Buying your first home is both an exciting and stressful process. With a laundry list of things to get in order, it can be overwhelming, which is why having an Edmonton or Calgary REALTOR® you trust is paramount to a smooth experience. We have compiled a few of our best tips to help you be prepared to buy your very first home!
Get pre-approved for a mortgage.
Before you contact a REALTOR® or begin looking at Calgary real estate listings or Edmonton homes, you should apply for a mortgage pre-approval. A pre-approval will give you peace of mind in knowing what you can afford, making your home search much more straightforward! Another reason this is a critical starting point is that when you do find the home you love, you want to be able to move quickly. When you have your pre-approval and find the right house for you, you can put in an offer ASAP! You can use an online mortgage calculator to get a general idea of what you can afford, but the bank will always have the final say in your approval.
Find a REALTOR® you connect with.
A great buying agent is like a great tour guide. They are experts in your area of interest and share notable, essential facts about the house and community you are interested in. Your REALTOR® will ensure you have a good understanding of the market value when you’re ready to make an offer to avoid being taken advantage of. It’s vital that you and your real estate professional have a good rapport so you can go through the buying process with ease and clarity. The best news is that all these services come for free because the buying agent splits the commission with the seller’s agent when a deal is made, meaning that the seller pays the commission! Make sure you vet your REALTOR® to confirm they are the right fit for you; here is an article we wrote all about that!
Know what to expect.
Buying a house is an overwhelming experience. Many moving parts need your attention, so it’s good practice for you to talk with your real estate professional ahead of time to prepare yourself and your expectations. You need to be approved for a mortgage, have a down payment ready, and find a real estate lawyer. Talk to your real estate professional about unexpected costs that can occur so that you aren’t blindsided when they come up. Always remember that your REALTOR® works for you, so you are ultimately in charge. It’s okay to hit the breaks if you are feeling overwhelmed or feel that you’re lacking clarity. Buy at a pace comfortable for you.
Understand the importance of a respectful offer and prepare for a negotiation.
So you have sifted through Calgary real estate listings or Edmonton real estate listings, you’ve gone to showings, and finally, you have found the perfect home. That means that it’s time to make an offer, which is both exciting and nerve-wracking! Your real estate professional is fluent in offers and negotiations, so they should be guiding you through this process, but for the sake of this article, here is a little of what you can expect:
- Your REALTOR® will conduct a market analysis and compare other Calgary real estate listings or Edmonton real estate listings to determine the home’s market value.
- Your REALTOR® will prepare an offer, and you will review it together to clarify what you are signing and agreeing to.
- Your REALTOR® will present your offer to the seller and negotiate on your behalf.
Of course, this is a very “long story short” list, but you get the idea!
Look into the First-Time Home Buyer Incentive.
The First-Time Home Buyer Incentive assists first-time homebuyers in reducing their monthly mortgage payments without adding to their financial responsibilities. This incentive is a shared-equity mortgage with the Government of Canada, which offers:
- 5% or 10% for a first-time buyer’s purchase of a newly constructed home
- 5% for a first-time buyer’s purchase of a resale (existing) home
- 5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home
You can get more information on the First-Time Home Buyer Incentive here!
Realty Unleashed is ready to help you find your new home!
Our goal from day one has always been to earn our clients’ business every step of the way. The reality is that you are the one buying the home, not us. And we want to ensure that the process is as smooth as possible for you. The right time to buy is, first and foremost, when you are ready. Your real estate professional should never make you feel rushed or anxious. If you are looking for a REALTOR® in Edmonton or Calgary who will guide you through the home-buying process, we’d love to hear from you! Please fill out the contact form below, and someone from our team will get back to you!