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Should First Time Edmonton Home Buyers Buy Newly Built Homes?

Homes for sale Edmonton

Buying a home is one of the biggest investments that you will make in your life time. So if it’s your first time to do such as venture, it is best that you base your decisions with the help and use of a reliable set of information.

Today, we’ll try to discuss whether you need to buy a newly built home or use a pre-owned one.

Note: For a full lit of available Homes For Sale in Edmonton you can access it through our Edmonton MLS Listings page.

Homes For Sale Edmonton

Let us start with your FINANCES. The first prudent thing for you to do is to obtain a pre-approval from your local mortgage bank or company. This will give you a good idea of how much you can borrow to finance your dream home.

Here’s a stark warning: Knowing how much money you can borrow does not automatically mean it’s the same as how much money you can spend. Be realistic and only spend the amount that you can afford.

Okay, now that we have all that cleared, it’s important for you to remember that the amount of money you decide to use will ultimately determine the kind of home you’ll be able to buy. Newly built homes come with a premium whilst resale homes will cost less.

VARIETY. As a first-time home buyer, your choices could be divided into four varieties:

  1. Single Family Homes: This type of home is commonly located in a subdivision. It provides a big living space for the owner and comes with a front and back yard.
  2. Condominiums: This is the least expensive amongst the four, though it comes with a monthly condo fee for the maintenance of the building.
  3. Duplexes: It’s a big home divided into two.
  4. Townhomes: Also known as row houses, this type of property is a bit of a bigger living space than a condo.

PROS OF BUYING NEW. If you chose to buy a newly built home, you’ll have the benefit of owning a property with modern architectural design, the plumbing, wiring and other inner workings are all newly installed-which means less maintenance is required. Also, if the home comes with appliances, it will surely be up to the latest standards; eco-friendly & low-energy.

Here are the CONS. The benefits we mentioned above comes with a higher price tag. Some newly built homes are also constructed out the city which means travel time could be an issue. Also, there is a possibility that there would be on going constructions in your neighborhood for new home-NOISE, NOISE, NOISE. Lastly, longer waiting time before you can finally settle in.

Edmonton First Time Home Buyers

These CONS are removed from pre-owned homes. They cost lower, are located inside or near the vicinity of the city and unless you have a neighbor that’s demolishing his home, you wouldn’t have to worry about noise coming from construction.

Time and money is of the essence. Take a time off to reflect on these things we mentioned here that are associated with new and pre-owned homes. The more you can clearly define your needs, the better your chances of owning that perfect first home.

Team Leading Edge is here to help assist you in anything and everything you need to own that dream home. Call the team now to get you started.

Good luck!

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.

Homes For Sale Edmonton

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