Posted on Jan 28, 2021
Don’t get caught up in the following:
• Don’t wait for the perfect house, there isn’t one
• Compromise and prioritizing are necessary elements in home purchasing
• Don’t buy before you do some comparison shopping, especially if you’re new to the area
• Don’t write an unrealistic offer or you will simply be helping someone else’s offer look good (too lo...
Read More
Posted on Jan 28, 2021
Another choice you will need to make is deciding between a new home, one that has been previously owned (a “resale” home), or one that you will build yourself. Take time to carefully consider each option.
New home:
• Is the home built and ready to move into, or will you have to wait for the construction to be completed?
• If the move-in date gets de...
Read More
Posted on Jan 28, 2021
Options vary slightly between provinces, but you can choose between the following ownership types in Alberta:
Fee Simple: you own the building and the land. “Fee simple” tenure is the most common type of ownership. Owners of single-family homes — who own both their home and the land it is on — hold the property in fee simple, for example. In contras...
Read More
Posted on Jan 28, 2021
Figure out how much you need to save to cover the upfront costs associated with buying a home. For example, have you saved enough to pay the following expenses?
Upfront
• Down payment — the part of the home price that is paid when you make an offer to purchase
• Home inspection and appraisal fees
• Insurance costs — including property insurance, mort...
Read More
Posted on Jan 28, 2021
When financing a home, make sure you’re prepared to deal with any challenges that come up. These can include a loss of income, increased expenses, or rising interest rates. The following tips can ensure you’re financially stable through many ups and downs.
• Choose a smaller mortgage. Get a smaller mortgage than the maximum amount you can afford. T...
Read More
Posted on Jan 28, 2021
You will have many options when it comes to choosing a mortgage. Your lender or broker will help you find the mortgage that best matches your needs. Become familiar with the following terms and options to help with your decisions.
Amortization period: The length of time you agree to take to pay off your mortgage (usually 25 years)
Mortgage term: The...
Read More
