First-Time Home Buyers

If you are a first-time home buyer, use the guide below for helpful hints and tips and learn how to avoid common mistakes when buying your first home in St. Albert & Edmonton.

  • Pre-Qualification: Meet with a mortgage broker and find out how much you can afford to pay for a home based on your income and debts.
  • Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You'll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you're interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.
  • List of Needs & Wants: Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes - things you would like to have (garage, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.
  • Representation by a Professional: Consider hiring your own real estate agent, one who is working for you, the buyer, not the seller. Engage the agent to work with you early in your process, to get expert advice and suggestions of things to consider that you may not have thought of.
  • Visualize the house empty & with your decor: Are the rooms laid out to fit your needs? Is there enough light? Make sure you measure the rooms, as different furniture can be deceptive.
  • Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don't make a hurried decision that you may regret later.
  • Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don't forget such essentials as:
    1. Include inspection & mortgage approval conditions in your written offer.
    2. Have the property inspected by a professional inspector.
    3. Have a 2nd look at the home before writing your offer, if possible. 

All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please contact us directly to discuss any of these matters in further detail.