When you first decide to purchase a house in Edmonton, lots of questions can arise. Especially if you are a first-time buyer! To help clarify these questions, we’ve gone ahead and created a list of answers. Below you’ll find some helpful information about some of the most frequently asked questions when it comes to buying a house in Edmonton!
- To Buy or to Rent?
It is recommended that individuals buy over rent. Especially if you are planning on putting down roots in that particular area. Buying allows you to build equity and eventually own a significant asset. On the other hand, renting means that you are helping someone else pay off their mortgage. With this in mind, renting can be beneficial in certain situations.
- How Much Money do I Need to Buy a Home?
This question cannot be answered in one blanket statement. Every person is different and the amount of money you need to buy a home depends on the type of mortgage you qualify for, the property type you are looking to buy, and the current market conditions. Chat with an experienced REALTOR®, mortgage broker or banker for more information on this subject.
More Answers About Buying a House in Edmonton!
- What Should I Offer on a Home?
Similar to the above question, it is hard to provide a one-size-fits-all answer. Instead, the amount you offer on a home should be based on the asking price, the sale price of comparable homes in the area, the market conditions, and how you feel that the home should be priced. Moreover, you should look at qualities like how long the home has been on the market, and what condition the home is in.
- Do I Qualify for a Mortgage?
The only way to determine if you qualify for a mortgage is to visit a mortgage broker and get pre-approved from a lender. They will be able to tell you if you qualify, and for how much.
- Are Newer or Older Homes Better?
Deciding between a newer home and an older home can be difficult. Older homes can be in better, more central locations. However, they can also have more problems than newer homes. Furthermore, newer homes might be more energy efficient and modern. But, they may be outside of the location you are looking for. It is important to assess new and old homes on a case-by-case basis to determine which one is right for you.
For more further clarification on any questions related to buying a house in Edmonton, contact me today. I’d be happy to help you get the information you need! Be sure to check back on my blog next month for more real estate-related content. I look forward to working with you in the near future.
