For most first-time buyers, affordability is the number one priority for choosing the right home. The good news is, Edmonton features a variety of diverse and budget-friendly home styles, guaranteed to suit every lifestyle and personality.

Here are three affordable and first-time buyer-friendly home styles you’ll want to consider:

Apartment-Style Condos

Average Price: $230,688*

Minimum Down Payment: $11,534

Depending on the size, style and location, apartment-style condos are perhaps the most affordable home style around. For this reason, they are a popular choice among first-time buyers looking to enter the market and build valuable home equity. They’re also extremely low-maintenance, making them an attractive option for working…

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Buying a home is a significant financial investment for anyone – but for a first-time buyer, it can be downright daunting. Between worrying about your credit score, saving for your down payment and trying to determine what you can reasonably afford, there’s a lot to take in.

But the good news is, there are several strategies that first-time home buyers can employ – not only to make the home buying process easier – but much more affordable in the long term.

Here’s what you need to know:

1. Improve Your Finances   

First thing’s first. The best way to affordably purchase a home in Edmonton is to ensure you’re financially ready to do so. This may sound like a no-brainer, but we strongly recommend improving your finances as much as…

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From modern features and finishes to contemporary floor plans and flourishing neighbourhoods, there are plenty of perks that come with purchasing a newer home – including new home warranty. As of 2014, all new homes in Alberta became subject to mandatory coverage for up to ten years!

If you’re thinking of buying a new(er) home here in Edmonton (or anywhere else in the province, for that matter), here’s what you need to know about new home warranty in Alberta.

What is New Home Warranty? 

As we mentioned above, all homes built after February 1st, 2014, require new home warranty coverage under the province’s New Home Buyer Protection Act. This means all builders must provide coverage on all new construction properties (including condos and…

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How long does it take to buy a home? Well, it depends. Research has shown, it takes an average of 4 ½ months to find a new home and an additional 30-45 days to close the deal. But with so many steps involved, the entire process could take much longer if you’re not prepared.

Here’s what you need to know:

Doing Your Research: 1-14 Days 

Shorten your home buying timeline by getting an idea of what you’re looking for ahead of time. See what’s currently available on the market and compare it to what you can afford. From here, you can draft a realistic list of wants vs. needs with which your REALTOR® can use to find your dream home.

Partnering With a REALTOR®: 1-7 Days 

Now that you’ve done your research, its time to team up with a…

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Even the most seasoned home buyer can find themselves overwhelmed by the home buying process – especially without the right representation in their corner. That’s why we recommend all first-time home buyers consider teaming up with an Edmonton REALTOR®. Not only will they help you find a home you love at a price you can afford, but they’ll also be there to help you every step of the way.

As a first-time buyer, here are five great reasons to work with a REALTOR®:

1. Endless Support, Advice and Guidance 

You’ve scrimped, saved, and now you’re ready to buy your first home. Now what? With so many properties available on the Edmonton real estate market, how do you know which home is right for you? Or neighbourhood? Are there extra expenses you…

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If you’re thinking about buying your first home but stuck on what kind of property is right for you, we’re here to help!

Here are three must-have homes styles for first-time buyers:

1. Affordable Apartment Style Condos 

Average Price: $225,138*

Minimum Down Payment: $11,257*

Extremely budget-friendly, apartment-style condos are a great option for first-time buyers. Not only can they be found in nearly every community in Edmonton, but they’re also incredibly low maintenance. This makes them ideal for busy working professionals who don’t have the time to deal with the mowing, landscaping, shovelling or other exterior chores (though you will likely need to pay condo fees).

Other Apartment Condo Advantages:

  • Affordable first-time…

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Thinking about buying a home? Here are six common and costly mistakes to avoid:

1. Avoiding the Pre-Approval 

When it comes to home buying, few things are more disheartening than falling in love with a property only to discover it’s out of your price range. That’s why it’s essential to know how much home you can afford before you hit the market. Not only will a pre-approval letter help you narrow down your home search (saving you a ton of time), but it will also ensure you’re taken more seriously by sellers.

2. Overlooking Closing Costs… 

Closing costs are additional one-time fees associated with purchasing a home – they’re also frequently overlooked by buyers. Typically ranging between 1.5-4% of a home’s overall purchase price,…

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Think you might be ready to own your own home? Here are 8 ways to tell:

  1. You’re tired of paying someone else’s mortgage
  2. You long for freedom
  3. You’re down payment ready
  4. You’re in a good spot financially
  5. You’re ready to put down roots
  6. Your family is growing
  7. You’re not afraid of a little maintenance
  8. You’re comfortable with the home buying process

1. You’re Tired of Paying Someone Else’s Mortgage

While renting may have once been an affordable alternative to homeownership, you’ve come to realize it’s costing you more in the long run. Not only are you lining someone else’s pockets, but you’re denying yourself the opportunity to build wealth.

Why pay to improve someone else’s net worth when you could be boosting your…

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If you’ve been dreaming about buying your first home but can’t seem to come up with enough cash, these first-time buyer programs may be the answer.

Home Buyers’ Plan

The Home Buyer’s Plan (HBP) allows first-time buyers (or anyone who hasn’t purchased a home in the last four years) borrow up to $35,000 from their RRSPs to put towards a down payment. The same applies to partners and spouses (for a total of $70,000), with the same four-year clause.

Details:

  • The qualifying home must be your primary residence
  • When applying for the HBP, you must provide a written agreement to purchase (or build)
  • RRSP funds must be available 90 days before purchase
  • Withdrawals under the HBP are tax-free but must be paid back in full within 15…

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Are you thinking about buying your first home? Here are 8 common first-time buyer mistakes to avoid.

Mistake #1: Not Getting Pre-Qualified

Pre-qualifications are important because they give you an idea as to how much home you can afford. During this process, a lender will examine your income, debt, credit and assets and give you a rough estimate as to how much they’d be willing to lend you. From here, you’ll know what you need for a down payment and what you can expect to pay for a monthly mortgage loan.

Mistake #2: Not Checking Into First-Time Buyer Programs

The Government of Canada offers several incentives for first-time homebuyers in the form of down payment help, tax credits and more. These include: 

·        First-Time Home Buyer…

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