1st Time Home Buying - Let's Do This!

Posted by Jerad Cox on Thursday, August 2nd, 2018 at 10:16am.

Prime Edmonton Real Estate - 1st time home buyers - I am speaking to you. You may be in your 20s, 30s, or 40s, and have tons of reasons to buy your first place. You might be sick and tired of renting, securing that solid job that allows you to afford a good place, or for a financial investment. Whatever the reasons are, you have the desire, but not the plan....yet.

Excellent! This is where I can help.

And trust me, I remember my 1st home purchase - and even though I had been selling real estate for years, it was still a huge deal for me! I had just received a rent increase notice in my mailbox, and pledged that I would not give my landlords any more money. So, primarily out of spite, I started the home buying process. Unfortunately I still had a huge student loan debt, so I could only afford a small mortgage - which meant I had a grand total of 2 properties to choose from. Two! Luckily, I was able to put together a deal for one of them and ended up paying of my entire student loan off in 5 years solely with the equity I got from selling the property.

Over the next little while, I will blog through some of the basics, broken down in to these areas:

  1. How Do I Get Ready For Home Ownership? - Just saying you want to buy without a plan is nothing but a dream. Let's get some concrete, step by step plans in place.
  2. Who Should I Ask For Help? - A big one! Sometimes people who are misinformed want to help - with disastrous results. So who do you ask for help? I will explain.
  3. What is the Job of a Realtor? - This is a very big perception issue in the public realm. What do us Realtors do all day? It's a lot more than drinking coffee and taking selfies!
  4. What type of Property is Best For Me? - Make sure you know the difference between attached housing, detached housing, duplexes, and condominiums.
  5. How Much Money Do I need?(Down Payment/Salary/Debt) - Ok - so you have the job and the income, and you want to set out a budget- but what does that actually look like? How much will you need up front and monthly? And how can you save?
  6. Where Should I Buy my Place? - The old saying is that the 3 most important parts of buying a home is location, location, location...and it's true!
  7. How Do Home Showings Work? - So you have found a place or 2 (or 17) that you think that you are interested in. Awesome! SO how does it work from there? I will explain how that works in detail, including what NOT to do during a showing and what is acceptable.
  8. OK - I LOVE a Place - Now What? - This is where 'the rubber meets the road' - where the idea of buying your 1sxt place starts to get real. Like really real. I will give you the steps for how an offer is made and communicated with a seller.
  9. How Do I Know The Place I Wanna Buy is OK? - The importance of knowing the home's value is HUGE! Falling in love with a place is one thing, but paying tens of thousands of dollars too much for it is a terrible feeling.
  10. Home Ownership & Beyond - So you have an accepted offer. Now what? How/when do I move in? How do I get settled into the community? There are 101 things to do after you buy that will help make home ownership a great investment!

So to all of my 1st time home buyers - you've come to the right place! It can be a little scary, but I have been there. Let's get started on buying your first home and see what questions you have!

We'll talk again soon.

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