Professional and serial property buyers know some things that the average home buyer doesn’t. These tricks are often considered “trade secrets,” but you don’t have to be a professional to know them. Here are four little-known secrets that professionals in the Edmonton housing market know to find better houses and make sounder investments.
1. Yes, Location Matters
They say that only three things matter in real estate: location, location, location. It’s not really very true, many things matter when buying a home, but location is extremely important. But it’s not important simply because of convenience for living, location is important for when you want to sell as well. Homes in good locations appreciate better than homes in less desirable neighbourhoods, so it might be a better idea to buy a smaller place in the right location than a larger place somewhere else.
2. Think About a Condo
Condos have plenty of benefits over single family homes, and some downsides, but condos make great investments. Not only do they require less maintenance, they’re simply cheaper to keep and live in. Plus, the Canadian condo market has some inventory surpluses right now, especially in Edmonton, where potential buyers are holding out for Ice District buildings, making for less demand.
3. Look to The Outskirts
Suburban living is not just a nicer way to live, it’s also great for your portfolio. Finding the right home in the outskirts or surrounding cities in Edmonton can yield great results for your home search. They’re not only cheaper than comparable places in the downtown core, they also appreciate quite well, so you won’t be losing out on any investment.
4. Figure Out Your Credit Rating and Budget
The biggest secret to discover for your home buying is to actually learn something you may not know: your credit rating. By learning your credit rating, you can get a better idea of what kind of mortgage you’ll get approved and, consequently, can set yourself a budget. Professionals all know that a budget is the most important aspect of buying property, so it’s important to set one and stick to it when you’re looking for a home.
With the right knowledge, you can find and buy a home that works perfectly for you, and will appreciate in value as you pay off your mortgage. These are just a few of the trade secrets that professionals use to build their portfolio with sound investments and now you can, too.