Alberta, like the rest of the world, has been affected by COVID-19, while at the same time oil prices are pounding our economy. This makes for a slower market, but for buyers right now, it may also mean better, more affordable opportunities. If you want to make the most of this chance, make sure you follow these tips for a smart, safe purchase.
Get Pre-Approved
One of the most important financial actions you can take even before you start house-hunting is getting pre-approved for your mortgage. As the term suggests, this means approaching your bank or other lenders and getting an early “approval in principle” for an agreed-upon amount of money.
This means you now know what your budget for home buying is. More importantly, it can also mean a fast sale, as the seller now knows you’re good for the money since the pre-approval is in place. It’s not unusual for home sale deals to fall through because a lender decides not to approve a mortgage once the application is made. Pre-approval eliminates that risk. At the very least, be sure to have all your financial documents in order so that your mortgage approval can move quickly.
Be Methodical
A home is a substantial financial investment; for many, it’s often the biggest investment they’ll ever make. It’s important not to lose your head while going house-hunting. This can be an understandably difficult thing to do if your instincts tell you that you’ve found your dream home and the seller mentions there are others who are also interested in the property.
Do not let emotions, urgency, or competitiveness overtake you. Don’t fall into the trap of thinking there is only one home out there for you. Once you start reacting emotionally at a potential home sale, you become vulnerable and may make decisions you’ll regret later.
Use A Buying Home Lawyer In Edmonton
If you’re getting close to reaching an agreement on a home, you will need to work with a buying home lawyer in Edmonton. The final sale will require a legal transfer of the title of land ownership as well as the transfer of funds.
For anyone who thinks they’ve found a home they would like to buy and are ready to commit, we can help. Contact us to get us up to speed on the particulars of your transaction, and we can look things over and handle everything for you.
