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How to Start Preparing for Home Ownership: A Step-by-Step Guide

Are you thinking about buying your first home in Edmonton or the surrounding area? Becoming a homeowner is an exciting milestone — but it takes careful planning to get there. If you’re wondering how to start preparing for home ownership, this guide will walk you through the key steps to take.

1. Understand Your Financial Situation

Before you start looking at homes, take a close look at your finances.

  • Check your credit score: A higher score can help you secure better mortgage rates.

  • Pay down debt: Reducing credit card balances or loans will improve your debt-to-income ratio.

  • Save for a down payment: In Canada, most buyers need at least 5% down, but 20% will help you avoid mortgage insurance.

2. Create a Realistic Budget

It’s important to know how much house you can afford — not just what the bank will approve.
Consider:

  • Mortgage payments

  • Property taxes

  • Condo fees (if applicable)

  • Home insurance

  • Utilities and maintenance costs

3. Get Pre-Approved for a Mortgage

Mortgage pre-approval helps you:

  • Understand your price range

  • Strengthen your offers

  • Show sellers you’re a serious buyer

Work with a trusted mortgage broker or lender who will help you explore your options and lock in a competitive rate.

4. Start Learning About the Market

The Edmonton real estate market changes throughout the year.
Research:

  • Neighbourhoods that fit your lifestyle

  • Current home prices and trends

  • Types of homes available (single-family, duplex, condo, etc.)

Tip: The sooner you start learning, the more confident you’ll feel when it’s time to make a decision.

5. Partner With a Trusted Local Realtor

This is one of the most important steps. Working with an experienced Realtor helps you:

  • Navigate the process from start to finish

  • Access expert market insights

  • Avoid costly mistakes

  • Negotiate the best terms

If you’re thinking about buying a home in Edmonton or the surrounding area, I’d be happy to help. As a full-time, experienced Realtor® with MaxWell Challenge Realty, I guide buyers through every step — from first showing to keys in hand.

6. Stay Organized and Patient

Buying a home takes time. Stay organized with:

  • A checklist of what you need to do

  • Regular check-ins with your Realtor and mortgage professional

  • A willingness to be flexible as you search


Ready to Take the First Step?

If you’re preparing for home ownership in Edmonton, let’s connect. I’ll answer your questions, help you create a personalized plan, and support you every step of the way.
👉 Contact Jason Hafso – Your Edmonton & Area Real Estate Expert


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5 Budget-Friendly Ways to Boost Energy Efficiency and Save Money on Your Home

Hey there! It's Jason from MaxWell Challenge Realty. Today, I want to share some simple, budget-friendly ways to make your home more energy-efficient. Let's dive right in!

1. Seal Up Leaks

Gaps and cracks in your home's envelope can let in drafts. Use weatherstripping or caulk to seal up these problem areas. It's a quick fix that can help you save big on heating and cooling.

2. Install a Smart Thermostat

A smart thermostat can adjust the temperature based on your schedule, cutting down on wasted energy. You can find good models for under $150, and they're easy to install.

3. Switch to LED Bulbs

LED bulbs are more energy-efficient than traditional incandescents and can last up to 25 times longer. Make the switch and you'll see a drop in your electricity bill.

4. Use Power Strips

Plug your electronics into a power strip and turn it off when you're not using them. This stops "phantom" energy usage, which can add up over time.

5. Insulate Your Water Heater

A water heater blanket can cost as little as $20 and can save you up to 16% on water heating costs. It’s a quick DIY project that pays off.

That's it for today! Making your home more energy-efficient doesn’t have to break the bank. Try these tips and let me know how they work for you.

Until next time,
Jason


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As a homeowner, are you prepared for the unexpected?

(NC) Your home is a major investment that comes with plenty of added costs, like maintenance and renovations. The biggest cost is your mortgage, a major expense that might be difficult to pay in tough times.

If you have a mortgage and you’re worried about leaving your loved ones with a mortgage payment in the case that you were to pass away or experience a covered critical illness, optional TD Mortgage Protection might be the solution.

Evaluating whether mortgage protection insurance is right for you is important. Having a mortgage is a long-term financial obligation. You’ve worked hard for your home, and there are ways to help protect it.

If you aren’t sure if you need mortgage protection insurance, ask yourself these three questions:

What would the impact be to my finances if my income was lost or reduced due to a covered critical illness?

A recent TD Insurance survey reveals that one in three Canadians without asset protection coverage think it’s too expensive, and 28 per cent say they do not believe they get the right value for the amount spent. While we all value our homes, we may undervalue mortgage protection insurance, which could pay or reduce the outstanding balance of the insured mortgage in the event of a covered critical illness.

Would my partner or co-borrower be able to afford the mortgage on their own if I were to pass away or suffer a covered critical illness?

As household partners, you’re in this together. If a mortgage was set with two incomes in place, it could be difficult to get by on just one. Consider having a plan in place, like mortgage critical illness and life insurance, before an unexpected covered critical event occurs. There are options available to help you find the right coverage that best suits your budget and needs.

Do I have loved ones who rely on me financially?

Owning a home and having a family comes with the responsibility of ensuring your dependents are safe and protected. Mortgage protection insurance can help you protect your mortgage and home, which could also benefit loved ones who may financially depend on you.

Learn more at td.com.

 

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Data last updated on July 14, 2025 at 05:30 PM (UTC).
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