7 Tips for Buying Your First Calgary Home
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. The costs of buying and then selling quickly really add up and its possible 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 weigh the benefits of renting versus owning for your time frame and circumstances.
Tip #2. Get Pre-Approved
In Canada, there are programs to help first-time home buyers like 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, and comfortable with your payments, what you will need for down payment etc.
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 Go It Alone
You can browse the internet and wait for open houses but is that really convenient or efficient? You need someone to maximize your time, go the extra distance, do the research and give you an expert opinion for your circumstances while making the process stress free. Wouldn’t it be nice to develop a personal relationship built on trust with a Calgary REALTOR® who is an Accredited Buyers Representative (ABR®) and 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. (Click Here to Learn Why You Should Interview Cody)
Tip #5. Hire a Home Inspector or Condo Review Service
It is absolutely critical you have a professional home inspection or condominium document review . For the peace of mind to know you are buying a good property that you can sell someday and you didn’t miss something costly to repair or fix.
Tip #6. Be patient
Buying your first home will be exciting and will be one of the most memorable and largest purchases you ever make. The key to avoiding regret, or “cold feet” or “buyers remorse” is to be 100% happy and completely comfortable with your decisions every step of the way.
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!
Questions about buying your first home? You can chat with me now in the bottom right corner of your screen, message me below, sign up for our upcoming first time home buying seminar or we can get together sometime for a no obligation first home buyers consultation !
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