A significant life choice and among the largest expenditures you will ever make is purchasing your first house. As you look for the ideal home, go through resources to ensure you’re on the correct course, and take care of all the subtle things that can arise, it can also be among the most hectic and stressful periods.
We’ve compiled a few of our top ten pieces of advice for Alberta first-time home buyers to help you feel less overwhelmed.
10 Tips For Buying A Home In Alberta
Here are ten tips for homebuyers in Alberta to ensure that you always make the right decision when purchasing your new house.
1. Do a Home Inspection
Even while it could be alluring to forgo a house inspection if you’re eager to seal the transaction, it’s an essential step in the procedure. The expense and delay of a house inspection may be significant, but the peace of mind and potential financial savings are worth it.
2. Choose The Right Neighbourhood
The location you wish to live is a consideration you’ll make while buying a home. Do you value living close to Edmonton’s river valley or more than a quick commute to downtown Calgary? Some of the desires in your community might be:
- Accessibility to a place of employment, family or friends, or all three!
- Parks or wilderness paths
- Night life
3. Contact Home Insurance Broker
Your priceless new possession needs to be protected. You can ensure that you are adequately secured and informed during the buying-a-home procedure by contacting a professional home insurance broker, like the team at Leibel Insurance Group.
4. Get Approved
Discuss home loans, conditions, installment alternatives, and pricing with a mortgage broker. Then, provide your Realtors with the pre-approval so that they can only offer you houses that are within your price range.
5. Consider Hidden Expenses
Buying a home entails costs and investments beyond the actual property’s price. There are also real estate commissions, lawyers’ bills, and house inspection fees. Additionally, you could have to pay for a homeowner’s insurance policy and any necessary repairs or urgent furnishings.
6. Be Mindful Of Closure Fees
Use only a portion of your money for the deposit for a house. Spend an extra 2.5% of the purchase cost on relocation costs, utilities, taxation, home insurance, and that crucial house inspection.
7. Do Your Homework
Are you aware that dozens of houses in Alberta have served as narcotics production facilities or marijuana farms? A purchase proposal is only valid with such a guarantee that the home or apartment was never in use for certain prohibited activities.
8. Consider House Resale Value
The worth of your home as a reselling good is a different aspect of planning for the future. There may come a time when you decide to sell the home yourself. Hence, you should always consider whether you could flip the house for a profit. Is this an emerging neighbourhood? Does it have a lovely view of the backyard?
9. Do Proper Homework
When buying a home, there is a great resource guide and content available by the Canadian Mortgage and Housing Corp. Additionally, they offer plenty of crucial details about tax relief and other federal programs, along with papers that will guide you through the procedure.
10. Hire A Real Estate Agent
Make sure you hire a trustworthy and knowledgeable real estate agent, especially one familiar with the area you want to move to. This is especially crucial for first-time homeowners.
So if you are looking forward to getting worthy home insurance in Alberta, get in touch with Leibel Insurance, as they are dedicated to helping new homeowners with insurance for a secure future.