So – You started looking at homes, but now you are starting to get serious. Well here are some important things to get you ready to move!
1. Check with your lender – How much do I qualify for?
You may want to get a couple of options from a couple of lenders (we can help), but by getting prequalified for a mortgage loan it puts you on the road to buying your home. They will tell you how much you qualify for, you can then you can go shopping. Don’t automatically decide you’ll borrow the maximum you’re offered. Take a look at your budgets and then decide how much you actually want to borrow, it may not have to be the full amount.
2. What would be a good sized home for you?
Remember the bigger the home, the more you will pay in insurance, property taxes and heat! Depending on the age and condition of the house, factor in for the cost of repairs and maintenance. It could be around 1% of its value per year. Figure out rooms needed for the family, maybe you need a guest room or have older parents.
3. Look at comparable home prices in the area- Don’t over pay – Walk away.
Go through the current Actives and previous Sold homes with us. Consider what other people paid for similar homes in the same area. Try not to be emotional, be objective, will the home work is the location correct, am I paying the correct amount.
4. Don’t buy a Money Pit
The home inspection will tell you the condition of the home, and forecast what you will need to address down the line. If the home is a Rural home you will also probably need a Septic test, Well test, water condition test. You want to know exactly what you are buying, not just for yourself but from a resale point of view also.
5. Check out extra buyer costs.
Costs will include (but may not be limited to) lawyer fees, home inspection, maybe condo inspection, property taxes, the down payment. It is best to know upfront what your closing costs are. Your lender and lawyer will estimate costs at their end. When you are buying - The Seller pays all commissions.
6. Check out the area ahead of time
So – you have got the OK from your lender and are ready for us to start sending you homes for sale in the areas you like with your criteria – you can trim down the list – and we can go and look at possible homes. It’s always a good idea to drive around areas you like, does the location work for work and schools, in summer are the gardens cared for. If you can, have a chat with someone who lives in the community.
After 20+ years experience in the Calgary & Area market, we can answer any of your questions and walk you through the whole process. Let’s have coffee! Call us on 403-850-0669
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