Pride of Home Ownership

Pride of home ownership is the number one reason why Canadians desire their own home. There is no landlord looking over your shoulder. You are able to make home improvements knowing that any appreciation that results, will be to your benefit. Home ownership gives you and your family a sense of stability and security. It's making an investment in your future.

Appreciation

In Canada, especially in the last few years, homes have appreciated considerably and in doing so have added substantially to owners net worth. Unlike stocks and bonds, you get to live in your real estate investment. Also, in Canada your principal residence is exempt from capital gains taxes.

Mortgage Reduction Builds Equity

Each month, part of your monthly payment is applied to the principal balance of your home loan, which builds your equity. You can borrow against a home's equity for a variety of reasons such as home improvement, sending your kids to university or college, or starting a new business. Why pay-off your landlord’s property when you can own your own?

Homeowners accumulate wealth for the future while enjoying the benefits of a shelter that they have can use, improve and sell. Their home is a safe haven for investment.

Are You Ready to Buy a Home?

First – do you have the financial resources? You should have five percent of the purchase price of a home for the down payment, but ideally even more. Are there other priorities in your life e.g. starting a new business, which require your savings? If not, buying a home should be on your radar.

Second – do you expect to stay in your new home for some time? Moving can be expensive and you will want to build some equity before having to relocate. Your job and home life should be stable.

What Can You Afford?

If you haven't already gone through the mortgage pre-qualification process, you will need to meet with a lender or mortgage broker. They will establish how much of a mortgage you will qualify for. Mortgage rates vary considerably and it is paramount that you shop around for the best rate, terms and options.

At www.remax-western.ca  the affordability calculator will help you determine what monthly mortgage payment and the maximum mortgage you can manage. Note: if you are buying a condo, the amount of your monthly assessment has a direct impact on how much you can afford to spend on your mortgage.

First time homebuyers may want to take advantage of the federal government’s Home Buyers’ Plan. Under this plan, you may use up to $25,000 of your RRSP towards the purchase of a home. The money is tax-free as long as you pay it back in the next 15 years. Ask your RE/MAX Sales Associate for details.

Questions To Ask When Assessing Home Features

• Do you need several bedrooms, more than one bathroom, space for a home office, a two-car garage?
• Do you want air conditioning, storage or hobby space, a fireplace, a swimming pool? Do you have family members with special needs?
• Do you plan to have children? Downtown or suburbs? Proximity to recreation or work.
• Do you need a substantial backyard? Pets?
• Is there adequate storage space?
• Will any remodeling be required to make the home move-in ready for you?
• What service providers (cable, Internet, telephone, Satelite) are available in the area, and is the house completely wired for each? Can you hear me now – how good is the cell phone reception?
• How much are the yearly property taxes?
• How much do utilities run each month? Does the house use gas or electric for the furnace, water heater, and appliances?
• How old are the major appliances, and which are included with the house?
• Have there been any major repairs to the house, and if so, when were they completed? For example, how old is the roof? Has water ever damaged the basement or foundation?
• Ever had problems with insects, such as termites and spiders, or rodents?
• Older homes need to be carefully examined - Windows may need caulking or new sashes, bathroom tiles may need grouting, home may need rewiring (planning on a hot tub or sauna?), a new hot water heater, or a new furnace.

Location, Location, Location

• How far will you be commuting and what is the traffic like? Factor in cost of fuel.
• Where will your children attend school and how will they commute?
• Are there recreational facilities and parks close by?
• Are you close to family and friends?
• Is safety or high crime an issue?
• Is the property close to an obstacle or negative influence? (i.e. an apartment building, shopping centre, school, radio tower, power lines, LRT or railroad track, highway, airport or commercial project).
• Access to schools, work, recreation, shopping centres, public transportation, cultural attractions, libraries, churches and hospitals
• Adjacent undeveloped land - what is proposed for this or other green space?
• Heavy traffic can be noise nuisance and hazard for children
• Distance from the unit to amenities, parking, walkways, roads, public transit
• Does the neighborhood reflect positively on the value of the condo and your lifestyle choice?
• Does this neighborhood, for any reason, have a poor reputation? 
• Is the future economic climate for the area good? Are businesses moving in? Is there government investment?
• Are people moving in or out of the neighborhood? What is their age, income level, family size?
• Are there plans for this neighborhood that you may be unaware of (i.e. a future highway, a commercial development or a new housing development) that will provide competition on resale?

Noise and Privacy

• Proximity to highways, driveways, parking lots, playgrounds, trains. 
• Proximity to elevators, garbage disposal, fire exits, heating and air conditioners.
• How well is the building soundproofed.
• Visit at different times/weekends to check noise levels and activity.

Why Use a REALTOR®

Value of a REALTOR®

Whether selling your home, or looking for a new one, the over 5,300 REALTORS® in Calgary and the surrounding area work together to help you! This REALTOR® network allows them to share information and resources that places you in the best position possible to secure the biggest financial investment most people experience in their lifetime.

Who is a REALTOR®?

Not all licensed or registered brokers and salespeople are REALTORS®. Only real estate licensees who are members of the Canadian Real Estate Association (CREA) are REALTORS®. These REALTORS® are committed to a high standard of professional conduct, ongoing education, and to a strict Code of Ethics and Standards of Business Practice (113KB PDF). Using the service of a professional REALTOR® helps in disclosing maximum property information and facts therefore reducing your risk.

Your Benefit

Teaming up with a REALTOR® provides you with invaluable access to professional real estate expertise and knowledge. You benefit because:

• Your REALTOR® can help determine your buying power and refer you to lenders best qualified to maximize your loan and minimize your cost.
• Your REALTOR® has full access to all the features of the Multiple Listing Service®, Canada's most powerful real estate marketing network.
• Your REALTOR® provides local community information on utilities, zoning, schools, etc. REALTORS® assist you in making the best choice selecting an environment where you and your family can grow.
• Your REALTOR® has a finger on the pulse of the housing market and is knowledgeable about developments and trends in real estate; and,
• Your REALTOR® has the facts on comparable pricing, neighborhood trends and housing market conditions, data you can use to set your best course of action and maximize your homes resale value when you are ready to sell.
• Your REALTOR® can negotiate the best deal. There are myriad negotiating factors, including price, financing, terms, date of possession and often the inclusion or exclusion of repairs, furnishings or equipment. By negotiation alone, your REALTOR® often saves you more than the cost of their service.
• Your REALTOR® assists you in providing due diligence to evaluate the property. This may include inspections for mold, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in determining what conditions to recommend and assist in finding qualified professionals to investigate and provide report to you.
• Your REALTOR® can guide you through the sales process making sure everything flows smoothly from initial offer to closing.
• Your REALTOR® markets your property to other real estate agents and the public. Often REALTORS® will provide guidance on staging or repairs that enhance the salability of your property. Your REALTOR® will harness the power of the Multiple Listing Service to expose your property to a large network of qualified buyers as well as coordinate marketing through the most effective array of other advertising media. Only CREB® REALTORS® have access to the marketing exposure of industry publications such as Calgary Real Estate News, and Home to Home Magazine.

You are protected when you work with a REALTOR® for a number of reasons:

• All REALTORS® are graduates of a real estate education program and are committed to pursuing ongoing professional development courses;
• REALTORS® must adhere to a strict Code of Ethics and Standards of Business Practice (113KB PDF); your guarantee of professional conduct and service excellence.
• All REALTORS® carry errors and omissions insurance;
• The Real Estate Assurance Fund is available to you in the rare event of fraud, or breach of trust by a REALTOR®. It is your protection against financial loss. This fund is financially supported by our members; and,
• A licensed brokerage supervises the business conduct of all REALTORS® to ensure their compliance with Alberta law.

Why the registered “®” after the word REALTOR®?
Only REALTORS®, who are members of the Canadian Real Estate Association and a local real estate board, can call themselves REALTORS®. CREB® members adhere to a strict Code of Ethics and Standards of Business Practice, that non-board members and independent listing companies do not. REALTORS® take mandatory education every two years to ensure that they are knowledgeable in every aspect of the ever changing real estate industry.