Top 5 Questions When Buying A Calgary Home

Buying a Calgary home should be one of the most exciting and memorable experiences in your life. It can also be terrifying at the same time. There are many steps to the home buying process and each step creates a new set of questions. Knowing the answers to the 5 most common home buying questions can alleviate some of the stress that comes with buying real estate but in the end consulting with a qualified real estate agent early on in the process is key to having a memorable experience. This article was written to help you understand the basics of purchasing real estate. Buying a home in Calgary may seem intimidating, but a great REALTOR will make it much easier. They will take care of you through each step of the process, and make your experience as smooth as possible.

1. What is the first step in the home/condo buying process?

The first step would be to sit down with your Calgary Real Estate Agent and let them interview you and find out what your exact criteria is for a Calgary home. Jesse Davies & Associates agents would ask you: When are you looking to take possession? What is your current living situation? These two questions are extremely important as the timing of your search and presenting your offer can save you thousands of dollars. Start your search too early or too late you may have to concede on your purchase price to get the possession date you need. When we sit down for our first consultation we help prepare a plan and strategy to maximize your real estate experience and help you achieve your goals. Other important criterias we will need to review are your desired quadrants SW, NW, NE, SE or inner city so we can set up a tailored search where you are only getting properties that are located in areas you are interested in.

2. How do I know how much I can afford to purchase a home?

This is one of the most popular questions we encounter when working with first time home buyers. Over the years of working  in the Real Estate industry we have developed some amazing relationships with some of the best mortgage brokers and banks working in the Calgary market. We can refer you to one of our amazing mortgage brokers or contacts at the bank to ensure you are getting top level service. If you have your own mortgage broker or bank you prefer to work with that is great and we encourage you interview at least two different brokers to ensure you are getting the best interest rate and terms possible.

3. How much do I have to pay a Realtor for helping us find a home?

Zero, that’s right buyer agents are compensated by the seller through the selling agent’s real estate brokerage. This is why it is very important to take advantage of having an exclusive buyer agent working for you to make sure you have an amazing home buying experience. See why Jesse has been a top producing Real Estate Agent with Re/Max.

4. How much money do I need for a Down-payment ?

5% is the standard minimum down payment you need to purchase your principal residence. If you are purchasing an investment property this minimum goes up to 20%. If you are looking to purchase a $300,000 Calgary home a down payment of $15,000 would be the standard minimum. There are some exceptions but these products change so speaking with a qualified mortgage broker is best early on in the process so it is clear what you can afford so we can recommend communities / condo complex’s in your budget.

5. What costs can I expect with the home buying process?

If you are purchasing a condo, we highly recommend a condo document review condition and having a professional condo document review company review and advise on the findings of their review. Cost is around $400 – $500

Home inspection – we highly recommend when purchasing a Calgary home to have a professional home inspection conducted. Cost is around $400 – $600

Moving costs – hiring a moving company to help with the packing and moving of items on moving day is a great way to help alleviate some of the stress that comes with moving.

Lawyer costs – These costs vary based on your purchase amount but expect to pay between $900 – $1500 which includes title transfer taxes.

Cleaning costs – if you would like to have your home cleaned prior to moving in looking at hiring a cleaner is a great way to get a fresh start on your new home. $30 per hour.

To sign up for our complimentary buyer’s guide visit our Calgary Real Estate Website.