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Buying a Home

If you’re buying or selling a home, typically that means a change in life of some sort. Marriage, unmarried, bigger family, smaller family, transfer, more money, less, retirement these often a need to change homes. Moving is often a by product of one of these events and should be understood in this context.

As such real estate advice really ought be in the context of these changes. The needs of a new home buyer are quite different than someone who is getting a transfer and so forth.

FIRST TIME HOMEBUYERS

CALGARY INNER CITY REAL ESTATE PROFESSIONALS®

Buying a home is a process not an event. Often it takes time and research to find out what the options are and what you like before you settle in on a particular type of home or a particular location. We have a few short videos to help give an overview of how to look at your options, please check them out.

Money and Mortgage:
First be clear not only what you can afford about also what you want to spend, the banks will happily let you be in a good depth of debt.
Get pre-qualified, if you have a good relationship with your bank speak with them, I recommend talking to a mortgage broker. The advantage is that they know what banks are lending with different qualifications, such as self employed, loan to value ratio and more importantly they will offer batter rates than the what the banks offer to the public. For sure at least check what the mortgage brokers rates are, and take that rate to your own bank to see if they will match it.

Be prepared:
One of the considerations in getting pre-qualified is the amount of down payment you will require. You will need to have that accessible when your are ready to start seriously shopping. The down payment will come in two cheques; the first is the cheque you write when you write an offer on a house, anywhere in-between $5,000 and $20,000 (there are always exceptions). That is the amount that is held in a trust account by the real estate company. The Cash to close is the rest of the money you are using as a down payment. For example you buy a house for $300,000, you write an offer and put down $10,000, your getting a mortgage for $270,000, then you need to take the remaining $20,000 to your lawyer when you go to sign the mortgage and transfer documents.
There will be other expenses that you need to be prepared for. Legal fees will range from $750 to $1500 depending on the legal fees and additional fees such as land title, insurance, tax adjustments, photocopying (most firms charge you for that) couriers and other costs. In addition you will likely want a home inspection, count on a fee in the $400 range. Sometime utility companies want a deposit, their may be a appraisal fee but often that is covered by the bank and of course moving costs, that depends on who has a truck, pizza or perhaps a moving company. It is important to keep in mind the need for an insurance policy on the home; a bank will not allow the funds until a mortgage policy is in place. There is no need if your buying a condo, except for a contents policy and if your are buying a older home start sooner, sometime they are more difficult to get a policy on.

If you call me I recommend stetting down for a latte and talking over things.

MOVING UP, OVER OR DOWN

Real Estate Consulting Service

If your in a house and need more space, less space, better space or a different location the biggest conundrum is to either buy first or sell first. Both scenarios have their tricks. If you buy first the risk is not being able to sell your home in a timely fusion or that the sale price is not what you anticipated leaving your either caring two properties and the resulting costs or ending up with less equity or both.

Conversely if you sell your home first and then cant find a suitable home before your sale date. This is the biggest dilemma. In many cases the bank wont lend you enough money to buy a second home, so question answered. In these situations I recommend getting a good real estate professional who is willing to work with you in the longest term and who is willing to work with you until you are sufficiently comfortable with the prospects. First, do the homework to see what types of homes are available.

You may need to see many homes that work for you and then hope they stay on the market until your able to buy. But in looking you and perhaps over a period of time to see many acceptable homes come and sell you will be able to get some comfort that your type of home will come available when you can buy. Secondly, be honest about the value of your home.

If it’s on the market and not selling it’s likely overpriced. In selling a home there are three things you that effect saleability. Location, condition and price. You can do something about condition and price but not location, those are the two factors you can manage to make your home more desirable. Some homes may be unique and that require a particular buyer and time is an additional ingredient that may be required.