Mistakes to Avoid When Looking at Calgary Homes
If you’re checking out Calgary homes for sale, you can easily find yourself overwhelmed. There is a lot to think about when it comes to purchasing a home, even beyond all the financials. It’s important to put together organized plans, goals, and checklists to ensure you don’t miss a beat along the journey to home ownership. Whether this is your first home purchase, or you’re hoping it’ll be your last, there are some important things to think about when buying a home in Calgary.
Not Getting Pre-Approved
It is absolutely vital you get pre-approved before home shopping. Not only does a pre-approval give you a hard number you need to stick to when looking at the cost of homes, it also shows your realtor you’re serious about the purchase. Without that approval, your realtor may think you’re just jerking them around. Since they work on a commission basis, they will be more eager to work with you knowing you’re serious about making a purchase.
If you’re in the pre-planning stage and still just browsing, use a mortgage qualification calculator to see how much you can afford. Once you put together a budget, you can start checking out what types of homes are realistic and what neighborhoods in Calgary can fit your needs as well as your budget.
Shopping Above Your Means
Speaking of budgeting, it’s not uncommon for homebuyers to see beautiful, expensive homes on the market in a place like Calgary and try to find a way to make it work in their budget. What’s a few extra thousand dollars, after all, when it’s paid over many years in your mortgage?
Unfortunately, that could end up taking you into a range where you and your family won’t be living comfortably. Not only is there a down payment to consider, but you also should consider closing costs, as well as utilities, taxes, and insurance. Once you know what you can get qualified for, consider what you actually can afford each month while still enjoying some of the small luxuries of life. Don’t be like Jeff Goldblum in Jurassic Park – if you get preoccupied with whether or not you could, you may not stop and think about whether you should!
Skip the Inspection
Right now, we’re experiencing an incredibly competitive market. Because there may be many offers on the home of your dreams, you may be tempted to waive the inspection. This tactic is often used by realtors and buyers so their offer will be more appealing to sellers. When you receive a home inspection in Calgary, you are able to negotiate the price down if you find issues with the home, or you may be able to ask the seller to make certain repairs before closing day.
If you choose to waive the inspection, you may find yourself with unexpected issues that can be inconvenient and extremely costly. If you are set on skipping the inspection to remove that contingency from your offer, consider still getting an inspection on your own after you close. It’s still a good idea to know, for the safety of you and your family, if there are any home issues you should be aware of.