Everyone wants to have their own home, a place that they could call theirs, that is not on rent, but what’s better than having your own home in Calgary?
Calgary is the heart of Canada’s skyscrapers and the center of the oil industry, which makes it evident that the demand for the real estate in Calgary would be high, leading to a boom in the real estate market.
If you are currently renting a place in Calgary but want to buy a home for sale, follow these five tips to become a homeowner.
1. Get Pre-Approved for a Mortgage
When you are aiming to purchase your first home, it’s crucial to get a pre-approval loan. This will allow you to not only be aware of what price range and type of property you can afford, but also what you’re comfortable with spending and how any relevant government programs can help you.
Specific advantages of pre-approval mortgage involve giving a seller trust you when making an offer and enhancing your negotiating position with an indication of how much lead you have. You’ll also benefit from being fully informed about your financial situation, being familiar with your payouts, and knowing what you’re going to need to pay down.
2. Hire a Real Estate Agent
You may browse the internet all year and wait to see your potential home in the open houses. You can also do as much reading as you can into buying a home and trying to do everything on your own.
But will this be helpful to you in finding your desired home efficiently? No. To get you the best deal according to your requirements, recruit a Calgary condo realtor or a top real estate agent in Calgary and make your home-buying easier.
3. House Inspection
Buying a real estate property is very different from renting one. It is a longtime commitment, so you must make sure that everything is perfect in the house you are going to buy.
It is critical that when you purchase your first home, you have a qualified home inspection and condominium document review done. Having the inspection done will help you in many ways. You will be relaxed knowing that you are buying the right property and that you have not missed any costly repairs.
You must find the correct location. When you purchase a house, the possibility is that you are going to live there for a minimum of half a decade and it will not be easy to buy and sell the house very often. Look around the localities and neighborhoods, see the shops around, the people, and everything else that matters to you to make sure that you are in the right place.
You can hire a Calgary realtor to help you out with this process as they know best about the places around Calgary.
5. Take Your Time
There’s plenty of time to change your life between paying down payment and moving-in day.
Always weigh your wants and requirements. If you think you will need a bigger space in some time you should wait for a little. Ensuring that your real estate will resell well is also vital if you find yourself in need of moving elsewhere in the future. It is essential to pick something that is going to be flexible so that you can make the most out of it. ⠀
Buying a real estate property can be overwhelming, especially if you are going to call it home, but there is no better feeling than having a place you call home.
Peak housing initiatives
You can take help from Peak housing initiatives as they help the first-time home buyers. PEAK housing units are priced at market value, and recipients must be able to qualify for a bank mortgage. Once you have been accepted for the program, PEAK will extend a second mortgage covering up to 5 percent of the purchase price to facilitate the down payment.
In the first five years, the second mortgage is interest-free, with repayment not due till you sell your home. If you choose to live in that house after the five-year term, you can start to increase interest in the second mortgage. Homebuyers will be able to keep all the equity gained in their home, except for their initial deposit, if they live at home for at least three years.
This can be a great deal if you are looking to buy a new home and don’t know much about the market.
Become a Landlord
If you want to subsidize your mortgage repayments with some additional income, why don’t you become a landlord yourself? Apartments and condominiums usually cost the same as they would with some extra facilities, and who doesn’t want those? If you’ve been pre-approved for a loan that helps you to buy a bigger house, why don’t you consider renting an extra space and making a roommate pay for your mortgage? It’s a win-win. Soon you will be able to buy your own house.
When it comes to your next Realtor, make the right choice. With Jesse Davies Team on your side, you’ll be worry and hassle-free. Contact us today and see how we can make your dream home a reality – any season!