The Second Step on the Real Estate Ladder - Before You Look For a New Property

The recession is well and truly over in Canada and the real estate market is steadily improving. In some regions new housing is being built at three times the rate it was at this time last year, resale rates are heading upwards and a recent survey shows that Albertans are more likely than other Canadians to buy a new home in the next two years.

And in many parts of the country the real estate market is balanced, meaning that neither home sellers or buyers have a distinct advantage. For those considering a move from one home to another for any reason, this could be the perfect time to make the jump.

But before looking for a new home there are some basic steps which should be taken to ensure a smooth transition between properties.

1. Before you start looking find out how much you can afford.

Many people begin looking for new properties before they know how much their home is worth. When it comes to arranging finance for a new home this can lead to unforeseen costs or disappointment.

Arrange for a market evaluation. Most good real estate agents will give you a free, accurate estimate of the market value of your home as well as an idea of what you will net after commissions, moving costs and lawyer’s fees, giving you a realistic budget for your next home.

2. Get pre-approval from your mortgage broker.

Quick, easy and free of charge, but this can make a huge difference for home hunters. While it doesn’t cost or obligate you to anything, pre-approval gives you peace of mind when you place an offer because you know exactly how much you can afford, and you have the green light from your lending institution.

Your offer will be viewed more favourably by the seller because you won’t need as much time to remove conditions.

3. Maximize the sale of your home.

Obvious to some, but neglected by many. Small measures like mowing the lawn and removing clutter can add thousands to your house in the eyes of potential buyers.

Consider spending a little on basic repairs, steam cleaning carpets, and spring cleaning. Make sure all home furnishings are positioned to add value to your home. For bigger repairs, ask a Realtor whether you will get a positive return on your investment.

Shari Love is a Realtor® who specializes in Edmonton Real Estate. Visit http://www.edmontonproperties.net for more information and advice.