The majority of first-time homebuyers right now are millennials. If you are one of those who was born in 1980-1995, you are among the 77 percent of first-time homebuyers in Canada and needs to keep up with the others on this already challenging real estate acquisition.
If you are interested in searching for a house for sale in Edmonton and getting your first home, you need to read these first time home buyer tips below:
Make Your House Hunt a Priority
The busiest month for real estate transaction is in April. The multiple listing services will be on fire, and your real estate agent will be contacting you almost 24/7. If you are planning to buy a house this spring, then now is the time to take action as tons of prospective buyers will also be out in complete battle gear. Consider taking some few days of personal leave to look for houses.
Obtain a Mortgage Pre-approval
Having a pre-approved mortgage on hand while looking for houses is essential in getting your first house. It means that you are a serious buyer and it will allow negotiating with the property you are interested in right away as you already have the mortgage pre-approval. It will also make your hunting a lot easier as you have already established the price range of the houses you need to look for.
Look for Modernized Neighborhoods
Most of the Canadian Millennials are adopting the car-free lifestyle. Therefore, most condo developers have planned communities aimed at urbanites, offering proximity to supermarkets, public transit, well-lit running and bike paths, pet-friendly spaces and amenities like bike lockers. Don’t forget to check high-density condos as well to see what they offer.
Try Moving Out of Town
Being a first time home buyer, you may try trading big cities to smaller ones. These growing markets have great deals, especially on detached houses. If you grew up in a big city, smaller cities could be less of a culture shock compared to living in the suburbs. Also, these locations often offer extensive public transit, blooming retail and cultural industry, and have quick access to the larger cities.
Trust Your Real Estate Agent
If you have excellent real estate agents, you can always contact them to get more home buying tips. They are knowledgable about the markets in your area as well as the other areas they are covering. You can always use social media to search homes for sale in Edmonton and consult your agent about the houses that caught your interest.
Purchasing a house for the first time is challenging and time-consuming. Having professional real estate agents by your side is going to be a great help. They would be happy to assist you throughout the process until you get your first home sweet home.