Buying a home for the first time is a life-altering experience, with most considering it a life event that marks financial success. Even so, purchasing a property can be pretty stressful, and it will also probably be your most significant monetary decision yet.
There are several fundamental aspects to consider that will determine a good investment. These factors include property type, value, maintenance costs, and location. Because the area you choose to buy a home in will significantly influence its eventual value, it's best to spend time when selecting the right location.
The old saying "you shouldn't judge a book by its cover" does not apply to house hunting. Instead, this is a critical time to judge on appearances.
The appearance of a neighborhood will directly influence property value. Unfortunately, when homes start seeming shabby and neglected, area value drops so much that even well-maintained properties in the area are affected.
Look for homes within neighborhoods that are well-manicured. St. Albert is one such area where there is no investment risk for homeowners in this regard as properties are well-maintained. Search homes in St. Albert and several other sought-after locations, and you're likely to find your dream home.
Another factor that makes an area a great place to invest in a home is nearby amenities. If an area has a hospital, doctors' rooms, a school or two, gym facilities, shopping malls, and other essentials, then it's a great place to buy.
It's not only the existing amenities that matter to homeowners; plans for future developments are also necessary. Commercial development often upholds property value and sometimes helps to boost it.
So, when you're shopping around for your first home, find out if there will be any commercial, public, or even residential developments in the near future.
The exact location and size of the lot are also important when buying a home. While it's typically best to opt for a lot size that allows future extension projects, it's also wise to opt for a lot location that's not near a busy road or highway. This factor will influence your ability to sell the home later while also impacting your comfort.
Another excellent way to determine if a location is worthwhile is to rely on a professional realtor. Because a realtor can help you save time and money in the process while also providing expert insight into location specifics, you'll find buying a home is more straightforward with a realtor.
When buying a home, it's essential to consider critical factors carefully. By focusing on finding the right location first, you will narrow down your search. Next, create a budget and only view properties that are realistically affordable according to your budget.
If you aren't too sure what you can afford, it's wise to apply for a mortgage loan pre-approval to determine how much credit you will have available. Moreover, it's also important to compare deals with different lenders and have a downpayment of at least 10% of the total mortgage value.