Are you planning to buy a home? Whether you’re a first-time buyer or need a refresher, knowing the right steps can make all the difference. Buying a home is one of the biggest decisions you’ll ever make, and it’s easy to feel overwhelmed. But don’t worry—I’ve got you covered! Here are the top eight tips to ensure you don’t end up with regrets after purchasing your dream home.
1. Get a Mortgage Pre-Approval
Before you start house hunting, know how much you can afford. Getting pre-approved for a mortgage gives you a clear budget and saves you from the heartbreak of falling in love with a home you can’t afford.
Working with a mortgage broker is often the best route—they’ll shop around for the best rates and products, and they tend to be more invested in getting your deal done compared to traditional bank employees. Plus, having a pre-approval letter ready can give you an edge in a competitive market.
2. Consider All Costs, Not Just the Purchase Price
The cost of buying a home goes far beyond the listing price. Don’t forget to account for:
Closing costs
Property taxes (pro-rated, depending on how the seller paid)
Home insurance
Utilities
Maintenance and potential renovations
Creating a detailed budget that includes these additional expenses will save you from any surprises later.
3. Know Your Market
Real estate markets can vary dramatically by location. Some markets are fast-paced with bidding wars, while others move more slowly. Here in Calgary, for example, the market has been hot, requiring buyers to act quickly. Knowing the current market conditions will help you plan for:
Short-notice home viewings
How long you’ll have to consider an offer
Pricing strategies for competitive bidding
Your Realtor should provide detailed market stats and a comparative market analysis (CMA) when you find a property you like.
4. Work with a Reputable Real Estate Advisor
A good real estate advisor is your greatest ally during this process. They’ll help you:
Find homes that meet your criteria
Negotiate the best price
Navigate challenges that arise
Choose someone with strong local knowledge and a track record of successful transactions. Most importantly, work with someone who respects your timeline—whether it takes one month or five years to find your perfect home, it’s your pace that matters.
5. Prioritize Your Needs Over Wants
Dream homes are exciting, but focusing on your needs is crucial. Distinguish between:
Non-negotiables like location, size, and proximity to work
Nice-to-haves like high-end finishes or extra space
Remember, you can change a home’s interior, but you can’t move it or expand its yard. Make sure your choice aligns with your long-term goals.
6. Don’t Skip the Inspection
A home inspection is non-negotiable in most cases. It identifies potential issues that could cost you down the road. Even for new builds, an inspection can uncover problems you wouldn’t notice otherwise.
For example, I once bought a new home (before becoming a licensed Realtor) and skipped the inspection. We later discovered missing insulation that caused major issues—something an inspector would have caught right away. The lesson? Always do your due diligence.
7. Be Prepared for Competition
In high-demand markets with low inventory, competition is fierce. Bidding wars can drive up prices, and it’s easy to get caught up in the excitement. To avoid overextending yourself:
Set a firm maximum budget
Stay calm and focused on what the home is worth to you
No one wants to be "house broke." Keep your finances in check to avoid future stress, especially if interest rates rise.
8. Be Patient—Don’t Rush
Finally, and perhaps most importantly, don’t rush the process. Buying a home is a long-term commitment, so it’s better to wait for the right fit than settle for something that doesn’t meet your needs. Trust your instincts—if a deal doesn’t feel right, don’t be afraid to walk away.
Let’s Talk About Your Next Move!
Buying a home doesn’t have to be overwhelming. With the right preparation and guidance, you can make informed decisions that you’ll feel good about for years to come. If you’re planning to move or want to stay informed, check out the latest stats package from the Calgary Real Estate Board linked here. You can also find my Buyer and Seller Guides for more tips and insights.
Have questions? Let’s chat! Book a call with me here. I’d love to help you on your home-buying journey.
Happy house hunting! 🏡
Dawn Herron Maser, Realtor with Real Broker
Helping you find your perfect home since 2015.
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