Anyone in Alberta who plans to purchase a home will need to consider various issues before signing a sales agreement. This is true regardless of whether it involves residential real estate or commercial property. Potential buyers need to plan ahead and focus on some essential steps.
The first matter to consider is how much the purchaser of residential real estate can afford, and devise a plan to save for a downpayment along with running costs for maintenance, taxes, heating and insurance. It is crucial to keep up with payment of debts and bills during this time because a good credit score will benefit a mortgage application. Some buyers choose to get a preapproved mortgage by applying for a loan even before they look for a suitable home.
Potential buyers also need to study prevailing interest rates and understand that they fluctuate. Other interest-related issues include the chosen mortgage type, features and terms, and learning all the intricacies of mortgages when it comes to features and options. Considering all the costs from the start might prevent unanticipated expenses such as real estate fees and legal costs, appraisals and home inspection.
Buying residential real estate can be a daunting process, even if it not a first time home purchase. For that reason, many homebuyers in Alberta choose to secure the services of an experienced real estate lawyer from the outset. Legal counsel can provide the necessary support and guidance from the planning stages, mortgage application, dealing with real estate agents and throughout the administrative and judicial proceedings that follow.