Home Buying Tips In Edmonton
July 12, 2017
in Buying Tips
Buying a home anywhere is effortlessly one of the biggest decisions of your life, if not the biggest. It will be your biggest investment ever & the anchor to every other important decision of your life thereafter.
Do not forget – what you are buying maybe a house of brick, mortar & clay but this is what your family will call home. It is the place where your child will experience his or her first birthday, first Christmas, first Halloween & first sleepover. It is the place where your child will get ready for his or her first prom night, introduce his or her first date ever to you & the place from where he or she will eventually leave for college.
Take A Stock About Your Finance
The most important decision you will be making when buying a house is the cost. What’s your price range? Today, nobody buys a house out of their own pockets. What’s your credit score? How much can you borrow? Before embarking upon the biggest investment of your lifetime, it pays to know how far you can throw yourself a line.
Don’t underestimate the Additional Costs
Be frugal. Once you have ascertained how much you can spend, do not get creative about it. Practicality goes a long way in guaranteeing best buy on your dollar. Do not forget – the cost of your new house will only be the biggest spend on your pocket. Never underestimate the additional costs that come with the whole package. These costs will include legal fees, Insurance, building reports, valuation of the property, stamp duty, moving costs etc.
Check out All Financing Options
Meet a mortgage broker and find out what he can offer you in terms of financing options. At Lillian Howarth, we will help you secure the most flexible loan options from the best banks of your choice. We will help you with your paperwork every step of the way & ensure the most convenient & smooth way for you to procure a home loan.
Sell First If You Need To Sell Before You Buy
Now that your finances have been taken care of, what next? Many home buyers who are selling a house to buy another often suffer from a very common dilemma –do I sell first or do I buy first? Well, we recommend that you sell first. Why? Because that opens up many options for you. First, with potential liquid cash in your hand, you can close your buy in a relatively short term should your seller have time constraints. In fact, making the buy on short term is a very effective pitch when trying to convince your seller to choose you over other potential buyers or persuading him or her to sell below asking price.
When you buy first, you then immediately put yourself on a deadline. This constraints you from getting the best figure on your house & make yourself vulnerable to opportunistic agents or buyers who may try to exploit your disadvantage in their own favour & quote numbers below your asking or worse, standard market price.
Wait For The Buyer’s Market
Knowing the Real Estate market when buying or selling a house is crucial to getting the best deal on your offer. The property market regularly fluctuates & selling or buying at the opportune moment can make the difference between being a winner or a loser in the property wars. When the number of properties on sale are greater than the number of prospective buyers, it is known as a buyers’ market. This is because the terms are in favour of the buyers as they have more choice than the sellers. This is not a good time to sell but an excellent time for first time home buyers to enter the market.
When there are more buyers on the market than sellers, it is known as a sellers’ market because it is the sellers who get to call most of the shots. Buyers have lesser choices when making a decision & this is an ideal time for you to sell your house.
Real Estate as an industry is not seasonal in nature. Having said that, most buyers & sellers transact during the periods of Autumn & Spring for a variety of reasons. If you are buyer, it becomes that much easier for you to travel around checking out your multiple options without the hassles of the freezing thermometer of winter or braving thick snow. If you are a seller, you know that the maximum number of buyers will come out in Autumn or Spring when even the most mundane houses could look very scenic thanks to all the multi-hued shrubbery & forage surrounding it.
Don’t be in a hurry to consider the Autumn or Spring rule of thumb as sacrosanct just yet! Is your house unusually cool during summer? How about that warm fireplace in your living room during the cold months of winter? You may be able to strike the deal of your lifetime when everybody else thinks it’s off season.
Research Property Online
When buying a home, make sure you thoroughly research your wish list on the internet. This will include houses within your price range, the type of property you are shopping for – apartments, duplexes etc., location, nearby schools, hospitals etc., proximity to work & ease of public transport, number of bedrooms, washrooms, garages & storage options etc. & how scenic the landscape around your house is.
Partner With A Real Estate Agent
Last but not least, partner with the real estate agent of your choice. Your chemistry with your agent will dictate the house or the buyer you eventually end up with. A good agent with whom you enjoy a healthy relationship will not only make your search for a prospective buyer or house that much easier but may even make the whole experience that much pleasurable. Not only will you gain a house of your dreams or a buyer who gives you top bargain on your dollar but as an added bonus, you may even gain a friend & a well-wisher in your real estate agent.
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