HOME BUYING MADE EASY!

​Step By Step Home Buying Guide

For many people, home buying in Calgary can be complicated and frustrating. However, with sufficient planning and preparation, you can navigate the whole process with ease. Here are the basic steps involved in home buying in Calgary.

Step 1: Get educated

Your home is probably the biggest investment you will ever make, so it is important that you do your research and get educated on the real estate industry and how it works. The best place to start is the internet of course. You can get all your information on the internet, but make sure you look up the right, reliable resources.
You may even find some great books on real estate and home buying. So, make a visit to the library or a book store and find books offering information on home buying in Calgary (or Canada). Don’t forget to get all the information from your real estate agent. There is no one who can guide you better on the local property market than your agent.

Step 2: Figure out how much you can spend

Your home is probably the biggest investment you will ever make, so it is important that you do your research and get educated on the real estate industry and how it works. The best place to start is the internet of course. You can get all your information on the internet, but make sure you look up the right, reliable resources.
You may even find some great books on real estate and home buying. So, make a visit to the library or a book store and find books offering information on home buying in Calgary (or Canada). Don’t forget to get all the information from your real estate agent. There is no one who can guide you better on the local property market than your agent.

Step 3: Initial consultation

Once you have chosen your real estate agent, you must schedule a meeting with him/her and discuss the details. Typically, it will be a “buyer’s interview”. The information collected at this stage will help the agent find your dream house. The agent will ask about the type of house you want, preferred locations, number of bedrooms or bathrooms required, whether you want a move-in ready house, square footage you want, your price range and other important questions.

Step 4: Plan the finances

Financing is one of the most critical factors for home buying in Calgary. The banks are the most popular choice for home mortgage. However, you may also consider mortgage brokers as they have the most number of choices available. If you have a bad credit history or there are other financial issues, and you can’t get the regular mortgage, there are various creative financing options that can help you buy a home.

Step 5: Start your search

Once you have your requirements clear in mind and you know your budget, it is time to begin the property search. Your real estate agent will keep you posted on any new listings in the area and you may plan to visit the property if it meets your requirements.

Step 6: Write the offer

When you have finalized the house you would like to buy, you or your real estate agent will prepare the necessary paperwork. In order to be valid, the offer should include the following:

Your name, seller’s name, and address of the property

The deposit amount

Inclusions and exclusions

A request for land survey

The amount you are offering to pay

The closing day or the day you want to take possession

The date of expiry of the offer

Any other conditions deemed necessary

When you may a price offer, be prepared for negotiations. Also, remember that there is no standard deposit amount and it will vary depending on the type of property and how badly you want to buy the particular house. It is important to note that an offer is a legal document, so make sure you understand everything you include in the paperwork.

Once the offer is prepared and signed, your real estate agent will present the offer to the seller. You may also present it directly to the buyer as it will be a good opportunity to meet the seller and discuss things in person. The seller may accept the offer or make a counter offer.

Step 7: Fulfilling the conditions

At this stage, you perform a home inspection, provide your personal and property information to the bank or mortgage broker and gather all other information that may be necessary. Your real estate broker will play at key role in arranging everything. Once all conditions are fulfilled, and you decide to go ahead with the purchase, you will provide a written notice to the seller. The property will then be considered sold.

Arrange down payment: Once you have made arrangements to obtain the down payment, you will have to transfer money in cash or any other way.

Step 8: Possession

Home buying in Calgary or elsewhere can be a long drawn process, and the possession phase take the longest. It may take anywhere up to a month or even longer. However, if you are able to get the key items completed as soon as possible, it can make the process much shorter.

Hire a lawyer: The first step is to choose a lawyer who will handle your transaction. Before you meet the lawyer, make sure you have all the paperwork ready. You will need to provide following:

Your insurance information

Proof of payment and fees

The balance of down payment

Payment of taxes or any adjustments

Signing of property documents

Before considering a proposed resident, we verify their credit worthiness rental history and even criminal offence as permissible by applicable laws to help you make an informed decision. We are that invested in your success.

Insurance:

Insurance is a necessary requirement for mortgage, without it you cannot obtain money. For insurance, you will have to provide information such as age of the house, electrical system, roof and furnace. You may also have to answer some other general questions about the size of the house and other features.

Possession day:

On the day of possession, take a walk around the house to make sure everything is as per the contract. Check the furnace and other appliances and see that they are in working order as agreed upon. In case there is a problem, you can notify the lawyers. The seller is legally bound to remedy the problem before the keys are exchanged (or after).
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Need help with home buying in Calgary? Our trusted and experienced real estate partners can guide you through the whole home buying process whether you are a first time home buyer or real estate investor to help you find the right home for your family or business needs on budget and on specification!

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