Buying your first home is both an exhilarating and stressful process. It can be overwhelming and sometimes confusing, so having a Calgary REALTOR® you trust is essential to a smooth experience. We have compiled some of our best tips that will hopefully help you prepare to buy your first-ever home!
Get pre-approved for a mortgage.
Prior to looking at Calgary real estate, you should apply for a mortgage pre-approval. A pre-approval will make your home search easier, as it gives you a clear idea of what you can afford. Another reason this is a crucial place to begin is that when you find the home you love, you want to move quickly; you can promptly make an offer when you have your pre-approval and find the right house. Getting pre-approved for a mortgage will give you a better idea of how much you can borrow and makes you a more competitive buyer in a seller’s market. There are online mortgage calculators you can use to get a general idea of what you can afford, but the bank will always have the final say.
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!
Get a home inspection.
While it can be tempting to skip a home inspection, it is a vital part of home-buying. A home inspector’s job is to evaluate potential safety concerns, hazards, flaws, or property violations; they will make you aware of any red flags that may come up, and then it’s up to you to decide if you would like to move forward with the property or not. Identifying any potential issues with the property will allow you to negotiate repairs with the seller. If your inspector makes you aware of any poor structural designs or leakage in the basement, for example, you can expect to incur high costs later. Investing in a professional to inspect a house may cost you money now, but it will save you money later.
Hire a Calgary REALTOR®.
Any good real estate agent will be an invaluable resource for first-time homebuyers. They can help you find properties that meet your needs, negotiate with sellers, and guide you through the home-buying process. If this is your first time buying a home, you will likely need clarity on many things throughout the process. It is your Calgary REALTORS® job to guide you and answer your questions. The great thing about buying is that there are no fees to pay your Calgary REALTOR®, as the buying agent splits the commission with the seller’s agent, meaning the seller pays the commission. Realty Unleashed would love to help you find your first-ever home!
Know what you’re getting into.
Buying a home is a big decision, and it comes with a lot of responsibility, so take your time and don’t feel pressured to make an offer on the first property you see. Remember that the cost of homeownership goes beyond the price of the home itself, meaning that you should really love where you live so that the expenses you incur later on always feel worth it to you. You’ll also need to factor in closing costs, property taxes, insurance, maintenance, and repairs. Homeownership comes with its share of surprises, so prepare for unforeseen expenses and repairs. Build up an emergency fund to help cover these costs.
Realty Unleashed is here to help!
When we opened our doors in 2018, we made it our mission to change what you expect from your REALTOR®. We believe in earning your business every step of the way. If you’re looking for someone who knows the ins and outs of Calgary real estate and can easily assist you through the process, we’d love to hear from you – fill out the form below, and we will get back to you ASAP!