Buying Your First Home

Where should you start?

The vast majority of first time home buyers start by looking at homes for sale on the internet. While there is nothing wrong with this approach, it may not lead you down the best path. There are a lot of steps between starting your search and moving into your new home, and knowing what lies in the road ahead can help you avoid many common mistakes first time home buyers make. At Liv Real Estate, we offer free, no obligation, personal buyer seminars so you know what to expect when buying a home in the Edmonton area. We go through the entire home buying process and answer any questions you may have; this also gives you a chance to decide for yourself if we are the brokerage you want to work with. Not ready to take the first step? No problem, here is some other information to help you get started.

How much can you afford?

There is no point finding a home you love, only to find out that you can't afford it. Getting a pre-approval from a bank or mortgage broker is quick and can even be done over the phone - there is no obligation to actually apply for a mortgage just because you got pre-approved for one. Contact an Edmonton mortgage broker today to find out how much you can borrow. Remember though – just because you've been pre–approved for a certain amount, doesn't mean you have to spend the full amount. Think about how much you want to spend on monthly housing costs, and how much you want to have left over for other things. After all, it's no fun having a beautiful home if you can't afford anything else!

Finding a home

Once you know how much you can and want to spend, start doing some searches online to see if you like anything that's available in your price range. www.edmontonrealestate.pro allows you to search all the MLS® listings in the greater Edmonton area, and shows additional information you can't find on MLS.ca such as condo fees and property taxes. It also allows you to save your favourite properties and will email you new listings that match your criteria. A REALTOR® can help you find the home that works for you, and can also point out issues and features that will help or hinder the eventual sale of your home. It's hard to think about selling your home when you haven't even bought it yet, but resale value and salability are among the most important things to consider when looking at a home. A REALTOR® can help with many other aspects of your purchase such as: determining the value of the home, negotiating a fair price, writing conditions to protect your interests and much, much more.

What's this all going to cost?

Aside from the actual cost of the home, there are a number of other expenses to include in your budget. Your first expense is likely to be a deposit – the deposit is what "holds" the property from the time you make an offer until the time you move in. The deposit(s) count towards your overall downpayment. A home inspection is highly recommend and will likely cost between $400-$600. If you're considering purchasing a condo, you may choose to have a professional condo document review company audit the condo documents, this service generally costs between $300-$500. You will also need a lawyer to transfer the title and take care of closing, this will likely cost $800-$1400. Lastly, there is your down payment – if you are putting less than 20% down mortgage insurance will be added onto your mortgage. The costs associated with buying a home in Alberta are lower than any other province.

Some of the services we can provide home buyers include:

  • Help finding the best home for you whether it is listed for sale on the MLS®, privately, or not listed at all.
  • Showing you the MLS® history on any property and interpreting that data.
  • Obtaining and interpreting the title for any property.
  • Recommending excellent service providers such as lawyers, home inspectors and mortgage brokers.
  • Preparing market evaluations on properties of interest to assist in negotiations.
  • Sharing demographic information on different areas of the city.
  • One-on-one buyer consultations.
  • Advice about resale potential of each home in regards to its layout, zoning, location and more.
  • Advice on renovations and recommended improvements.
  • Preparing the purchase contract - we will advise you of your different negotiating options and arm you with vital information for a successful and smooth transaction.
  • Negotiating with the listing agent – the most important step. Things can happen very quickly and we can give the advice that’s best for your situation.  

 

If you have any questions about buying a home, or would like to meet with one of our agents for a one-on-one first time buyer seminar, feel free to contact us anytime.

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