Now that the weather has finally become more springlike, traffic through the various weekend open houses and show homes has picked up.
And according to the 2011 TD Canada Trust Home Buyers Report, seven in 10 Albertans are looking for a home that won't need any fixing up.
In fact, the report says nearly double the national average of 22 per cent are likely to pay the extra money for a new home. In Alberta, the figure is 39 per cent.
Nationally, the TD Canada Trust Home Buyers Report also found that men are more likely than women to prefer a fixer-upper because it is more affordable (14 per cent versus eight per cent) and because they can renovate to their taste (37 per cent versus 29 per cent).
"The boom in the development industry over the last few years in Alberta has created a larger market of new homes for buyers with more options to choose from," says Jessy Bilodeau, with Mobile Mortgage Specialists, TD Canada Trust.
"There are still some fixer-uppers out there and if you're willing to do the renovations or upgrades, you can transform the space into your dream home."
But, she adds, if someone decided to go the renovation route, it's important to understand the costs of the upgrades intended and factor those in when deciding on the price range for a home.
The most important factors in deciding what home to buy:
- Despite being very willing to pay extra money for a home that doesn't need any fixing up, 97 per cent of Albertans still say the most important consideration when buying a home is cost.
- Nationally, women are more likely to say this is a very important consideration (82 per cent versus 70 per cent of men).
- Other important factors for Albertans are security and safety (96 per cent), size (94 per cent), features of the home and location (both 92 per cent).
"Albertans wisely say that cost is the No. 1 consideration for a home purchase, evidence that they realize that to truly be comfortable in their home, they need to comfortably be able to afford it," adds Bilodeau. "When house-hunting there are some factors, like the features of the home, which can be adjusted once you've made your purchase."
Other factors, like the location, cannot be changed. Finding the right home is about getting the right balance -and at a price you can afford, she says.
To help house hunters, Bilodeau has these suggestions before starting your search:
- Know the process: From pre-approval to signing final paperwork, there are a number of steps involved with getting a mortgage. Before you start house-hunting make sure you understand each of these steps, so you know what to expect. From bidding wars to surprise findings in house inspections, house-hunting can be unpredictable but getting a mortgage should not be.
- Learn about your options: When shopping for homes, you look for places that will suit your needs and lifestyle. You should do the same when deciding on your mortgage. Ensure you understand the differences between fixed and variable rate mortgages, the pros and cons of a shorter or longer amortization period, etc. Payment flexibility is also important when deciding on a mortgage to know what you can prepay as well as options to pay less at a later date if something unexpected comes up. By understanding the options, you can make an informed decision about what mortgage is best for you.
Nationally, the TD Canada Trust Home Buyers Report also found that men are more likely than women to prefer a fixer-upper because it is more affordable (14 per cent versus eight per cent) and because they can renovate to their taste (37 per cent versus 29 per cent).
"The boom in the development industry over the last few years in Alberta has created a larger market of new homes for buyers with more options to choose from," says Jessy Bilodeau, with Mobile Mortgage Specialists, TD Canada Trust.
"There are still some fixer-uppers out there and if you're willing to do the renovations or upgrades, you can transform the space into your dream home."
But, she adds, if someone decided to go the renovation route, it's important to understand the costs of the upgrades intended and factor those in when deciding on the price range for a home.
The most important factors in deciding what home to buy:
- Despite being very willing to pay extra money for a home that doesn't need any fixing up, 97 per cent of Albertans still say the most important consideration when buying a home is cost.
- Nationally, women are more likely to say this is a very important consideration (82 per cent versus 70 per cent of men).
- Other important factors for Albertans are security and safety (96 per cent), size (94 per cent), features of the home and location (both 92 per cent).
"Albertans wisely say that cost is the No. 1 consideration for a home purchase, evidence that they realize that to truly be comfortable in their home, they need to comfortably be able to afford it," adds Bilodeau. "When house-hunting there are some factors, like the features of the home, which can be adjusted once you've made your purchase."
Other factors, like the location, cannot be changed. Finding the right home is about getting the right balance -and at a price you can afford, she says.
To help house hunters, Bilodeau has these suggestions before starting your search:
- Know the process: From pre-approval to signing final paperwork, there are a number of steps involved with getting a mortgage. Before you start house-hunting make sure you understand each of these steps, so you know what to expect. From bidding wars to surprise findings in house inspections, house-hunting can be unpredictable but getting a mortgage should not be.
- Learn about your options: When shopping for homes, you look for places that will suit your needs and lifestyle. You should do the same when deciding on your mortgage. Ensure you understand the differences between fixed and variable rate mortgages, the pros and cons of a shorter or longer amortization period, etc. Payment flexibility is also important when deciding on a mortgage to know what you can prepay as well as options to pay less at a later date if something unexpected comes up. By understanding the options, you can make an informed decision about what mortgage is best for you.
- Calculate your mortgage numbers: Before you start looking, run the numbers and settle on a price range that you can afford. Most banks offer you a convenient online mortgage calculator which allows you to factor in your income and the amount you have saved for a down payment and compare different mortgage options and payment plans. When you know what you can afford, you can narrow your search and shop with more confidence, knowing that the houses you view may fit within your budget.
- Get pre-approved: The homebuying process can happen very quickly and it may be important to move fast when you find a home that you want. Getting pre-approved for a mortgage before you start shopping puts you in a good position to make an offer when you find the right home. There is no cost or obligation to get pre-approved for a mortgage and it is a good opportunity to come in and talk to a mortgage expert to clarify any questions you may have.
Prospective homebuyers can find more information, along with tips and tools to guide them through the process at www.tdcanadatrust.com/home.
"A home is a major purchase and people need to be comfortable that they are making the right decision -both with the home they buy and the mortgage option they select," says Farhaneh Haque, regional manager, Mobile Mortgage Specialists, TD Canada Trust.
Source http://www.calgaryherald.com/
- Get pre-approved: The homebuying process can happen very quickly and it may be important to move fast when you find a home that you want. Getting pre-approved for a mortgage before you start shopping puts you in a good position to make an offer when you find the right home. There is no cost or obligation to get pre-approved for a mortgage and it is a good opportunity to come in and talk to a mortgage expert to clarify any questions you may have.
Prospective homebuyers can find more information, along with tips and tools to guide them through the process at www.tdcanadatrust.com/home.
"A home is a major purchase and people need to be comfortable that they are making the right decision -both with the home they buy and the mortgage option they select," says Farhaneh Haque, regional manager, Mobile Mortgage Specialists, TD Canada Trust.
Source http://www.calgaryherald.com/
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