1. When Should You Start Looking?
The short answer: As soon as you feel ready! Most first-time buyers take around 3-6 months to find the right home. If your lease is ending in a few months, or you’re feeling like it’s time to stop renting, now’s a great time to start planning. But before diving into house hunting, there are a few key things to get in order.
2. Talk to a Mortgage Broker
Before you start scrolling through listings, it’s important to know what you can actually afford. This is where a mortgage broker comes in. They’ll help you figure out your budget, walk you through the mortgage approval process, and find the best rates available. Here’s why this step is so important:
• Pre-Approval: Getting pre-approved gives you a clear idea of your price range and helps sellers take your offer more seriously.
• Understanding Costs: It’s not just about the price of the house—there are also closing costs, legal fees, and sometimes property taxes. Your broker will help you budget for all of this.
3. Find a Real Estate Agent
This is where I come in 😊! A real estate agent is your guide through the entire home-buying process. From finding homes that match your wish list to negotiating the best deal, I’m here to make sure everything goes smoothly.
Why work with an agent?
• Local Knowledge: I know Edmonton inside and out, so I can help you find the right neighbourhood that suits your lifestyle—whether you want to be close to downtown, near great schools, or in a quiet, family-friendly area.
• Negotiation Power: Buying a home is one of the biggest purchases you’ll ever make, and having someone in your corner who knows how to negotiate can save you money and stress.
• Expert Guidance: From explaining all the legal documents to helping you navigate the offer process, I’m here to ensure you feel confident and informed the whole way through.
4. Start Your Search
Now the fun part begins—house hunting! With your budget and pre-approval in hand, I’ll send you listings that fit your needs and arrange showings. Keep in mind, the Edmonton market can move quickly, so it’s important to be ready to act when you find “the one.”
What should you look for?
• Location: Proximity to work, schools, shopping, and entertainment are all key.
• Home Features: How many bedrooms and bathrooms? Do you want a yard or garage? Make a list of your “must-haves” and “nice-to-haves.”
• Potential for Growth: This is your first home, but it doesn’t have to be your forever home. Look for a property that has room to grow, whether that’s extra space or a great resale value down the line.
5. Making an Offer
Once you’ve found the perfect home, it’s time to make an offer. I’ll help you craft a competitive offer and negotiate the best terms. This might include adding conditions, like financing or a home inspection, to protect you.
6. Closing the Deal
Once your offer is accepted, there are a few final steps before the keys are yours. Your mortgage broker will finalize your financing, and a lawyer will handle the closing paperwork. After that, it’s time to pick up your keys and move in!
Buying your first home is a huge achievement, but it doesn’t have to be overwhelming. By working with the right professionals—a mortgage broker and a real estate agent—you’ll have expert guidance every step of the way.
If you’re ready to take the first step or just have more questions about the home-buying process, feel free to reach out. I’d love to help you make your dream of homeownership in Edmonton a reality!