Calgaryism

TOP 3 MISTAKES

MADE BY FIRST-TIME HOME BUYERS

CODY BATTERSHILL

If you’re thinking about buying your first home in Calgary in 2022, it’s essential to educate yourself on the steps involved, financial requirements, and common mistakes that can be made.

The great news is that many common mistakes made by first-time homebuyers in Calgary are entirely avoidable with a bit of research and due diligence. So, ensure you get the best advice when buying your first property by talking to friends or family with real estate experience and a trusted REALTOR®.

Also, by following these tips, you’ll be ahead of the game and know what mistakes to avoid when moving towards homeownership for the first time!

#1 – NO MORTGAGE PRE-APPROVAL

I see this time and time again where first-time homebuyers are searching for that perfect property but haven’t received mortgage pre-approval just yet. Then, when they do find a home or condo that fits them well, they find out that they are not approved for the loan amount required to make an offer on the property in the first place.

Save yourself time and hassle by getting pre-approved for a mortgage when buying your first home, which will allow you to shop the market with a specific budget in mind. Mortgage pre-approval will also enable you to appropriately account for additional costs associated with buying real estate such as property taxes and moving costs to name a few examples.

#2 – IGNORING OTHER COSTS

As mentioned above, you have to keep in mind that there are other costs associated with buying a home apart from the mortgage. Some of those include: • Property taxes • Home or condo insurance • Condominium fees (if applicable) • Utility costs • Home maintenance, repairs and renovations • Moving costs

Additional costs associated with moving and buying a home or condo can range anywhere from $5,000 up to $15,000 or more depending on the type and price of the property bought.

Account for these extra costs as a first-time buyer and be well prepared to get your foot into the door of homeownership without any stressful surprises.

#3 – NOT GETTING PROFESSIONAL REPRESENTATION

It is in your best interest to find an experienced Realtor® you trust to help you with your overall transaction. This professional will have the knowledge, experience and tools at hand to help you avoid making other common mistakes made by first-time home buyers not mentioned here.

This real estate agent should also act as a guiding hand throughout your transaction while keeping your best interests at heart. When making what could be one of the largest purchases in your lifetime, it’s always critical that you do your due diligence and get all the information and help you can get.

Professional Realtors® are typically full-time agents and are a great tool to use to ensure you end up 100 per cent satisfied with your overall purchase.

Thanks for taking the time to read my article above. I wish you all the best in your first-time house hunt in 2022!

Cody Battershill is the founder of Calgaryism and a top producing Realtor® at RE/MAX House of Real Estate. Born and raised in Calgary, Cody has a passion for helping his clients accomplish their real estate goals and loves to show off the best that Calgary has to offer! He can be reached at 403.370.4008, on Twitter @ Calgaryism and Calgaryism.ca

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