Buying a home is a long and complicated process with many, many different moving parts. Navigating the whole thing is extremely difficult, so it’s important to learn from the people who have done this before. Here are a few lessons some people have learned in buying their first home which could take the stress out of your next Edmonton house hunt.
Lesson #1: Visit Lots of Homes in Your Price Range
Edmonton’s home market has been tentatively called a “buyer’s market,” which means house hunters are at the advantage. So more than ever, you can take your time when looking for a home. Be sure to check out multiple homes in your price range to get a feel for what you can get. This helps you have a good overview of the current market so when you come across a great deal, you have some previous experience to back it up.
Lesson #2: Think Towards the Future
Buying a home is a long-term investment in the property, but also in the neighbourhood. It’s important to know that the area in which you’re investing is worth the time and money. Be sure to consider where your new neighbourhood will be in five or even ten years. Is it on an upwards trend? What projects and infrastructure are scheduled in the area? These are key questions that you need to ask when buying a property that can help you think towards the future.
Lesson #3: Don’t Go for Broke
So you’ve been approved for an $700,000 home. Congratulations. Here’s the real question, though: can you conceivably afford the mortgage of a $700,000 home at the rate provided? Going house broke is not a good goal, so be sure to look at your finances now and in the future to see if your maximum amount is an amount you can afford.
Lesson #4: Know Your Credit Score
Insurance rates, mortgage rates, and pretty much everything else involved in your home buying process depends, at least in part, on your credit score. Maintaining a good credit score is important and necessary, and the first step is learning where you’re at. Check your credit score once you’ve started building it up so you’ll be more ready to compare rates based on your current situation.
Some lessons you need to learn yourself, but some are better learned by others. These lessons are absolutely essential for when you’re buying a home. Each one can help you save money, find the right home for your situation, and make a sound investment in your future.Posted by Gurpreet Ghatehora on