Homes for Sale

Buyers Info

Helpful Tips

Buying a house is generally the single largest investment a person will make in their lifetime. It can be a very emotional experience. My goal is to make the purchase of your home a very smooth, pleasurable and exciting experience for you.

I would like to recommend the following for your consideration when you look at buying your home.

Pre-qualify for a Mortgage

Get pre-qualified for a mortgage.I would recommend that you do this through either your bank or a trusted mortgage broker. Some pre-qualify agents may say what you are likely to be able to borrow based on your income and expenses etc, but I would strongly suggest you get a strong pre-approval from a lending institution, either directly or thru your mortgage broker. You may be able to secure your interest rate up front and not have any surprises later. Banks will generally discount from their posted rates, sometimes up to 1%. Do not get yourself into a situation where you become house poor. Make sure you evaluate your budget and do not just accept the amount the bank will give you and think you will be okay for cash flow on a monthly basis.

Insure your Mortgage

Consider insuring your mortgage privately and not through your lending institution. Generally the banks will ask you to have mortgage insurance and they are happy to sell it to you. The problem lies in the fact that their mortgage insurance is based on a declining balance of what is outstanding on the mortgage at the time of the unfortunate event that you need to make a claim. With a separate term insurance policy, provided by any regular insurance company, you will get the same $$$ coverage with the advantage that it pays out the total value regardless of what is outstanding on the mortgage at the time of the claim. Term insurance generally is the same or less in cost to the lending institutions insurance costs. Example: $350,000 mortgage. 15 years into a 25 year term. The Bank will pay out approximately $203,000 on a life insurance claim, whereas the term insurance policy will pay out the full $350,000 and you pay the same monthly insurance premium or less.

Subject to Conditions

Always have a subject to financing written as a condition of sale, even if you are pre-approved. Very rarely will this condition be a problem with any seller. It is highly unlikely you will lose a deal on the house you want to buy based on this condition.

Always try and have a Subject to Home Inspection written as a condition of sale. Once again, it is unlikely that you will lose the deal on the property you want based on giving this condition. As your buying agent, I will do my best in helping you predetermine the obvious faults of a home. I will also recommend highly respected home inspectors for you to consider hiring. In general, a home inspection costs start at $350 for your average home. Even with new homes, I would recommend having an inspection done. With the current boom in Alberta, some builders and trades may have rushed things or perhaps did not give the up most in due care and attention to detail they may have otherwise done in a more stable economy.

Other Factors to Consider

Factors that as your realtor I will make sure are considered;

Listing price; How does this house compare with others similar in the area.

Selling price: What other similar homes in the area have sold for in the past 3 months. The pro's and con's of these similar homes in evaluating the best price for you to offer to get the home you want.

Try and take out some of the emotion in the buying process. Ask yourself the question upfront: Can I walk away from this deal? If you prepare yourself to walk away from a deal, you will be in a much better bargaining position, plus you will help alleviate some of the stress related to the emotional roller coaster of buying a home. It is okay to really want something, just try and not let on that you really really want to buy this home. Of course, in reality, and in this crazy hot Alberta market, playing poker faced is not always a luxury you can have or entertain.

Financing alternatives should be considered. Is there an option to assume the current mortgage? Owner financing? Interest rates? HELOC options? RRSP eligibility?

Possession dates and intern financing; A difference between when you take possession of your new home and when you sell your current home must be considered.

As Your Realtor

As your realtor, I will work hard to understand your purchase requirements and research and select properties for your consideration that meet your individual needs. I will endeavor to discover the seller's motivation to sell and negotiate the lowest possible purchase price and overall purchase package for you. I will work hard for you, the client, to ensure you have that special place you can call home!

If you are looking for investment property, my business acumen and understanding of finance along with an understanding of the real estate market will make sure you get the best possible investment property that fits your criteria.