Are You A First Time Home Buyer? Watch This!

Embarking on the journey of purchasing your first home in Edmonton can be both exhilarating and daunting. As a first-time home buyer, it's crucial to start with a solid plan. Begin by assessing your financial health: understand your credit score, determine your budget, and consider all costs involved, including down payment, closing fees, and ongoing maintenance.

It’s also wise to get pre-approved for a mortgage to know exactly how much you can afford and to make your offer more appealing to sellers. In Edmonton's diverse real estate market, understanding your financial capacity will help narrow down your search to properties that meet your needs and fit your budget.

Additionally, familiarize yourself with different neighborhoods and their unique characteristics. Research factors like local amenities, schools, commute times, and community culture to find an area that aligns with your lifestyle and future plans.

Once you’ve laid the financial groundwork and identified your preferred areas, it's time to dive into the home search. Working with an experienced real estate agent who specializes in Edmonton's market can be invaluable. They can provide insights into market trends, help you navigate listings, and offer advice on making a competitive offer.

When viewing homes, look beyond the surface appeal and consider the property's potential long-term value, structural integrity, and any additional costs for renovations or repairs. Don’t hesitate to ask questions and seek clarifications on any aspect of the buying process.

Remember, this is a significant investment, and being well-informed is key to making a sound decision. With the right preparation and guidance, your first home purchase in Edmonton can be a rewarding and successful venture into homeownership.

Buyer Landing Page

FIRST TIME HOME BUYERS
Are you a first-time homebuyer? Did you know that if you haven’t owned a property in the last three years that you are considered a first-time homebuyer?
Making An Offer
Before the offer to purchase is created, you must be at least pre-qualified or, better yet, pre-approved by a lender, unless you are paying cash.
Offer accepted… Now What?
Once your offer is accepted by the seller it starts the pending period. You will be asked for a deposit, typically 1% of the purchase price.
Mortgage Calculator
The easiest way to determine your estimated monthly mortgage payment is by talking to a lender. However, the calculator below can also help point you in the right direction.
Mortgage Pre-Approval
Thinking about buying a new home? If you're not paying cash, then you’’ probably need a mortgage.
Personalized Home Search
Complete the form below and we'll create you a custom property search. Anytime when we find properties that match your specific criteria we’ll send you an email.
What Are Closing Costs?
You've found your dream home, the seller has accepted your offer, your loan has been approved and you're eager to move into your new home.
Escrow, Now What?
Once your offer is accepted by the seller it starts the escrow period. You will be asked for a down payment, typically 1% of the purchase price.

Frequently Asked Questions

1: What are the key steps I should follow as a first-time home buyer in Edmonton?

  • Begin by assessing your financial situation, including budget and credit score. Get pre-approved for a mortgage to understand your buying capacity. Research neighborhoods in Edmonton to find one that suits your lifestyle. Finally, work with a real estate agent to navigate the market, view properties, and make an informed decision.

2: How much down payment do I need for my first home in Edmonton?

  • The down payment requirement varies. Typically, you need a minimum of 5% of the purchase price for homes under $500,000. For homes priced between $500,000 and $1 million, it's 5% on the first $500,000 and 10% for the amount above that. Properties over $1 million usually require a 20% down payment.

3: Are there any special programs or incentives for first-time buyers in Edmonton?

  • Yes, first-time buyers in Edmonton may be eligible for programs like the First Time Home Buyers’ Tax Credit (HBTC) and the RRSP Home Buyers' Plan, which can offer financial benefits. It's advisable to research current programs or consult a financial advisor for up-to-date information.

4: What should I prioritize when looking for my first home in Edmonton?

  • Prioritize location, budget, and your future needs. Consider proximity to work, schools, and amenities. Ensure the home fits within your budget and meets your long-term needs, considering factors like size, layout, and potential for appreciation.

5: How important is a home inspection for a first-time buyer in Edmonton?

  • A home inspection is crucial, especially for first-time buyers. It helps identify any potential issues with the property's structure, systems, and overall condition. This information is vital for making an informed decision and can be used in negotiations with the seller.

FORM SUBMISSION: FIRST TIME BUYERS


This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.