Selecting a new home is an involved process, purchasing it even more so. Moving forward without the right knowledge could end up setting you back for months.
Before you get your heart set on that perfect country cottage or three-story home, you will want to keep some considerations in mind:
Remember Your Needs
Everyone wants to move into a storybook-worthy house that looks like it belongs on a magazine cover. Just because a property is attractive does not mean that it will be the right home for your family’s needs. Take a thorough account of what you and your family require in a home, and start looking with those criteria in mind.
For instance, you may not need a property with an enormous backyard if your family is not interested in outdoor recreation. For someone who does not like yard work, the lawn maintenance may end up being more trouble than it is worth. On the flip side of the coin, if you love being surrounded by nature then do not convince yourself that a townhome in downtown Edmonton could be livable just because it has a gorgeous master bathroom.
Keep a blind eye to tantalizing amenities unless the rest of the house is what drew you in first. Be sure to prioritize what matters most for your family.
Get Pre-Approved for a Loan
Most homeowners did not acquire their properties with piles of cash; they financed it with the best lending options available to them at the time. Knowing how much house you can afford is an important step to take before you start looking at homes.
Nothing is worse than preparing to make a bid on a property you had your heart set on, only to be told by a bank that you cannot qualify for a suitable loan. Getting pre-approved will also allow you the chance to thoroughly audit your finances, which can help you assess your savings on hand to begin preparing for closing costs.
Learn the Market
A home should be a long-term investment. Be sure to look at homes with an experienced real estate agent who is familiar with the local market to help you make a sound purchase. Different neighborhoods will appreciate at different rates, and some properties may require contingencies you did not expect, such as signing a covenant agreement.
All of these factors will help you accurately assess the type of home you truly want to buy, rather than one that is alluring but impractical for your needs. Having an experienced agent can also help you navigate the buying process. To learn more about what Leduc Remax can do for you, start by visiting our buying page.