Buying your first home can be daunting. There are a lot of moving parts so it can be helpful to talk to lots of people, but finding a Realtor you can trust can be the most important thing you do. This is their specialty, and they have helped clients buy and sell 100’s of properties. However there are a couple things you guys can do on your end that can really help put you on the right track. here are 5 Tips For Buying Your First Home in Calgary.
1. Educate Yourself
Once you find the home of your dreams things move quickly. By chatting with a realtor, having a knowledgeable mortgage broker and doing a little research yourself will all help you once the process is rolling.
2. Get Pre- Approved
Knowing what you can and can’t afford is going to be the biggest and best step before you even start looking. There is nothing worse than falling in love with a home and then finding out later it is way out of your budget. Also not all mortgage brokers & banks are the same. I am happy to recommend some amazing Calgary Mortgage Brokers that have been able to help a lot of my clients.
3. Make a Must Have List
Once you start touring homes, it can be easy to start adding things to your list of needs and wants. However, you’ll want to make sure that the list is true to what you really desire. Is location important to you? How about schools? Does the home need to be turnkey, or are you up for a renovation project? Also keep in mind there are things that can always be changed in a home like wall color or carpet. Things that you can not change are location, lots size ect, so those items need to be high on your list.
4. Include Conditions
When you and your realtor go to put in an offer it is always a good idea to include conditions to the purchase. This protects you if anything unexpected occurs or the home is not as it seems. Typically these are a home inspection and financing condition. A condition based on a home inspection will ensure that the home you want to buy is in the condition the seller has claimed. If you are buying a condo there will also be a condo doc review. A condo document inspection will tell you the financial state of the condominium corporation you are buying into. If there are any major concerns with either inspection, financing or the condo doc review it can be a way to get out of the contract and not lose your deposit.
5. Negotiate Thoroughly
This is another situation in which a real estate agent is invaluable: Understanding how to negotiate. Sometimes your initial offer doesn’t get accepted or items come up on the home inspection that were expected. These are all times where your agent can negotiate with the seller on the price or have repairs done prior to possession. Regardless, be ready and willing to negotiate with the seller in order to get the best deal for you—and don’t be afraid to walk away if you can’t come to an agreement. There’s always another home.
There’s nothing quite as exciting as purchasing a home for the first time. Whether you’ve been saving up for years or are looking to take advantage of first-time home buyer programs, leaping into home ownership is always a big decision. However, the process is complicated, and can often become overwhelming if you’re not prepared. I want to make sure you have the best home buying experience. Have questions? I am happy to chat with you more about the home buying process. Give me a shout!
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