For most of us, buying our first
home is an exciting experience, full of anticipation and opportunity.
Not only can residential real estate be a good investment, but
home ownership also provides a necessary refuge in an ever-changing
world. Whatever your reasons for buying, be sure to go about it
the right way or it can become a time-consuming and frustrating
event. Enlist the services of a REALTOR® who specializes in the
type of property you would like to buy.
Before your first meeting, here
are some suggestions to bring your first home into focus:
Plan Ahead
Make up a "buying blueprint" based
on your needs and wants. Establish your basic requirements first
-for example, three bedrooms or a formal dining room - and then
rate your needs in priority order according to their importance.
Don't forget to list your wants -the things you would like to
have if you can afford them and they are available.
Decide Where You Want to Live
Consider your "total" life in helping
to pinpoint the location of your residence. Where do you work?
Would you mind a long commute? Do you prefer life in the city
or does the unhurried pace of a small town or rural acreage appeal
to you? How do you spend your leisure time? Consider all the possibilities
and be prepared to tell your REALTOR® where you don't want to live
as well as where you do.
Consider Your Options
Survey the housing alternatives available
in the marketplace and choose the one that best suits your current
and anticipated lifestyle.
New homes come with warranties and
are built to contemporary standards. But don't expect full-grown
trees and the character that comes with the years.
Resale homes are more likely to have
established lawns and gardens, but repairs may be needed and the
decorating may not be to your taste. Townhouses and condominiums
often mean sharing a common wall, hallways, landscaping and parking
areas with your neighbours. If you opt for a condominium, you
will have to become a voting member of the condominium corporation
and pay a monthly fee to maintain common areas. Rural and
small town properties are often less expensive than properties
in the city, but commuting expenses are higher and community services
more limited.
Complement Your Lifestyle
Proximity to schools is very important for
families with young children. You may wish to consider the amount
of traffic on the street and the availability of special programs
(such as Special Education or French Immersion). Access to shopping,
recreational facilities or public transportation could be features
that help you to choose one neighbourhood over another.
Taste and Personal Preference
The style of home you choose, whether modern
or Victorian, will reflect your personal taste, but don't let
it blind you to the home's other attractive points.
Look to the Future
A number of factors may have an impact on
what your property will be worth in the future. Plans for construction
of a highway nearby or zoning bylaws that may limit additions
or renovations could affect the value of your home. A local REALTOR® can discuss these issues with you.
Above all, be informed and don't be afraid
to ask questions. REALTORS® have broad and current knowledge of
most areas affecting your purchase and can make recommendations
that save you time and effort as you look for the home of your
dreams.
Prepared by the Alberta Real
Estate Association
