Purchasing a Home: 5 Things To Consider

While buying a home is a stimulating feat in life, it is for sure not something you want to rush into. It is going to be one of the most expensive purchases you will make in your life. This is the reason why you will have to take the time to study all the alternatives available on the market.

Below are 5 important elements to know purchasing a home.

1. Clean your credit record

Paying an amount big enough to finance a home is something a lot of of us cannot afford right on the spot. Because of this, asking for a loan is essential for most people. You will need to make sure your credit record is as clean as possible so that you will be accepted. It is advised that you get copies of your credit report several months before you start shopping for a house so you know what to expect.  Try to get your credit rating above the 600-650 range according to FICO scores.  Anything above these values, you should be able to get approved for a new mortgage.

2. Stay within your price range

Because of the current economical situation, there are so many homes on the marketplace to choose from that it can be difficult to find the ideal one for you. However, it is crucial you stay within your financial limits and do not try to reach too far.  It is not fun for anyone to be ‘house poor’.

3. A home in a school district

If you have children, you will for sure want to purchase a home within a specific school zone. However, it can be a good idea to purchase a home in a school zone even if you do not have kids. The reason for this is because strong school districts are a top priority for a lot of people who are looking for a home to purchase. Buying a home in a school district will allow you to make a substantial profit when you will sell it.

4. Real estate agent

Buying a home is a hard task and you won’t probably have the time it takes to run here and there, visiting and comparing prices. It is therefore advisable to have a professional service that will provide you with a large selection of homes that are within your financial limits and have the qualities you are looking for.

5. Hire a Home Inspector / Condo Doc Inspector

It is best when you purchase a home or condo to have a home / condo doc Inspection. This does cost apx $400 upfront, but is worth it.  They are able to find problems in your home or documents that you may not be able to do so without them, and potentially save you more money

There are different things you will have to consider prior to buying a home. Since this is the potentially the biggest step in your life, this is for sure not something you want to make a rash decision on. Remember the five tips listed in this article the next time you go looking for home.

What Do You Think…???

So we’ve nipped, tucked and peeled our blog, and have many new features here for you.  It has been completely transformed… Soon we will have new guru’s who will be ongoing contributors to this blog, and you will be able to ask questions to them. We have new eZine’s that you can browse through, there is now an area for featured listings etc. etc. etc.

We would love to hear your first impressions of the new blog…

Please leave a comment below!

Cheers,

Jared Chamberlain

8 Steps To Purchase a Home – Free eBooklet

Here is a great resource for you when looking for a new home…

Weekly Market Update – Week of January 27, 2009

This past week, we have noticed and in talking to other agents, there is a feel that there are more buyers coming out of the wood work. The number of sales this past week went up by 50 sales, which is good, and only 123 new listings onto the market, which is less then the week before at 149.

On the flip side, many buyers are finding that the properties that they are looking at aren’t up to standard, and aren’t great properties. If you have a quality listing and it’s at a good price, it will sell in this market. I have heard of, and been apart of a couple multiple offers happening over the past couple weeks, on properties that are valued well. The big thing in this market, and I’ve said it before, comes down to price. Buyers are still looking for a good deal.

8 Biggest Home Seller Mistakes

Here is a special report that we did up on the biggest mistakes that majority of home sellers make, that you will want to avoid in the future.

Would love to hear your feedback.

To see all our ezines, click here…

Please forward this on to anyone that you believe this would be useful for.

Enjoy!

1510 McAlpine Street ~ Carstairs, AB – SOLD

1510 McAlpine Street, Carstairs AB

Download Feature Sheet Here

Builder is willing to do a Vendor Take Back on this property, so bring offers.  As you enter this home, you will instantly notice the high-end craftsmanship.  1,313 sq ft of high quality living space in this 2 bedroom, spacious upper loft with 1.5 bathroom.  Gorgeous hardwood and tile flooring on the main floor, with 9 ft ceilings, complimented with designer colors.  Two bedrooms up with the master being a generous size.  ENERGY EFFICIENT HOME from Low-E Argon gas filled windows, TANKLESS HOT WATER boiler system, HIGH EFFICIENT FURNACE and TOTO dual flush toilets.  There is a rear parking pad with foundation walls ready for garage to be built. The kitchen is a chef’s dream with stainless steel appliances, upgraded cabinets with an abundance of storage including the large pantry.  Don’t miss your opportunity to live in Carstairs premium community West Highlands, only 30 min north of Calgary.  There is a DAILY COMMUTER BUS TO DOWNTOWN CALGARY, ask listing agent for more details.

TFSA – Tax Free Savings Account

I’ve been looking into the TFSA a little bit, and it seems like a great idea. In fact it appears at first that you can invest this money into whatever RRSP’s can invest into. For those of you that don’t know what this is, this is a new account that you can put up to $5,000 personally each year, per person. So if it is you and a spouse, you can put in $10,000 a year and invest that money, and any gain in the account you can take out tax free.

If you are interested in this, and would like more info, please let me know and I’ll do a larger article on the new TFSA.

Weekly Market Update – Week of Jan. 20, 2009

Over the holidays we have come to a place that the listing count has dropped, sales slowed and the average price dropped.  Even though this may sound somewhat depressing, it is very typical this time of year.  Over the last couple weeks, since the New Year, we have seen the listing count climb upward from 5,698 on Jan. 2 to 6,075 on Jan 20.  This will probably increase further from here on in as we move into 2009.

The Average and Median price of Condo’s (CND) and Single Family (SF) have been dancing around, which we suspected and predicted from end of 2008.  For SF homes the price since the beginning of the year increased in the Median and Average price, both apx. By $3,000 to end up this week at $380,500 (median) and $417,121 (average).  For CND’s we have seen a decrease in the average and median price.  The median price on Jan. 2 was at $250,000 and on Jan. 20 was at $245,000, and the average price has actually stayed almost the same at $264,659 on Jan. 2 and $264,729 on Jan. 20.

The average Days On Market (DOM) is apx 60 days for both CND’s and SF homes.

For the coming weeks, we will most likely see the listing count continue to rise as more properties get listed or re-listed.  There are buyers out there buying, and they are still looking for a good deal, which in sellers terms means a good price.  It’s human nature to want to get a good deal, and if you are looking to buy in this market as well, you will inturn want to get a ‘good deal’ too.

If you are fortunate to have an offer in this market, it is worth a serious look at, and consideration as the future months may get a bit tight with the number of listings coming onto the market.

New Condo Listing In Red Haus, Royal Oak Calgary – SOLD

419, 60 Royal Oak Plaza, Calgary AB

Download Feature Sheet Here

Huge price reduction…Welcome to this top floor unit that you have been waiting for.  This home boasts 9 ft ceilings, large windows and upgraded kitchen.  There is ample of space in this one bedroom one full bathroom unit.  This upgraded kitchen has a wall mounted oven with a countertop ceramic stove.  The kitchen is truly a dream.  There is ensuite laundry, underground parking, and a storage unit underground as well.  The best feature of all is that this unit faces the courtyard, with a quiet location and fantastic view.

Want Your Input…

I am wondering if you could help me out… I would love to have some feedback on this question… and be honest…Please!

In your experience in working with a Realtor, what has been some of your worst and best experiences you’ve ever had?

Again… please be honest…

Cheers

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