The Top 3 Questions Home Buyers Ask

Home buyers are curious by nature – and that’s a good thing! Asking questions will keep you informed about the process and prevent any surprises.  For today, let’s look at the top three questions Edmonton home buyers ask.

How Can I Make Sure I’m Not Overpaying?

If you’re selling a property, you want to make sure you’re getting every penny out of it. Same process applies here. When we look at a listing that’s for sale, we’ll evaluate to see if it’s a reasonable price. We’ll walk you through that and explain why we think it should be in a particular range – and there’s going to be a range. For instance, a property might sell for between $375,000 and $385,000.

But, let’s say you want to live close to your sister because she helps you with child care, you might be willing to pay a bit more than other buyers for a particular home because being close to your sister is worth it for you! Regardless of the property you choose, we’ll give you a range of what the market suggests is a reasonable price for any property you’re considering buying.  In the end, you will decide what a home is worth to you based on your specific needs.

When is the Best Time to Buy a House?

Is there a perfect time to get married? Is there a perfect time for that island vacation? Was there a perfect time to have your kids? Probably not. But there can be better times or more convenient times. Before we start looking, we ask our clients to tell us a bit about their lifestyle. Do you look forward to spending weekends fixing up a character home?  Or do you dream of being able to “lock it and leave it” so you can spend your weekends travelling or out on the golf course?  What type of home would work best for your lifestyle?

Whether you’re planning on buying in two years, two months, or two weeks, it’s never too early to start the conversation!  But there’s a reason why you’re choosing having this conversation today and not six months ago or six months from now. What’s going on that prompted you to think now is a good time? What’s got you thinking about real estate? How can we help you create a personalized plan that makes sense for you and your life?

For instance, maybe you plan to live in Edmonton for the next 10 years, but in 2020 you’ll be out of the country for 6 months on a cool trip. Should you buy or not buy? Well, let’s look at your options. What’s going on in the market? How do you feel about buying a property and then renting it out for 6 months while you travel? Are you okay with being a landlord for a bit? If the answer is yes then there are other things to keep in mind. Like if you’re buying a condo, you’d need to make sure the bylaws allow renters. We can help you get answers to questions like that!

On the flip side, we’ve had people tell us there’s a 50/50 chance they’ll be moving to out of town in 12 months. In that case, we’ve them to hold off. The bottom line is we’re here to help you make a decision that’s right for you – not for us.

What are the Costs Associated with Buying a Home?

This is a great question with a bit of a complicated answer. Let me break it down.

As of a few years ago, buyers are required to sign representation agreements just like sellers have always done. The fees around that are negotiated by buyer and agent just as they are between seller and agent. This is called a buyer representation agreement. In most cases the fees are already included in the purchase price, and are paid for by the seller. In other cases the fees are paid separately. It just depends on how the seller is marketing their home. Regardless of how the fees are structured, at the end of the day you’re still paying fair market value because a property must be appraised, but you’ve got our services, our guidance, and our expertise.

At Schmidt, we work with exclusive buyer representation agreements. This allows our agents to work as a team. For example, if your agent isn’t available one day, he or she can comfortably ask a colleague to assist you since there’s a written agreement that this client is working with us as a team. We will work together with you to find the perfect property that fits with your lifestyle today and will have a solid resale value in the future.

If you have a question about buying or selling, don’t hesitate to call us to speak with a REALTOR®. And in the meantime, here are some links that will give you more information about the home buying process:

Home Buyers Guide – Your path to a smart purchase
Real Estate Council of Alberta – Buying a Home