Looking To Buy A Home On A Single Income In Edmonton? Here's What You Need To Know!

In today's real estate market, an increasing number of individuals are taking on the exciting challenge of purchasing a home on a single income!

Yet, single-income homebuyers often face unique circumstances – whether they are single professionals, single parents, or individuals choosing to invest in a property independently, their journey to homeownership can be both rewarding and complex!

In this post, we’re going to focus on what you need to know about buying a home in Edmonton on a single income. As an experienced REALTOR® who has worked with people from all walks of life and varying income levels, I’ve got the experience you need to be successful in your search!

Be Clear On Your Needs

It’s easy to get carried away when browsing online! It’s so easy to imagine yourself in a new spot – but be sure to also identify what you realistically need when it comes to your new home. 

Consider important factors like your working situation. If you commute, you’ll likely want to narrow your search to neighborhoods that are close to your workplace. If you work from home, you’ll want to look at properties in a quiet area that have rooms that will be suitable for a home office. Think plenty of natural light, good ventilation, and lots of room for your desk, chair, and any work tables or other tools you might need. 

For more information on what to keep in mind before buying a home, take a look at a piece I wrote on what to consider when buying a home!

Assess Your Financial Situation

Before you take the leap, be sure to assess your financial situation thoroughly. This will help determine whether you’re in a good position to pursue buying a home. Ultimately, I recommend obtaining a pre-approval for a mortgage before spending any time arranging viewings or researching Edmonton homes for sale. 

Online mortgage calculators are not the same thing as getting a formal and personal pre-approval from an experienced mortgage broker. A mortgage broker will help you by using your personal income, credit, assets/ debts, and more to ensure you shop in the right price range. Once you know your budget and what your mortgage payments really look like, you can feel confident in starting your research and looking at properties. Need a great mortgage broker? Don’t just go to the bank as they are not all mortgage specialists…call me and I can give you a fantastic referral!

It’s also important to be aware of the subsequent, sometimes ‘hidden’ costs to ownership: renovations, appliance replacement, and repairs. Be sure that you have enough saved for any emergency repairs or replacement needs. 

It’s also worth noting that moving can sometimes be a costly process – hiring movers, taking time off of work, and even meal arrangements during the moving process can add up!

I actually wrote a piece last summer about the hidden costs of buying a home – read it here!

Consider Your Lifestyle & Affordability Needs

When buying a home in Edmonton, exploring affordable neighbourhoods that make it easy to live, work, and play can increase your chances of finding a home you love that falls within your budget. 

Consider these factors that contribute to long-term affordability and a hassle-free lifestyle when buying a home in Edmonton:

• Proximity to transportation options
  If you regularly take public transit, sticking close to the best routes to your workplace, shopping, medical care, and other general needs is crucial!

• Active lifestyle considerations
  If you like to run or walk outside, you’ll want to aim to buy a home in a neighbourhood close to local parks and walking trails that has a low crime rate and well-lit streets.
  
  If going to the gym is a daily staple, try and find a home in an area close to your desired gym or close to a sister gym that you can easily transfer to. Alternatively, you may want to purchase a home with a finished basement or garage to set up your own gym!

• Shopping and daily needs
  Staying in close proximity to shopping centres, drugstores, and healthcare facilities can contribute to neighbourhood affordability. 
  
  You'll save money on fuel and transportation costs by having these essential services conveniently located nearby. Additionally, living near shopping centres makes it easy to take advantage of local sales and flyer deals.

Having healthcare facilities and drugstores closeby ensures that you’ll have easy access to medical services and prescription medications, which may help reduce healthcare expenses in the long run. 

When it comes to finding a neighborhood that offers general affordability with plenty of proximity to amenities, consulting with a REALTOR® with years of experience in the Edmonton market is your best bet! 

If you’re purchasing a home yourself, having a REALTOR® in your back pocket as a sounding board will help make the home buying experience easy and seamless!

Connect With Jeneen Marchant Today

Don’t wait to get in touch with me – you’ll want to act quickly if you’re thinking of buying a home in Edmonton! As one of Edmonton’s top REALTORS®, I want to work with you to find your new dream home!

Contact Jeneen by phone at (780) 904-4240 or via email at jeneens@remax.net.