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There truly are benefits to both scenarios and it ultimately depends on your situation! Lets start with the cons of buying a new home in Calgary: Amenities, services, and important details to many buyers like access to public transportation may not be built for many years. New communities like Auburn Bay will eventually have LRT lines directly accessible from the community, but these developments do take time! With new home builds, you'll also be paying the GST on the purchase, you won't be able to see the home until it's finished. Benefits of buying a new home in Calgary: New! From the bones, to the walls, the floors, the windows, and the guts of the home (furnace/Hot water tank/Etc) typically backed by a brand new Alberta home owners builder warranty! You'll find these homes have lower costs as they're more efficient in numerous ways.

There are numerous ways of calculating how much home you can afford, but our general guideline is to take your total monthly costs for housing which includes taxes, maintenance, utilities, insurance, and mortgage payments SHOULD NOT exceed over 30% of your gross monthly income. With plenty of financial representatives often stating that you should not exceed 40% of your income for all monthly debts (Credit card, car payments, mortgage payments, etc) We highly recommend that you speak with one of our mortgage Impact partners, they'll help you find a realistic and well thought out budget for your next home approval, this process will help you understand what your purchasing power is, and from there you can shape and form your search further! Some factors that will shape your purchasing power are Your total debts and monthly payments (current) Your credit score and history Current interest rates How much of a down payment you have saved up Your income

Nothing! We typically have clients that are shocked to hear and find this out, but as a buyer, you aren't going to be shelling out any cash for utilizing our team as a Calgary home buyer. Our fees are compensated through the sellers, it's one of the many reasons you should always consult with the Real Estate Partners team agents and to utilize them under an exclusive buyers agent agreement, all the terms and conditions of compensation and our duties as REALTORS® are completely outlined!

The typical minimum down payment for purchasing a home on a principal residence is 5%, when the property is for investment purposes, you'll typically be required to have a 20% down payment. A $400,000 property for example at minimum would require $20,000 down, and would require $80,000 for a standard uninsured mortgage where you wouldn't have insurance fees. There are exceptions to all of these numbers and details, and we always recommend you speak with our mortgage impact partners to fully understand your purchasing power.

There are a number of costs associated with purchasing a property in Calgary, as a buyer you won't be responsible for the costs of utilizing the services of a REALTOR®, but you will have a few other costs that should be considered. When you purchase a home, typically you'll have a few conditions, these can be financing, home inspection, condo document review, and others. Condominium document review, these typically will cost between $350 - $500 This cost and typical condition allows you to have someone professionally review the management of a condominium's documents and finances, allowing you to have a better understanding of how healthy the condominium corporation is and whether there are potential upcoming special assessments that could end up costing you tens of thousands of dollars or more. Moving - If you're not ready or are unable to take on the task of moving your home, a moving company becomes an incredible relief to your move and will typically cost you anywhere from $500 to $1,000 for your average bungalow and two storey home. Legal Fees - These are the costs associated with the closing of your home, money is held in trust, title transferred to you, and much more. Legal fees will vary depending on the price you pay for the home, but will typically run you between $800 and $1,500 Cleaning the home - Many of our clients are surprised to find out that a home doesn't have to be fully cleaned before being handed over to you the new buyers, this can be sometimes inserted as part of the contract, it's not seen very often, and if you'd like to ensure your home is cleaned professionally before you move in, expect to budget at least 3 hours and you'll typically see rates of $35 to $40 per hour. Home Inspections are on average done 90% of the time our buyers purchase a property, there are times where we don't see them, for example when a client is buying a condominium they sometimes will not perform a home inspection, or when purchasing a new build it varies whether a client will have their own inspection done. The costs for a professional home inspection will also vary depending on the size of the home, but your typical costs for a home inspection will be $350 - $600