5 Tips First-Time Home Buyers in Calgary Need to Know

5 Tips First Time Home Buyers In Calgary Need To Know

1. Use an Agent

Researching housing markets and prices on your own is a good way to get started, but it is always wise to get an agent to help you with the buying process. The Mel Star Team knows there's much at stake for a first-time home buyer in Calgary, and they’re more than happy to share their expertise and guide you through the process. The Mel Star Team will also lead you through the various stages of purchasing a home or condo, with helpful tips such as determining a budget and exploring financing options, writing an offer, and negotiating the absolute best deal for you within your budget. You should feel comfortable asking as many questions as you need to and communicating openly with your agent about all aspects of purchasing your new home.

2. Consider the Cost

There are a number of factors you need to consider with respect to the type of home you wish to purchase. For example, condo mortgage requirements are more stringent than those of a home loan, and rates are generally higher. Other costs associated with a condo include monthly condo fees. In addition, a condo down payment is usually higher than a house (25 percent as opposed to 20). The various mortgage options all come with pros and cons, and the amount you pay towards a down payment impacts your monthly interest rates. The cost of owning a home is more than just your mortgage payments. There are many other expenses to consider as a first- time home buyer in Calgary, such as utilities, insurance, property taxes, and maintenance or upkeep - especially if you buy an older home. Don’t be afraid to shop around, communicate honestly with your agent, and go back to the drawing board if things don’t work out.

3. When’s The Right Time to Buy?

Buying a home is a major commitment, and probably the most money you’ll ever spend in one transaction, so it’s important that you’re able to stay put for at least a few years. If you’re unable to commit to buying a home, speak to your agent about alternatives such as rental options. The same can be said about a community. If you feel purchasing a home in a certain location will only be beneficial for a short period of time, then it may not be the best place to buy. The cost of buying and selling can add up quickly, and having a financial plan that looks into the future can help a great deal. Communication with your agent is a key factor in understanding and keeping your options open and realistic.

4. Don’t Skip the Home Inspection

You may feel that a home inspection is unnecessary when purchasing a home, especially if you’re eager to close a deal. That decision will likely cost you down the road with unforeseen repairs that can cost several thousands of dollars. While a home inspection may delay the purchase of your Calgary home or condo, in the long term, it will give you peace of mind and save you money.

5. Take your Time

Purchasing your dream condo or house is a major step and should not be rushed. In addition to having to learn all about what homeownership will entail, there are many Calgary condos and houses currently available, and the task can seem daunting. If you are not 100% sure of something when purchasing a house or condo, take your time and don’t let anyone pressure you or push you into making a decision. Your Mel Star Team real estate professional is ready to go the extra mile and help you in your decision making, so do not hesitate to ask questions. If you have any doubts, take some time and sleep on it. The good thing about a buyer’s market is that it affords you some time to evaluate and look at all angles before making a big decision.

Find Your Dream Home Without Hassle

Finding a home can be a complex and frustrating experience, but our team of professional realtors are on hand to make the process as easy and simple as possible. To find out more about our services, contact us at (403) 284-6333, fill in our contact form or visit in person at 206-2411 4 St NW, Calgary, AB T2M 2Z8.