Introduction
Buying your first home is both exciting and overwhelming, especially in a market as dynamic as Calgary’s. Whether you’re a newcomer to Alberta or a long-time resident, this guide will help you navigate the process with ease. From budgeting to closing, we cover the essentials for first-time homebuyers.
- Understanding the Calgary Real Estate Market
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- Market Trends: Calgary’s real estate market has experienced steady growth over recent years. With competitive pricing in popular neighborhoods, it’s crucial to stay informed about trends.
- Best Time to Buy: Consider the seasonal fluctuations in the market. While spring and summer see a spike in activity, fall and winter might offer more negotiating room.
- Setting a Budget
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- Down Payment: The minimum down payment in Canada is 5% for properties under $500,000, but planning for more can reduce your mortgage burden.
- Closing Costs: In addition to your down payment, budget for property inspections, legal fees, and mortgage insurance (if applicable).
- Ongoing Expenses: Don’t forget about property taxes, utilities, and maintenance costs.
- Getting Pre-Approved for a Mortgage
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- Why Pre-Approval Matters: A mortgage pre-approval gives you a clear picture of what you can afford, speeds up the buying process, and shows sellers you’re a serious buyer.
- Best Mortgage Options: Fixed-rate vs. variable-rate mortgages — which is best for your situation?
- Finding the Right Realtor
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- Local Expertise: Calgary has unique neighborhoods, each offering different amenities. Working with an experienced realtor like Sandy Dhaliwal ensures you find the right home in the right area.
- What to Ask Your Realtor: How long have they been working in Calgary? Can they provide references?
- Making an Offer
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- Negotiating Tips: Work with your realtor to submit a competitive offer. Don’t be afraid to negotiate for things like home repairs or closing date flexibility.
- Understanding Conditions: Common conditions include financing, home inspection, and appraisal.
- Closing the Deal
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- The Home Inspection: Always hire a qualified inspector to identify any potential issues with the home.
- Final Walkthrough: Before closing, do a final walkthrough to ensure all agreed-upon repairs have been made and the property is in good condition.
Conclusion
Buying your first home is a significant milestone. With the right preparation and a trusted real estate expert like Sandy Dhaliwal by your side, the process can be smooth and rewarding.
