First Time Home Buyer - Personal Consultation
As a first-time home buyer in Edmonton, there’s a lot to learn. This is likely the biggest investment you’ll ever make – and the more you know, the better your decisions will be when considering a home purchase. So sit back, and prepare to learn how to buy a house or condo. Make sure to scroll to the bottom to setup a time for a personal consultation.
Step 1 - Get Pre-Qualified for a Mortgage
The first step to buying a house or condo in Edmonton is finding out how much your bank is willing to lend you. When you pre-qualify for a mortgage, your lender will look at your income, your debts, your down payment and your credit history. The pre-approval should be in writing and will include a guaranteed interest rate (usually valid for 90 days). Pre-qualifying will ensure you know how much mortgage you can get, which in turn will help you know what price range of homes you should be targeting in your search. It allows you to focus your house hunting efforts and eliminates the risk and uncertainty of financing once you find your perfect home.
Step 2 - Develop your Wish List
Knowing what you need and want in your home is critical.
- What are your must-haves, your nice-to-haves, and your no-way-absolutely-nots?
- How many bedrooms do you need?
- What kind of outdoor space do you want?
- What about counter-tops, appliances, and floors?
You can’t get what you want if you don’t know what you want. Of course, the location will be a big decision – what area of the city or Edmonton neighbourhood makes you feel at home?
Step 3 - Pick your Team
As we mentioned, buying a house or condo will likely be the biggest purchase you’ll ever make – but don’t worry, you don’t need to do it alone. You’ll want to start by picking a great Edmonton Real Estate Agent who works exclusively for YOU. You’ll also need a lender to take you through your financing options, and a lawyer to help with the legal aspects of the purchase. There are thousands of professionals out there (of varying quality), so ask your friends and family for recommendations, do your research and don’t be afraid to interview multiple people.
Step 4 - House Hunting
Now that you’ve pre-qualified for a mortgage, narrowed down your search and picked a great Edmonton REALTOR® to work with, it’s time to start looking at listings and houses. While a search listings page is a good place to start, your real estate agent will send you custom listings that match your criteria. House hunting will involve screening listings electronically, previewing properties online, and then finally going out to look at homes. This is your opportunity to get a feel for the different Edmonton neighbourhoods, refine your wish list, and ask questions. While a wish list seems kind of scientific and is a useful tool in deciding which properties to visit, the truth of the matter is that most people walk into their perfect home and just feel it. Of course, it helps when it satisfies your needs and wants too, but don’t underestimate the power of ‘just knowing’.
Step 5 - Make an Offer
Congrats! Your house hunting efforts have paid off, and you’ve found the right home for you: it satisfies your wants/needs, it’s in your price range, and it feels right. The offer process is both exciting and nerve-wracking. We begin by drafting the offer to purchase. The offer to purchase is a legally binding document which contains everything from the price you are prepared to pay, to the inclusions you want (washer/dryer, big screen TV), to your ideal closing date (the date you take possession), to conditions that need to be met for the deal to go through. Once you’ve submitted your offer, the seller can accept it, reject it or sign back a counter offer. During these back-and-forth negotiations, you may need to compromise on small things, but a good REALTOR® will work hard to get you what you want. And if you’re in a bidding war, make sure you know the facts about bidding wars and how to win in multiple offers.
Step 6 - Meet Conditions and Provide Deposit
Conditions are requirements within the offer to purchase that must be met for the sale to go through. In your offer, you may have included a financing condition or a home inspection. And of course, you’ll need to submit a deposit–an amount up to 5% of the purchase price, which is held in trust until close. Once the conditions have been met, the agreement is firm, and now it’s just a matter of waiting for your closing date. And of course, packing!
Step 7 - Close the Deal
You’re almost a Edmonton homeowner! Closing is the point at which the ownership and possession of the property are transferred from the seller to you. It takes place once all the legal and financial obligations have been met. Closing the purchase will be a team effort: in addition to yourself, your lawyer and your lender will all be involved in helping close the deal.
First Time Home Buyer Consultation
Ready to meet with someone for more info on the home buying process? Set up a personalized consultation with David. It's absolutely free and there's no obligation to work with him afterwards. Use the contact form to send him a message, or you can call or text at (587) 410-6005 to set up a time.
What Others Are Saying About David
"Being a first-time home buyer, I was overwhelmed by the whole process. I am thankful that I had David Luong to guide me through every step. I found David to be extremely professional, thorough and a pleasure to work with. I always felt he was looking out for my best interests and I never felt rushed throughout the process. I would definitely recommend David to my family and friends and hope to work with him again in the future."
- San J., Edmonton
"David was very professional and understanding of our lack of experience being first time home buyers! He was polite, friendly and you can tell he actually cares that you’re happy in your new house. Would recommend to others!"
- Brandon, Edmonton
For more client testimonials visit: www.realsatisfied.ca/David-Luong