Purchasing Your First Edmonton Home
Owning a fantastic Edmonton home is a goal for many in this city. Due to the thriving real estate market in Edmonton in addition to the wealth of exciting old and new homes for sale, many Edmontonians are making the switch from renting to owning.
However, buying your first property can be a challenging, demanding endeavor and there are a host of critical responsibilities that new homeowners must take on. From money to maintenance, read below to explore some ways you can make sure that you're fully equipped to make your debut purchase.
Questions Homebuyers Should Ask Themselves
Are you ready to buy?
A home is an investment, often a long-term one. In this case, it's important to recognize the commitment and upkeep that is required to responsibly own a home. Many prospective homebuyers are captivated with idyllic dreams of choosing their own paint colours; of gardening and customizing their homes to suit their preferences. These are definite rewards of owning your own home, but they go hand-in-hand with plenty of more serious obligations.
Are you financially prepared?
The benefits of choosing a home within a smart price range based on your income are often overlooked. However, when buying your first home, handing over a large chunk of your salary in order to pay the mortgage quickly can cause enduring and unnecessary financial stress once the home is yours. The Edmonton real estate market is rich with homes in every price range from charming starter homes to extravagant estates. It's much better to buy within a reasonable budget now, even if the purchase is smaller or more modest than your dream home. That way you'll be able to buy your dream home in the following years with ease. Plus, saving while owning a starter home can be an incredibly rewarding experience.
What is your debt-to-income ratio?
If you're considering buying, it is important that your housing debt is not more than 32% of your income. How far this amount of money will go depends primarily on what area you want to live in as well as what size home would fit your needs. If you're interested in living in one of the many rural areas surrounding Edmonton, you're likely to find a larger property for 32% of your income than you would be in downtown Edmonton.
How much time do you have?
When you own your own home, maintenance either will take up part of your time or will become a cost you'll have to shoulder. Way of life is a key factor in determining whether and where to buy a new home, so make sure you know which Edmonton community best suits your lifestyle before locking in!
We're Here To Help
As a potential first-time homebuyer, you need an agent who will work hard to make sure you make the best possible purchase, all factors considered. The Paranych Real Estate Group is devoted to helping you find a first Edmonton home that will give you a happy and successful start to the world of real estate ownership. We want to make sure that the decision to purchase your first home is one that best benefits you in every way possible, including financially.
When you hire us to help you find your ideal first home, we'll take into consideration what you're looking for as well as your financial position. We'll make it our priority to satisfy both of these components and leave you with a home that's easy and pleasurable to own: 100% stress-free.
Here are some of the things we can help with:
Finding homes that match your criteria
Once we know your price range and homebuying prerequisites, we'll make sure to help you assess whether homes best meet your criteria as well as the benefits and drawbacks of each property based on your situation and preferences.
Making the offer
We can help you prepare the necessary paperwork and will go through it with you before submitting it.
Ensuring proper inspections are done
We'd be happy to recommend a local Edmonton inspector to ensure that your home is free of harmful materials or other hazards. Paying for an inspection can add an extra cost, but it is generally more economical than paying for removal of a hazard discovered after move-in.
Help you find a reliable real estate lawyer
We can recommend several lawyers in Edmonton who might be a good fit for you. You can also interview them to ensure that you get someone you can work with. The legalities of transferring land ownership can be complicated, and a lawyer could be your best defense against future legal troubles.
These are just a few of the things we'd be happy to help with; of course, we're here to assist with anything you need when buying Edmonton real estate. From the first steps to the final walkthrough, we'll make sure that everything is in order and that you find a home that you'll love living in — whether that's for 2 years or for 60.
Get in touch with the Paranych Real Estate Group today to learn more about first-time home buying in Edmonton!