Figuring out how much time you should spend viewing properties for sale is a little like asking, “How long should I spend trying on shoes?” The answer seems obvious: As long as it takes to make a decision! Buying a home is significantly more complex than purchasing shoes – and the stakes are higher too! You need to make sure you have …
You are at a time in your life where you are done living with your parents, roommates, paying rent, or maybe you want to upgrade or even downsize from your current home. Here are the things you need to know when buying:
- First time home buyers need to talk to a mortgage broker or bank to get pre approved. They will look at your credit score, any owing debt, and your income, to determine what you can afford. It is very important to understand your needs vs. your wants, your mortgage term, buy out penalties, and interest rates. Once you are approved get something in writing. At this time you should have saved enough money for a down payment and a little extra for other costs.
- Once you’re approved what is next? Figure out what neighbourhoods and areas you want to live. In. This obviously depends on what you are approved for. One thing to keep in mind is just because you are approved for “up to” x amount of dollars, it does not mean you should be looking or buying anything at the top end of your approval. The last thing you want to be is house poor. Also, you have to take into consideration of future interest rate increases, economy/market changes, and job/income changes.
- You have now picked out your neighbourhoods and browsed the internet for what is out there and what you think you like. Now it is time to choose a realtor. It important to choose the right realtor to help you find your home, because you will be spending a lot of time with them. Look for someone who; understands your needs, listens to you, is knowledgeable, and not pushy.
- When you have found your best choice, make an offer. Take a look at comparable properties currently on the market and recently sold properties to get an understanding of what you should be paying. Don’t start the initial offer too low because this will make it harder to negotiate because you have already insulted the seller. If you and your realtor have done your homework you will know where to start. Have a top price that you are willing to pay for and do not be afraid to walk away if you cannot get it. There are always other homes that you would be just as happy to live in.
- Remember there are other costs associated with your purchase such as; home inspections, condominium documentation review, lawyer fees, bank appraisals, moving costs, insurance, utilities, cable, and internet. This is why I stressed earlier to not buy at your maximum approval. After all conditions are satisfied and the deal becomes firm wait patiently for your possession date to celebrate your new home!
Now that you are a home owner…congratulations! But don’t forget to maintain your home to help keep the value up.
Your family has out grown your current home and it is time to move into a home with more space. There are many factors that you need to consider when considering to make the move up. Having a licenced Realtor® to help you get determine if you are ready to make that big move up is important. Below are a few things you can do to get started.
1. Talk to your financial advisor to see if you are in the position to upgrade. How much can you afford monthly? Your financial advisor will lay everything out for you in regards to what you owe and how much more you can afford based on your current debt. If there is enough equity in your current home you may have the ability to not only purchase a larger home but pay down some of that nagging debt you have. Get pre-approved for a mortgage. This will take the guessing out of what you can afford and where you need to draw the line when you write an offer and begin negotating.
2. Call your Realtor® once you know where you stand financially for a market analysis of your home. This will give you a better picture of where your home will stand against other homes both currently and recently sold. It is important to know what you will need to do to get the most money out of your home. Some maintenance, touch-ups, and de-cluttering are usually recommended. You should also discuss what your needs and wants are for your larger home. Make sure you stay within your boundaries and do not get caught up on your wants. Remember, this came about because your current home does not work for you any longer. Overall you should be able to get some of those wants in your new home, but stay focused.
3. Calculate your costs by making a list of all the expenses that will occur based on selling your current home and moving up. Fees included but not limited to are: mortgage fees, Realtor® fees, home inspector fees, appraisal fees, land surveyor fees, moving fees, cleaning fees, repair fess, and lawyer fees. Cost can add up. Being prepared for unexpected costs will make the move easier and stress free.
4. Sell before you buy. With the proper strategy from your Realtor®, you should not have any issues selling. Selling your home first will help relieve the pressure of accepting an offer that is below-market value which may come about if you have already purchased your next home and are in a hurry to sell. If you receive an offer on your current home but have not found anything you like you can insert a condition in the sales contract giving you reasonable time to find a new home.
5. Closing on two transactions can be stressful when you are dealing with home inspectors, financial institutions, appraisers, lawyers, land title office, or surveyors. Make a check list and work with your Realtor® to ensure all timelines are met. Give yourself a minimum of a week to move from your current home into your new home. Packing and cleaning all the little things is very time consuming. To take possession of your new home sooner you will have to talk to your mortgage representative on how and how much it will cost you to do so.
Being aware of the process and knowing your options will better help you make an informed decision and stay on track. With the guidance and help of your Realtor® you can make the move to the home your family needs.
Condos in Calgary
Calgary offers a large variety of condos. I offer my experience to all sellers and buyers when you are thinking of entering the condo market.
Calgary has been booming with a number of New Condo Projects. New condos for sale offer many options. There are different phases you may be entering into when deciding what to purchase such as the pre-constructions phase or under construction phase.
BUYING A NEW CONDO IN CALGARY:
A few things to consider when deciding on buying a New Condo:
3. Live-in property or income property?
4. Size (one bedroom or more?)
5. Parking (underground, do you purchase an additional stall, visitors parking)
6. Interior finishings
7. What floor to purchase your unit on?
8. Building Amenities
9. Reputation of developer and contractors
10. Projected Completion Date (move in date)
11. Deposit Structure
This list just touches the surface of things to consider. If you have any questions do not hesitate to contact me or a RE/Max Professional who can help you make an informed decision. Remember, the sales staff at the show home works for the builder/developer. They are not there for your best interest but for their employer’s. Have your own representative help you in your condo search who will spend the time giving you all your options.
BUYING A RESALE CONDO IN CALGARY:
With the prices of single family homes rising, condos have become the affordable choice for many. They also offer you little or no maintenance and depending on the building amenities such as a gym, sauna, pool, games room, theatre room, etc.
A few things to consider when deciding on buying a resale condo in Calgary:
3. Size (one bedroom or more?)
4. Parking (underground, outside stall, no parking, visitors parking)
5. Amenities (condition of amenities, has the board maintained them)
6. Range of what floors you prefer to purchase your unit on.
7. Condo doc review (either by a lawyer or condo review specialist)
Again, there are many more things to consider. To get the most recent sales stats and trends on condos give me a call to discuss your options. It is to your advantage to hire me or a RE/MAX Professional to assist you on making this important decision. There is no cost to you!