Being young doesn’t mean you have to rent when you move out of your parents house. As soon as you have a sustainable income, young adults like yourself should start adopting the philosophy of becoming a full-fledged Edmonton homeowner. So what if you can only afford a 1 bedroom, 1 bath condo? As long as you have a place you can call your own, nothing else matters.
Today, Team Leading Edge have a gathered a few simple steps to help guide you in your homeownership.
1. SPEAK WITH A MORTGAGE COMPANY: Time and again, we will not get tired of informing buyers that this is the first step. For you, as a first-time buyer, we want to emphasize its importance.
Before you do anything else, such as shopping around for houses or condos or talking with Edmonton real estate specialists, you’ll need to speak with a mortgage company first to determine if you’re qualified for a loan (pre-qualification) and if you are, how much (pre-approval).
Being pre-qualified and pre-approved will streamline your Edmonton house buying, provide you with a realistic budget and deter any potential disappointments.
2. FINANCIAL ALLOCATION: Being approved for a $300,000 loan doesn’t mean you should buy a $300,000 Edmonton home. Nah-ah. When you speak with your mortgage company, it is important that you have a clear understanding of your possible monthly mortgage payment.
If a significant amount of your monthly income will be taken away to pay for the $300,000 home, then buying it will be a detrimental choice. Do your homework, establish a budget and make a suitable allocation of your finances that will not ruin your lifestyle.
3. WORK WITH AN EDMONTON REAL ESTATE SPECIALIST: After you have set your finances in order, the next step to work with a reliable Realtor. Buying on your own will only lead to an unsuccessful venture and waste of time. Don’t worry, usually, the one that pays the compensation to the Realtor is the seller-so you’ll have the services FOR FREE!
A Realtor will help you find the perfect home for your budget, amongst other things. He has the tools and resources at his disposal to do this kind of work.
For more from Team Leading Edge, follow the team on Twitter at @teamleadingedge. Make sure to subscribe to Team Leading Edge to get newsletters on the Edmonton Real Estate market.
Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
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