First Time Home Buyer?
If you’re a first time home buyer, we know it can seem overwhelming and daunting. Not just home ownership in the long run, but the purchase process itself. With the help of Calgary Luxury Portfolio, your first home buying experience can be happy and satisfying. We will work with you to ensure you are financially and mentally prepared for the responsibilities that come with ownership. This means asking the right questions and keeping your expectations realistic so you end up happy with the purchase process, your house, and your investment. Read and use our new home buyers guide to get a sense of what you can expect in the process, and how we will help.
New Home Buyers Guide for Calgary
You need a good agent who will work hard for you, and knows the Calgary market well. Our real estate team is dedicated to finding you the right property at the best price. When you’re a first time home buyer, we work extra hard to find a way to merge what you want with how much you can afford.
Keep your objectives in mind when viewing a property. Sometimes emotions can overwhelm a first time home buyer’s practical sense, so keep any excitement or disappointment out of it. Keep a list of the features that you need and want in a place, and we can go over the pros and cons of each afterwards. This helps avoid distractions while you find a home you’ll love.
Use a good real estate lawyer. We can recommend several lawyers in the Calgary area, but we always recommend interviewing them first to see if they will be a good fit for you. The legalities of transferring land ownership can be dodgy, and a trusted lawyer can be your best defense against future legal issues. A good lawyer can charge upwards of a thousand dollars for their services, but it will pay off when you save thousands more in legal fees later on.
Make the offer. This can be a maze of foreign terms like "chattels", "conveyance", and "closing", especially for first time home buyers. Don’t let it intimidate you – we’ve done this many, many times and we are happy to prepare it all and help you navigate it before submitting. Remember, the seller may reject or counter your offer, so avoid setting your heart on the property, even at this late stage.
Get all necessary inspections done. Inspectors check for signs of serious damage or leaks, faulty construction, pests and harmful materials such as mold, lead paint and asbestos. Without a trained eye, many of these potentially costly fixes could be missed – meaning serious issues and costs down the road. Obviously this is a crucial part of the purchase, so we always recommend our clients – especially first time home buyers – spend a few hundred dollars in order to ensure they’re making a good investment. We can recommend several good inspectors in the Calgary area.
Do a final walkthrough before closing the deal. We usually do this with our clients to make sure that everything agreed upon is completed prior to the final signing, and that nothing is missed in the deal or untoward with the property. First time home buyers often find this step especially important.
From the first interview that determines your requirements, to the moment that you receive the keys, we will help guide you through every step. Don't hesitate to contact us to find out more about how we can make your first time home buying process easier!
Questions for the First Time Home Buyer
Some first time buyers have the notion that owning is similar to renting, only with the power to have pets and paint the walls whichever color they want. While these are a homeowner’s privileges, they also come with major responsibilities like a mortgage, property taxes and regular maintenance. If you’re a first time home buyer, here are a few questions you should ask yourself before starting to work seriously with an agent:
Are you ready to buy?
Success with home ownership is all about maximizing your investment. Things like dedicating part of your income and time towards preventative and regular maintenance, repairs or upgrades in the hopes you’ll make a great return on those dollars. Essentially, it is a willingness to take the risks of ownership with a realistic expectation of the rewards.
How much can you afford?
What you can afford depends on where you buy. In rural or downtrodden areas, your budget might buy a very comfortable residence or ample acreage. In Calgary’s highly sought-after or urban areas, it may not even buy a 400 square foot bachelor suite. It can be discouraging, but dedicating too much of your income to pay the mortgage can quickly become a major burden. It's better to buy a modest place now and find your dream house in a few years.
What is your debt-to-income ratio?
This is something lenders take very seriously. Your overall debt should not be more than 40% of your income, and your housing debt no more than 32%. Find out how much you can afford with our mortgage calculator.
What kind of home do you need and want?
Do you like the idea of lawn care? Hate the thought of cleaning your own gutters? Would you rather pay a fee every month to have everything done for you, or would rules like when you can have your garbage cans out bother you? The answers to these questions will determine whether you’re looking for a Single Family home or a Condominium – both of which can refer to either attached or detached houses.
Contact us for more information about first time home purchasing.