First Time Home Buyer Checklist

Ending the monotonous routine of paying rent to the landlord and entering the empire of home ownership requires a lot of guts and proper planning. Though the decision seems very daunting, this is an investment for a brighter future nonetheless. For this, you must be prepared and even have the money to do so in order to avoid hefty debts. 

However, this journey can be more exciting if you are well-prepared and know what to do. With so many parts, it can be tough to know where to start from. That’s why it is always good to refer to a checklist before taking the plunge.

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1. Think About the Space
   For many people, the thought of a large home is fascinating. From a 1 bedroom apartment to a 3 bedroom townhouse, or from a penthouse in the city to a beautiful bungalow in the countryside, it all comes down to the preference. Nobody hates the idea of having a bit of space that enables you to walk around freely in your corridors without feeling claustrophobic. On the other hand, a small house is also a good thing. It is less expensive and easier to maintain, which means a lot of savings in terms of time and money.
   
   
2. Carry Out Extensive Research of the Suburb
   Once you have an idea where you might want to live in the city, the next step is to check how much it would cost you to actually live there. Most websites will give you averages, like home price and income in the vicinity, but there is no alternative for looking at what’s on the market or vacant to rent right now.
   Talk to relatives, friends or colleagues who are more well-read in this case. If they are living in the same suburb, even better.
   
   
3. Consider your Environment Carefully
   Besides keeping a tab on financing, agent, home inspections, and budget, it is also very important to consider what kind of environment is right for you. This can be in terms of commute, access to public places, distance to schools / universities / colleges / recreational areas. You should be able to answer questions like, "What will be the duration of commute to work?" or "How close is the grocery store, children’s park, and other amenities from the residence?
   
   
4. Budget Yourself
   It is easier said than done, but you don’t want to invest in a property without thinking about the repercussions it will cause otherwise. It is always good to draw out a budget as to where you currently stand financially and how to proceed with home loans and subsequent tax savings in Alberta, if needed. Always determine how much you’re willing to spend to purchase your new home, as well as for down-payments – something that usually gets unchecked till the last minute.
   
   
5. Catch the Right Realtor
   Consult your friends and family before choosing the appropriate realtor. They might recommend someone they have used in the past, someone that gave them commendable service from beginning to end. If you are buying a house in Calgary, you will need a Calgary realtor who acts as a true consultant to your housing needs and helps you establish what is affordable and even assist you with mortgages. Make sure to find someone with who you can have an amicable rapport with. A lot of your time will be spent with your realtor as he or she will assist you in handling important financial transactions.
   It is vital that your realtor has in-depth knowledge of home building so that they can advise of potential deal breakers in advance.
   
   
6. Gauge the Mortgage Effectively
   Beat the financial stress by becoming eligible for mortgage pre-approval. This ensures that you have acquired the best mortgage deal and correct down-payment. Not only does it help you to understand the affordability of the house but it also sends a message to sellers that you are serious about buying one. Pay attention to interest rates offered by the banks and down payment requirements. Try online mortgage calculators to check how much you can afford before signing the deal.
   
   
7. Request for Inspection
   The final decision of moving into a new place depends on your house inspection. It is crucial to have an inspection because you don’t want to buy a house without one. Home inspection reveals the overall mechanism of your home. it advises you of existing and potential problem areas, suggested solutions, and cost estimates for any maintenance work required.
   Home inspection professionals are capable of notifying issues that the sellers might not even be aware about. They perform tasks like checking the drainage of the home, wiring, plumbing, heating, and cleanliness, and carry out a hygiene check to ensure everything looks right.
   
   
8. Make an Offer and Close the Deal
   Make a ‘clean offer’, which means that you do not have a lot of terms and conditions. It states that you are open to negotiations on things like possession date.
   The homework carried out by you and your realtor show that you are confident in terms of buying the house and have done all the relevant paperwork after assessing the property 3-4 times.
   You are required to keep aside enough funds to close your deal. It includes legal fees, tax closing adjustment, deed and mortgage registration, real property report, land transfer or property purchase tax.
   
   
9. Transfer Utilities and Mailing Address
   The final step is to transfer all your utilities to your new house which includes phone, cable, internet, power supply, water, and gas services along with any appliances and furniture.
   Gather all your bills, statements, tax information, healthcare documents, anything you make automatic payments on, subscriptions, and mailers. Do an address change on all these documents to avoid confusion and delay of any deliveries or important letters to your new residence. 

As long and tedious this process is, it is fun and memorable too. Buying a first home in Calgary is going to be a thrilling experience as it’s your first real investment. By consulting a real estate professional, you’re bound to get a favorable deal. If you have decided on buying and think it is the right decision, do the necessary research and go for it.