The Expectations Versus The Reality of Buying a Home in Calgary

Multiracial couple signing deal from real estate agent

With first-time home buyers, there is always excitement when the prospect of buying a home for sale in Calgary comes up. That excitement is driven by an expectation that they set, but unfortunately, the reality is very different.  

Four Realities Of Buying A Home In Calgary 

1. Expectation: They have enough saved for their down payment

Reality: The first shock that people face when trying to buy a home for sale in Calgary is that their down payment is not enough. Or it’s not enough for the home they want in their price range. In most cases, reaching 20% of a down payment is ideal, but it can be difficult. So aim for around 10 to 15% to reduce the shock. 

2. Expectation: I got the loan I wanted, so I should use it all 

Reality: While you might be given the mortgage you desired, it doesn’t mean that you have to use it all. If you can find something below your price range, it’s actually going to help you. You’re going to need those extra funds for restorations or renovations around the house, as well as new furniture or home appliances (such as furnaces, air conditioners and so forth). Just because you got the full amount you wanted, doesn’t mean you have to spend it all on buying your home. 

3. Expectation: Once I have the money, it will be easy to buy a home 

Reality: Congratulations! You have your mortgage, but now the hard part begins. Can you find a home for sale in Calgary in your price range in an area you want to live, that is close to all the essential amenities (school, work, shopping), and doesn’t require extensive renovations? Then, there’s making a bid, hoping it gets accepted, wait the 90 days, pay all the fees to get it transferred to your name and then start the move. It’s a lot of work, and it takes a lot of time. Just because you have the money doesn’t mean buying the home is simple. This is why a high number of people go to a Calgary real estate agent for help. You can do the same. 

4. Expectation: Paying a mortgage is no different from paying rent.

Reality: The excitement that you’re paying the same money for your mortgage like you did for your rent is understandable. However, what many first time owners forget is that while your landlord or property management company managed the maintenance and upkeep of your home, now it is up to you. If anything goes wrong in your home, you will have to cough up the money to pay for it. You might be paying the same amount for your mortgage as your rent, but everything else is on your shoulders too. 

When it comes to your next Realtor, make the right choice. With Jesse Davies and Associates on your side, you’ll be worry and hassle-free. Contact us today on 403-969-2363 and see how we can make your dream home a reality!