Buying a House in Calgary Alberta
Buying a House in Calgary Alberta
Buying a House in Calgary Alberta
So you have saved enough money to buy ahouse or a condo in Calgary, congratulations that is a HUGE first step! Now where to go from here?
Well the first thing you need to do is determine the price point that you will be able to qualify forbuying a house in Calgary. How do you do this? You will need to gather all your financial information together and go and visit amortgage broker or your lender at your bank, whomever you feel most comfortable with.
After you have been pre approved(not pre-qualified! Below is a video I did explaining the difference between the two) you then will need to seek out aREALTOR that you will feel most comfortable with. I suggest interviewing a few Agents to get a feeling for who they are and where they stand.
So you are Pre Approved and Picked the Agent-Now What?
It is time to start shopping for that new home, whether it is a condo or a single family home, your price point as well as your preferrence will determine where you start.
I would suggest firstpicking the quadrant in Calgary that you want to live in, from there decide if you want to be in the suburbs or the inner city. Please note in most cases that the further you go into Calgary inner city the more expensive it may become.
Quadrant is picked but have you decided on a neighborhood to buy a house or condo in? Pick out a few different neighborhoods, do your research online and then get in your car and head out to drive around the 'hood that you are interested in.
This will allow you to get a feel for the area and help you make a decision if it is a place that you are willing to invest in.
Picked the neighborhood now it's time to Buy the House
You have decided on neighborhood now it's time to decide on style of home be it 2 Storey, Split Level or a Bungalow. I would suggest making a list ofNeeds versus Wants PRIOR to going out shopping. This will help you get an idea of what you really want and need in a home but also what you would be willing to let go.
So now you are shopping and you have found the house that has everything that you want, need and desire, it's time to make that offer!
You are going to sit down with your Agent of choice and they will hopefully have pulled up some comaparables to see what is going on in the neighborhood. This is to determine if the house you have chosen is priced properly or if it is over valued.
At this point I always tell my clients that they should be prepared to walk away from the home so that they do not over pay. Ultimately the decision is yours, but if you over pay for the property it is going to take you that much longer for the market to play catch up to what you paid.
Offer is written, home inspection is done(condo doc inspection done), financing is approved....NOW WHAT? You will have to head over to the lawyers 10-14 days prior to your possession day on your new purchase. There you will go through and sign a bunch of paperwork one of which is the title transfer, probably the most important document there! You may also be responsible for taxes on the property, HOA fees of any kind, but again these are issues that you will go over with your lawyer...just make sure to bring a check or credit card with you to this meeting!
House Buying Checklist
Pre Approval - You will need pay stubs, Notice of Assessment, Letter of Employment, Drivers License, Credit Card, and or Utility Bill Statements
Pick your REALTOR - If you interview make sure to let the REALTORSknow you are interviewing
Pick the Quadrant and the Neighborhood
Needs versus Wants Checklist
Decide on the Style and location of home
Write the offer, get it accepted and waive your conditions if you can meet them
10-14 days prior to Possession day...meet with the lawyer
Possession day comes and it's time to move in!
This is a pretty condensed version of buying a house in Calgary, if you would likem more information on how we could potentially work together make sure you go to myContact page and send me an email!
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