Let's Buy a Property

Step 1: Deciding to Buy

To Buy a Home you need to be prepared and we are here to help.  Here are a few things to consider.  Set your budget and investigate mortgage options.  Plan out how much money you have put aside for your down payment, including cash savings.  If this is a first time home purchase you will be able to use RRSP’s if you have them. 

How much are closing costs for a typical transaction?  Will you have additional funds to redecorate, renovate or undertake necessary repairs to your home purchase?  
 
Define your needs and wants – make a list.  
 
Brush up on types of home ownership – Canmore’s unique marketplace offers freehold, leasehold, co-op housing, perpetually affordable housing (PAH), Employee Housing (EHD), Tourist Home and Visitor Accommodation Zoning, to name a few.  We’ll help you get it straight.  Understand market conditions.

Step 2: Hire a Professional Agent Team

Buying a home is personal and emotional, so the relationship with your real estate agent has to be built on expertise, trust and mutual respect. Realtors are licensed by the Real Estate Council of Alberta. 

Your Royal LePage Agents discuss with you the relationship that you will have with your new advisor, your Realtor Team.  They will explain the Buyer Brokerage Agreement and Consumer Relationships Guide, and:

• Educate you about the current market conditions
• Discuss and analyze your wants and needs against your budget
• Guide you to homes that fit your criteria
• Coordinate the work of other professionals you’ll need during the process
• Negotiate with the seller on your behalf
• Make sure all the required paperwork is fully completed, accurate and that deadlines are met
• Work with you to resolve any challenges that may arise

Step 3: Finding Your Home

It’s time for the fun part!  Before you go look at homes, take some time to consider exactly what you want and need from your home, property and neighborhood.  A checklist is a great start to keeping track of all the options you will see 

• Are you going to need an office?
• Do you need all bedrooms on one floor for young children?
• Will you prefer one level living to accommodate for health issues now in the future?
• How close are amenities to your prospective home and ease of getting around the community?
• If an investment property, what may be some of the hidden costs of ownership
• What is the potential for resale, should you want or need to sell in the future; is there a viable exit strategy?
• For recreational property, will insured mortgages be allowed or will only cash purchases be possible?

Step 4: Craft an Initial Offer

• What are the differences between Terms and Conditions
• When will we need our deposit (s) and in what form
• How prior sales history and seller ownership data can influence negotiations
• Am I getting the best deal 
• What help is there to work through all our conditions
• When is the deal firm
• What are competing, multiple and back-up offers
• What if the Seller is represented by the same Brokerage
• Apply for mortgage funds with known borrowing now in place

Step 5: Due Diligence

Means all the Conditions that you and your Agent team feels are necessary to protect your best interests moving through the Purchase process

• Property Inspections
• Lawyer review
• Appraisals
• Financing
• Joint Venture Financials and Obligations for Vacation Property
• Review of condominium documents

Step 6: Firm Sale

• Second deposit may be due
• Interim accommodations and/or storage of goods may be necessary
• Lawyer will need to be hired if not already
• Utilities need to be switched over from home to home
• Packing and moving arrangements made
• Meet with lawyer and ensure mortgage in place and cash to close is available
• Organize insurance either for a structure and contents or in the case of a condo, just the contents
• Set up property tax account and other obligations such as condo fee payment

Step 7: The Big Move

Plan ahead and yes, again make a checklist 

• Label boxes as you pack and consider where that box will end up in the new home.  Set aside items for disposal or sale
• Inform key contacts like Canada Post, your employer, doctors, dentists, CCRA for important address change
• Talk to friends, family about the move.  If kids are involved then appointments may be needed at new schools
• Follow-up with lawyer after the sale to ensure you have all the transfer documents, understand them and place them in safe-keeping for future use
• Ask your CanmoreRealEstateTeam for ideas on how you can get quickly oriented to this fabulous community of the Bow Valley