Canmore First Time Home Buyer Tips
Canmore First Time Home Buyer Tips
So you’ve decided to purchase your first house in Canmore. Congrats! You’re wondering what exactly you need to know as a Canmore first time home buyer. The Canmore real estate market can be daunting – there are so many different neighbourhoods and price points it can make your head spin. Hopefully this simple guide can give you some tips to make sure you’re prepared and feel confident going into this transaction. Don’t worry – the purchase of your first Canmore home should be an amazing experience!
Explore Canmore Neighbourhoods
For a small mountain town, it sure can be easy to get lost in Canmore. Despite our finite valley size, our community has grown steadily through the decades and expanded in all directions possible. Theres world of difference between living in Lions Park and Three Sisters if your career is downtown. Depending if you have kids, you might want to ensure you’re near a school now or perhaps that may be something you want to explore in the future.
To find the perfect Canmore Neighbourhood for you, try this:
On a beautiful day, choose a neighbourhood or community and set aside an hour or two to walk the streets and trails there. On your walk, take notes to yourself or discuss with your partner different things about the neighbourhood.
- Is it busy with traffic?
- Is there wildlife about?
- Could you imagine your family living in the homes here?
- How would living here affect your commute to work?
- Does this neighbourhood feel like “home” to you?
Answering these questions will encourage you to think deeper about the different needs your family might have.
Write Down Your Must Haves
Now you’ve started to discuss and learn more about what your family might be looking for in your first Canmore home. What are your “must haves”? What could you not live without? For this exercise, it’s also a great idea to consider what some of your “wants” might be. Write everything down so you can revisit them, or compare them against each other if you can only choose some. A good place to start for Canmore first time home buyers would be:
- How many bedrooms do you need right now?
- How many bedrooms might you need in the future?
- Is a beautiful view important to you, or do you get your views on hikes?
- What are your parking needs? Wants?
- Are there any accessibility needs to consider?
- Would you like to rent all or part of your home at times?
This should help you determine what is most important to you in your first Canmore home.
Determine Your Budget Early
You may already have your budget in mind, and are possibly able to purchase your first Canmore home outright. If so, you are in an excellent situation.
The vast majority of Canadians use the help of a lender to obtain financing for their first home. In fact, the Canadian Mortgage and Housing Corporation offers a first time home buyers tax credit of $5,000. This can help to offset high housing prices, closing costs, or to renovate your first kitchen! You can read more about the first time home buyer tax credit here.
Getting Pre-Approved for a Mortgage
The best way to determine your budget is to get pre-approved for a mortgage. This quick and easy process allows you to get an idea of what kind of financing you would be approved for. A local mortgage broker or your bank will look at your financial situation and provide some lending options that might work for you. Remember to always shop around for the best rate and terms for your needs.
Get in touch with a local Canmore REALTOR®
Its always recommended to enlist the help of a professional before or early on in your home search. Working with a qualified local Canmore REALTOR® is the best way to ensure you get what you want out of the transaction. Your agent should be able to help you assess your needs, and give you advice on different Canmore areas and property types that will work best for your family. A REALTOR® will be committed solely to you, and act as a fiduciary to protect you when negotiating the transaction.
When selecting a REALTOR®, go with someone who can provide you with all of the answers and information you’re looking for. You should have confidence in them to not just find your first Canmore house, but also to represent you well in the negotiation and closing process. Most of all though, go with someone you connect well with!
View every Canmore property that interests you!
When searching for your first Canmore house, you should always view as many homes as possible to make sure nothing that could be perfect for you is missed. The best REALTOR® for you will make sure no stone goes unturned, and will never try to stop you from viewing properties. Get added to PCS, check realtor.ca and use their app to view properties around you. Keep your eyes peeled when you’re out for a walk.
As a Canmore REALTOR®, its not uncommon for me to show clients 20+ properties before we find the absolute perfect one for their family. I pride myself on the in-depth searches I provide for first time Canmore home buyers. Knowing what it’s like to purchase your first home here, I completely understand where you’re coming from and am in your corner. Don’t worry – you’ll find the one!
Be ready to pounce!
The Canmore real estate market is a highly competitive and fast-moving place. Every day new homes are listed and sold in a matter of days or even hours. It is not uncommon for Canmore homes to sell before they even hit the open market if they are desirable enough!
Being pre-approved and knowing your budget and needs can ensure you are ready to pounce when the perfect property comes up. Share your readiness with your REALTOR® and they can keep a close eye out for you. Always try to view new listings that interest you as soon as possible.
If my clients know the neighbourhood, condominium or house they’re interested in, I personally go door-to-door to ask if owners would consider an offer. This gets my clients in the door before any other potential buyers in the market.
Canmore First Time Home Buyer Tips
If you have any questions about buying your first home in Canmore, Banff or the Bow Valley, don’t hesitate to reach out to me. I’m always available to give insights and advice on Canmore real estate – just a text, call or email away. Cheers and good luck with your search!
Like this post? Check out some of my other articles to learn more:
