Buying a home is one of the largest and most time-consuming investments you’ll make in your life, which is why it’s in your best interest to educate yourself on the process as much as possible. Mountain Park is here to not only help you become a successful first-time Calgary homeowner, but a well-informed one as well with these four tips to keep in mind.
1. Wait for the Perfect Time to Sell
Not only do you want to wait for the right time to buy your next home, the same applies for selling your current home. Before you put your home on the market, take a look at past market behaviour to determine when the prices of homes in your area were the highest. This is a good indication of when you’ll want to start drumming up interest in your home.
2. Don’t Forget About Pre-Approval
When you first start looking at properties for sale, it’s a good time to prepare for your mortgage pre-approval. The reason you’ll want to be proactive is that it might take a while for you to be pre-approved, and in the meantime you can narrow down your choices for your future home. You should also ensure you have all of the necessary funds once you’re approved so you can expedite the closing process.
3. Plan Renovations Carefully
Updating your current home is one of the most effective ways to increase its overall selling value. Before you reach out to local home improvement contractors, know that you should wait at least a year before you move out of your home before you decide to renovate. The reason we say this is so that any renovations and upgrades you make will be contemporary and more likely to entice potential buyers.
4. Remember Closing Costs
As you’re tying up the final details with your mortgage pre-approval, start thinking about your closing costs. Such costs include down payment, legal fees, land transfer tax, additional taxes and the cost of the home inspection. You might also have to pay mortgage insurance fees, in addition to commission fees and taxes if you sell your current home.
Knowledge is most definitely power when it comes to being a homebuyer. Don’t hesitate to let us know if you’d like more professional tips.