7 Tips to Help You Get Started When Buying Your First Home
Are you planning on purchasing your very first piece of real estate ever in Calgary, Alberta? If so, this is a very exciting time to say the least for your future, although its likely you may have several questions about the first time home buying process on your mind.
Here are seven simple first time buyer tips that will help you get started down the right road towards home ownership.
Tip #1. Don’t buy unless you can commit to staying
If you can’t commit to staying in Calgary for at least a few years, then maybe it’s not the right time to buy as the costs of buying and then selling quickly really add up and its likely you may end up losing money if you sell within a short time frame.
Before you make the big decision to buy, make sure you have really thought out your plans and you can commit to staying.
- Also see Why Owning a Home is Better than Renting to begin with.
Tip #2. Get pre-approved for a mortgage
In Canada, there are programs to help first-time home buyers like yourself, an example would be the RRSP home buyers plan. It is important to get a pre-approval so you are aware of what you can qualify for, what you are comfortable with spending and even how the RRSP program could help you.
Other benefits of having a pre-approval are that you can give a seller confidence when you make an offer and strengthen your negotiating position. You will also benefit by being fully informed of your financial situation, be comfortable with your payments and know what you will need for a down payment.
Tip #3. More than just your mortgage payments
The cost of owning a home or condo month to month is more than just your mortgage payments. There are other expenses to consider and factor into your budget like insurance, property taxes, utilities, maintenance or condo fees.
You will also want to consider lifestyle choices like cable, internet, home phone and possibly a home alarm system.
Tip #4. Don’t do it alone
You could browse the internet and wait for open houses to see them – but is that really convenient or efficient in any way?
It is highly recommended that you use a professional real estate agent to help you in your search, someone who can do that work for you and go the extra mile while providing you an expert opinion and all the information needed to make the most informed decisions while also making the process stress free.
Wouldn’t it be nice to develop a personal relationship built on trust with a Calgary real estate agent and REALTOR® who is an Accredited Buyers Representative (ABR®) as well as a first time buyer expert? Not only will this make the process easier and stress free, but it will also save you a lot of time and hassle.
- Learn Why You Should Interview Cody for your first time home purchase!
Tip #5. Hire a home inspector or condo review service
It is absolutely critical you have a professional home inspection or condominium document review because you’ll gain peace of mind knowing you are purchasing a good property with good resale value and didn’t miss something costly to repair or fix.
This can save you a huge headache and financial cost down the road of home / condo ownership.
- Also see Calgary Condo Buyers: Review the Condo Documents today!
Tip #6. Be patient
Buying your first home will be exciting to say the least, not to mention being one of the most memorable and largest purchases you’ll probably ever make.
The key to avoiding regret, getting “cold feet” or “buyers remorse” is to be 100% happy and completely comfortable with your decisions every step of the way and the key to avoiding all of those bad things is patience.
Tip #7. When in doubt… sleep on it
If you are unsure of something simply take some time, don’t rush, and don’t let anyone push you around or pressure you.
Sleep on your decision or take some extra time to think. This will let you relax and really evaluate every option. You will make the best decision for yourself!
More First Time Buyers Tips
- See our complete list of Calgary First Time Buyers blog tips today!
Questions About Buying Your First Home?
You can chat with me now by sending me a message below, chat with me live using the box in the bottom right corner, or call me direct anytime at 403-370-4180. See my no obligation first home buyers consultation here!