Whether you have purchased a home before or if this is your first time, the process is both exciting and overwhelming! You will be competing with many other homebuyers in Calgary, so you must familiarize yourself with the process of buying a home. Perhaps you first purchased a home over ten years ago; well, things have changed, so it’s important to brush up on your knowledge. If you are a first-time homebuyer in Calgary, you will likely need plenty of guidance from your real estate agent! Although this article doesn’t cover everything, it will help you prepare for what to expect!
Hire a Calgary REALTOR®.
Working with a REALTOR® in Calgary who you trust is paramount to your experience buying a home. It’s your REALTORS® job to help you find a home, negotiate on your behalf, and guide you through the entire process, making your life as a homebuyer in Calgary much easier. Real estate agents are experts in their field, and their guidance will prove to be invaluable. Remember that when you are a homebuyer, you shouldn’t have to worry about paying any REALTOR® fees; in almost all cases, the seller’s agent splits the commission with the buyer’s agent.
Get a pre-approval letter before you begin looking.
A pre-approval involves providing your financial information, such as income, debts, and credit history, to the lender, who will then evaluate your eligibility for a mortgage and determine the maximum amount they are willing to lend you. Once you get pre-approved, you have some advantages. First, you know your budget and what you can comfortably spend on a home, which will help you narrow your search and save time by focusing on homes within your price range. Second, pre-approval shows sellers that you are a serious buyer, making your offers more competitive. The pre-approval letter will strengthen your position during negotiations and increase the chance of your offer being accepted.
Know your budget.
Prior to looking at houses, you’ll need to get a good understanding of your budget. Your financial situation matters when buying a home, which sets the foundation for your search. Analyze your income, debt, monthly bills, etc. and determine what you can afford to spend on your down payment and mortgage. You must also budget for repairs, title insurance, lawyer fees, home inspection costs, and more. Once you’ve established your budget, you can start finding homes within your price range, saving you time and energy on looking at homes that are out of your price range. Once you’ve established a budget, you can confidently approach the process as a homebuyer in Calgary, helping you to focus on properties that are a natural fit for you, your lifestyle, and your finances.
Get a home inspection.
While some homebuyers in Calgary want to skip an inspection, it is an integral part of the puzzle. A home inspector’s job is to evaluate potential safety concerns, hazards, or property violations, and they will advise you of any red flags that may come up for you in the future. Once you have the information from the inspector, you can decide whether or not you want to move forward with the property. Determining possible issues with the property allows you to negotiate with the sellers; if your inspector makes you leak in the basement, for example, you may be able to ask the seller to fix the problem before moving forward. Investing in a professional home inspector in Calgary may cost you money now, but will rest assured save you money in the future.
Working with Realty Unleashed as a homebuyer in Calgary.
Realty Unleashed is an independent brokerage serving Edmonton and Calgary. We are committed to helping our clients every step of the way, making the homebuying process as seamless and stress-free for you as possible. Our mission from day one has been to change what you expect from your REALTOR®. If you are embarking on the exciting journey of buying your first home and need a Calgary REALTOR®, we would love to hear from you! Please fill out the form below, and someone from our team will get back to you.
