Are you planning on buying a house in Calgary? If so, it doesn't matter if you're buying a house for the first-time, or the second time, the reality is that home buying is a personal learning experience, and it can take time to find the perfect new home.
The good news is that you can have the advantage over other buyers with the tips you’ll read in this article.
The first piece of home buying advice that you should use when considering to buy a home in Calgary for you and your family is to think long-term.
This is important because, the home that you purchase may not be your forever home, especially if you are in your 20’s or 30’s, and are planning on having children soon. Or perhaps planning on re-selling your house and downsizing to a smaller home in the next few years.
You should be searching for a home that's ideally in a walkable neighborhood, in a good school district, near shops and stores, restaurants, recreational areas, and amenities that will continue to be ideal to a home buyer if you were to sell the home in the future.
Did you know that the Burns Building building was commissioned by meat baron Pat Burns as the corporate headquarters and flagship market for his empire, Burns Foods? (source)
Besides thinking long-term when purchasing a home, you should also know exactly what kind of homes you are considering, because home buying can be a very emotional experience and it’s very easy to fall into the trap of purchasing a home with many extra features or options that you will not need.
Before starting your home search, it's best to sit down with your spouse or significant other and be open about housing you are looking for - the options you're not going to compromise on when buying a house in Calgary, and the ideal things that you could add later.
This step is important because it will help you to avoid passing up on a potentially great home that doesn’t have everything you’re searching for, at least in the beginning.
An important thing to do when buying a home is to consider working on your budget now.
Buying a home is more than just making your monthly mortgage payment. For instance, if your down payment is less than 20% you may have to pay mortgage insurance. Then, you’ll need to consider the total of all your ongoing finance related cost for the utilities, property taxes, home insurance, city services (garbage & recycling disposal, snow removal, etc.), and all other traditional expenses that you’ll need to be paying on a monthly and annual basis.
Many people make the mistake of thinking about their budgets after they've purchased a home when they should have done this before they started their home search.
Following this tip, before buying a house in Calgary, will ensure that you do not overspend on your home purchase, jeopardize your long-term financial stability, and spend more money than you can afford for your house payment on a monthly basis.
Although you may be excited about visiting your lender or mortgage broker to get pre-approved for a mortgage loan, one thing you should do before you apply for a mortgage it's to verify your credit score and ensure that the credit bureaus are not reporting any inaccurate or outdated information about you.
Thankfully, you can check your credit for free using a wide variety of websites online like creditkarma.com, Equifax.ca, etc. If you find that one or more of the major credit bureaus is reporting inaccurate information about you, it's best to start the dispute process as soon as possible to get those items removed before you take steps to get pre-approved for a mortgage loan.
Besides checking your credit score, before buying a house in Calgary, another important thing you should do is save money for a downpayment on a home.
How much should you save for your down payment? Most lenders will tell you that it's ideal to save at least 20% for a down payment.
Buying a home with a higher down payment means that you will be able to start your life as a homeowner with more equity, or “skin in the game.” However, if you are not able to save 20% for a down payment, you may be able to still purchase a home with a down payment as low as 5%.
Before searching for a home, you should get yourself pre-approved for a mortgage loan by contacting an experienced lender or mortgage broker in your area. This is important because it will help you start your home search with the knowledge of the home that you can afford.
Last of all, but most important after getting pre-approved for a mortgage loan you should hire an experienced real estate agent who will help you find the perfect home which matches your search criteria.
Our team of realtors and agents knows the Calgary Ab real estate market and will be your best resource service for finding condos, houses, and land for sale.
Whether you are considering buying or selling a property in the Calgary area, get started with a real estate agent in contact us today by calling (403) 969-6695 or connect with us online through our website, Facebook or Twitter.
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