How to Buy a House in Calgary
|1- Evaluate Your Current Financial Situation
Before you choose to buy a home, you need to make sure that you’re financially prepared. In order for a home to be affordable, it shouldn’t cost you more than 35% of your net income after taxes.
|2- Find a Calgary Real Estate Agent
Finding the right Calgary agent to guide you on your search. Since sellers are most often tasked with covering the commission fees for a buyer’s agent, there’s no reason to worry about the cost.
|3- Check the Local Real Estate Market Forecast
In Alberta, some of its top performing cities (Calgary, Edmonton, Fort McMurray) are starting to be in a balanced market. Calgary, after years of unstoppable growth, turned from a sellers market into a buyers one.
|4- Get Pre-Approved for a Mortgage
Getting pre-approved for a mortgage first. This letter or certification means you're a good candidate for the lender, and they’ll make a more substantial assessment and provide you with proof that sellers can bank on
|5- Start House Shopping
House shopping is the most fun part of the process of buying a house. While you might have a list of criteria you’re looking for, here is when you get to see what’s really possible based on what’s on the market and your budget
|6- Make an Offer
If there are other offers and you need the house, then you’re going to try to outbid the current bidder. If there are no other offers, your agent is going to help you craft a price that feels appropriate and is usually lower than the asking price.
Before you’re allowed to get financing from most lenders, they’ll want you to get an inspection and an appraisal of the property. This ensures that the Calgary home you’re interested in is really worth what the seller says it is.
|8- It’s Completion Day!
After you signe the mortgage papers with your lawyer and give him the costs of closing on the deal. Your agent will give you the keys of your new home!