Five things to know when buying a new home
September 17, 2015
When buying a new home, make sure you do your homework. Here are five helpful suggestions when choosing a new home.
Get your money in order
Get your mortgage pre-approved before shopping show homes so you have a better idea what your budget will allow. Don’t just take the lowest rate either. “Keep the completion date in mind,” says realtor Warren Berg. “Independent brokers can usually only hold your rate for 90 days. Banks can lock in a rate for much longer. If your home won’t be ready in 90 days or less, you may be better off dealing with your bank.”
Find the right area
“Location, location, location” are still the three most important things in real estate. “While design trends will come and go, location is forever,” says Berg. Look for amenities like parks, shopping, and entertainment that are either in place or planned for your area. But also think of future resale value. “There are negative factors like overhead power lines and external noise that could discourage potential buyers.”
Look past the lipstick
“Just as you shouldn’t choose your spouse based solely on appearance, you shouldn’t choose your home without looking beneath the surface,” says Berg. Looking past the granite countertops and hardwood floors may lead to more important discoveries. Does the heating system meet your needs? Is the garage big enough for what you require? Don’t let your wants distract you from the needs of day-to-day living.
Rome wasn’t built in a day
Good builders rely on quality tradespeople. The problem, especially in a booming market like Edmonton, is that good tradespeople are in high demand so it may take longer to get to your home, but it is well worth the wait. “A reputable builder knows taking extra time to do the job right will save you headaches and themselves money in warranty and service costs,” says Berg.
Cheapest may not be best
“Price and value are completely different concepts,” says Berg. “When I was a kid, buying the cheapest bubble gum seemed like a no-brainer. I saved 10 cents on every pack of gum. At the time, 10 cents was enough for me to choose gum that tasted a lot like soap.” Taking the cheap option in your home may lead to doling out more cash in replacement costs down the road.
Photo by: St. Louis County
About Greg Donnelly
Greg Donnelly is a former broadcast journalist and TV producer who now does freelance writing while doing his main job of being a stay at home dad to his two daughters. Greg grew up in St. Albert and now lives in central Edmonton. He has also lived in Calgary and throughout northern B.C. When he does get some free time it is usually spent watching sports.