Tips on Buying Real Estate in Edmonton
Buying a residence in Edmonton can be a demanding experience. You will encounter a range of emotions while searching for the right Edmonton home, securing the mortgage, and finally moving in. For most of us, the first time home purchase is the biggest investment we’ll ever make. The emotions of purchasing something so costly and personal can often cloud our business judgment. However, by choosing the right real estate team, buying real estate in Edmonton can be a very rewarding experience. We like to think that the good, stress free real estate transactions are where our real estate hobbyists and investors are made. There are many reasons to buy real estate in Edmonton and the surrounding suburbs, but enlisting the right team of professionals to guide you through the ever changing rules and regulations is imperative. Here are some great home buying tips for you to keep your cool when making a real estate purchase.
Buying Real Estate in Edmonton
ImaginationMortgagePatienceInterviewDigDetailsPlan AheadAgreementsHonesty
Imagine the Property Vacant – Your furnishings and decorations will be the ones filling this new Edmonton residence. Don’t be swayed by beautiful furniture; it leaves with the owner.
Income + Lifestyle = Mortgage Payment – Sit down with your professional RE/MAX Elite real estate agent and honestly discuss your income level and living expenses. Take into account future considerations, children, add-ons, amenities, and fix-ups. Your Edmonton dream home is certainly worth a sacrifice, but don’t mortgage your entire future.
View Several Homes – See at least 7-10 properties and consider your RE/MAX Elite agent’s neighbourhood recommendations. Don’t move too slowly, but don’t move on the first property you see. With your agent’s help, you should be able to view enough properties to get a good overall perspective of the home market. When you find the right property, all the leg work will be worth it.
Utilize Your Team – By aligning yourself with the right real estate professional, you will have an entire team at your disposal. Utilize your lender, lawyer/notary, and agent. Each of them should work hand in hand for your benefit. Explore all the options before you sign.
Be a Detective – Check out all costs and expenses before you sign, including utilities, taxes, insurance, maintenance, and home owner dues if applicable. Make sure all utilities (gas, electricity, and water) are on during your walk-through so you can inspect everything in working order. Ask lots of questions and be very detail conscious.
Do a Final Walk-through – Visit the property after all furnishings have been moved out to be sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Things that could have been spotted in a final walk-through are often unintentionally overlooked.
Plan For Flexibility – Closing dates are not written in stone. Allow for contingencies and have a back-up plan. If you or the sellers need a little more time to conclude the final arrangements, don’t let these delays upset or frustrate you. These types of circumstances are not uncommon in a real estate transaction.
If It’s Not In Writing, It Doesn’t Exist – All promises and discussions should be in writing. Don’t make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Have your professional keep an ongoing log in writing of all discussions and get the seller’s written approval on all agreements.
Loyalty Breeds Loyalty – Be open, honest and up front with your team. Hard feelings and disloyalty will cause headaches, delays or may even keep you from getting into the home you worked so hard to locate. Take the time to select the right team in the beginning and your first home purchase will be a pleasing and memorable experience.
Avoid 9 critical mistakes that could cost you thousands of dollars when buying your home!
Moving can be very exciting, but it can also be very stressful as there are so many things to remember to do! Don’t despair; here is a quick guide to help you get through the moving and buying process.
Don’t “low-ball”Pre-approveInspectLocationSaveAcceleratePlanCheck Fees
Don’t “low-ball” your initial offer
Vendors tend to give less of a counter offer (closer to list price), if they feel insulted. Understand the current market value of the home and comparable SOLDS.
Vendors tend to give less of a counter offer (closer to list price), if they feel insulted. Understand the current market value of the home and comparable SOLDS.
Get Pre-approved – A pre-approved mortgage can be done for 90 days for FREE. You can usually negotiate your mortgage rate between 1/2-1% off the posted rates with your lender.
Have your agent arrange a home inspection – A home inspection with a qualified engineer costs about $300.00 (approx). It could very well be your best money spent. You want to know exactly what you are bidding on.
Avoid buying the most expensive home on the street – The most advantageous situation is to purchase the worst home in a good area, rather than the best house in the worst area. “Location, Location, Location” is true!
Prepare a down payment of at least 25%. – When you have a down payment that is almost 25%, it is usually less expensive to arrange a first and second mortgage and save on CMHC insurance fees.
Arrange an accelerated Bi-weekly payment plan on your mortgage. On your mortgage, you will save the most money if you opt for an accelerated Bi-weekly payment plan, or if you double up one payment per year. This will shorten your amortization periods by over 6 years!
Take advantage of tax credits. Place up to $20,000.00 per person of your down payment in a short term RRSP to be held for at least 90 days, or until closing.Try and stretch to the maximum you can afford.
Be sure to check into your lawyer’s fees ahead of time. These are separate from disbursements. Ask your agent, who will be able to refer you to reliable professionals.
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