As a first-time home buyer you are going to have a lot of questions, but make sure you are asking the right ones. Your first home purchase can be exciting, stressful, and scary - but if you are informed and prepared, you will have an awesome experience throughout whole process.
Here is a partial list of questions you should ask, and an idea of who can provide you with the right information.
Renting vs. Home Ownership - Educate yourself on the true costs of home ownership and see if the benefits outweigh the costs and risks at this point in your life. There are many resources available on the internet that can provide you with a cost-benefit analysis tool to help you decide if you are ready.
What can I realistically afford? - Mortgage calculators are generalized for everyone, they do not take your lifestyle into account. Start with a mortgage calculator, but also take into account your travel, entertainment, child care, memberships, pets, and other expenses that may not get calculated by the mortgage calculator. You do not want to be left in a situation where you can afford your home, but not the other things in life.
What kind of house is right for me? - Think about how long you want to stay in your first home and what you think your life will be like in the time frame you would like to keep your home. Will you be starting a family? Will you be traveling often for work or pleasure? Do you need a home office? A Calgary Realtor can help you decide what will work best for you. Look for a home buyer's checklist either through your bank, mortgage company, or your Realtor.
How much should I save for a down payment? - A good down payment is usually 5% of the cost of the home. If you have been able to save, try to put down as much as possible. Some lenders have "cash backs" and other incentives, but you have to remember that the less money you put down, the more your monthly mortgage will be. You should be looking for a home in the price range that takes your down payment into consideration. Check with myself or mortgage consultant to find out how much you have available for a down payment and how much of a mortgage you should be looking for.
Are there any first-time homebuyer programs available to me? - There are often programs available to first-time homebuyers that provide incentives, reduced fees, reduced insurance costs, tax credits, or other incentives. You really need to do your "homework" to find some of these programs. The Canadian government is a great resource to get started at the Canada Revenue Agency: cra.gc.ca cra.gc.ca. Your mortgage broker will have information on what other programs may be available to you through different banks and agencies.
Purchasing a home in Calgary for the first time doesn't have to be a stressful experience. Check with your Neil Rowlandson and CalgaryCastles.com to get more information on the Calgary Real Estate Market
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