The Calgary Home and Garden show is coming up February 26 - March 1 at the BMO Centre, and the most popular questions we get are from First Time Buyers.
Anyone who has made the leap into homeownership knows it can be a tricky road to navigate, so we've enlisted trusted Realtor, KaraLee Foat, to give you the inside scoop on the do's and don'ts of purchasing a new pad.
KaraLee is a Broker and Branch Owner with Century 21 Summit Realty, and has more than nine years of experience finding Calgarians the perfect home. KaraLee's fast facts are a must-read for any new or potential homeowner!
What are 5 little known facts that every first-time buyer should know?
- Though it might not be your dream home, a starter house is where countless beautiful memories are made. Cherish it!
- It won't be your final or forever home, so don't feel discouraged if it doesn't check all the boxes.
- It will teach you valuable lessons about what homeownership really means. It's not as easy as you might think.
- Do your research and enlist a great team to help you not only find the perfect home, but maintain it.
- Your first home can become a source of future income as a rental property. Make note of things like location, structural integrity, and valuable design details when searching for the right fit.
What are 5 tips every new homeowner should know to avoid pitfalls, save money, and get the most out of their property?
- Hire a team of professionals (Realtor, Home Inspector, Mortgage Broker, Lawyer) to help you discern where best to spend your money before you purchase or renovate a new home.
- Don't overspend and become "House-Poor". Make a realistic budget before you buy and stick to it!
- Put a small amount of savings away each month for future upgrades, regular maintenance, or those surprise repairs that can severely impact your bank account if you're not prepared.
- Don't put off repairs - they often rise in cost if not dealt with straight away. Better yet, do a bi-annual inspection of your property to identify areas needing attention.
- Have a file system to save and locate all the important documents, like purchase and repair records, tax and insurance forms, and more - you need them to sell the home, and purchasing additional copies can be expensive.
Any other words of wisdom?