What to Know About Houses in Edmonton as a First-Time Buyer?

first time home buyers in edmonton real estate

Buying your first home is a huge milestone! It takes a lot of time and effort in order to be able to finally afford such a big-ticket item. In Canada, it can be hard to find a home that is suitable for your needs and within your price range. Before you pull the trigger on purchasing a home, it is important to consider how this will affect your future. If you are a prospective first-time home buyer, we encourage you to read this article before making the decision to buy houses in Edmonton. For more information on what to keep in mind during the buying process, continue reading below. 

Houses in Edmonton Won’t Hold For Your Future or Your Budget. 

Your current lifestyle is undoubtedly going to change as you and your family get older. Finding a property that suits your future plans is vital. Purchasing a home is surely one of the biggest purchases a person will make during their lifetime. To guarantee your bank account stays happy and healthy, it is important to consider your future plans. This will allow you to find a home that gives you a good return on your investment. Your home buying plans must account for your various life changes. For instance, if you are considering having children, going abroad, or unsure of where work will take you in the coming years. 

Furthermore, many people will end up purchasing a home that they don’t immediately love. This is done with the hopes of renovating. However, renovating a home can be even more costly than buying one. Houses are great at hiding sneaky issues and costly repairs. Some of which, might not be uncovered until you start to demo the place. These seemingly small issues can quickly add up. This is why it is so important to determine whether it is worth renovating or simply buying a home that you love. However, sometimes a few coats of paint can be enough to refresh a space! 

When you’re looking for a new home, it is important to keep these factors in mind. As soon as you start toying with the idea to redo a major area like the kitchen, that’s when the cost will start to rise. Be mindful of your budget now and how it may look down the line. You may realize that a fixer-upper is a great solution for you and your budget. Or, that you’d much rather something move-in ready! 

Edmonton Has One of The Best Markets for First-Time Buyers!

Stretching your budget too thin when you go to buy houses in Edmonton can be scary. Buying a home that you are financially comfortable with is going to help you maintain stability throughout the duration of your mortgage. This can seem hard to do given the high real estate prices across Canada. However, Edmonton has recently been ranked as one of the most affordable and easy-to-enter markets for first-time buyers! Compared to other major cities in Canada like Vancouver and Toronto, Edmonton is a great place for new and young buyers to start. Real estate in the City of Edmonton is roughly 30% cheaper than in Calgary and surrounding cities. Most citizens have no trouble finding an affordable place to live within the city. The average price for a single-family home is within the $400,000-$500,000 range. This is incredibly affordable given real estate prices everywhere else in the country. 

Purchasing real estate and getting a mortgage that matches your financial situation will save you a lot of stress. During uncertain times, having a more affordable home can allow you to have more flexibility. Mortgage brokers often suggest a home with payments that total 28-33% of your gross income. Edmonton is a great place to get your feet wet in the housing market. There are plenty of job opportunities and it is overall more budget-friendly. Many Canadians are making the move to Edmonton for these reasons.  

Entering the Edmonton real estate market is likely to be more forgiving for first-time buyers. This is because of the low risk and higher inventory. New homebuyers often obsess over the initial price of the home without considering the other costs involved. For instance, homeowners insurance, taxes, repairs, maintenance costs, moving fees, strata fees, etc. These costs can quickly amount to an unbalanced budget. Have a discussion with your real estate agent if you have any questions or concerns about what costs could arise while living in the home. 

Contact Us Today!

The real estate market in Edmonton is the perfect place for new and young buyers to get on the property ladder. It is crucial that you think about your budget, future plans, and needs when you go to buy a home. Making the decision to buy homes in Edmonton can offer you more financial comfort. If you have any questions or concerns about buying houses in Edmonton, contact us today. Be sure to check back on our blog next month for the latest updates and more. Don’t hesitate to reach out if you’re interested in a specific property. Our team will get in touch with you as soon as possible! We look forward to working with you in the near future.