Real Estate Blog for Buyers & Sellers

Things You need to Know Before Buying A Home or Condo in Edmonton

  December 3, 2013   Karen Stanko

Buying a new home is both exciting and stressful. Whether it is a large home, a townhouse or a one bedroom condo in Edmonton, there are some things you should know before making one of the largest purchases of your life.

 

  1. Know Your Budget

Use a budget template to help with the process.   You need to detail all of your fixed expenses (car payments) and variable expenses (food etc). Account for all monthly expenses – from spa appointments to gym memberships.  It is crucial to estimate for all costs associated with owning a home such as property taxes, insurance, condo fees, etc.  The budget for a one bedroom condo in the downtown core maybe similar to a townhouse in an outer lying neighborhood.

 

  1. Explore Financing Option

Not all lending options are created equal so it’s best to do your research and shop around.   If you need help with this aspect of home buying, a qualified mortgage broker will work with the banks on your behalf to find the lowest rates, as well as guide you through the lending process.  Understanding your borrowing requirements will be the first step. 

 

  1. Needs Vs. Wants

Besides your “must haves” and  “nice to haves”  you need to think beyond the home itself.  What are the schools like in the area? Is it close to transit, shopping and other amenities? Take this list with you to showings to help keep track of the positive and negative aspects to each home.

 

  1. Find a Local Expert

These days everybody either knows a realtor, or has a friend who knows one.  However, it’s in your best interest to find somebody who is an expert in the area that you’re looking in.  Interview a few different realtors before selecting the person who’s right for you.  Whether you are looking for a luxury home in Riverbend or a condo on Whyte Ave, there are realtors that specialize in these different products and areas.

For professional, expert advice on buying a home call Karen Stanko. Karen is one of Edmonton’s leading realtors specializing in condos in Old Strathcona, Whyte Ave and Edmonton.