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Tips for first time Calgary Home Buyers

Mar 15th 2019 at 1:18 AM

Young home buyers purchasing their first homes often face steep challenges when tackling the home-buying process. From saving up to a down payment to navigating the rules, processes, and legalities of home-buying, first-time homeowners can sometimes find the process to be extremely intimidating.

If you’re buying your first home, find out how to prepare for the process of homeownership today.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Obstacles For First-Time Homeowners

In Alberta, young home buyers are facing the challenges of finding a down payment for a new home as well as the overall pricing of them. TD Canada trust released new research this week showing that Albertans that are looking for their first time home are more likely to say that putting together a down payment is challenging and that the price of homes is too high.

The younger generation has identified the three biggest obstacles that are standing in their way as being:

  • Insufficient salaries
  • The price of housing
  • Saving enough for a down payment

According to the survey, the younger generation, also known as Millennials or Generation Y., were viewing these things as obstacles while the older generation, the baby boomer homeowners, didn't see them as being as important.

Across the nation, only 52% of the younger generation thought that the price of properties was too high while in Alberta, 65% voiced this opinion. Only 57% of the Millennials nationally believed that it was a big challenge saving up for a down payment versus 64% in Alberta.

As well, 57% of the younger Alberta generation believed that home prices will increase in value over the next year.It's difficult to say what could be the cause of this higher number but it's certain that most of this younger generation will be able to overcome these challenges to become homeowners in the future.

5 First-Time Home Buyer Tips

You probably have a number of questions about purchasing your new home and what you can expect in the process. When you're first getting started, it can all seem quite confusing but as you start getting your questions answered the confusion starts to clear up.

The most important thing that you can do as a first time buyer is ask questions along the way so that you can purchase your new home with complete certainty about your decision.

Here are some of the top 5 tips that you can use to help get you started with your journey towards homeownership in the Calgary Real Estate Market.

Pre-Qualify For A Loan

Get in touch with a lender and get a mortgage pre-qualified before looking at any homes. This will give you an idea of how much you can afford and the types of homes you should be looking at. One of the things that you want to keep in mind at this point, however, is that the amount that the lender is willing to give you may not be how much you should be spending on a home. When you apply for a home loan the bank is going to look at the debt-to-income ratio and won't be taking your lifestyle and spending habits into account. You may want to talk to a financial advisor to find out how much your monthly payment should be so that you can still live comfortably.

Find A Real Estate Agent

Look for an experienced and qualified real estate agent that is willing to sit down with you and answer any questions you may have. Find out how long the agent has been living in the city and how many homes he has been able to help people purchase. There are a lot of part-time real estate agents but you'll want to find one that works full time and is devoted to his profession. This is how you'll get the best results and find the home that suits you quickly.

Use the Internet

You can do some shopping for a new home in the comfort of your own house by browsing through the different listings on the Internet. You can let your agent know about the homes you find interesting and he can schedule an appointment for you to view them. Your agent will also let you know when anything new is added to the market if he thinks that you may find it appealing.

You'll Need A Real Estate Lawyer

It’s a good idea to line up a real estate lawyer while you're shopping for a home so that you'll have one ready to go once you've found the right property. You can ask your real estate agent, family and friends about the lawyers they have used in the past and you’ll receive great recommendations this way for your new Calgary home.

It's Time To Move In

As soon as you have all of your paperwork in order you'll want to schedule a moving company right away. Movers can be booked up for weeks in advance in some cases so you'll want to secure your moving date with a company as fast as you can. Once you've done this the hard work is over and all that you'll need to take care of next is planning the actual movie itself and how you're going to celebrate once you’ve moved into your brand-new home and settled in.

Speak To a Real Estate Professional Before Buying a Home

Nobody knows the ins and outs of the home-buying process better than a real estate agent. When you’re buying your first home, a qualified real estate agent can teach you everything you need to know about buying a home and keep you from falling into many common pitfalls faced by first-time homeowners. Calgary Luxury Real Estate can require a special agent that specializes in luxury real estate.

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