Whether you’re relocating to the city or have called Calgary home for many years, finding your forever home is a journey. You’ll need to consider what your needs will be today and tomorrow – both financially and from a lifestyle perspective, be budget-ready, understand the city’s unique communities, find a local expert to help with your search, and more.
In this guide, we’ll walk you through the essential steps to ensure that the search for your forever home is both enjoyable and successful.
Lay Down Your Roots
In Calgary, finding the ideal place to lay down roots starts with understanding what you want your future to look like. Will your family grow? Are you looking to live close to work? What major life changes do you anticipate in the next five to ten years? These are all important considerations when looking for a home that can accommodate your needs long term.
Calgary’s real estate market is diverse. With a variety of housing options, from condos and townhouses to single-family homes, there are options that meet a wide range of needs and budgets. Consider whether you prefer a brand-new home or are open to purchasing a resale property. New homes may offer modern amenities and energy efficiency, while older homes have a unique charm and are usually found in more established, centrally-located neighbourhoods.
Another big part of finding your forever home is longevity. Not only should your next home meet your needs today, but it should also be able to keep up as your life evolves. This includes the physical aspects of the property such as its size, but also the neighbourhood surrounding it.
Moving to Calgary or thinking about it? Click here to read our list of 3 mistakes to avoid when you relocate.
Investing in The Future
In addition to having a place that truly feels like home, finding your forever home will also factor into your long term financial health.
One of the advantages of purchasing a home (as opposed to renting) is the ability to build wealth for yourself. In Calgary, a house is far more than just your and your family’s home base – it’s also a major financial asset. As a renter, you’re essentially paying your landlord’s mortgage for them every month. But, as a homeowner, you’re building equity the moment you start making payments on the property.
As the average price of a home in Calgary is considerably lower than other major markets in Canada – like Toronto or Vancouver, many relocators are flocking here with the goal of making this kind of investment.
Thinking about making a move to Calgary? Explore these blog posts for important information about the local market.
- Why Are So Many People Moving to Calgary From the GTA?
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Finding the Right Neighbourhood
Doing your research will also help you make informed decisions about where to settle in the city. Calgary has close to 200 residential neighbourhoods, each with its own identity, lifestyle, and pros and cons. As an example, if you don’t drive, you’ll want to choose a neighbourhood that’s centrally located or specifically well-served by public transit as Calgary’s sprawl can make it somewhat difficult to get around without a vehicle. Or if you’re interested in purchasing a new construction home, you’ll want to look into the city’s diverse mix of developing communities.
Knowing What You Can Afford
Determining your budget is a critical step in the home-buying process. Understanding your financial capacity helps narrow down options and ensures a realistic approach to finding your forever home.
While Calgary is known for its affordable real estate, property values can vary across the city. Therefore, it’s essential to consider your budget before you start your home search.
Not sure whether or not to buy or rent when you arrive in Calgary? Click here for helpful advice on deciding which path is right for you.
One of the easiest ways to understand what you can afford in Calgary’s real estate market is to get pre-approved for a mortgage. You can do this with your existing bank or lender, or you can work with a mortgage broker if you want a sense of all your options.
During the pre-approval process, a lender will assess your income, savings, debts and overall creditworthiness and then provide an estimate of the loan amount you qualify for. In addition to helping you better understand your budget, a pre-approval also strengthens your position when making an offer on a property.
Along with budgeting for the deposit, downpayment, and mortgage, don’t forget to be prepared for closing costs. This includes things like legal fees, home inspection costs, appraisal fees, and more.
If you’re heading to Calgary from another province, it helps to know that although Alberta does not charge a Land Transfer Tax, buyers will face Land Transfer Registration Fees and Mortgage Registration Fees. Altogether, these work out to be smaller costs on average compared to the LTT in other provinces, however, it’s still worth being prepared for them.
Are you a Calgary local looking to make the most of your home purchase? Explore these other resources from our blog.
- The Best Places to Invest In Alberta Real Estate
- Buying New vs. Buying a Resale Home – Which is Better For You?
- How Do I Move Up to a Bigger Home in Calgary?
Being ready for the market isn’t just about having your finances in order – you’ll also want to have a clear understanding of your needs. Creating a list of must-haves and deal-breakers will guide your home search and help you make quicker decisions when the time comes to place an offer. Consider factors like the number of bedrooms, outdoor space, and proximity to amenities. Having a clear vision of what you need and what you can compromise on ensures a more efficient and focused home-buying process.
Working With a Calgary Agent
If you’re looking to buy a home in Calgary, the best place to start is with a local real estate agent. A knowledgeable agent can provide valuable insights into different neighbourhoods, market conditions, and property values. They understand the intricacies of the local market, helping you make informed decisions.
Not to mention, a local real estate agent will understand the nuances of negotiating in the Calgary market to help you secure the best possible deal. Whether it’s price negotiations, repairs, or closing costs, your agent will advocate for your interests and ensure a fair and favourable outcome.
With that in mind, it’s important to choose an agent with a proven track record in the Calgary market – ideally spanning several years. Thanks to the city’s quick growth, Calgary’s real estate market is moving in new directions and evolving every single day. An agent who has years of experience will have worked under a wide range of conditions and will maximize your chances of a successful home purchase.
Looking to find a Calgary home that’s suited to your current lifestyle? Read these blog posts next.
- Top 8 Neighbourhoods in Calgary for Young Professionals
- What Are Calgary’s Top Neighbourhoods For Families?
- 5 Reasons to Downsize Early
Buying With Dolce Real Estate
If you’re thinking about buying a home in Calgary, you’ll want to work with an experienced team of local real estate professionals, like us – Dolce Real Estate. Whatever your forever home may look like, we can help you find it. As experts in our city’s vast market, we can steer you towards neighbourhoods that align with your housing preferences, lifestyle, and first-choice amenities.
Further, if you’re moving to Calgary from out of province or beyond, our specialized relocation services can help you enjoy a smooth transition to your new city.
If you’re looking for an expert to guide you through the process of finding your forever home in Calgary, look no further than our dedicated team of Realtors. Call 587.229.7108 to get in touch – or click to send us an email.
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