9 Tips For First Time Home Buyers In Edmonton-Warnings

Buying your first home in Edmonton can be a scary experience, what if you do the wrong thing and lose money on your investment?

I put together this quick sheet for all of the new home buyers in Edmonton and area so that you do not make the mistakes others have made when buying your first home.

Please feel free to call our team to check the current real estate market in Edmonton before you make the decision to enter the market.

In recent years real estate in Edmonton has been a declining market and it is now the perfect time to buy a new home because of the low prices, right now it would be hard to lose.

9 Tips for first time Home Buyers in Edmonton

 

1. Buy when the market is down

I have seen so many people buying when the market is at its peak, and those are the people that are suffering today. They want to sell their home and get into something larger because of their growing family, but they can’t. The house they purchased in Edmonton is now worth less than it was when they bought it. So what do these people do?

Normally a person in this situation would stay living in the property, hoping the market goes back up. Or they rent it out. When they rent it out, they would not qualify for a large mortgage, so this can be an issue for some.

Don’t make this mistake, call us before you are thinking about buying a home in Edmonton so that we can let you know if it is a buyers market or a sellers market in Edmonton.

2. Use a qualified Edmonton Mortgage Broker

A small difference in the rate can make thousands of difference on your mortgage. When you use a mortgage broker in Edmonton, they pull your credit once and shop many lenders for you.

By doing this, they can pit the lenders against each other fighting for you to get the best rate.

3. Get an inspection by a licensed Edmonton Home Inspector

I recommend this always to every one of my clients. Home inspectors can’t tell you everything about a house, but they can help save you a lot of future problems. Some sellers hide things behind the walls, make sure your inspector has a uv gun.

4. If you are buying a condo in Edmonton check the financials

I recommend getting all of the condo documents upfront. Give yourself 2 weeks and have it checked by a professional condo document reviewer.

When you do this you can avoid disasters like special assessments. This is when the condo board asks you for money payable right away. I have seen assessment upwards of 30k per unit!

5. Plan for the future

Buying your first home in Edmonton is exciting. Make sure you are planning for 5-10years down the line. Are you planning on having kids and starting a family? Take that into account when you are considering space.

6. Buy a property that fits your lifestyle

If you are an executive that works downtown, then a downtown Edmonton loft may be the way to go. One of the regrets I have is not owning a condo or loft downtown Edmonton before I had kids. We made enough money for a nice place and we took taxis downtown often, but we never did this.

Make sure you know what you want before you buy!

7. Buy in a good area

If you are thinking of future re-sale, make sure you buy in a good area.

8. Lowball offers

When you are making your offers make them low enough that you can get a good deal, but also not too low. I have been in loads of negotiations where the buyers offer too low and it pisses the sellers off.

This creates an invisible barrier that can never go back up and this is not where you want to be in a negotiation.

9. Hire an Edmonton realtor that has your best interests

Hiring the right agent is very important for any negotiation. You will be spending a lot of time with this person, and they will have to negotiate on your behalf.

When i work with clients I am very specific about what their wants and needs are, I make sure they get exactly what they are looking for.

I also get them hooked up with industry professionals that will do a great job and save them money. These industry pros are lawyer, inspectors, mortgage brokers and more. They provide discounts to my buyers saving them thousands of dollars.

Who Are the Best Edmonton Mortgage Brokers and  Realtors?

We are the Rampersaud Real Estate team, my name is Sean Rampersaud and my wife is Radika Rampersaud.

We provide full service Real estate Services for Edmonton and surrounding area residents. Specifically we are Edmonton mortgage brokers and Realtors with a lot of experience. Most of our business is repeat and referral because we care about our clients and make sure they get the best real estate services in Edmonton. Please call us or Email us with any questions you might have. You can search Edmonton real estate right on this site

Sean Rampersaud 780-278-4847

Radika Rampersaud 780-238-2957

Email us at mortgageapproval@hotmail.com

Read Some of Our other Edmonton Real Estate Aricles and News Below

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Should I List My House With Purple Bricks In Edmonton?

I am writing this article as a warning to homeowners about this service. Purple bricks is a company founded out of the UK that is backed by a venture capital firm called DN capital.

In 2019 Purple bricks purchased ComFree, our local for ale by owner company and have implemented their systems, logo and advertising strategies. Since 2017 Purple bricks has been under fire from the BBC watchdog about and investigation into misleading their customers as well as another investigation by trust pilot concerning the validity of the reviews by purple bricks customer.

What does this mean to you?

Well first of all, if you know that a company you are planning on dealing with and spending around a thousand dollars on is being investigated for misleading customers, you are taking a big risk. It is not just the thousand bucks you might spend on them that is the only risk.

The big risk of listing with purple bricks in Edmonton.

The real big risk is that your listing will sit on the market and go stale. Once this happens you will be lucky if you get a lowball offer at all. This could end up costing you way more than hiring a real estate agent. Potentially tens of thousands of dollars.

Purple bricks is going to get paid no matter what, so they don’t care if your house sells. They can give you inflated values and get you excited. Home owners love this as it makes them feel rich. The reality is, this is their sales tactic.

9 Reason Not to list with Purple Bricks in Edmonton

1. The Current real estate market is a buyers market

In a buyers market you will find that selling your home is the most frustrating that it could possibly be. The buyers know that the market is not good and they will lowball the heck out of you. How are you supposed to gauge the value of your property if you do not get the most recent sold prices often from a real estate agent.

2. A realtor can help you get more money for your house.

A good agent has been in hundred, maybe thousands of negotiation in Edmonton. They have  a sense of how far they can push a potential buyer and they are less emotional about it than you are. Hire a professional to get you more money for your home.

3. Realtors have a vested interest

Agents don’t get paid until your home sells, as a matter of fact they incur expenses until your house sell. So they are going to push the heck out of it in order to get it sold.

4. Purple bricks is not locally owned and operated

Purple bricks in Edmonton is not locally owned and operated and they could never understand our local market like an Edmontonian could. There are hidden gems in every neighbourhood and a lot of times you may be able to command a higher dollar value for this type of property. For example do you have an ancient home in a good area with a massive lot? If you do you may be able to subdivide your lot and increase your profits by up to 25%! An Experienced local agent will know this.

5. They may go out of business one day

Purple bricks has had very poor financial reporting in Canada and in the US. What happens to your listing if they pull out of our local marketplace.

6. They are not Comfree

Comfree did a good job in our local community, doing the things for their client base in Edmonton. They understood Edmonton. Purple bricks is from the UK and are not up to speed on our local.

Common Questions about selling your house with Purple Bricks in Edmonton

1. Should I list with Purple Bricks in Edmonton?

Call us to discuss this, we may be able to provide you an alternative that will not only save you money but also get your property sold fast and for top dollar.

2. Will I save money if I list with Purple Bricks?

You may possibly save money on commission if you are able to sell with purple bricks. However and experienced professional agent may be able to get you a lot more for your home and suggest things that will increase the value of your home. Always call us before you list with purple bricks for a free walk through and assessment.

3. Who is the best realtor in Edmonton?

The best realtor in Edmonton is however has your goals and interest at heart. Everyone wants the most money for their home. Your agent should recognize this and make suggestions that will help you increase your value.

4.  How much commission do I pay purple bricks in Edmonton?

They advertise a low fee of $799, they also will charge more for ad on services like placing your listing on the mld or having someone negotiate for you.

5. Do you pay commission with purple bricks in Edmonton?

Yes you pay a flat fee commission, the problem is that they have no reason to push your house after this. If you call them and ask them why it is not sold, they will prob just suggest  lowering the price.

6. Do you pay purple bricks if I don’t sell?

Yes you pay purple bricks whether you sell or not.

7. Is purple bricks comfree?

Purple bricks is a UK based company that purchased comfree.