|
Navigate |
||||||||||||||||||
|
||||||||||||||||||
Colleen is a Calgarian, born and bred. She has been in real estate since 1990, is a three times Silver Award winner and a member of the Presidents Club. Her success comes from her love of marketing and "earning the right to do business with [her] clients". Colleen believes each home has its' own story to tell, and tailors her approach to reflect the different personalities she encounters. Her methods are innovations in the field, and appreciated by her co-workers and clients and alike. "My clients like the fact that I'm not sitting waiting," says Colleen, "I'm always trying to make something happen." Contact Colleen:
|
|
Buying Property
|
What you really need to know
If financing is needed for your purchase your first step should always be to get pre-qualified when buying a home. The main reason for this is so you know exactly how much you can afford to spend on a home without getting over-extended. A useful side-benefit to this is that you will get a guaranteed interest rate for up to 90 days from your pre-approval. So if interest rates go up, which they frequently do, you will be able to take the lower rate that you were promised.
If you decide not to get pre-approved use the general rule that your mortgage payment should be no more than 36 percent of your income.
Next you will want to get a feel for the market. In Calgary this is especially important, as property values and trends seem to change on us over-night! You can find some great resources on this site to help you see what's happening. Click here. Don't forget the links on the right of this page for more great real estate news and search tools.
If you decide that now is the time to get involved, whether it's for investment or living purposes, you will need to draw up a plan. Try to answer these questions:
 How much can I spend on a house? Use the pre-approval. How much do I want to spend on a house? Keep your research in mind, and be realistic.What area of the city would I like to live in? Why? Could a different area suit my needs as, or almost as well? How much space do I need? How many rooms? How many bathrooms?What type of construction would suit me best? Condo? New home? Older home?What extras would I really like to have? Air conditioning? Fireplaces?After you've answered these questions it's time to see what's out there. The Multiple Listing Service, mls.ca is a daunting website with a sea of information, but you simply can't ask for a better listing tool. It has all the listings in Canada, which can be organized however you choose: by area, by price, by size, you name it. Make a list of properties you are interested in, and note why they stood out to you.
Next you need to either find a Realtor, or make some appointments, and check out the listings you pulled off mls. More on this in the using a realtor section. If you do find the home you want without using a realtor you will still pay the same amount of commissions, but they will all go to the listing agent, who becomes your realtor as well, and will walk you through the purchasing process. The exception is, of course, if you run into a "for sale by owner" where there are no realtors involved at all.
With any luck (by which we mean patience) you will come across your dream house at the right price. Make sure to make an offer - if you think it's too expensive you could be right, there's no harm in making an offer. If they say no, you can try again. |
 |
Buying tips
Much like my grades in college, the biggest trap in buying a new home is "falling in love". Try to distance yourself from the purchase so that it is not just an emotional purchase, but one that also makes business-sense.
1. If you get only one tip from this website, this is it: we can't count the number of Realtor's websites we've come across saying "don't wait to buy" or "buy quickly, prices only ever go up!" How stupid is that!? It's a market, and like every market it goes up and down. NEVER feel pressured to buy, especially not for this reason. For example: in Calgary a home owner who purchased a half-million dollar home in July of 2007 could have easily lost as much as $50,000 if they tried to sell their home just 4 months later in November. Why? Because the market went down. Also, if you are being pressured to buy because this house is "one of a kind" - don't listen. You will find another home that feels right - and probably at a price you like.
2. This may seem obvious now, but never commit to buying a house for more than you can afford. It happens all the time.
3. Location, location, location. Is the house in a convenient area, or would you have to drive a long way to go grocery shopping or visit the gym?
4. Avoid these common property pitfalls which will erode your resale value: problems with the foundation, small backyards, inadequate closet space, poor floor plans, a small or outdated kitchen, too few windows and natural lighting, or too few bathrooms for the size of the home. Also avoid proximity to business establishments, factories, railroad tracks, heavily traveled streets, and being too close to noisy police stations, fire stations and schools.
5. Having the best house in the neighbourhood doesn't mean much when it comes to reselling. You will be unlikely to get much more than the other houses in your neighbourhood. Never pay more than $10,000-$20,000 more than other houses in the area.
6. Visit the area during both the day and the night. Do you notice any disturbances during the day, such as loud music or barking dogs? Does the area feel different at night, or does it still look and sound like a good place to live?
7. How is the designated school for the district rated? Even if you don’t have children, your future buyers might.
8. Always do a walk through or pre-settlement inspection of the property yourself on the day of closing. The utilities need to be left on to do the inspection properly. Make sure the basement is dry, test both the heating and air conditioning, open and close all windows and doors, and check all stove burners.
9. Know what kind of fees to expect. Closing costs usually add up to the several thousand dollars. Title searches, realtor fees, loan applications, and legal fees should all be taken into consideration. Lenders in Alberta are required to give a ballpark estimate of these costs.
10. Negotiate. You may not be able to get the seller to drop the price of their home, but you might be able to get them to sweeten the deal by including some extras. Refrigerators, washers, dryers, ceiling fixtures, and air conditioners are some things that will add value to your purchase.
|
|
Resources
|
||
After finishing his Finance degree at McGill University Chris obtained his mortgage brokering license here in Calgary. He has since worked with several of Canada's top brokers, and has quickly gained a reputation as the "go-to" agent for many of Calgary's realtors. Chris attributes his ability to take complicated scenarios and turn them around in record time to the talented team he works with, and his relationships with over 40 different lenders. "If you have any questions on the current Calgary housing market, your ability to finance your next home, or just need a mortgage put together quickly at a great rate, give me a call!" Contact Chris: |
