When you set out on a road trip, it may seem exciting to impulsively hop into a sports car with the windows down and let the road take you where it will. By contrast, as you begin your home-buying journey, you don’t want to be impulsive; instead, you’ll want to make preparations to arrive at the destination you desire: your new home. Such preparations include creating a “wish list,” considering resale value, and keeping your information organized. Once you’ve carefully accomplished those three steps, you’ll be ready to make a decision when the time is right.
Step 1: Create a Wish List for Your New Home in Edmonton
You’ll want to consider both your budget and your desires before making a wish list, and it should include the type or style of your ideal home, as well as its age and condition.
Type of Home
While traditional, single-family Edmonton houses are certainly popular options, Edmonton homes for sale include other types of homes, as well: multiple-family homes, condominiums and co-ops. Learning more about these alternatives may help you to narrow your search. Below is information about why you might want to consider each option.
- Multiple-family homes. This option allows you to have rental income to assist with the costs of homeownership. Many mortgage plans (including VA and FHA loans) can be used for multi-family homes with up to 4 units, as long as the buyer plans to live in one of the units.
- Condominiums. When you purchase a condominium, you fully own the interior portion of your unit as well as a percentage of the rest of the building. However, you’re not personally responsible for keeping up the grounds or the exterior of the building; instead, monthly fees cover repairs and maintenance, which is managed by a homeowner’s association.
- Co-ops. In some cities, cooperative apartments are common. By purchasing a co-op, you would buy shares of in the corporation that owns the building, along with a lease to the unit you’ll occupy. In a co-op situation, your monthly charges will include your share of a mortgage that encompasses the entire building. The building management is supervised by a board that includes some building-owners who have been elected by all the owners.
Age & Condition of Home
You’ll need to decide whether you’re in the market for a newly built home, a vintage abode, a home that needs some updates, or a major “fixer-upper.” Deciding on what updates and other features are “must-haves” and others that are “preferences” can also help you and your REALTOR® focus your house-hunting adventure on the Edmonton homes that meet your needs and desires.
Step 2: Consider the Issue of Resale Potential
If resale considerations are important you, you’ll want to note that homes with certain characteristics tend to sell more readily than others:
- Condos with 2 bedrooms sell more quickly than their 1-bedroom counterparts.
- Single-family houses with 3 or more bedrooms and at least 1.5 baths hold more appeal than do 2-bedroom/1-bath homes.
- Well-maintained homes that look appealing from the street sell better than those whose charms are hidden behind overgrown vegetation or unsightly exteriors.
- Moderately priced and average-sized homes sell better than houses that are more expensive than the ones around them.
- Less distinctive homes sell more easily than those with attention-getting features.
Step 3: Keep Your Information Organized
Before you commit to that first viewing, you may want to create a home-search comparison chart or list so you can keep track of the different houses that you see. For each Edmonton home you view, you’ll want to list out obvious points like price and address, as well as features you really liked and those you would rather live without. You could also include questions you have for the seller, should you pursue the home.
If you’ve created your wish list, considered resale value, and kept track of the various Edmonton homes you’ve already seen, you’ll be much better equipped to determine when you come across the home that’s right for you. Perhaps you’ll find an underpriced new listing; chances are, if you wait, someone else will realize it’s a good find, too. You need to be ready to act without hesitation; waiting even a single day could mean losing out on an ideal buy. Be ready to make an offer right away, when you see the place you want to soon call “home.”