Home Buyer’s Guide for Red Deer and Central Alberta
Saturday, March 19th, 2016
Buying a home is exciting but also a little bit scary, especially if you’re a first-time buyer or upgrading from a condo to a single detached family home. The nerves are born from uncertainty. Do you have enough information to make a wise decision? Factor in the unique real estate landscape of Central Alberta and the adrenaline really kicks in, having you scramble to gather as much intel as possible before hitting the market. Thankfully, our Red Deer real estate team has seen it all and guided clients, such as yourself, through the process for nearly two decades. Today we put together a quick and easy guide to buying a home in the area.
10 Tips to Buying a Home (and Choosing a Realtor) in the Red Deer and Central Alberta
- Get Pre-Approval on Your Mortgage
Don’t spend valuable time looking at homes that don’t suit your budget. Get pre-approved on your home loan as soon as you’re ready to put your interest out there on the local market. Having an exact cap in mind, and on paper, allows you to focus on homes that are right for you. Of course, the loan is not always as clear cut as it could be, so be mindful of the entire process. It’s important to learn about the hidden costs (processing fees, etc.). Not an expert in mortgages? We are. Contact us at 403.347.0744 to check step-one off of your list, before considering listings.
- The Perfect Time is Your Time (Ignore Media Hype)
If you’ve found this guide it means that you’re ready to start the home buying process. Your career (or business, etc.) and family (no matter what that looks like) is ready for the transition. That means the time is right for you, and that’s what’s most important. Many prospective home buyers get caught up in the media hype (or the advice from friends and coworkers) and try to strike on the home purchase at some magical (and often arbitrary) time. The newspaper tells you one thing about interest rates, the local TV anchor delivers news on market forecasts, the voice on the radio proclaims that you should wait another six months, and your friend’s neighbor’s cousin’s uncle (who sold swampland in Florida) has a hot tip on a development that will be ready in 2-5 years tops. Forget them all. Instead, trust your instincts and move forward when you are ready.
- Buy for Today and Tomorrow
Take a look at yourself, in five to ten years. That’s what you’re buying for today. Will your family occupancy grow (for young couples, etc.)? Will your family occupancy decrease (for soon-to-be empty nesters, etc.)? Will you be traveling or entertaining more? Do you plan on getting a dog or a cat? The scenarios that weigh-in on the needs of your home are endless and only you can take accounting of them. While you can’t predict it all, you can make an educated guess. Proceed accordingly.
- See Beyond the Price Tag
The price of a home is not the only the mortgage you pay. You want to factor in all “sleeper” costs too. This can include utilities, homeowner association dues (where applicable), property tax today and property tax increases that can come with any additions and/or renovations that you anticipate making in the future. Plan for these expenses today and you’re monthly/annual budget will be in the clear.
- Comprehensive Home Inspection
This may seem like common sense but often excitement and emotions get in the way. On the surface you may have come across the perfect property but the bells and whistles may cloud your judgement. But just like with a car you need to have someone look under-the-hood and make sure it’s all there and in working order. Have a professional real estate team conduct and/or dictate this inspection for you, leaving no square-foot unturned.
- Don’t Attempt a Negotiation on Your Own
One of the most common analogies made here is found in the courtroom. You wouldn’t represent yourself in the court of law during a trial, right? Certainly not. Attempting to negotiate the price of a home with a seller (and/or their own agent) is as risky a scenario as the one presented in the analogy. Bring in a professional real estate team that is reputed in home-buyer negotiation.
- You’re Buying into a Community, not Just a Home
One of the most exciting parts about buying a home is all that comes along with it, including the surrounding community. Spend some time immersed in it before making a purchase decision. This includes meeting the neighbors, touring the local school (where applicable), walking about the area, enjoying the recreation, and spending a few hours at the local coffee shop to gauge population traffic, and gossip!
- Consider Acreage and Developments Too
While you’re excited about your home purchase you want to make sure that the property you do choose is 110% right for you. Sometimes that home is not yet ready. Thankfully, the Central Alberta area is ripe with both acreage and current developments. Is building a home an option for you? Then you may want to have a look at the multitude of Red Deer county acres available on the market. There are also numerous and highly attractive developments coming up all over the Red Deer region, developments that our team is close to and connect you to. The key consideration in all of this is time. While you may be ready to move in now, perhaps it’s worth buying for the near future (acreage or development in process) and taking up temporary residence in a rental accommodation until your home (your perfect home) has been completed.
- Choose a REALTOR® Over an Agent
There are options available to you when soliciting real estate services. But when it comes to buying a home in Central Alberta you want to work with a Realtor® above all else. A Realtor® has unlimited access to properties that meet your criteria, is an expert negotiator, is more knowledgable about the entire purchase process (paperwork and red tape included), and adheres to a strict code of ethics. Learn more about why you want to use a Realtor® here.
- Choose a Team Over an Individual Agent
Not only is choosing a Realtor® the key to a successful home purchase, but choosing one that has an entire team at their side will provide you with unparalleled peace of mind. A real estate team means that you have someone, at all times, on the market and hunting down the property that meets the criteria dictated by you. It also means that you have a specialized expert working on each step of the process so that you don’t have to. Would you rather have one person, or many, managing the purchase of your home?
Ready to start talking about your new home in Central Alberta? Contact the Dusty Smith Real Estate Team anytime at 403.347.0744 or learn more here.
