Now that you've decided to purchase a new home, it's time to narrow down your options. You already know you want to be in the Edmonton area,but which neighbourhoods will give you the most for your hard earned dollars? We're here to help! Here are a few factors to consider when choosing a new home at a price you can afford.
A large down payment will affect the overall cost of your home no matter what style of home you're looking to buy. This is because a larger down payment means there's less you have to pay on your total loan overall. You also won't need to borrow as much from the bank, making the amount you pay each month much more manageable.
The average starter home price will vary depending on where you're looking. For example, the amount you'll pay for a single family home in a bedroom community like Spruce Grove or Fort Saskatchewan will be substantially less than what you'd pay in the urban centres of Edmonton.
Within the city, starter townhomes and duplexes tend to be a more affordable option. For instance, a townhouse in Tamarack makes a great family home and starts at $315,000.
Take a look online at starting prices for different homes in different areas. As you search, consider what's realistic for you. If you don’t mind a small commute, a bedroom community like Spruce Grove will be a great place to buy your first home. If being closer to work or other Edmonton-specific amenities is more important, choosing a duplex or townhouse may be the best choice.
Being within walking distance to common amenities adds value to your home and your lifestyle, but they're likely to cost you a little more in your initial home purchase. For this reason, you have to think about what amenities are most important to you. The best part about choosing a new community is they generally have access to common amenities without the added cost. In fact, the value of your home is likely to increase well beyond the cost of purchase.
A new home purchase means you'll have the choice between standard or upgraded features. Generally, upgrading means moving up to a larger model and/ or selecting higher-end finishes and features; this is appealing to many homebuyers because they may love the homes in the area but are looking for something a little extra.
However, upgrades do add additional costs. While a good builder will work hard to include high-end features at a reasonable price, you'll want to consider sticking with the standard options if you're looking to save.
Whether you choose to live directly within Edmonton or one of it's surrounding communities, rest assured you have a variety of options available to you. Now that you know the basics on average starter home prices, you'll be well on your way to finding the home of your dreams!