Shopping for your first home in the Calgary real estate market can be daunting. This guide should provide first-time home buyers with some important information they may need to initiate and complete the home buying process. The information provided, will help ease the stress and complication of buying a home, especially if you are a first-time home buyer. And, please always feel free to contact me directly if you have any questions.
Being pre-qualified means that a lender (mortgage broker, banker) will endorse you for a mortgage of a specific value. It is important to get pre-qualified because you will know what your price limit is and you will be able to focus your energy on homes that you are able to purchase. Also, you will not be disappointed by the possibility of being rejected for a mortgage on a home that you like. Finally, you could save money on home buying services like home inspections if you know you are not able to purchase the property.
2. Set Your Home Shopping Priorities
Most buyers do not get everything that they want in their first home. Set your priorities before you look at properties. Ask yourself questions like:
What is my price limit? What does my home need for me to be content? What neighbourhoods am I interested in? What features of my home am I willing to do without?
Write your priorities down and let your Realtor know so that she/he understands what type of home you are looking for.
3. Know About Closing Costs
Closing costs can be as much as 1.5-2.0% of the purchase price, in a Calgary real estate transaction. Be knowledgeable about closing costs so that you can set money aside for them. Closing costs include items such as lawyers’ fees, home inspectors’ fees, fire insurance, utility hookups, and title insurance (possibly). If you have any further questions please do not hesitate to contact me.