Tagged : Calgary Real Estate Buying Tips

Found 11 blog entries tagged as "Calgary Real Estate Buying Tips".

The 5 year rule Canadian real estateIf you've been looking into real estate in Calgary you've probably run into the five-year rule and may not fully understand it. If so, here's a brief explanation that will help you get a grip on this rule and where and why it applies.

What is the Five-Year Rule?

This is a very general rule that means you should plan on remaining in the home you purchase for five years at least. If you don't, it will hit you in the pocketbook, in most cases. This is due to the closing costs that need to be paid when you sell your house and can be a substantial amount, depending on the value of the home.

As well, you'll have to look at how much equity you have actually built up in your property. When you first take out a mortgage you'll be paying mostly interest

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How to Choose Between a Bank and a Mortgage BrokerIf you're new to the world of purchasing a home and haven't taken out a mortgage before, you may be confused about the differences between a mortgage broker and a loan officer at the bank. Although they can both provide you with a mortgage, there are differences between them that you'll want to learn so that you can get end up getting the best mortgage possible that matches your personal financial situation.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

Using a Mortgage Broker For Your Mortgage

This is a professional that specializes in mortgages and acts as a third-party to bring together borrowers and lenders. A broker can access a variety of lenders

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How to Redesign Your Home For Senior RetirementMost seniors are staying in their homes as long as possible to maintain their independence and remain in the familiar surroundings they are used to. This means that many seniors are remodeling their homes to make them fit their needs instead of moving out. The best time to consider the changes your home will need is before retirement.

Some of the modifications that can be made to a home to make it retirement-friendly include the following:

Living On One Floor

Stairs are great when you're younger and can appreciate the exercise they provide but once you're older they can become a problem. Planning to live on a single floor during your golden years is one of the best decisions you can make. This can involve either moving to a condo or a bungalow

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Is a Fixed Rate Mortgage or Variable Rate Mortgage Better?If you're like most Albertans you prefer the fixed-rate mortgage. This is according to a recent survey conducted by CIBC showing that most residents in the province would select a mortgage with a fixed-rate over a variable rate.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

What Are the Pros and Cons of Variable-Rate and Fixed-Rate Mortgages?

An adjustable-rate mortgage (ARM) has fluctuating payments based on the specific terms of the mortgage and a benchmark interest rate that is chosen by the lender. This can be beneficial for home buyers, especially for those who are expecting changes in the next few years and are not looking for long-term

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What to Know About Conducting a Land SurveyLand surveys are prepared for residential homes and show you exactly where your home is sitting and any renovations and improvements that have been made to the exterior of the property. Some things that may show up on a survey report may include additional decks, pools, driveways and buildings that have been added. This is a legally binding document that can be called upon by the local municipality, mortgage company or the bank and its helpful when any real estate transfer is taking place.

There is no expiration date on a survey but it is a good idea to get one if you are involved in a real estate transaction. In some cases it will be required by the lending institution as part of the financial conditions for the home loan.

Are You Required

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How to Shop for New Home AppliancesSo you've purchased a new home. Congratulations! Now you may have to think about the types of appliances that you're going to add to the house assuming that they don't come with the property and you don't have any of your own to carry over. When you're going out to purchase those new appliances there are some things that you should keep in mind besides the price. If you get too caught up in the cost of the shiny new appliances in front of you, it can attract your attention over from other critical factors.

The Size Of The Appliance Matters

Fridges, stoves, washers and dryers are not all made in a one-size-fits-all manner. You should take some measurements of the allotted space for each appliance so that you don't end up with one that just

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Would You Live in a Haunted House?Although you may think it's a silly question, a lot of people believe in haunted houses and say that they have seen evidence of other beings living with them. Whether you're a believer or not, this may be something to take into consideration when you're selling a home. If you do believe that a house can be haunted, it's something you may have to take into account if you find the home of your dreams! There may be other types of beings inhabiting the property that aren't in human form!

Realtor.com has just released the results of their 2013 Haunted House Report and the results were very interesting. It turns out that approximately 35% of the respondents have lived in a house that they believe was haunted.

How Many People Would Buy A Haunted

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Can You Have a Treadmill in Your Condo?If you're an avid treadmill enthusiast and are thinking about buying a new condo in the upcoming future, you'll need to find out first whether you can operate a treadmill in the unit. While most condominium buildings won't have a specific rule concerning personal exercise equipment, there will be other simple rules that may make it impossible to run the machine.

It's All About The Noise Level

Most condo agreements will have a stipulation about individual noise levels from each unit. Most will basically say that you cannot make noise that will bother your neighbours. This means that you'll have to find out how the noise travels from one condo unit down to the one below it.

In some cases you'll be able to drop bricks on your floor without

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Purchasing a New Home CostIf you're like most people in Alberta, you're prepared to spend more than the Canadian average in order to buy a home. According to a new report issued by BMO, called The First-Time Home Buyer's Report, the average that the first time Canadian buyer is planning to spend on their purchase is $300,000. People here in Alberta have loftier goals and expect that they'll be spending $406,000 for their first property.

In British Columbia the average was $384,000 while it was even lower in Ontario at an average of $326,000. 

The report also goes on to say that 63% of the first-time homebuyers have had to cut back on their budget in order to save for the down payment while 27% expect either their parents or another member of the family to help out

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Saving For a Home Down PaymentAre you planning on purchasing a new home in the Calgary area soon? If so, you're probably saving up for your down payment. There are a few things that you should understand, however, about how to save for a down payment and the size of the down payment needed in order to buy a Calgary home.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

How Much Money Down Do You Need for a Home?

The most important thing that you need to know about your mortgage is that an insurance premium will need to be paid to the Canada Mortgage and Housing Corporation if you can't make a minimum 20% down payment for your home. This premium is based on the total amount of the

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