Posted on Apr 6, 2021 in Blog
Are you outgrowing your current Edmonton home? Here are five essential move-up buyer tips:
1. Find Out How Much You Can Afford
One of the first steps in your journey toward moving up into a new home is determining just how much new home you can afford. Fortunately, Canada’s interest rates are at a historical new low, making new homeownership more attainable than ever.
However, in a larger home especially, you’ll likely pay more in terms of your monthly mortgage, utilities, property taxes and more. As your decision to buy and sell at the same time (more on that below) can also impact your new home affordability, we recommend talking to both your financial advisor and mortgage broker beforehand.
Note: You can also get an estimate on how much home you can afford with the help of our New Home Budget Worksheet.
2. Determine Whether to Buy or Sell First
As we mentioned above, the decision to buy and sell at the same time may also affect your move-up timeline. Ultimately this will depend on your unique financial situation and whether or not you’re able to come up with your down payment before selling your existing home (or your eligibility for a home equity line of credit (HELOC), bridge loan or another form of financing).
This decision may also depend on when you’d like to take possession of your new home. Are you considering building from the ground up (giving you more time to sell your current property)? Or would you prefer to move into your new home sooner rather than later by opting for a quick possession model or resale home?
3. Establish Your New Home Wants and Needs
Most move-up buyers find themselves on the hunt for a new home because their existing one no longer suits their lifestyle. As such, you’ll want to zero in on your unique new home wants and needs by listing all the things you do and don’t like about your current property. Do you love having a corner lot yet find yourself short on storage space? Do you enjoy your current open floor plan but require additional bedrooms and bathrooms?
Once you’ve drafted your list, you’ll be in a better position to zero-in on exactly what to look for in your next home.
Note: When considering your move-up wants and needs, don’t forget to consider your future needs, as well.
4. Brand-New Builds vs. Resale Homes
In determining your new home wants and needs above, you’ll ultimately need to decide which style of home is best for you in terms of a resale (previously owned) home or brand new home build.
For instance, building a brand-new home from the ground up will take longer than simply purchasing a resale property. However, new construction gives you the unique ability to personalize and customize your home to your individual tastes right from the start (without expensive renovations or upgrades).
Other reasons why Edmonton home buyers opt to choose new construction homes:
- Endless floorplan and design options
- The latest home features and amenities
- Little to no maintenance
- Affordability (lower utilities, no repair costs, etc.)
- New home warranty
- Improved home value over time
- Etc.
Check out: How To Choose the Right New Home Builder
5. Consider Your New Neighborhood
Keep in mind, the neighbourhood you choose is just as important as your new home. For this reason, you’ll want to ask yourself the following questions to help you determine which new Edmonton community will be right for you:
- Do I want to build on my own lot (either new development or infill)?
- Am I looking to purchase in a brand-new neighbourhood where property values will increase as new amenities crop up?
- How far am I willing or unwilling to commute to work?
- What amenities do I need to have within walking distance of my new home? (i.e., schools, parks, shops and services, etc.).
- What do I like about my current neighbourhood? What would I change?
See our previous post: 5 Tips For Choosing the Right Edmonton Community
For more information on San Rufo Homes and the many amazing communities in which we build, we invite you to take advantage of our free and informative guides:
Photo credits: adobestock