Residential Property Buying Guide

Are you thinking of buying a Residential Property? If so, you're in luck because some great options are available right now.

Whether you’re looking for a condo, duplex, townhome or a single family home, you’ll want to check out the latest real estate listings for sale. With all the new development in the region, there are plenty of great options to choose from. Whether you’re looking for a downtown condo or a suburban bungalow, you’ll find what you’re looking for in the Calgary and Cochrane current real estate market. 

Our Calgary real estate listings are updated regularly, so check back often. And if you have any questions, our team is always here to help. So what are you waiting for? Start your search for Calgary real estate listings for sale or rent today!

Common types of real estate properties

What to do before you start looking for a home

Before you start looking for a home, it’s important to get your finances in order. This means getting a clear understanding of your credit score and history, as well as ensuring that you have enough saved up for a down payment.

It’s also a good idea to get pre-approved for a mortgage, so that you know exactly how much you can afford to spend. Once you’ve taken care of the financial side of things, it’s time to start thinking about your wish list. What are your must-haves in a home? What would be nice to have?

How many bedrooms and bathrooms do you need? By taking the time to answer these questions, you’ll be able to narrow down your search and find the perfect home for you and your family.

Finding the right neighbourhood for you

Deciding on the right neighbourhood to live in can be daunting – there are so many factors to consider! But with a bit of careful planning, you can find a neighbourhood that’s perfect for you and your family. 

Start by thinking about the kind of lifestyle you want to lead. Do you like being close to the action, or do you prefer a more relaxed pace of life? Once you’ve narrowed down your options, take a look at the amenities each neighbourhood has to offer. 

Are there good schools nearby? What about parks, public transportation, and shopping? And finally, don’t forget to factor in affordability. Once you’ve considered all of these factors, you should have a good idea of which neighbourhood is right for you.

Making an offer for your new home in Calgary

If you’re looking to buy a home in Calgary or Cochrane, one of the most important steps is making an offer. But what should you include in your offer? And how can you make sure it’s accepted? Here are a few tips to keep in mind:

By following these tips, you’ll be able to make a strong offer on the home you’ve been eyeing.

What to do when your offer is accepted

You’re finally ready to take the plunge and purchase your first home. After months of searching, you’ve found the perfect place and made an offer that was accepted. But what comes next? Here’s a quick guide to what you can expect in the coming weeks.

First, you’ll need to secure financing for your purchase. If you’re taking out a mortgage, this will involve applying for a loan and going through the underwriting process. Once your loan is approved, you’ll need to schedule a home inspection to make sure there are no major defects with the property. 

Once everything checks out, it’s time to move on to the final step: closing. At closing, you’ll sign all of the paperwork required to finalize the purchase of your home and pay any associated fees. Congrats – you’re now a homeowner!

Closing the cost of your new home

A home is likely the most expensive purchase you’ll ever make. But in addition to the purchase price, there are a number of other costs that you’ll need to account for. Here’s a rundown of some of the most common closing costs and other expenses that you can expect when buying a home.

One of the first expenses you’ll incur is a loan origination fee. This is a fee charged by the lender for processing your loan application. You can expect to pay 1% to 2% of your loan amount in origination fees. For example, if you’re taking out a $200,000 mortgage, your origination fee would be $2,000 to $4,000.

You’ll also need to pay for an appraisal and home inspection. An appraiser will assess the value of the property to make sure it meets the lender’s requirements. A home inspector will check for any major defects or needed repairs. Expect to pay $300 to $500 for an appraisal and $400 to $700 for a home inspection.

In addition, you’ll need to pay for title insurance and escrow or closing costs. Title insurance protects you from any claims against the property that arise from previous owners. Escrow or closing costs cover administrative fees and other miscellaneous costs associated with closing on the property. These costs can add up to 2% to 5% of the purchase price of the home.

Finally, don’t forget about ongoing costs such as property taxes, homeowners insurance, and maintenance and repairs. Property taxes are typically paid quarterly or semi-annually and can range from 0.2% to 2% of your home’s value depending on your location.

Homeowners insurance protects you from damages caused by fire, storms, and other perils. It typically costs $600 to $1,200 per year, or 0.5% to 1% of your home’s value. 

And last but not least, remember that all homes require regular maintenance and repairs – plan on budgeting 1% to 3% of your home’s value each year for these expenses.

As you can see, there are a number of costs associated with buying a home beyond the purchase price itself. By being aware of these expenses ahead of time, you can be better prepared financially and avoid any unpleasant surprises down the road.

What to look out for when buying a home

Location

Location is the first thing you need to consider when looking for a new home. Where do you want to live? Do you want to be in the city or the suburbs? What kind of neighbourhood do you want to live in? Once you’ve decided on a general location, you can start narrowing your search.

Size and number of bedrooms

Another important consideration is the size of the home and the number of bedrooms. How many people will be living in the home? Do you need a lot of space, or can you get by with less? Do you need a specific number of bedrooms? Once you’ve answered these questions, you can start looking at specific homes.

Price

Of course, price is always a major consideration when buying a new home. How much can you afford to spend? What kind of mortgage can you qualify for? Once you have a budget, you can start looking at homes that fit your price range.

Condition of the home

Another important consideration is the condition of the home. Is it an older home that needs some work? Or is it a newer home that’s in good condition? If you’re not handy with repairs, you may want to steer clear of an older home that needs work. But if you’re willing to put in some elbow grease, an older home can be great.

The neighbourhood

As we mentioned before, location is important when buying a new home. But it’s also important to consider the neighbourhood where the home is located. Is it a safe neighbourhood? Are the schools good? What are the neighbours like? These are all things to keep in mind when choosing a new home.

Commute time

If you work downtown, you may want to find a home close to public transportation or easy access to the highway. This will help reduce your commute time and make getting to work each day much easier.

Proximity to amenities

Another consideration is proximity to amenities such as grocery stores, parks, and entertainment options. You may want to find a home close to a park or playground if you have young children. If you like eating, you may want to find a home close to restaurants and cafes. Consider your lifestyle and needs when choosing a new home and pick a location accordingly.

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