Fort McMurray’s First-Time Home Buyer’s Guide: Before You Start Looking
Purchasing a property in Fort McMurray is a big step for any homeowner. The average person does not buy more than one home in one lifetime which makes any first-time home investment a big one. Whether it’s your first or second, your main or your vacation home the journey to finding just the right piece of real estate is a long one.
You’ll start searching for the property that is exactly what you had envisioned, then you need to figure out all financial aspects that come with investing in real estate and finally you might need to go through a few minor or major renovations and move in. That can feel quite overwhelming which is why we assembled a practical guide based on Barb’s in-depth industry experience to help you approach this the right way:
Start by brainstorming what kind of home you see yourself in. List all of your must-haves and any nice-to-haves. This will help you to categorize the properties you’re considering for purchase later on. Ask yourself – and the people who’d be sharing the space with you – questions like: do you like a single-family home or would you prefer a two bedroom condo? Maybe a townhouse? How many people would live in the space and how many people with special needs – such as children, elderly people with disabilities – will need to be accommodated? Based on the answers you can decide the number of room you’ll need and which kind of amenities will be required. This will give you a great starting point to embark on your Fort McMurray home buying adventure.
Your next thought should be whether you want to invest in a new property, a fixer-upper, a resale or pre-owned home. They all have unique advantages that could be perfect for your situation. A brand new home will be a ready-to-move-in package that only requires you add your fixtures and furnishings. Resale homes usually need an upgrade here and there but therefore come at a more reasonable price. Finally, fixer uppers come with the lowest price tag but also a bit of risk since you’ll have to most-likely have to invest in substantial renovations to create a livable space for you and your family. Ultimately, you should do the math and consider potential risks to determine what works best for you.
Once you’ve ticked all of those boxes, you can start thinking about preferred Fort McMurray neighborhoods, appliances and other features (garden, pool, etc…) that your future home needs to include, as well as setting a budget for your purchase. Since it ensures a smoother purchase process further down the road you should start reaching out to credible mortgage advisors at this point and get pre-approved. Based on your assets, income, liabilities and credit score mortgage lenders will determine whether or not you qualify for their services. If you do get your pre-qualification you’ll save time, complications and skip the back-and-forths when you want to buy your dream property. This allows you to rest assured that when you come across that perfect new home in your favorite neighborhood you are all set to immediately move ahead with the purchase. All that’s left to do now is hiring a qualified real estate agent or research appropriate listings yourself!