settle down because:
- There are so many job opportunities for a variety of careers, making it easy to transfer from an old job and start reaching for your career goals here;
- The city is quite diverse, and locals are welcoming people from all around the world;
- Its residents enjoy high-quality education, which makes it perfect for families moving to Alberta with kids;
- Edmonton is Canada’s sunniest city – even though winters are quite cold, you won’t be missing any shine. This city has over 300 sunny days each year, so you won’t miss out on vitamin D.
- You can have easy access to nature and greenery – Edmonton is surrounded by beautiful nature and it’s one of the places in Canada with the most green spaces.
Buying a home in Edmonton is a big step, but it will all be worth it. You can soon have the home of your dreams, and this guide is here to help you out. Here are some tips for buying your first home without complications and waste of time.
How to buy your first home? Things every first-time homebuyer should know
Remember that buying a home is a process, and it can seem complicated for those who don’t have a lot of experience in real estate. However, If you’re following the right house-hunting timeline and doing your best to avoid problems with the payment, you can expect to have a move-in date soon.
- Start saving on time
One of the first things you should know about buying a home is that great homes appear unexpectedly and they won’t wait for you to sort out the budget to buy them. Good properties go off the market very soon, so it’s important to be ready to make an offer. This means you should start saving for your down payment earlier, and ensure you’re stable financially. In Alberta, you’ll have to pay a 5% down payment for homes priced below $500,000. If the price is higher, expect to pay 10% or even 20% which can be quite an amount. There are different down payment assistance programs for buyers who had trouble saving the amount, so be sure to research your options well.
One of the most important things every first-time home buyer should know is how to budget for the purchase.
- You need to be financially ready and have a good credit score
It’s as simple as that – every mortgage lender will require you to be able to pay them back. This means you’ll have to sort out your credit score and ensure it’s over 600. Furthermore, you need to have a stable income to be able to take care of the home after you buy it. Financial maintenance of the property doesn’t only include mortgage, but also insurance, taxes, bills, and more. Finally, your mortgage lender will do a mortgage stress test to make sure you can handle potential rises in interest rates. That’s why it’s important to find out what’s the maximum mortgage you can take and get a property within your budget limits.
- Don’t forget the closing costs
Many first-time buyers forget all the expenses that are included in the process, which can be an unpleasant surprise. Closing costs are one of the final expenses, and you’ll need 3-4% of the purchase price to cover them. They are an important step so you can finalize the purchase, so make sure you have enough cash to pay for it. One great thing about Alberta is that there’s no land transfer tax, which will make your costs slightly lower.
Remember: apart from the closing costs, there are more expenses to worry about, especially if you’re moving long-distance. Professional Movers Canada remind you not to forget about your relocation and include it in your budget as well. Give yourself time to plan the move, compare the companies and choose the best deal for a safe and affordable move.
- Narrow your options to save time
When looking for a home, it can happen you’re all over the place and end up being overwhelmed by all the choices. The market is huge and there’s something for everyone. That’s why you need to make sure you know what you’re looking for so you don’t waste time looking at homes that don’t suit you. Consider your budget, lifestyle, future plans, and preferences, so you can narrow the choices and find the property that fits all the requirements in no time. Also, don’t forget to research the areas you like, and compare the current prices and conditions in the market – it will help you know what to expect and be well-prepared for the house-hunting.
If you’re ready for the purchase, you’ll be in your dream home in no time.
- Don’t skip the inspection
Even if you completely fall in love with a home, don’t skip the inspection part. Probably one of the most important things every first-time home buyer should know is that no home is perfect and a home inspector can confirm if it’s wise to finalize the purchase. Trust an experienced home inspector who’s looked at many homes in that area, so they know their main flaws. This will ensure you’re moving into a safe property and avoid expensive renovations in the future.
- Plan your moving day on time
Even if you don’t have the date yet, start planning the moving process on time. It’s wise to join forces with specialists and make sure you have control over every step in the process of your long-distance move. Relocations can get complicated, especially if you have kids, so it’s essential to give yourself enough time to manage to do everything and ensure the move is safe and smooth.
Moving is one of the essential steps when buying a home – don’t forget to plan it well.
Final words
Every first-time home buyer should know that buying a home takes patience. At the same time, you need to be ready to act quickly when a great property comes your way. Alberta’s real estate market is quite competitive, so hopefully these tips will help you be prepared to make an offer on a house you like and don’t let it slip out to another buyer.