Step-by-Step Guide to Buying a Home in Edmonton
Purchasing a home, especially your first home, can be one of the most stressful situations you will deal with in your adult life. For most people, the purchase of a home is the most expensive one they will ever make, so there is considerable pressure to get it right. You don’t want to find yourself in a situation where you don’t like the house you have purchased, or worse, there are some serious problems with the home. We have helped many first time buyers get through this process, and would be happy to do the same for you.
The great thing about buying a home in the 21st Century is that you can do some research online before you really get started, just to get an idea of what you are looking for. Bringing up some online listings and browsing around will let you get familiar with the market in areas that you are interested in living. It should only take a few minutes to pull up some listings and start to identify what you like, what you don’t like, etc.
Contacting a Realtor in Edmonton
Early on in the process, it is smart to contact a Realtor like ourselves to help you get organized and prepared. We know the local real estate market, and we can offer you advice and insight that you simply aren’t going to find on your own. Searching online is a good way to get started, but working with a Realtor will take your search to the next level and help you get serious about making this happen.
Get a Pre-Mortgage Qualification Approval
Finding a loan for your home purchase might be the most stressful part of the process, so you will want to get started early on this as well. Not only will a pre-qualification letter from a bank or mortgage broker give you some assurance that you will be able to secure a loan, it can also help you identify the target price range for your search. There is no use looking at houses that are well-above what you can afford, so having a pre-approval in hand will give you a specific price point to shop within.
Visit Some Edmonton Properties
While pictures on the internet are a great way to get an idea for a home, you can’t really tell what it’s like until you are standing inside of it. Once you have selected a few houses that are contenders in your search, get out and see them for yourself. Likely, you will find that some of them exceed your expectations, while others fall short. You can cross off the ones that just don’t work for you, and give more consideration to the ones that you like.
Making an Offer on a Residential Property in Edmoton
The moment of truth in any home search is the point in time when you decide to make an offer. An offer is a legally binding contract and, if accepted, will commit you to buying a home (pending any conditions, such as a home inspection). This is not a decision to be entered into lightly, and you need to think carefully about your offer before signing over the papers. For most people, the time spent waiting to hear back on an offer is the single most stressful point of the entire process.
Conditions and Closing
If your offer is accepted, work can start to be done to progress toward closing. A home inspection is likely going to be a part of your initial offer, so that will take place at this time. If any issues are revealed during the inspection, those will need to be dealt with and negotiations can take place between you and the seller. After both sides are satisfied with all conditions of the sale, closing can take place. As long as the funding for the loan comes through from the bank, signing your name on some documents will be the last step between you and becoming a homeowner.
Although not as stressful as the offer or closing process, moving day can bring its own share of challenges and headaches. No matter how you look at it, the task of moving all of your stuff from one place to another is a daunting one to be sure. The key to a successful moving day can be summed up in one word - preparation. If you are prepared before the day arrives, the move itself is going to be much simpler. Labeling items, pre-packing boxes, and arranging for some friends to help will take a potentially difficult day and make it a whole lot easier.
Looking from the start of the process at the long road ahead, it can be daunting for sure. However, like anything else, the home buying experience needs to be managed one step at a time. With our help, you can navigate the waters of the real estate market and come out of it with the house you have been hoping to find. Just remember to choose the best Realtors in Edmonton.