Buying your first Edmonton home is one of the most exciting things you’ll ever do in your lifetime. It signifies the beginning of a new chapter in your life, so today, Team Leading Edge would like to share with you a few things you’ll need to know to succeed in this venture.
Many first time homebuyers’ rush to the Edmonton MLS and dive into the search bar to find their dream Edmonton home. Don’t be like those guys.
PRE-APPROVAL: The first thing you need to do is to check with a bank or mortgage company how much money they could lend to you. This process is called pre-approval.
Once you get pre-approved, you’ll know the total amount of money you can borrow and set for yourself a realistic goal for the type of house you’ll purchase. Another benefit of getting pre-approved is creating the impression to the sellers that you’re dead serious in buying a property and not just window-shopping.
Team Leading Edge have partnered with some of Edmonton’s most reliable Edmonton mortgage lenders, you can check them here: Edmonton Mortgage Lenders
EDMONTON REAL ESTATE SPECIALISTS: Don’t go Rambo! In this battle, you need reinforcement.
Work with a Realtor that has the legit years of experience in working in the neighborhood you’re interested in. Their wisdom and experience will come in handy when searching for the best priced homes, out of the hundreds of properties listed in the MLS, they’ll have the competence to pinpoint which are the best ones for you. Don’t worry! Their services are for FREE! It’s the seller that pays them.
PROPERTY DETAILS: Once you find your Realtor, you’ll be able to work with him/her in researching on the details of the property.
- Find out how much the property last sold for
- Determine how much is the Association Dues
- What the Laws and Regulations are of the Homeowners Association
- Property taxes and other related taxes
HOME INSPECTION: Put extra attention in the structural integrity of the house, the mechanical, electrical wiring and plumbing and ventilation condition. Cracks and leaks should raise red flags.
In order to thoroughly inspect the general health of the house, it is advisable to seek the help of a professional house inspector. Yes, it’s an added expense, but a necessary one. You wouldn’t want to purchase your Edmonton dream home only to find out a few months later that there are leaks in the basement and some switches are not working.
Team Leading Edge have partnered with some of Edmonton’s most reliable Edmonton home inspectors, you can check them here: Edmonton Home Inspectors
Although doing everything yourself is admirable, the chances that you’ll miss some important details are high. Working with professionals is your best bet in successfully doing this venture.
For more from Team Leading Edge, follow the team on Twitter at @teamleadingedge, subscribe via this RSS feed. Make sure to subscribe to Team Leading Edge daily newsletter 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.
Subscribe and get the daily news, updates and latest trends in Edmonton real estate.