Thanks to its affordability and great property appreciation rates, Edmonton is a popular place for buying and selling real estate. Nowadays, buying a home in Edmonton is a fascination. Whether you’re already an Edmonton resident and want to move homes or you’re moving to the area from elsewhere, there are several steps to take to successfully purchase a new property.
This article will cover the key steps you shouldn’t miss when buying a house in Edmonton, Canada. For further guidance on the property-buying process, contact Bhardwaj+Co Real Estate Law.
First Dicide That You Are Really Looking To Buy A New Home
First, you have to make up your mind that you really want to buy a new home. Now you will undoubtedly look up to your finances to understand if you or you don’t want to buy the home. You have to consider the advantages and disadvantages of owning a home. If you are ready for the cost involved in the ownership of your home, then take the financial footing; that is the best decision.
Now, another set of questions awaits you further. You have to understand that if you are involved in homeownership, like a mortgage, you must consider ownership. Remember, buying a home is not fully about the ownership but the commitment to maintain your property. If you are sure of it, then Edmonton harkens you.
How Much Can You Afford
Edmonton is a place filled with opportunities. Due to its benefits to the people, the craze for owning property there has increased manifolds. You have to consider the affordability issues. Ensure that the monthly housing expenditure is, at most, around 32% of the gross monthly income. The cost of housing includes the monthly payments, taxes on the property, and also the heating. So, you have to gauge your expenditure and then make the decision to buy the property.
Another important element you must consider is the monthly debt payment. It should be at most 40% of the monthly expenditure.
In that case, you can get help from a mortgage broker. They can help you compute the exact expenditure. Ultimately, it will give you a rough idea of the maintenance of the property in Edmonton.
Explore Different Areas Within Edmonton
Each neighborhood within Edmonton offers something interesting and unique. It’s important to consider your preferences before deciding on a specific area to settle in when buying in Edmonton.
There are many options, whether you want to try Central McDougall, Queen Mary Park, Riverdale, Cloverdale, or Garneau. Research the amenities, housing options, healthcare facilities, and crime rates in each area to decide which suits you best.
Determine The Right Type Of Home For You
You know, buying a home is a long-term thing. It is a commitment. Therefore, you have to start thinking beyond the periphery of the short term, say five to ten years down the line. If you want to buy your home for five years of likewise, then you have to start rethinking it. But if you have decided to own a property in Edmonton, you must consider some of the most important elements associated with buying the property.
First comes the size of the property, as it is the most crucial point of consideration. Look out for the number of bedrooms and also the bathrooms. Secondly, look out for the parking facilities. Geographical location is also one of the most important points that you can not miss out on. Look for the property to be near your office as much as possible. It will save you time.
If you have kids, then in that case, you will also have to consider the distance factor. School far away from the home will sap all their energy. It will stop them from studying. Again, you have to consider the outdoor space that your property has. The final point of consideration in your list is teh type of home, that is, condo, townhouse, single-family, and others.
Apply For A Mortgage
Before you arrange any property viewings and fall in love with your dream home, apply for a mortgage. Getting your mortgage pre-approved means you won’t run into delays if you find a property you want to buy.
There are multiple types of mortgages, so consider speaking to a financial advisor or mortgage lender to determine which is the most suitable for your needs. They can also advise you of common mortgage mistakes to avoid, whether you’re a first-time buyer or it’s not your first property purchase. Apply for your mortgage as early as possible, as the approval process can take a couple of months to complete.
To successfully obtain a mortgage in Canada, you need a downpayment of 20% of the total price of the property you want to purchase. Consider your current savings, so you know the property price range you can afford to buy based on this 20% upfront requirement.
Arrange Multiple Property Viewings
Even if you find a seemingly perfect property and fall in love with it at your first viewing, don’t rush into things! It’s best to view and compare several properties before committing to a purchase.
Buying a house is a huge financial commitment, so it’s not one to take lightly. Consider all your options and pay attention to the less obvious details when viewing different properties, such as their layouts, garden size, parking, distance to nearby amenities, and neighbors.
Make Your Offer
When you decide which property you want to go for, it’s time to place your offer. Consider taking a couple of thousand dollars off the asking price to see whether the home sellers are happy to accept your offer. If not, you might need to barter until you can agree on a final price with them. In some cases, home sellers will only accept their asking price. Hence you understand, buying a home in Edmonton requires some research and key consideration.
Only once the seller accepts your offer and the buying process begins will you need to supply your property downpayment to the solicitor. You will need to wait until you receive your offer in writing and have agreed to the terms of sale before sending any money.
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