Don’t pay your Landlord
Have you been renting since the time you left home? Have you managed to save up some money during this time? Have you heard the phrase, “don’t pay your landlord, be your own landlord”!
If you have answered “yes” to some of these questions, then perhaps, it is time to consider what a great investment real estate is especially at this particular time. With a combination of low interest rates, and reduced prices, the real estate market in Calgary offers first time buyers an opportunity to purchase “for less”. There are some great deals to be had in and around the city.
But just when you’re ready to purchase your first home in the current market, you get the advice of “nay sayers” in your circle of family and friends. Without asking for their advice, these people are all too willing to give it. What they say sounds something like this. “You won’t have enough for a down payment.” Or, “You have to think about the cost of owning a property”. And, “Remember if something breaks, you’re going to be the one to fix it”.
Find a Great Mortgage Broker
With all this unwanted advice, you will soon be discouraged from ever owning a condo in the city. But don’t worry! All you need is to be looking for a condominium in Calgary in spite of these “nay sayers”. All you need is to be doing is looking for that very special first home.
However, as you begin looking around, you should consult a mortgage broker of your choice. Between you and the broker, you will determine how much money you can put down as a down payment, and how much of mortgage payment you can afford in your monthly budget. All mortgages do not have the same terms. There are variable mortgage rates, locked in terms and balloon payments to discuss with your mortgage broker.
Based on a variety of scenarios, a good mortgage broker will come up with just the right mortgage and mortgage payment for you. And remember, some mortgage plans require no down payment at all! So, shop around before you choose a mortgage broker. For a mortgage broker who works in your best interest will help you find the best deal at a reputable financial institution. And because of this, you and your monthly budget will get along very well.
Find a Condo Specialist Realtor
The other person you should carefully select when considering the purchase of a condo is a real estate agent. This person will help you find both what you want as well as show you real estate properties within your budget. Condominiums are in a class by themselves when it comes to real estate. Since this is true, it would be well for you to find a real estate agent that specializes in condos. For as you work through the maze of conversion, bare land condominiums and reserve fund studies, you will need to rely upon someone who is experienced and an expert in the area of condominium real estate. The real estate agent you chose will be the one that will both inform you and educate you. Make your choice carefully, and chose someone whose speciality is condos. You will not regret such a decision.
A good real estate agent how specializes in condos will be able to match the right condominium building with your lifestyle requirements. Do you want green space? Or do you need an exercise room? And is an extra car stall and car wash on your wish list in a condo building? Furthermore are amenities, transportation or concierge services things that you need or want? An experienced real estate agent that specializes in condominiums will be able to guide you through these, and make your condo life and first home all that it was meant to be.
Be Aware of all Costs
But then you are still thinking of all the hidden responsibilities of owing a condo like repairing the roof of a condominium building, painting its exterior and cleaning the parkade? With condo ownership, the monthly fee will cover most of these expenses and so much more! In Calgary, most monthly condominium fees pay for heat, also. Just think of all the money you will save in the winter! And, in some cases, condo fees in Calgary not only cover maintenance fees and heat, but also electricity. Because of a monthly condo fee, you won’t have to bother coordinating repair work and your work schedule anymore. The repair work will be done without you having to miss your work.
Why are you still renting?
Are you sure you still want to keep renting and paying your landlord? Perhaps, it is time to move forward and to purchase a condominium. For first time buyers, condos are not only a great choice, but a great investment in the future. The advantages of owning a condominium are many, but perhaps one of the best advantages is that you are now your own landlord. Now you’re the boss! Be sure to check out this CMHC link:
So, are you ready to purchase a condo now?