What to Expect When Buying Your Home

Posted Mar 2, 2021 by Parkwood Admin

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    Let’s make your first time magical, shall we? Whether you’re buying a spec home or building a new home, it’s very important to do your research and know what to expect before you dive into the housing market.

    At Parkwood Master Builder, improving the way people live starts with education! Here are some Parkwood Pro-Tips for home buyers to help facilitate a well-informed purchasing process with no surprises along the way!

    Do Your Research

    Before you even begin to shop for the right home, you should ask yourself the following questions:

    Am I in a good position to buy?

    • Make sure you can afford to live in your house! You should have steady income coming in and should also have a good idea of your monthly expenses to ensure you can manage a mortgage and other associated costs.
    • We also highly recommend connecting with your bank of choice in advance! Getting pre-approved for your mortgage before you even start your search is a helpful benchmark to know how much you can spend.
    • There is more to buying a house than securing a mortgage. You will need to get a down payment as well as a deposit to include with your offer. Make sure to budget for closing costs to cover any legal fees, property taxes, and more. These are all items that your banker can help you plan for!

    Where do I want to live?

    • It’s true what they say about “location, location, location!” so do your homework on potential communities you could see yourself living in. Keep in mind that the market varies from regional suburbs (like St. Albert and Sherwood Park) to communities within Edmonton, including housing prices, property taxes, and access to amenities.
    • Not all communities offer new builds, which is something to consider while deciding which community is right for you if you’re looking to build from scratch. That said, many new communities are jam-packed with amenities fit for growing families, which is also something to keep in mind if you want to live near schools, parks, and daycare.

    Should I work with a realtor or a home builder? 

    • Buying a house is not something you should do without the help of a seasoned real estate professional! That doesn’t mean you need to hire a realtor, as you can work directly with a builder for the purchase of your home. Our Area Sales Managers at Parkwood will work closely with you to help you find your perfect fit or design your forever home!


    Find Your Perfect Fit

    Now that you have your finances in order, your mortgage is pre-approved, and you have an idea of what community you’d like to live in, it’s time to find your dream home in Edmonton. Here are some factors to consider when deciding what kind of house you want!

    Building from scratch or buying a spec home 

    • Whether you want to build a new home or buy a quick possession model, there are pro’s and con’s to both so be sure to find out which approach is best for you!
    • Buying a spec home offers a faster move-in time but with limited personalization, while building from scratch will take much longer but with more opportunities to pick the design and finishes that suit your style and living requirements.
    • You can learn more about buying new and building new on our blog!

    Home style

    • Are you looking for a front-attached or rear-attached house? Condo living or a single-family home? Our front-attached garage homes at Parkwood can be personalized to suit your lifestyle requirements! We can also build your dream infill if that’s what you’re looking for.

    Bedrooms + bathrooms

    • If you are planning to grow your family, host guests often, or have a live-in relative, you should definitely consider how many bedrooms and bathrooms you’ll need to live comfortably.

    Special features

    • You’ll need to think about the size of your backyard, the garage layout, and if you’d want to include an income suite! If you are leaning towards a spec home, will the appliances be included?
    Have fun with it!

    Your home is one of the most important investments you will ever make! It is a milestone to be celebrated, and while the process can be a lot to take in, don’t forget to find joy every step of the way! These Parkwood pro-tips are just the tip of the iceberg when it comes to planning the purchase of your home.

    Our knowledgeable Area Sales Managers are here to support you from start to finish, so get in touch today to make your dream home a reality with Parkwood Master Builder!

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