Buying Property in Edmonton
If you are ready to buy, partner with an Edmonton Realtor that will assist you all the way.
Whether you are a first time buyer, interested in a new place to call home or are in the market for investment real estate, having the right agent on your side is an integral part of a painless buying transaction.
Discover useful tools such as mortgage calculators and mortgage rates in our Tools section. Read helpful articles designed for buyers to help answer common questions and make life a little easier in our Edmonton Real Estate Blog. If you are interested in selling and would like some personal advice, simply contact Darlene Strang below. If you have any questions at all regarding condos in Edmonton, buying property in Edmonton or any other real estate question you can think of, contact us and Darlene will respond right away.
Tips on Buying a Condo in Edmonton:
Purchasing a condo, townhouse or home in Edmonton can be exhilarating, but in all the excitement of buying your new home, or investment property don’t loose site of potential pit falls. . It’s one of the biggest financial investments you’ll make in your lifetime, so it’s best to armed with as much information as possible and partner with a seasoned Realtor. Remember your real estate agent will always have YOUR best interest in mind.
Make Sure to Follow These 5 Basic Rules when Buying a Home in Edmonton:
1. Is the Property Priced Correctly
There’s a saying in real estate investments: ” you make money in real estate by what you pay for it, not what you sell it for“. Knowing the condo’s official appraisal value and fair market price is the first step to ensure that you’re on the right path. If you’ve fallen in love with a place in an “up-and-coming” area, or the ‘it’ neighbourhood, be cautious, chances are you’re looking at an inflated market. As a rule of thumb it is better to steer clear from inflated areas.
2. The Condo Building and the Developers Experience/Reputation
One of the downsides to a booming economy in Edmonton is how quick new buyers are to jump into bed with a developer they know nothing about, just to get into the latest condo development. There are times (unfortunately) that building are rushed and ultimately lack in quality construction and design. As the first time owner of the suite, you do not want to get stuck with levies to correct developer issues. Make sure you do your research on the builder, where are they from? How many projects have the worked on? What do other owners have to say? All this information is likely online, if not, go to their website make sure they have a good portfolio of successful projects in your area and cross check them.
3. Development logistics
If the price is right and your builder/developer seems great, your next step will be to examine the size of the project, layouts, designer, amenities, etc. If the building is reaching for the heavens then be aware that there will be a more transient feeling in the building and less of community. You’ll have to decide what kind of environment suits your needs at the time.
4. Where is the Location and What kind of neighbourhood is it?
Your new real estate condominium investment, as an older building or new hinge on the location and the area that surrounds them. The neighbourhood makes the condo, sadly it does not work the other way around. Not to worry, this does not mean the area wholly gentrified, but it should poses a solid foundation for resale and for investment properties have a defined rental history.
5. Adding it all Up as an Investor
Even if you invest in real estate as a growth investor, the numbers have to look on paper for potential resale value. Traditionally long-term investments tend to focus on the cap rate of the property. Future rental capacity is crucial to a solid investment and to creating a passive portfolio. If you would like to become more familiar with real estate investing take a look at Canadian Real Estate Wealth Here.
Use these five steps when buying a home in Edmonton to make your experience a smooth one.